As customer acquisition is five times costly than retaining existing ones, local retailers should minimise this expense by encouraging loyalty and increasing retention rates. This can be done by introducing a loyalty scheme that offers additional value to customers, and implementing a modern ePoS solution will help make this process so much easier.
What is ePoS?
Electronic Point of Sale, or ePoS, is a combination of hardware and software that helps retailers and other businesses use till systems to complete sale transactions. Most point of sale solutions will allow retail staff to scan a barcode through the till system, calculate how much a customer owes, apply discounts, and carry out refunds and exchanges. Many other features can be added that vary from system to system, and one of these is the ability to enable customer loyalty schemes.
A loyalty scheme can be anything from punching a hole into a card for every coffee purchased to get a free one later down the line, or to collect points to redeem discounts or paying for products outright using those points. It’s a way of encouraging repeat purchases from your business and can give customers another reason to shop local.
How to incorporate a loyalty scheme with a modern ePoS solution
A good ePoS solution will have the option of adding a CRM module that communicates with the till, allowing for customer accounts to be created to help necessary teams understand more about a customers’ buying history. This history can include further information about items they’ve purchased, how much they’ve spent all together, and buying trends for that person’s location. As long as you have GDPR compliant information on a customer, this data can then be used to send specific offers and discounts to customers that want to be part of a loyalty scheme.
Loyalty cards can be scanned through an ePoS system as an easier way of recording purchase information and understanding whether customers meet the criteria for being rewarded with a discount (if they’ve spent over a certain amount from continued patronage etc.). The customer buying information housed within the CRM module can be updated in real-time or whenever the merchant feels it is best, such as at the end of each working day.
How an ePoS loyalty scheme solution can help encourage buying local
Utilising an ePoS system that can accommodate a loyalty scheme will not only make it easier to keep track of customer information and buying behavior, it will also help customers feel valued through the use of tailored offers and discounts. This value is likely to be then expressed through their continued patronage of a local business.
As long as a local business’ loyalty scheme offers visible benefits to a customer as a result of their continued support, it should encourage them to buy local rather than through a large-chain competitor. Discounts and voucher rewards will always be popular incentives to help promote repeat business, particularly for local companies, as they’re often most associated with the quality compared to regional, national, and worldwide chains.
For more information about how our Sage, Pegasus, and Excel integrated ePoS solution could help your business increase customer retention and drive loyalty, Speak to us today