In the second of our series of ‘hands-on’ guides to increasing your profits by leveraging the power of your EPoS system in association with PayPoint, we consider how you can drive big wins from small changes.
- 25-30%: Time freed up using PayPoint One Pro
- 14%: Increase in category margin
- 75%: Wastage reduction
In today’s ultra-competitive market, it’s vital that all local retailers make the very best use of every tool at their disposal in order to make their business more efficient and more profitable. One of the easiest and quickest ways of doing just that is by more fully leveraging the power of your EPoS system.
As more and more retailers realise the many benefits of having a system that can control and automate so much of the work of running a modern convenience store, it’s also unquestionably true that a significant number of retailers make regular use of only a very small proportion of their system’s functionality and capabilities.
One of the principal reasons behind this is the fact that many retailers, caught up in the day to day challenges of running their business, simply feel that they don’t have the time to dedicate to learning more about the capabilities of their EPoS system.
One such retailer is Muhammad Rana who owns and runs Premier Poplar Stores in Huddersfield. Muhammad has been a retailer for over a decade and took this store over a couple of years ago. He explains: “I’m always looking for innovative solutions for my store and I chose PayPoint One EPoS Pro as the features were good and it has saved me time and money.
“It’s easy to convince yourself that you don’t have the time to choose the right EPoS system and get the best out of it, but I have discovered that it doesn’t take long at all to learn how to use the system efficiently – and the benefits arrive instantly.”
Muhammad’s two favourite things about the PayPoint One Pro system are “that it is an all-in-one system and that it has a mobile app”. He says that having the flexibility to access his store information from anywhere through the cloud has freed up his time by “about 25-30%”.
“I have even stopped using a pen and paper for my cash and carry shopping list and now use the app to manage it,” he adds.
That massive amount of extra time he has created for himself using the system has been put to good use, allowing him to leverage the power of PayPoint One Pro to drive significant improvements in:
Margin management
“To take my coffee range as an example of how I improved my margins, I used the system to analyse my sales. I had previously stocked high, mid and value ranges but PayPoint One Pro helped me identify that the mid-range just wasn’t selling. So I removed that range and doubled facings on the other ranges. The result was that my sales increased and my margins from the category increased from 18% to 32%.”
Productivity
“Typically, I used to spend about 50 minutes a day reviewing the daily books and about three hours on the weekly books. The PayPoint One mobile app reduced the time I spent on my daily reviews by 75% and the cloud-based back office allowed to me to reduce the effort on the weekly books by 25%.”
Wastage
“Before I changed to PayPoint One Pro I was throwing out around four or five cases a week. Using the system I now regularly review lines that are not selling, I have cut stock holding and I have improved my weekly ordering which has reduced wastage by 75%.”
Stock turn
“Previously I had no way of measuring stock turn and I was basing my orders on estimates. Now I use the real-time reporting and sales data analysis functionality on PayPoint One Pro to analyse what stock is selling and over what timeframe. My stock ordering process has been optimised.”
All of the changes and improvements that Muhammad made were done quickly and easily and the results have helped transform his business.
“PayPoint One is the easiest EPoS system I’ve ever used and I like the fact that it is Android-based and always evolving,” concludes Muhammad. “It’s saved me time, money and space so I can spend more time on my business and with my family.”tasks that must be carried out routinely every day if profits are to be maximised.
If you are interested in finding out more about PayPoint One, call 01707 537 014.
More than 11,000 independent stores are now using the PayPoint One EPoS system, benefitting from the technology and enhanced experience it brings.
Launched in 2016, the all-in-one retail services platform delivers the full benefit of advanced cloud-based EPoS technology, contactless card payments and PayPoint services, such as bill payments and Collect+. The 11,000 milestone means well over half of PayPoint’s independent retailers have now converted to the new platform. PayPoint’s legacy yellow terminal will be retired during 2019.
Lewis Alcraft, Commercial Director for PayPoint, commented: “We’re delighted to achieve this latest milestone, which further demonstrates our retail partners’ appetite for adopting exciting new technologies for their stores. Feedback has been extremely positive and it’s great to see a fast-growing number of retailers benefitting from the enhanced experience and business management that PayPoint One offers.”
Steering Group
Interested in joining our PayPoint One Steering Group to help identify and share best practice? Email Antony at abegley@55north.com or call 0141 222 5380.
This is the second in a series of six articles:
