Tech Trends Transforming Small Business

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With the ever-evolving technology landscape, the trends reshaping various industries today can’t be overlooked. From personalisation to embracing new products and everything in between, Australia’s technology advancements have helped transform and elevate tasks, productivity and, in some cases, profitability for small businesses. It continues to evolve with even more innovative products and services that cater to its consumers’ changing needs, diversity and inclusion, and overall preferences. 

Businesses applying cutting-edge advancements and embracing technology trends offer owners opportunities to grow and capture new audiences. In this article, we look at five ways technology is transforming various industries and opportunities to consider when it comes to tech advancements for your business. 

Technology & the Rise of AI

AI, AR, VR—these are buzzwords that have been making the rounds lately across all industries. But can they assist your business in its day-to-day operations? The answer is yes, but they should be utilised in the right ways to enhance your business functions.

Artificial Intelligence (AI) has become a fundamental part of beauty, hospitality, food service and other service-based industries. It enables brands to improve operations and customer experience by analysing data and other customer preferences, assisting business owners in providing personalised product or service recommendations. It can also help with appointment scheduling, menu creation, front and back office duties and inventory management; designed to increase efficiency, customer retention, and increased profitability. 

Augmented reality (AR) and Virtual Reality (VR) are also at the forefront when it comes to things like ‘virtual try-on tools,’ which give customers the ability to try on products before they buy. In a time-poor world and with the shift to e-commerce, customers have the quality and confidence to make in-store purchases with online convenience.

The Digital Age

On the topic of e-commerce, another stream of digital transformation is the focus on e-commerce and social media, which, for small businesses, is no longer considered a nice to have but a necessity. Developing new marketing strategies is required to keep up with the competitive brand presence across various industries, and influencer marketing is a popular way for businesses to win customers. It is designed to build trust between a brand and consumer and capture audiences’ attention quickly by ‘stopping the scroll.’ 

With websites, apps, and various social media platforms being the primary tools for customer interaction, your business needs to build a strong online presence. Various digital tools in the market are designed to capture customer data and feedback, which can also enhance your customer experience model.

Streamlining Business Operations

One way to streamline business operations is to review the tech currently implemented in your business. What is or isn’t working? Do you need to invest in different machinery to offer clients a better customer experience? What about your day-to-day business tech, like POS and EFTPOS? Does your provider need a switch up to help your business save on pesky fees? 

There are various payment providers in the market; however, you need a best-in-class payment partner who understands you like a good skin care regime. Enter Smartpay. Our Zero Cost™ EFTPOS product is built for businesses like yours, so you can spend more time with your customers and less time worrying about payments. 

It’s simple: Add a small surcharge to the payment, and you’ll save on EFTPOS fees and keep service or product prices low for your customers, all while putting money back into your business to spend on other things, like casual staff or overhead costs. Plus, take the hassle out of managing your cash flow with no EFTPOS bill and no more end-of-month admin. That’s one way to streamline business!

Personalised Products & Experiences

For businesses competing in a crowded marketplace, hyper-personalisation is reshaping the way consumers experience customisation that resonates with their current lifestyle. This enables businesses to drive loyalty and enhance engagement with their brand, products, or services. 

Not only is there a demand for personalised and customised products, but this also extends to the shopping experience, with AI-powered apps helping small businesses build stronger connections between customers and brands. Be mindful, though, that at the heart of your business is a human connection your customers crave, so don’t let AI practices replace this entirely.

Green Technology

New technology has changed the way products are marketed and sold, but adding to that list is also how they are created. There has been a recent rise in the development of more sustainable products, with consumers realising the cost of products isn’t just surface deep. A focus on ‘green,’ which considers the environmental impact and health of the individual and planet, plus the increased accessibility of cruelty-free alternatives, allows businesses to cater to the growing preference for eco-friendly options. Technology is also instrumental when it comes to the production of packaging and products themselves, as well as the reduction of waste. The recent consumer realisation is that the balance between looking after ourselves and the planet is interconnected, and thus the shift towards kinder industry operations as a whole. 

In conclusion, incorporating new products and technologies can give businesses a competitive edge. Staying ahead of the curve and offering innovative, tech-driven solutions will appeal to tech-savvy consumers who are always looking for the next big thing to try. As technology continues to evolve, it offers endless opportunities for growth in your industry and creating unique, personalised experiences that build customer brand loyalty and, ultimately, your bottom line. 

Want to save money on your EFTPOS bill to put back into your business? Talk to us today about our Zero Cost™ EFTPOS solution, tailored to suit your business needs!

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