The Current COVID-19 Situation
The recent spiralling number of COVID-19 cases has been a cause of worry, putting numerous Singaporeans on ‘knife’s edge’. Many feel vexed over the re-tightening of COVID-19 measures including the cap of 2 people for social gatherings.
Working amid the pandemic can be daunting to many. This is largely due to the instability of the economy, instilling a fear in people that they may potentially lose their job. However, the truth is, Singapore has seen an increase in employment in Q1 since the start of COVID-19. This begs the question: does this mean that we’re coping well and mitigating the issues brought about by the COVID-19 pandemic?
What This Means For Point-Of-Sale (POS) Companies
Availability of Potential Buyers
As businesses look to digitally transform and enhance their processes, there has been a momentous shift in Point-of-Sale (POS) systems becoming a necessity from a mere want. However, before investing in a POS, business owners would definitely question whether a POS system is really worth the investment.
A POS system can help companies manage their inventories with greater ease. Additionally, a POS provides CRM features, allowing businesses to capture and update customers’ information. The awareness of the abundant benefits that a POS brings will consequently increase the number of potential buyers.
This COVID-19 pandemic also heightened the government’s support for SMEs, through the provision of a multitude of grants. These grants encourage SMEs to digitalise and adopt technological solutions at an affordable cost to increase the efficiency of their business.
EPOS is proud to be a pre-approved vendor of the Productivity Solutions Grant (PSG) and Digital Resilience Bonus (DRB). Thus, we are able to provide POS systems for our clients at an affordable cost. Curious to find out more about how the grants available can offset the cost of a POS system? Click here to find out more.
Low Threat of New Competitors
Undoubtedly, it is not easy to enter a POS market due to high Barriers To Entry (BTE). This is due to the hefty start-up costs required. Cash injections are required for office rental, outsourcing of parts, hardware and software development, as well as labour, to name a few. Therefore, potential competitors may be deterred due to their inability to acquire proper funding.
Moreover, such a large scale operation requires proper planning prior to execution. Simply put, POS companies do not appear out of the blue. Thus, current POS companies should take advantage of this and leverage technology to continuously improve. This allows them to keep up with the times and stay ahead of their competitors so that they can retain old customers and acquire new customers concurrently.
The Adverse Impact on POS Companies
Uncertainty of The Future
In light of the COVID-19 pandemic, the government has provided many grants to incentivise businesses to digitalise. However, the eligibility criteria of the grants are constantly changing. This makes it a hassle for business owners to apply for the grants, possibly causing them to think twice before investing in a digital solution.
Here at EPOS, our sales team helps companies check their eligibility and apply for grants on their behalf. This alleviates the burden on companies and saves them time.
Additionally, many companies are apprehensive of what will happen once the COVID-19 situation has diminished and the economy has stabilized. Inevitably, governmental support will curtail after pumping numerous resources to help SMEs tide through this difficult period. The resources will be channelled to other areas instead to further boost Singapore’s economy.
The best way to overcome this situation is to think ahead and make long-term investments. One easy way of doing so is by investing in a POS system. At EPOS, we provide lifetime tech support, from 9am-11pm all year round. So, there is no need to worry about the validity of our POS as we will always be around to assist you!
Many Close Substitutes Available
Even though the high Barriers To Entry (BTE) may deter potential competitors, there are a fair bit of competitors in the current market. In fact, POS companies have to be extra wary of their current competitors. Their relevance and market presence implies that they have spent a great deal of time and effort into strategic planning for their business.
While some competitors are heavily fixated on one specific industry, at EPOS, we believe in providing an all-in-one POS system. Hence, we are able to provide for the needs of various industries with just a single POS system. We have served over 4,000 clients from various industries such as retail, F&B, minimarts and more. We are also constantly innovating and improving to cater to the various needs of our existing and potential clients.
Moreover, EPOS is proud to be the only pre-approved vendor of the DRB Category 3 – Data Mining and Analytics that offers a $5,000 bonus payout!
What’s Next For POS Companies?
To quote Albert Einstein, “in the midst of every crisis, lies great opportunity”. Despite business closures during Circuit Breaker last year and Work From Home measures being implemented, we should not use COVID-19 as a reason to backtrack and neglect our business. Instead, we should channel more effort into providing for the needs of other SMEs struggling during this difficult time.
In addition, POS companies should make good use of the government grants during this pandemic to help more SMEs digitalise. It is a win-win situation for both companies and their clients. Both parties get to benefit because clients get to obtain the POS at a minimal cost without cutting into the profit margin of companies.
Since the COVID-19 pandemic has highlighted the dire need to digitalise, POS companies should also increase their social media presence. They can do so by posting more often on social media, namely Facebook, Instagram, LinkedIn, and YouTube. This allows them to constantly engage and build good relations with clients.
How EPOS Can Help
Serving over 4,000 clients in various industries, our all-in-one POS provides a wide array of features which include inventory management, e-commerce and accounting integration, CRM, market basket analysis and much more. We pride ourselves on how we have transformed many businesses, allowing them to operate more efficiently.
Hence, if you are a business owner looking to increase the efficiency of your business, EPOS has the right solution for you! Contact us today at 8482 1888 or [email protected] to find out more about how we can help to enhance your business processes!
Interested to see what EPOS POS system can do for your business? Fill in your contact details and we’ll reach out to you to schedule a demo.