Some of the most successful small businesses use one of the many types of electronic point of sale (ePOS) solutions on the market. In this way, they gain both performance and the ability to provide an improved customer experience regardless of industry.
Sometimes the most effective way to develop an understanding of how a product could impact your business is to see it in action. Keeping an eye on your peers will help you to see how they use ePOS technology to address their challenges while allowing you to see how the same features and tools can be used to improve how you operate.
The local bike shop: Staying ahead of customer demand
The bike shop owner thought everything was figured out. Stocking a handful of bikes for every type of rider and commonly used spare parts should have been enough. But much like fashion, tastes in bikes shift quickly, leaving the owner with gleaming, sleek new models that, although once top-of-the-line models, are now just gathering dust.
The owner determined that innovative ePOS technology would include the predictive sales analytics required for staying ahead of the consumer curve. As an additional benefit, the ability to use web-based digital invoicing and to better track customer spending habits and servicing requests offered a new way for adding white-glove customer service to their brand reputation.
Using the new tools provided by the ePOS system, the owner was able to accurately see and respond to shifts in customer purchasing habits. This kept inventory in alignment with real sales, helping the showroom reflect the latest trends. Meanwhile, the new invoicing solution has simplified receipts and order management.
The florist: Inventory control and invoice management
It should come as no surprise that the inventory of a florist is perhaps the most volatile of any industry. Flowers have a limited lifespan, and inventory is prone to languishing due to sudden shifts in the market. Our florist discovered that fewer orders are being filled in-store and now must meet a heavy increase in catering demands.
The initial approach was to use a data-friendly ePOS system and to then add third-party invoicing software. However, it was quickly determined data compatibility was needed to maximize invoicing benefits. The owner searched for a POS partner until they found one that included web-based invoicing software which integrated into the provided ePOS solution.
The florist took control of their inventory control once and for all by leveraging the powerful data management tools within their ePOS system. Through this, the florist was able to develop a par-level inventory structure that drastically cut costs and the risks associated with their products. Also, their ePOS provider was able to include a fully integrated invoice management system to help drive catering sales.
The tourist retailer: Building an inventory to match the season
Our specialty retailer, whose business was catering to tourists, faced a problem. By nature, the business model meant heavier sales volumes during seasonal peaks while anticipating a large slump in the off-season. The owner wants to rethink this business model to stabilize performance during the off-season and to provide customers with an improved product selection year-round.
For the owner to rethink their business strategy to better maintain profitable performance year-round, they would need to utilize the primary benefits of ePOS systems. The innovative ePOS put into place provides the owner with the ability to use powerful data analysis to adjust inventory while utilizing an integrated shopping website to promote year-round sales.
Sales saw a dramatic bump upward within the first quarter of the ePOS system’s implementation. Not only did sales start to level from season to season, but customers flocked to the online store and began placing click and collect orders during peak seasons. This influx of revenue allowed the owner to invest in redesigning the store’s interior for a warmer, more welcoming atmosphere.
The vegan café: Managing specialty menus and contactless dining
The owner knew that developing a menu would be challenging. Ingredients required to build the menu had to be carefully vetted to ensure that no hidden animal by-products were present. The menu had to be different and in sync with the restaurant’s clientele while being flexible in response to tenuous supply issues. Menu item customizations had to be precise to avoid sacrificing a dish’s quality or impacting another item on the menu.
The restaurateur decided to leverage the powerful data management backbone within an ePOS system. This allowed them to build a par-level inventory strategy that added precision to ingredients and yielded real-time insights into customer ordering trends across all ordering platforms. Payments were digitized with improved safety and performance in mind.
The ability to harness the data management technology within the selected ePOS system cut food waste and created a dynamic menu that became a customer attraction. The digitized payment options allowed the restaurant to compete in today’s market while customers demand contactless dining options.
Innovative ePOS solutions suit every business model
Limiting your POS comparisons to just ePOS systems is only the tip of the iceberg. Examining what others in your industry have done using ePOS systems paves the way for success in your own business. Their example, your business vision, and the expertise of a small business-friendly ePOS partner is a winning combination that is hard to beat.
Building a partnership with a technology expert requires results and trust. With talech, our engineers work with you to ensure that all of your ePOS solutions needs are being met and without the pressure to purchase features that you will never use. Reach out to us today to sign up for a demo and to learn more about how talech can be your valued POS partner.
**The above business studies are hypothetical problems your business could encounter, but real-life solutions that could save you time and money.
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