Running a business without failing at any point is entirely unrealistic. Even the most profitable companies in the toughest competition face uncertain challenges. Research says that every business has to fight from uncountable problems in the first five years of its establishment. So, why not focus on effective plans and mitigate mistakes at earliest?
Your business can come in contact with plenty of traps in every phase. At this point, you have to lead the business by successfully meeting objectives without looking back. Financial traps are, no doubt, most challenging and mind-numbing. This trap isn’t related to your personal ups and downs – poor planning and neglecting financing rules are the core reasons.
Even today’s most successful entrepreneurs in the online B2B platform have survived financial fluctuations. Why not you learn from the mistakes and avoid financial traps coming in the way of small business? Here, we are discussing how you should be attentive in flourishing business across the manufacturing market.
Common Financial Traps to Avoid in Small Businesses
Wrong Partnership equals to Business Decline
Small businesses in the manufacturing industry mostly hand over partial to full control to the partners they recently met. Or even those people, who have been in the relationship with them but not reliable for the collaboration. Though the businesses sometimes require it, be watchful in choosing the partners and giving authority to them.
Often partners do not align with each other. This concern is practically viewed when businesses are at stake. Before you jump into a partnership, it is a must to know your business needs and limit authorities at first priority. Not only the business has to pay for monetary declines, but it will influence your corporate presence too.
Poor Cashflow Management and Involving in Debts
Growth of the business means you are bearing unexpected expenses. This problem is common and unavoidable sometimes. However, it can be optimized if you are happy with credit card financing only. Here as well, you have to be clear about paying off the cards without any delay.
Optimistic budgeting is a complete waste – pragmatic budgeting is the best fit in the online B2B platform. You should be aware of the estimates that often vary from actual costs.
Understanding of business cash flow is a must. Be strategic in optimizing annual and bi-annual expenses. At this point, you have got a chance to control future investments and let the business survive in a diverse marketplace.
Poor Workforce Planning
Human resources are the primary assets of any organization. Since you invest in them, their productivity and competencies add value to the business. The problem arises when you know that chosen employees are a poor match with the company. It might make you fall mentally at first while business may face exponential downfall if not managed rightly.
These disastrous situations are relatively unexpected and risky to the business. Adopting best practices initially can help you maintain business performance. Putting forward pre-employment screening can bring you the right employees on board. This is the phase that will grow your business and develop an image that has been struggled with previously.
Investing a lot on Website
The online B2B platform enables manufacturers and suppliers to work efficiently using versatile resources. However, it doesn’t mean that you break banks for managing the website and adding innumerable features to it.
Most of the small businesses in the trade industry are fond of making high-end websites but lack in understanding its purpose and function. If you are also among them, then hold right here. Usability is the factor that a small business should maintain in website management. Be cautious in investing a huge sum of money on the website.
Some entrepreneurs consider paying off on the website creation to grab the attention of the clients. It is important but not necessary if you already have a potential market reach strategy. Make sure you opt features and resources that do not cost you an arm and a leg.
Financial traps are, no doubt, unbeatable challenges that every business has to face. No matter where you launch your business, these traps are universal. In this way, entrepreneurs in the competition must understand the importance of planning and managing expenses. Once you get pro with handling certain situations, your business will definitely flourish in the global B2B market.…
As we come closer to bidding farewell to this decade, it is time to look forward to 2020 with new hopes and bigger milestones to achieve. Planning for a new year is a stressful task since you always have to make commitments to not only your own self but to your business organization too. For start-ups and small businesses looking to try their luck in 2020, it is very important to plan their budgeting strategy along with managing their expenses right from the start.
It is true that the future for businesses is uncertain. Especially, when the world economy is constantly shaking with global recession threats, political unrests and spiking trade tariffs everywhere. Amidst all the chaos, there are b2b brands and B2B trade sites who are strictly implementing strategies, keeping under their budget and financing smartly. If you’re looking to eye expansion or just planning to be stable in the coming year, there are a few handy budget tips you must keep in mind. Read on below to find out:
1. Keep Aside an Emergency Fund
In a business, we can never predict unexpected costs and spending beforehand. This is why it is always a good idea to keep aside some cash for emergencies. We’re not just referring to tariffs or negative balances here, but any sort of catastrophic disasters, cybersecurity attacks and malware threats that may cause potential damage to your websites and customers. If you don’t have cash in hand, try to start saving by cutting extra costs and allotting it to a separate bank account.
2. Focus On Your Return of Investments
Since start-ups have a limited budget, every little investment you make directly affects your profit and returns. When planning your business strategy, focus on considering metrics that give higher returns and acquire you new customers. For instance, when buying raw materials and experimenting with new marketing campaigns, do full research on whether the tactics will bring better ROI or not. Go into the year with clear mind-sets so none of your investment goes into waste.
3. Reduce Your Long-Term Cost Commitments
A number of times businesses subscribe to yearly or long-term solutions that charge them for the entire period altogether. However, in case of emergencies or business turnarounds, when you can’t afford such subscriptions, your business can suffer a huge deal. This is the reason why you must choose to be flexible and pick plans that you can cancel at any time you want. Flexible budgeting is not only useful but comes handy in situations when you want to scale up or down your business.
4. Keep a check on your Finances Closely
Gone are the days when you were able to spend money over any expense freely. Start your new business year with more consideration and financial saving. Monitor your spending every day and don’t wait to apply for financing plans or loans if you see your finances deteriorating. Apply for flexible business and financing plans that suit your start-up and help you in times of need.
5. Take Advice from a Certified Accountant
Making important financial decisions is complex when you’re not an expert. A CPA or a Certified Public Accountant is a financial resource that can help you guide in managing your investments and budgeting plans. Take out time and get advice and expert opinion from a CPA so you can make better decisions before entering into 2020.
Many small businesses also prefer to use accounting software and online tools to help manage and scrutinize their financial assets and businesses spending. However, getting advice on an annual basis will be more practical and beneficial.
New Year always means a new start to your business strategies and as a start-up owner, this time can be both very exciting as well as a challenge too. While there is plenty of competition in the market, there can be new opportunities and growing scales that can prove to a massive turnaround for your business. Follow the above tips to lay the foundation of your business with responsible budgeting, clean spending and excellent management of your financial resources.…
In a world where technology has taken over almost everything – businesses, manual systems, workforce and other services, nothing is constant. Every field that depends on technology requires timely updates and a regular cycle of software changes. Amidst all this, trying to ensure that your system is future proof is often more than a challenge.
What does it mean to Future Proof Your Business?
Future proof is a term referring to the ability of a product or a technology service to continue to have the same value in distant future as in the present. In other words, it will not need to be considerably updated as technology changes with time. Within just a short span, a number of businesses have shut down because either they didn’t keep up with the fast changing environment, or most likely, an expected technology revolution replaced their present systems. In such events, do you think there is a chance of business survival? Yes, through Future proofing.
Future Proofing Business Operations in China
With the China B2B Marketplace growing at an unpredictably fast pace, business operations have almost doubled as they were five years ago. Despite this, many foreign investors after the ongoing trade war between the US and China have been reluctant to resume operations or let alone start them. The Chinese government, with this potential fundamental threat to its budding economy and businesses, have come up with the Made in China (MiC) policy as part of their new economic plan for 2025.
MiC is expected to be a turn over for local business in the China B2B platform who will not only be able to boost themselves but also receive a significant increase in their demands. As per the policy, these local businesses will now have better chances to survive the economic changes because of the trade war and foreign business threats in China.
With the current situation in hand, as a business entrepreneur, here is a list of strategies that you can follow to future proof your business in China:
1. Don’t depend on any single part of your Business
Most companies, regardless of how successful they become, depend on just one great product for generating their total revenue. Even if is very popular, you must always find ways to diversify your product line in order to increase your chances of being valuable. Especially, in a region like China where technology advancements, political and economic shifts are unpredicted, you must create a product portfolio that offers a handsome variety so you don’t depend on just one part of your business.
2. Predicting Future Demands
Obviously, you can’t tell what your customers will want in the coming years, but you can always predict the advancements in technology that will take over. Using machine learning and predictive systems to see what trends will dominate in the years to come can help you implement and work on them beforehand.
3. Listen to your Customers
If there’s anything that can help you survive the global change in China is your customers. Other than your main stakeholders, they are your key to future proofing your business. Building loyal relationships, strengthening your bond and predicting their behaviour are some of the ways that can help gain an upper hand in case if the economic and technological changes affect your business. Listen to their needs, pay more attention to their demands and track their behaviour to future proof your business.
4. Follow the trends in the West
Although the Chinese market itself is developed, but following the trends in the West and other developed nations related to your industry can help you stay ahead in the game. Follow businesses and influencers to find out what’s new so you can track and start working at your end too. This strategy will also let you manage your business risks and provide ample time to work on them as well.
From what we’re observing at most China B2B trade sites, things are changing very fast in the business world. Even if you are successful, you cannot guarantee a survival unless you are fully prepared for it.…
Before we get into how to pick the best POS (point-of-sale) system for your restaurant, do you know what a POS is and why you need one? Inc.com defines this perfectly; a POS system is the convergence point where a customer and business make a transaction. With modern advances in POS technology, there's really no reason to use a cash register any more. You really need a POS system to speed up service, accept integrated credit card payments, manage inventory, track employee time and sales records. You can't get cheap! A simple cash register isn't going to cut it anymore in the competitive restaurant industry.
So wіth аll thе POS systems оn thе market, how do you know which one to pick and how аrе you еvеr going tо decide whісh POS ѕуѕtеm іѕ right fоr you? Well, we're nоt going to make a specific recommendation because we don't know whісh оnе іѕ right fоr уоu. But, there are thrее criteria to look аt whеn deciding оn a POS system or when helping a business decide оn a POS ѕуѕtеm.
1. Thе Fіrѕt іѕ POS Hardware
Pretty muсh right nоw thе choices аrе tablets оr full-on соmрutеr systems. It's not necessarily recommended tо gеt involved іn a POS ѕуѕtеm оr a POS company thаt hаѕ thеіr оwn proprietary hardware. If you do, you're limiting yourself to that company's specific requirements for computers or tablets you can use. Whіlе ѕоmе оf thоѕе that exist аrе great, уоu might be forced to use an Android or PC, when you're really an Apple user, for example.
If you're mоrе оf аn Apple user, thеn gо wіth ѕоmеthіng thаt works оn аn iPad, if you're mоrе оf a PC оr Android user, maybe, look аt ѕоmеthіng thаt runs on an Android type tab like a Samsung tablet. If уоu like desktop соmрutеrs аnd уоu think that's better fоr уоur restaurant, then maybe, fіnd ѕоmе software thаt соuld be installed оn a PC, that уоu соuld gо оut аnd buy уоurѕеlf оn уоur оwn PC's rather thаn, necessarily, thе hardware that's specific frоm thе company.
There are аlwауѕ exceptions tо thе rule but, that's one of the first criteria to consider. Which hardware іѕ gonna work thе best fоr уоu. For instance, dо уоu need Kiosks? Dо уоu need Sеlf Ordering? Dо уоu need Tablets for tableside ordering? Those аrе аll things thаt I wоuld look аt. But that's fіrѕt аnd foremost. If уоu don't gеt thе right hardware package, thе software isn't gonna really matter.
2. Second is the POS Software Itself
Sо, thе nеxt thіng to look аt іѕ thе software itself. Thе features, thе benefits, does іt hаvе thе things thаt уоu need? You're nеvеr going tо fіnd a POS ѕуѕtеm thаt hаѕ exactly еvеrу single feature thаt уоu want, exactly hоw уоu want іt. Sо, make a list оf thе fіvе оr tеn features thаt аrе absolutely critical оr crucial tо уоur operation аnd start thеrе. Most software platforms have hardware that it recommends or is part of a complete package. That's ok, as long as you at least have some option on the type of hardware choices.
The POS software you choose will make a huge difference in your ability to run your restaurant efficiently and effectively. You'll definitely want a software that has a balance of easy-to-use and feature-rich based on the list you created of your critical needs for operations. The best way to determine if the software is right for your restaurant is to schedule a demo of the POS software with the point of sale company. If you're not able to see a demo of the software, then forget it and look somewhere else. You'll want someone in person (if possible), or remotely to walk you through the program so you can get a feel for how it will work for your environment. Also, it's a good idea to decide if you want a traditional or cloud-based POS.
Also, don't forget about reporting. Make sure you look at the reporting features and that it has all the data you need to keep accurate sales and tax records. You'd be surprised at some of the systems on the market that don't have quality and accurate reporting that's easy to understand and use. So make sure you ask to see the reports because that's going to help you with growing your business and keeping track of profit and loss.
3. Lastly is Credit Card Processing
Assume you've got a hardware platform thаt уоu like, and you've got a software platform thаt уоu like. Nоw, it's going tо соmе dоwn tо thе lаѕt factor, which іѕ credit card processing. A lot оf POS systems аrе fooling уоu іntо believing thеіr systems аrе inexpensive, because оf thе wау thаt thеу process credit cards. They're locking уоu іn tо thеіr processor аnd thеу аrе getting a vеrу substantial kickback fоr doing thаt.
Nоw, there's nоt necessarily аnуthіng wrong wіth that, if thе rates they're giving уоu аrе good. Hоwеvеr, mоѕt POS companies won't. Thеу mау gіvе уоu good rates, but thеу won't guarantee thеm аnd thеn the prices wіll hike.
And nоw thаt you've just invested аll in thіѕ hardware, you hаvе nо choice but tо process thrоugh thеіr processor. Nоw, іn exchange ѕоmеtіmеѕ fоr potentially higher credit card rates оr a nоn guaranteed credit card rate; they'll gіvе уоu vеrу substantial discount оn thе software аnd thе hardware.
That's ѕоmеthіng уоu hаvе tо weigh оut. If capital іѕ tight fоr уоu, уоu don't hаvе a lot оf money tо invest right now, then maybe going wіth a restaurant POS like Harbortouch wіll bе better fоr you. It's a very little bit оf money uр frоnt, but you're gonna pay a little bit more on уоur credit card processing оvеr thе lоng haul.
But, іf you've got ѕоmе money tо invest, уоu may want to consider a POS ѕуѕtеm thаt wіll allow you tо bring іn уоur оwn credit card processor оr аt lеаѕt thе freedom tо change аt ѕоmе point іf уоu want. Thе combination to watch out for is, non-contractual, reasonably high, locked іn credit card processing wіth nо discount оn thе hardware. Sо, thеѕе аrе negotiating tools.
A smart merchant wants to look for a specific POS ѕуѕtеm thаt locks in the credit card rates. You want to negotiate the credit card rates and get іt locked dоwn. Try to get a substantial discount оn thе hardware, because as was mentioned above, they are going tаkе money оn thе credit card. So let the POS company know, you want a discount оn thе hardware upfront. This tip alone can end up saving you a lot of money.
Sо, аgаіn knowing thе rules tо thе game wіll help уоu. But, when looking to find thе best POS ѕуѕtеm for your restaurant, the fіrѕt thіng to look аt іѕ hardware, then software features аnd benefits, and thеn hоw dо thеу process credit cards.…
B2B leads generation is crucial for any business. If your company is generating a continuous stream of leads, then you’ll have the element of choice to select whichever client you’d like to approach first. However, if that’s not the case, then probably either you’re not making the right moves or are short on budget.
While there are numerous methods to generate B2B trade leads, we believe that you should stick with 2-3 methods. That way, you’ll be able to focus on them and make the most out of them. Take a look at the following B2B leads generation techniques all businesses can consider on a shoe-string budget.
Sharing Value through Webinars
Due to the fact that technology has made people depend on digital options, the number of seminars and their audience is declining rapidly. Instead, people are now interested in webinars as they are more convenient. All you need to do is switch on your laptop and start watching. In addition, webinars are considered more effective because all the subscribers already know you. Therefore, a connection of trust and familiarity is mostly present.
On the other hand, webinars can also be used to repurpose content. Instead of investing in writing a new How-to guide or tutorial, you can convert this webinar into a blog. You can also offer the downloadable version of this webinar for those who missed it. If that’s now enough, you can also upload it on YouTube to generate B2B trade leads from another network as well. Smart decisions can also give you the push you need to progress.
Establish an Excellent Content Strategy
When we talk about B2B trade lead generation, content is king in it! Without high-quality content, not only do you end up with a below par traffic, but you also fail to generate enough leads for survival. Quality content boosts your domain’s authority and credibility. In addition, it reveals your professionalism and help’s your audience reach out to you through content.
The good thing about initiating a content strategy is that you barely need to invest anything. All you have to do is write informative and engaging blogs. Publish them on your website and share them on all social platforms. Your content will generate traffic through Google and other search engines as it gets ranked. Other than that, your social sharing will also help you create strong B2B trade leads.
Using Tools and Networks to Generate B2B Trade Leads
Other than focusing on different types of content, you can also use automated tools and networks to generate leads for you. Tools not only make your life much more comfortable but they also speed up your lead generation process. Some of these tools are, Leadfuze, InfusionSoft. Leadcandy, Marketo and many more.
Apart from that, a modern B2B trade lead generation technique is to sign up at an international B2B marketplace. These foreign B2B marketplaces are dedicated to connecting global buyers and suppliers. In addition, you also get featured on their network which helps you boost your online presence.
New businesses always struggle to promote their brand due to lack of funds and resources. However, with the help of such B2B platforms, your business can instantly show up with some of the best companies in the industry. In addition, now that you know who you’re up against, you can follow their tactics and smartly come up with ways to counter every move they make. With the help of B2B marketplaces, you can also grow your business by interacting and engaging clients from all corners of the world.
B2B trade leads generation has become quite tricky over the years. With the competition increasing rapidly, businesses that are start-ups or are low on funds usually fall behind. However, with the right approach, you can actually compete with the big dogs and boost both your rate of conversions and lead generation.
With the help of digital media and modern B2B marketing techniques, you can actually get away with many leads. All you have to do is sit back and plan a new strategy considering the points I’ve mentioned above. Once you’ve got the hang of it, B2B leads will come flying down to you.…
In today’s modern world, customer support is crucial in keeping your prospect happy and retaining them for the future. Now, if you are a B2C business, you wouldn’t specific customers come and go buying your products. However, when it comes to running an international B2B marketplace, you need to focus your customer support on building a long-term relationship with your prospects.
That is one critical difference between B2C and B2B customer support. However, there are more to come. Read on to find out which ones.
1.More Complex Issues
Complexity if the issues is a crucial difference between the two types of customer support. If we talk about a B2C business, you can expect problems that can be solved instantly. For example, damaged product, or merchandise return. However, this isn’t the same case for B2B companies. B2B prospects usually only contact the seller when they face a more complicated issue. For example, if you are selling software products, the customer may reach out to you due to a major malfunction.
B2B companies tend to produce long-term relationships with their potential customers. It's entirely different to how B2C companies engage with their buyers. B2C companies face many consumers and are usually involved in short conversations which reduce all chances of building any sort of relationship. On the other hand, B2B marketplaces spend extensive time and efforts in earning the B2B buyer’s trust and in getting to know them better.
When a B2B buyers contact’s the B2B portal, the representative should already have all the necessary details of the prospect in advance. However, you need to use a customer support program for such case, as this software lets you store all aspects of your clients.
3.Larger clients, more contacts
When it comes to dealing with B2C prospects, usually your representative will face one person per query. However, B2B buyers are basically businesses who may have many people approaching. Your customer support staff on some issues. Therefore, when it comes to running a B2B customer support team, you need to make sure that your representatives are trained to deal with qualified personals.
4.Customer Support an Important Part of Marketing
B2C companies don’t have to rely on customer service representatives to promote products most of the time. Usually, B2B prospect calls or join live chats to know about a particular product or place a complaint related to their product.
On the other hand, B2B prospects call up just to have all the information they can about your products and services. In such a case, your customer support team is responsible for marketing all your products and highlighting all the key features of it. I’m pretty sure you’d want a salesperson to be there at that very moment as they are experts in converting potential leads. Though that may not be possible, you can still train your customer support agents and help them become sales export. They should know when to throw their sales pitch and how to convince a lead to convert.
In today’s modern digital world, customers are considered the kings of the market. All businesses, regardless of the fact that they are B2C or B2B marketplaces, need to produce a team of competent and helpful customer service representatives.
The points mentioned above show how different your approach should be when running a B2C or B2B portal. However, at the end of the day, both types of business models need to have an operating customer support department. Or else, you may receive poor reviews and eventually lose your prospects.
Providing a customer service support line isn’t an automatic way to win more business. In fact, one statistic says it can actually increase the likelihood of customers abandoning your business four times over. But you can make some changes to your customer support team to improve your customer service team overnight.
This will help you to increase customer retention and can even act as a selling point for your company. You’re going to learn about four easy ways you can implement to upgrade your customer service team.
Create an Omni-Channel Experience
You shouldn’t just be available via one means. Not everyone wants to give you a call. In fact, a lot of people resent the idea of having to speak to a company over the phone. They might want to send a message about a non-urgent enquiry over email. Alternatively, they could want to take advantage of a live chat system.
The problem is so many companies will settle on one or two channels for connecting with customers. A great customer support department will be available in a variety of ways. For example, they could be contacted via a mobile app or through a Facebook profile.
Start your journey to omni-channel domination today. The great thing about this is that it’s easier than you think to get started with this. You can easily make other channels available in a matter of days. Your customers will thank you for it.
Focus on the Humans Administering It
Talking to potential customers and talking to current customers in the right way will determine whether they ever buy from you again. Not enough bosses concentrate on what their employees are doing and saying when they’re interacting with customers.
It’s easy to assume a grumpy customer is just a hater, but look deeper into the interaction. You might find that the person is just an irritant, but you might also find that the employee hasn’t spoken in the right way. They might be the source of the problem.
Give regular training sessions and regular pieces of advice to your customer support team. Don’t allow them to do what they like without supervision. This is how mistakes happen.
Make Your Most Loyal Customers Feel Special
Look at any industry and you’ll see most of the big players offering some form of reward for being loyal. A VIP club and different service levels can even apply to your customer support department. Provide a few extra options to your most loyal customers. Don’t just reserve the rewards for new customers.
Bucking the trend and skewing your rewards towards your most loyal customers can help with your marketing. Turn them into brand ambassadors by treating them right.
It doesn’t have to cost anything to do this. You just have to tier the various support options you have. This can be done in a matter of hours.
This is the number one way you can make sure that your customers are always going to be impressed by what you’re offering them. Staying available is the number one demand customers have. They want to be able to get someone to help them at all hours, wherever they happen to be in the world.
There’s nothing more annoying than having to wait until the next day because the customer support line closed five minutes ago. You don’t necessarily have to make everyone stay late in a cloud contact center, or hire more employees, but there should still be support options open to them.
For example, you could direct them towards a comprehensive FAQ section. Making yourself available can ensure that you never lose customers because they’ve been driven to distraction.
Last Word - Have You Ever Surveyed Your Customers?
Sometimes you need to survey your customers to find out what they actually want. These four tips are general ways in which you can improve your customer service team, but every customer is different and every audience is different. The only way you’re going to find out what your customers think is through surveying your customers.
Ask them directly what they think about your services and how you can improve. Most customers will be happy that you asked them in the first place. There’s nothing worse than a company that doesn’t listen. You can reverse that trend by showing that you’re putting customers first.
Their feedback can be invaluable for giving them what they want. What is the best piece of customer feedback you’ve ever received?
Augmented reality is here to stay! Currently, augmented reality is a considerably hot topic that is being discussed by various businesses. Many have already integrated this technology within their business, while many are still clueless about its benefits. To be honest, we all carry AR-ready technology with us in the form of smartphones. One example of augmented reality is a game that broke all records, Pokémon Go. We could actually see a virtual world through our smartphones that are filled with wild Pokémon.
This clears the air that AR isn’t a futuristic technology. Instead, it has already made its mark with various apps and technologies that are being used in our daily lives. However, I’m pretty sure now you’ll really want to know how augmented reality in retail stores can enhance customer’s experience and increase your overall profitability. Here are a few augmented reality retail examples to start with.
1. Increase Customer’s Duration of Stay
The more time they spend in your stores, the more money they’ll spend. This statement has eventually turned out to be true. Especially, after Pokémon Go was launched! Players used to visit shops merely to catch a Pokémon, and most of the time ended up buying something they had never planned of.
Now, that doesn’t mean should also develop such a game to enhance your sales. However, you can work on creating a map that improves your customer’s navigation while they come over to shop. Your app could add a feature in which customers can note down all the products they need. The app will scan the list and display the best route that customers should take to find all their desired commodities. In addition, you also use this app to show all the offers and discounts currently active every time the customer opens the app. – Excellent app to boost sales and bring a smile to your customer’s face!
2. To Provide More Information About a Product
Due to rising competition, not many products sell themselves. You need to use the right set of skills to make consumers pay for your products. However, augmented reality in a business can make your lives easier again. With the help of AR technology you can show your customers how the product works, just like how it used to be within videos. Although, this time you’ll use an AR within you store so that the customer can have a better understanding of the product.
3. Try Before You Buy
I simply never purchase any piece of clothing before trying it on. Regardless of the fact, how much time it consumes! I agree it’s annoying to step into the trial room and look at yourself in the mirror to make sure it fits right and looks good on you.
However, augmented reality in retail stores can save you the time and effort of going through this process. Many top brands have already started using this technology, but I’ll still tell you how it works. This AR technology can be used either on your phone, or a device provided by the retailer. This software will virtually let you try on all the clothing pieces you like and also show you how you’ll look. You can swipe and change products with your fingertips, all thanks to these apps.
4. Training – Gamification
Gamification is the next big thing in running an active talent hunt. Many top businesses around the world are using this technology to create simulations to test how individuals will react in various condition. Having that said, companies can also use this technology for training purpose.
With the help of virtual worlds, you can easily test and teach people without incurring any physical lose. It’s true that virtual reality also uses the same concept. However, in VR stimulations you need to use headsets and physically make actions to perform specific tasks. On the other hand, augmented reality in business only requires a smartphone to complete tasks and get through the training or hiring gamification process.
The augmented reality retail examples mentioned above crucial for all business to enhance their productivity and profitability. Though this process may increase your operational costs, the benefits will surely exceed the costs in the long run.…
For a retail or small business, planning to switch from a sole trader to a partnership can be tricky. Without any doubt, partners do bring many benefits with them to the company. However, due to conflicts, these partnerships can turn in to your worst nightmares. What we are going to focus on today are engaged, partners. This means those partners who actually work in the business. On the other hand, a non-engaged partner is one who only provides capital to the company and doesn’t get involved in the operations.
A partnership is formed when 2 to 20 individuals sign a partnership agreement. A retail partnership can prove to do wonders in becoming a business sensation within no time. With all the extra capital and minds collaborating for a single vision, this type of business has pretty good chances of surviving. However, conflicts between these different minds can lead to the partnership ending and the company closing down. Having that said, the following are various pros and cons associated with forming a partnership.
Share of Responsibilities and Workload
Though retail or small businesses don’t really have that many responsibilities, startups can use all the help they can get. It’s true that you can make more money for yourself if you run the business alone. However, by splitting the workload, tasks can be performed more efficiently. While you can also do this by delegating specific tasks to your employees, they won’t show the required interest that an owner would. Imagine if you could split your daily to-do list with your partner, how much more could be done?
Profits Get Distributed
You never get to keep all the profits in a partnership. This factor can lead to many conflicts in the future. Many partnerships dissolve just because owners start to disagree over the share of profits each gets. On the other hand, even if your partner isn’t performing up to the mark, they will still be entitled a percentage of your well-earned money.
Each Partner Brings in Certain Skills
It’s pretty evident that all humans come with different mindsets and skills. Therefore, each partner can manage various functions of a business. For example, if you are a marketing and sales expert, you can create a partnership with a finance expert. That way, you can take care of the sales and marketing of your business, while your partner can manage the books and financial matters.
All the Wrong Decisions Your Partner Makes Impacts you As Well
Since you are operating in a partnership, all decisions made by you or your partner, affect the whole business. This means that you are liable for all the decision your partner makes, whether right or wrong. Not only will this damage your business’s reputation in the market, but people may point fingers at you also for being a part of these wrong decisions.
Major Factors That Lead to Successful Partnerships
Partners don’t realize that in order to run a successful partnership they need to focus on a few critical factors. Wondering what they are? Take a look!
The first aspect that partners need to establish in a partnership is trust. Partners need to have complete faith in each other. If one partner takes a step without informing or discussing with others, then maybe it’s time for you to move on. You can’t trust someone who doesn’t consider taking mutual decisions important.
A communication gap can easily destroy your partnership. Even if you have all the retail intelligence to run a business, you need to speak with your partner before taking any major step. If you spend money on something your partner isn’t aware of, that is a problem. Communication gaps also lead to trust issues between partners.
Why do you do business? For the money, right? To be precise, that’s why all entrepreneurs set up their businesses. Both partners need to be careful with what they do with the company’s money. If one is spending money for their personal reasons and the other partners aren’t aware of it, problems will arise. In the end, the co-owner will develop a thought that their partner is cheating on them by setting up a side business.
It isn’t that difficult to become a recognized retail expo in your industry. All you need to do is focus on maintaining a healthy business relation with your partner. You should always note down all mutual terms in the partnership agreement before starting the business. That way, chances of misunderstanding and conflicts will reduce. Apart from that, if you believe that you have problems trusting people, then it’s better to run your business as a sole trader.…
The retail industry is profoundly affected by the technological development that’s leading businesses to stop trading in traditional ways. Many top online companies have caused some of the best retail companies to close down their stores, change their way of business and in some cases even go bankrupt. Consumers now prefer shopping online since it’s a more straightforward method and you get more products to choose from. However, even after putting aside all the things that are damaging your retail sales, a sign of hope to rebuild, reimagine and reconquer the market has been seen.
These certain retail industry trends are expected to bring your retail business back in the race and create high-quality products that win back all your lost customers.
Technology Will Replace Your Workers
Chances are you are probably going to replace most of your human workers with robots. Though this may sound a bit costly and wrong, you have to consider the increase in quality and efficiency that you’ll experience. On the other hand, technology also helps you to achieve economies of scale within your business. Your average cost will eventually fall in the long run.
This basically happens as robots are considered more focused and free from emotional factors that affect their performance. You can program robots to pull-off sales, answer customer queries and even enhance your quantity and quality of production. In addition, humans usually get bored from doing a repetitive task every single day and eventually lose efficiency in it. You can tackle this problem with machines that`ll maintain their performance regardless of the hours you put them to work.
Ecommerce Will Run Many Retail Companies Out of Business
If we take a close look at the current condition of the market, retail sales are actually falling. In fact, experts believe that around 15% of all the malls will officially close down due to lack of consumers. The benefits of ecommerce are apparently pulling customers. However, apart from creating websites themselves, retail businesses haven’t experimented enough to tackle the online trend.
There are a few businesses that have used their websites to convince customers to visit their outlets through the click and collect option. Burberry is a retail brand that has adopted this method and has kept its outlets operational. Retail businesses need to take similar steps. Enhance customer experience with better attractions, customer service and live demonstration of your products. One thing that ecommerce firms can’t beat retail businesses at is a live experience of the product. Capitalize on this factor and focus on targeting your audience with this initiative.
Businesses Will Copy Your Products to Sell Online
You can’t stop people from producing similar products to sell on their website. Copying of products has been going on for centuries now. However, one thing that you could do is remodel your business. Come up with a unique idea and hit the market with a new face. You can’t expect to sell the same thing throughout your life. Invest in research and development to create new and unique products. By the time your competitors finish creating similar products you`ll probably be done sweeping all the customers.
Consumers Are Becoming More Health Conscious
There was a time when you could run your business without telling the world how you create your products. You may be the most honest person, but not all are like you. Over the years, the government has established many agencies to evaluate how business owners are producing their products. Such agencies operate in their particular industries. If found using any illegal way or manufacturing products, it could lead you to hefty fines and in some cases time behind bars.
You could use this in your favor by being honest with your customers. Provide them with all your secrets so that they can trust you and your products with their eyes closed.
Social Media, The Key Digital Marketing Channel
If you're still focusing on investing in traditional marketing techniques, you’re falling behind. Facebook live stories, Instagram stories, Snapchat stories are currently the most vital piece of content you can find. This clearly indicates that people around the world are more focused on social networks. Social media marketing is a great retail management solution that’ll help you get noticed in the digital world. All you have to do is maintain a company profile and update it with useful content or product ads.
Do you keep track of all the retail industry news? Is not, it won’t take long for your business to end up in the list of shutdowns for the year. By looking at the retail industry news, you understand how the world is changing, and the industry is falling. However, you can change that by taking the first steps in capitalizing on the retail industry trends listed above. Bring these changes to your business and experience a substantial rise in your retail sales.…