Every business, be that a large or a small one, competes on the market. Every advantage you gain will bring you closer to being a leader in your industry. Thanks to technological advancements, it is now easier to get ahead. These advancements help small businesses become more efficient, tap into new markets and develop new revenue streams. The key is to know in which technology to invest. In order to help you excel in today’s economy, we have singled out a few technology trends for you to follow.
1. Mobile commerce
Mobile commerce has become a mainstream means for marketing and payments. It is estimated that more than 70% of the world’s population will own a smartphone by the end of 2020. This means that most of the consumers will look online to find whatever service they require. In order to promote your business better, you should consider hiring someone to create an app and a website, or do it yourself if you know how.
2. Accept new payment methods
Small business owners have to take into account that pretty much everything can be done via mobile devices nowadays. Payments of any kind can now be done over the phone which is very time efficient. The most notable app for making payments is PayPal, which allows a user to easily pay for anything including phone bills, clothing, restaurant bills and many more. Google Wallet allows a user to save their credit card details to a Google account and then later make payments via Near Field Communication.
3. Invest in automated marketing
Investing in automated marketing software will allow your business to get promoted and thrive without excessive manpower and hours being wasted. It also helps you save money on hiring marketing agencies, which can charge high fees for promotion and marketing. First of all, make sure to hire experts which can create this kind of software. The next step will be to specify a purpose and leave the rest to the software. It will then post updates and other information related to your business on social networks and websites.
One key factor that small businesses need to look out for is security. Cyber-security is one of the key features that can make or break your business. You will need to invest a lot in data privacy if you want to gain the trust of your customers. Hire experienced cyber-security experts to create defence software specifically for your business. If you own a store and want to protect it, there are security companies that can help you out. This way, you will make sure that you and your customers are safe and you will have some insurance in case of burglaries and other incidents that can harm your business.
5. Keep your inventory in check
Most small businesses don’t track their inventory, which means that some wares can lie around not being accounted for. This can significantly reduce their sales potential and decrease your business’s earnings. A great and simple way to track your inventory and stock levels is by using Fishbowl Inventory. This software can be easily combined with other types of accounting solutions and CRM software. Therefore, make sure to invest in these software solutions in order to improve your business and save money on unnecessary costs.
As we can see, it doesn’t take much to keep your small business up to standards. Invest in some of these technological aids in order to improve its quality, get a better chance to tap into new markets and take customer service to a higher level.