Expert Insight
This isn’t groundbreaking technology, and it’s actually relatively inexpensive and easy to set up. However, EPOS will play a critical role in helping music venues solve the problem of crowded bars in a streamlined and efficient manner. In addition, while this makes venues safer, there are also significant associated business benefits.
DATA, DATA, DATA
This seemingly simple act of digital transformation and automation opens up a plethora of opportunities for music venues, which had previously been relying on cash based till systems. On top of considerably faster transaction speeds, allowing venues to fire through more orders than ever before, EPOS facilitates data collection. It monitors transactions, what items are selling, what items aren’t, and will keep track of stock levels in real-time.
Convenient, yes, but this also gives businesses insights unavailable with simple cash based systems. Do customers drink differently depending on what event is on? A live band might generate more beer or draught sales, compared to a house or disco night, which increases the amount of spirits people drink. Then again, it might be the other way around.
The difference is that where venues would have previously guessed these tendencies, EPOS offers certainty. Venues can change prices and offers depending on what will sell the best, which can make a huge difference to revenue streams and create targeted and informed marketing campaigns based on the available insight — particularly as venues look to recuperate their 2020 losses. With better access to data, businesses can leverage these sales insights in order to encourage repeat sales and boost customer loyalty.
INVEST IN THE RIGHT TECHNOLOGY
Events and festivals can become a logistical nightmare for customers. Tickets, tables and drinks all need to be booked separately and on the night, queues and ID checks present further obstacles. Once finally at the venue, customers might also need cash for entry fees, the cloakroom, the bar, or even the people walking around offering drinks on a tray.
It’s exhausting, but if these venues can line their EPOS up with their ticketing systems, the customer’s entire night can be organised and paid for through one single app; tickets, tables, cloakroom, drinks — all on one system. Suddenly, the venue becomes more enticing and some may even find that this increased convenience leads to more sales all the way through the chain.
LEVELLING UP
The pandemic has hit venues hard. But as these establishments look to reopen, technology can not only play a pivotal role in helping businesses to safely welcome the public back, but it can also set up venues for long term sustainable success.
Convenience is crucial for all parties and technology is the enabler. Costs are lowered, revenues are increased, and the customer experience improves significantly.
thegoodtill.com
www.venue-insight.com March 2021 11
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52
