Talking About Integrate Your Magento E-Commerce Store with Electronic Point Of Sale (EPOS) System, The retail industry is migrating to an omnichannel cross-channel content strategy to boost customer experience. The omnichannel approach has gained momentum as it provides 91% more customer retention rates. However, delivering an omnichannel experience is often a challenging aspect for many e-commerce web store owners.
So, what’s a possible way out to ensure customer engagement across various channels? One of the optimal strategies to offer a seamless shopping experience is integrating your Magento e-commerce store with the Electronic Point of Sale or EPOS system.
However, before we dive into this discussion and find out the specific reasons for the integration, it’s important to first understand the concept of the EPOS system.
Defining the EPOS System
Electronic Point of Sale, or EPOS, is a computerized system that enables the retail industry to record sales and records, track inventory, monitor customer loyalty, take payments, and more.
The EPOS system comprises both hardware and software components. It helps to streamline the order and sales and tracking the physical transaction process. EPOS is an enhanced Magento e-commerce tool that you can easily integrate with your existing website.
Your EPOS system also relies on efficient software. The choice of EPOS software will primarily depend on four major factors namely-
- The number of products listed on your website
- The number of orders you are willing to process
- How to track your inventory
- The method of managing customer data
Features of an EPOS System
Business requirements may differ from each other. What may work for others may not suit your requisites. It means that you have to choose an EPOS software specifically according to your needs. Thus, it’s essential to highlight the main EPOS features-
- Track Inventory and Stock Control
- Order Processing and determining accurate pricing
- Easy integration with the Magento e-commerce website
- Monitor customer loyalty and retention
- Ability to issue promotions and discounts
Why Integrate Your Store with the EPOS System
Whether you have a physical store or Magento E-Commerce Development store.integrating the same with an EPOS system will you reap a wide range of benefits such as-
Improved Business Management with Accurate Data Analysis
Unlike a traditional POS system, the Electronic Point of Sale offers improved business management and decisions with accurate data analysis. For instance, you can record your sales data by the hour, which is usually accessed in the form of reports, charts, and graphs. Data analysis emphasizes both purchased products and financial flows.
You can also automatically calculate the tax rates and income levels, which are present in your computer systems. And since EPOS can even work with cloud-based software, you can track, the data on a daily, weekly, monthly, and annual basis.
Another plus point of integrating the EPOS system is that you don’t have to rely on the internet as it offers temporary data backups and continued functionality even if there is no internet.
Streamline the Inventory Management Process
With an Electronic Point of Sale software, your inventory numbers get updated in real-time, every time a purchase is made. What’s more interesting is that you can monitor the stock volume directly from the EPOS system with the help of mPOS (Mobile Point of Sale) application. You just need to synchronize your device with the existing system.
Talking About Integrate Your Magento E-Commerce Store with Electronic Point Of Sale (EPOS) System, By viewing the product turnover, you can easily keep a track record of how many products have been sold and when you need to replenish your inventory. Moreover, you can also strategize a plan for adjusting the goods within the store in accordance with the available data.
An EPOS system also allows you to understand and adopt the latest trends in consumption. It means that you can determine which specific products are in high demand and check the stock performance related to the trends. You can optimize in-store spaces and implement cost-cutting measures.
Enhancing the Level of Customer Satisfaction
A report from Google suggests that 53% of mobile users will abandon the website if the loading time is more than 3 seconds. It simply means that waiting time is one of the prime reasons why people switch to other websites.
Every business organization works to satisfy its customers and this is where the EPOS system can play a pivotal role. It accelerates the buying process and clears the queue in front of the POS terminals or cash registers.
As the EPOS system has the ability to scan the products, the transaction can take within a couple of seconds. This further speeds up customer checkout, increasing the level of customer satisfaction.
In addition, the store employees can quickly address the queries of the customers such as whether a particular product is available in the stock or not. They don’t have to check the warehouse to confirm availability as the EPOS system provides direct information about stock in real-time.
Increase Your Customer Loyalty Programs
As an e-commerce owner, you not only focus on providing optimal user satisfaction but also on increasing your customer loyalty programs. Here again, the client data collected by the EPOS system will prove crucial to getting the best results.
The EPOS system helps in creating a loyalty card, which collects all-important personal data such as age, location, sex, occupation, etc. So, when a consumer makes a purchase, you can determine his shopping tendency.
Using the contained data, you can strategize promotional plans and customized discounts for every target customer based on his taste and preference. However, you need to first understand what they are looking for before taking any step.
Saving Both Time and Money
EPOS is an effective and advanced system that has reduced the requirement of hiring human resources, saving both valuable time and money.
We also mentioned earlier that EPOS has also automated the selling process so you can utilize your workforce in other areas. It improves business functionality to a great extent.
The automation of sales and other tasks have allowed e-commerce owners to curtail their costs and invest in areas that need specific attention.
Hiring an EPOS Provider for Integrating Magento Store
The first step is to look for an experienced EPOS provider for the integration of software with your store. There are various EPOS providers that streamline the process when setting up or running the store. Alternately, look to hire Magento developers who specialize in integrating different applications.
Apart from that, finding a reliable third-party integration partner such as Magento can serve as a profitable decision.
A Few Final Words
Talking About Integrate Your Magento E-Commerce Store with Electronic Point Of Sale (EPOS) System, You can integrate your Magento store with an EPOS system implementing various approaches. You can choose any option depending upon your requirements but it’s important, to begin with, the process sooner rather than later. Omnichannel retail business is here to stay and it’s important to start selling on multiple channels to gain maximum benefits.
