Indian SME retail businesses have grown year after year and continue to do so, but over the years, modes of payments have evolved. With the changing generation, millennials and Gen Zs have now become the major chunk of the customer base.
Their priorities lie in many other aspects of a buyer’s journey other than just going for budget-friendly prices. In fact, the demographics of those born between 1996 and 20212 hold $3.8 trillion in spending power. It is, therefore, one of the biggest parts of running a retail business to provide new customers with a seamless buying experience.
Now, the question is how it can be done and if there are any tools to streamline the process for both customers and business owners. Fortunately, the increase in the usage of electronic POS (EPOS) machines has significantly impacted the acceptance of payments. With features designed to enhance usability and versatility, EPOS machines seamlessly integrate into SME retail business operations.
Continue reading further to learn more about them.
Why are EPOS Machines a Must-Have for SME Retail Businesses?
Below are the reasons to help you understand why EPOS or electronic POS machines are important for SME retail business growth and success nowadays:
- Effortless Transaction Processing
Electronic POS machines eliminate the need for manual calculations and record-keeping, saving you valuable time and minimising errors. With a few clicks, you can process sales and accept payments through various methods, including credit/ debit cards, digital modes, or any other electric format.
- Inventory Management Made Easy
An EPOS machine can help you track your inventory in real-time, which means you can easily see which products are selling well and which are not. This information is important because it allows you to make better decisions about how much of each product to keep in stock. By optimising your stock levels, you can avoid running out of stock and ensure customer satisfaction.
- Enhanced Customer Experience
EPOS machines can elevate the customer experience in several ways. They enable quicker checkouts, reducing queue times. In addition, some EPOS systems allow you to offer loyalty programs and targeted promotions. Consequently, this helps develop customer engagement and repeat business.
- Data-Driven Decision Making
EPOS devices are data powerhouses. They capture valuable sales data, including product popularity, customer demographics, and sales trends. This information provides crucial insights that can guide your purchasing decisions, marketing strategies, and overall business growth.
- Improved Staff Management
EPOS machines can streamline staff management tasks. They can track employee performance, monitor sales targets, and simplify payroll processes. Moreover, some systems offer role-based access control i.e. authorised personnel access.
- Enhanced Security and Fraud Prevention
Electronic POS machines employ robust security measures and come with certifications like PCI DSS. Features like password protection and data encryption ensure the safety of your customer information and financial data from fraudulent transactions.
Benefits of Electronic POS Machines for SME Banking
While Electronic POS machines directly benefit your retail business, they also offer advantages for your banking needs as an SME:
- Simplified Business Banking
Many EPOS providers offer integrated solutions that connect seamlessly with your SME banking account. This allows you to reconcile sales data automatically, generate reports for loan applications, and even manage your finances from a single platform. This streamlines your banking experience and saves you valuable time.
- Improved Cash Flow Management
Real-time sales data from your EPOS machine can help you clearly understand your cash flow. This allows you to make informed decisions about managing your finances, such as optimising working capital and planning for future investments.
- Enhanced Loan Eligibility
Detailed sales data generated by your EPOS device can strengthen your loan application. Banks may view businesses with strong EPOS systems as more reliable and creditworthy. This potentially improves your chances of securing a tailored loan with favourable terms.
Choosing the Right Electronic POS Machine for Your Business
With a plethora of EPOS machines available in the market, selecting the right one for your business needs is crucial. Here are some factors to consider:
- Industry-Specific Features
Consider EPOS systems that cater to your specific industry. For example, a clothing store might require a system with features like size and colour variations, while a restaurant might benefit from functionalities like table management and order splitting.
- Scalability and Integration
Consider your business’s future. Will your chosen EPOS machine be able to scale with your business as it expands? Can it integrate with other business applications you use, such as accounting software, CRM (Customer Relationship Management) systems, etc?
- Customer Support
Reliable customer support is essential. Ensure the EPOS provider offers adequate training resources, technical support, and ongoing maintenance to keep your system running smoothly.
- Cost and Pricing
EPOS machines come in a variety of pricing models, including upfront costs, monthly subscriptions, and transaction fees. Evaluate your budget and choose a system that offers the features you need at a price point that works for you.
- Ease of Use
The EPOS system should be user-friendly for you and your staff. Opt for a system with an intuitive interface, clear navigation, and readily available training materials.
Take Your SME to the Next Level with EPOS Machines
An electronic POS (EPOS) machine is more than just a technological upgrade and SME banking tool. If you’re an SME retail business, then it’s definitely an investment. These machines equip you to compete effectively in today’s dynamic market. You can consider SME financial institutions like HDFC Bank as your reliable Electronic POS machine providers for the best-related services.
They offer a wide variety of features that you can use according to your business’s requirements. Moreover, you can use their DigiPOS machines with SmartHub Vyapar App integration. This will allow you to access all the information related to your EPOS device directly on your smartphone.
So, don’t wait any longer – explore the world of EPOS machines and pave the way for a thriving future with HDFC Bank today!
Source:
People Also Reading:
JP Morgan And Baghdad Discuss Banking Reforms
Post Disclaimer
This article contains sponsored content any opinions expressed in this article are those of the sponsor and not necessarily reflect the views of CTN News- Chiang Rai Times. For detailed information about sponsored content policy click here.
