5 Ways A POS System Can Help Your F&B Business

The pandemic has disrupted and changed the way businesses work, especially in the food and beverage (F&B) industry. Even with the eased COVID-19 rules, the consumer behaviour post-pandemic has changed and hence, the rising pressure to digitalise.

With consumers having more options, F&B businesses now have to grow and adopt new technologies to stay competitive.

With digitalisation becoming the core of growth, having a Point-of-Sale (POS) system to help with business operations is crucial. In fact, a POS is more than just a cash register; a POS is a highly developed technology that will give you the tools to optimise your F&B business and the answers to many of the difficulties you may be facing now.

Here are five ways a POS can help your F&B business to stay on top:

1. Enable contactless ordering

Contactless ordering had been catching on in recent years with the rise of digitalisation and with the pandemic, it’s now a default. With the safety of both restaurant patrons and staff in mind, F&B businesses switched to contactless ordering to help stop the spread of COVID-19.

A QR code and phones are all your diners need to access the menu and order food and drinks on their own. Orders will be registered into the F&B POS system for kitchen’s preparation, saving time and manpower cost.

2. Expand to online food delivery

Figures from Statista show that 2.5 million people used online food delivery in Singapore in 2021—300,000 more people than in 2020, and a million more people than in 2019. Many had forecasted that online food delivery will continue to rise in the coming years.

Besides providing convenience to customers, online food delivery platforms will open up new sales opportunities by reaching out to a wider pool of audience and building brand visibility online.

Integrating delivery orders with partners like Grab, FoodPanda, and Lalamove with your F&B POS system helps you manage, consolidate and track your daily sales transactions effectively.

POS system will enhance your operation efficiency and reduce labour costs - , from sending order to the kitchen to settling payments with customers to, finding available drivers, and automatically track delivery status.

3. Accept cashless/online payments

Cashless or online payments are essential in today’s digital world. The Singapore government has rolled out various initiatives to encourage businesses to digitalise, and even companies like Grab and Shopee have launched e-wallets that come with additional perks for users.

To thrive in such a market, Your POS system should be capable of handling and recording transactions made with MasterCard, Visa, Nets, and other online payment methods.

A new cashless payment method that integrates easily with F&B POS systems is UOB PayNow. With dynamic QR codes, businesses need not worry about not receiving payments or getting incorrect amounts. Transactions are automatically verified right on the POS monitor.

Plus, providers of online ordering systems typically charge very low fees. Getz, for instance, charges a fee from as low as 4% of online take-away or delivery sales.

4. Build stronger customer relationships

Did you know that it is five times cheaper to retain an existing customer rather than acquire a new one, and that increasing customer retention by 5% can raise your revenue by 25%?

This is why keeping customers happy and loyal is key to running a successful F&B business. Not only do return customers spend more; they can also act as advocates for your brand. Keep in mind that word-of-mouth is a powerful marketing tool in the world of F&B: satisfied customers are more likely to keep coming back and to speak highly of you within their social circles.

your POS system can help you build stronger relationships with customers via its Customer Relationship Management (CRM) module. It can create a database of detailed customer information to help you make informed decisions about how best to engage them, and which rewards your customers may enjoy best based on factors such as their geographical location, demographics, and buying behaviour.

With this information, you could craft bespoke loyalty programs, promotions and deals that will grab their attention and make them want to return. You could also consider offering membership programs to reward and retain loyal followers.

The POS can also track customer history and recommend products similar to ones they have purchased before. By making your customers feel that you understand them and their preferences, you can foster stronger ties.

5. Improve efficiency and sales by utilising data

Data is important to help businesses optimize performances but implementing and analysing of data is never an easy task.

Besides providing customers’ data and insights, the POS system offers access to sales and inventory data.

Having a clear view of sales data could also help improve your promotions. When you know what your best selling products are, you can run more relevant promotions for both new and existing customers.

To help prevent both overordering and stockouts, your POS can provide suggestions based on your order history and current stock. This dynamic inventory management allows cost optimisations, helps you order only what you need and tells you when you need.

EPOS ADS Grant

If you are ready to grow your business to cater to the new norm and are looking to upgrade or purchase a new POS system, we can help.

EPOS has been approved by the Infocomm Media Development Authority (IMDA) to help F&B businesses digitalise through the Advanced Digital Solutions (ADS) Grant. For qualified F&B businesses, the grant can cover up to 80% of the cost of their digital solutions.

To learn more about EPOS, click here. For more information, please contact us at bizsmart@uobgroup.com.

IMPORTANT NOTICE AND DISCLAIMER

The information contained in this publication is based on certain assumptions and analysis of publicly available information and reflects prevailing conditions as of the date of the publication. Any opinions, projections and other forward-looking statements regarding future events or performance of, including but not limited to, countries, markets or companies are not necessarily indicative of, and may differ from actual events or results.

The views expressed within this publication are solely those of the author’s and are independent of the actual trading positions of United Overseas Bank Limited, its subsidiaries, affiliates, directors, officers and employees (“UOB Group”). Views expressed reflect the author’s judgment as at the date of this publication and are subject to change.

UOB Group may have positions or other interests in, and may effect transactions in the securities/instruments mentioned in the publication. This publication is not an offer, recommendation, solicitation or advice to buy or sell any product or enter into any transaction and nothing in this publication constitutes accounting, legal, regulatory, tax, financial or other advice. Please consult your own professional advisors about the suitability of any transaction/ investment product/securities/ instruments for your investment objectives, financial situation and particular needs.

UOB Group may have also issued other reports, publications or documents expressing views which are different from those stated in this publication. Although every reasonable care has been taken to ensure the accuracy, completeness and objectivity of the information contained in this publication, UOB Group makes no representation or warranty, whether express or implied, as to its accuracy, completeness and objectivity and accept no responsibility or liability relating to any losses or damages howsoever suffered by any person arising from any reliance on the views expressed or information in this publication.

This publication has not been reviewed by the Monetary Authority of Singapore..