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Cloud Computing The Next Big Thing

From rapidly transforming consumer behaviors to heavily affecting economies around the globe, the Covid-19 pandemic has created a plethora of challenges and continues to have a multi-sector impact on nations and citizens alike.

With the arrival of vaccinations, 2021 seems to bring a new ray of hope for economies worldwide but the fact remains: This year is going to witness the ‘survival of the fittest,’ implying that businesses that turn digital and adapt to the ‘new normal’ are likely to emerge out of the Covid-19 crisis in better position to succeed.

To begin with, cloud computing is arguably going to remain the staple of leading companies. To give a quick run-through, cloud spending grew by 37% in the first quarter of 2020 itself – ushering in a new era of digitization wherein companies look at cloud computing as the most robust way to tide themselves over during the Covid-19 challenge – at this time last year the world had just woken up to the viral effect of the novel Corona virus beyond . Capitalizing upon the urgency to drive processes remotely and securely, cloud service providers had an unlikely successful year.

Even as total IT spending dropped by 8%, the cloud market grew substantially. Having worked on a number of cloud implementations, I pick the following three key trends in the post-Covid era.

Cost optimization was always a priority before the pandemic. However, disruptions afterward have further elevated its stature in the priority stack. Today, start-ups and enterprises are seeking intelligence to deploy flexible cost models, particularly those in pay-as-you-go services. As expected, the OpEx versus CapEx solutions debate has once again intensified.

In the pursuit of normalization, controlled costing is the first step. With OpEx, businesses can get the total of their costing parameters while achieving scalability with products & services. PwC, in its latest survey, found that 75% of finance decision-makers use OpEx cost modeling and are deferring CapEx for at least another year.

Cloud ecosystems assure total flexibility and scalability in developing and managing key enterprise processes. Using OpEx as a cost model and cloud as a deployment model, enterprises can:

  • Achieve faster installations, upgrades, and on-demand flexibility. Given the lesser time of approval in OpEx, businesses can leverage frequent product upgrades.
  • Cloud systems mean negligible maintenance hassles and site visiting. The OpEx model allows for seeking cloud hosting services that cover uninterrupted networking infrastructure and enterprise-grade security.

Entities, both government and private, are likely to upscale their infrastructure capacity in 2021. At the same time, they want to keep costs in control. Therefore, hybrid cloud systems backed by OpEx cost models will set the narrative for data storage and monitoring.

Rise of native clouds – containerization and serverless computing

In order to recover from the pandemic hangover, MSPs – Managed Service Providers, would want to enhance their Customer Experience (CX) quotient while keeping costs in check; exactly what native cloud computing delivers. Native cloud technologies through containerization empower digital transformation strategies for enterprises across the spectrum. Since Azure, AWS and Cloud have raised the green flags, at least 60% of service providers will offer containerization on public cloud platforms.

At their core, container management repositories perform workload transportation between multiple verticals such as on-premise, edge, and the cloud. Subsequently, platforms like Kubernetes, that lessen the complexity in container management, should gain explosive acceptance in 2021-22. In addition, serverless computing that was among the top five Platform-as-a-Service (PaaS) cloud services in 2020, is still likely to be a preferred paradigm for multi-cloud developments.

Edge computing gaining the edge

To put it simply, edge computing brings storage and processing closer to the geographic location of data consumption. Besides ensuring faster response times, it saves bandwidth (and infrastructure) while empowering the service providers to serve their customers locally.

There’s no doubt that Edge computing will grow stronger in 2021. Cloud service providers will experiment with new business models beyond humongous data centers and central control of public clouds. Nonetheless, it still seeks the innovation of computing in traditional clouds while enhancing business agility. Edge computing allows enterprises to improvise upon their real-time analytics and make smarter business decisions. Since predictive analysis in CRM and other ERP verticals is growing, edge computing will have a greater role in the process.

Per IDC research, by 2024 25% of organizations will look forward to using cases that integrate edge data with apps already hosted in the cloud. 2021 will also see a series of partnerships between traditional cloud and edge computing service providers. Also, telecom service providers will have a key role in driving these hybrid ecosystems.

Going forward, devices and applications closer to the consumer’s location will play an important role in the larger fabric of the (IoT) and hybrid cloud models.

Opportunity is in the eyes of the beholder

The cloud was already a dominating force. The pandemic only proved that most enterprise processes can be managed remotely if the right cloud implementation is backing them. Therefore, it is not incorrect to believe that cloud service providers are sitting on a gold mine of opportunity.

Cloud Computing Will Be a Goldmine in the Post Covid-Era [Entrepreneur]

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Business Trends

Paypal’s Vision For The Future

PayPal CEO Dan Schulman recently spoke to Bloomberg about the company’s growth last year and its ambitions for the future.

Here’s what you need to know:

  • PayPal processed $936 billion in total payment volume (TPV) in 2020 and says it’s on track to reach $1 trillion a year. Digital payment usage surged during the pandemic, with 43% of US consumers saying they used mobile apps like PayPal and Venmo more in 2020, according to a report by CouponFollow. To meet that demand, PayPal launched new products like Pay in 4—its buy now, pay later solution—and its cryptocurrency service. PayPal also expanded Xoom, its remittance business, into more countries to make it more widely available. These efforts may have bolstered TPV by tapping into new demand
  • The payments giant expects to reach 400 million global users by June, but it’s setting its sights on one day reaching 1 billion. In 2020, PayPal added72.7 million net new accounts to reach a total of 377 million accounts globally, a 24% increase from 2019, when net new accounts increased by 37.3 million. Merchants were a driving force behind PayPal’s user growth thanks to its core products, from its one-click online checkout button to in-store innovations like its QR code payments, which helped meet consumer needs during the coronavirus pandemic. Indicative of merchant growth is PayPal’s merchant services volume, which grew 33% YoY, up from the 27% YoY growth it posted in 2019, suggesting that these offerings likely brought in new sellers.

PayPal is hoping to become a super app as it explores innovations that’ll help morph it into a “one-stop shop for all consumer financial needs.” PayPal is already moving beyond its existing offerings and inching toward other financial services, such as crypto, which it noted as a key growth area in 2021: Schulman recently said that PayPal’s new dedicated crypto unit will focus on helping increase the utility of digital currencies. PayPal has also expressed interest in expanding into banking and stock trading. These could be the logical next steps for the payments giant considering that Square, a major competitor, is reaching into the space with new stock trading options and recently debuted its industrial bank, Square Financial Services. Doing so could aid PayPal’s one-stop financial services shop ambitions and perhaps help the company increase its user base and volume.

 

PayPal CEO talks company growth and its vision for the future [E-Marketer]

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Business Trends

Why Responding To Online Reviews Is Crucial 

Find out why you need to respond to all your online reviews – not just the negative ones.

Would you do business with your own company? If you searched for your company by its brand name and added the word “reviews” at the end, would you be happy with what people are saying?

Competition is fierce in today’s digital age, with nearly every business claiming the best products and services and touting fantastic customer service. How, then, do people decide which company they’re going to do business with?

The answer is customer reviews, which can be managed with online reputation marketing. Notice that I didn’t say online reputation management. Managing your brand’s reputation is essential, but marketing it is also critical to the success of any business.

To improve your online reputation marketing efforts, you can start simply by responding to all your existing customer reviews – including your positive reviews. Sadly, this is one of the most neglected and underutilized online reputation marketing strategies around, yet it’s one of the easiest to execute. Here’s how to respond to positive reviews.

How to write a response to a positive review

When responding to a positive review, you can easily fit these steps to your company’s personality and brand:

  1. Write your response sooner rather than later. A response to a positive review will appear more meaningful and genuine if you deliver it quickly. You don’t have to respond mere minutes after the review is published, but don’t wait more than 24 hours.
  2. Address reviewers by name. When Sarah H. leaves a positive review, don’t just start your reply with “Thanks for your review!” Start it with “Hi, Sarah!”
  3. Continue with gratitude. After you address the reviewer by name, move on to simple gratitude. Your response should be something like “Hi, Sarah! Thanks so much for your enthusiastic review.”
  4. Address the reviewer’s key points. If Sarah’s review says that she loves your accounting company’s thorough tax preparation tips, acknowledge that point. You can usually acknowledge all the reviewer’s positive feedback in just one sentence.
  5. Offer discounts or rewards. While this is optional, offering discounts or rewards in your responses to positive reviews can encourage customer loyalty. If you do include these offers, it should be near the end of your response.
  6. Keep it short by ending here. Responses to positive reviews shouldn’t be long. You can be genuine and grateful with just the above, along with a final “thanks” or another expression of gratitude at the end. Don’t forget to include your name at the end too.
  7. Share your positive reviews. After you respond to the positive review, share it on your company’s social media feeds. You can also add positive reviews to your website’s testimonials page.

An example of how to respond to a positive review

Given the above tips, this might be an appropriate response to a positive review:

Hi, Sarah! Thanks so much for your enthusiastic review. We’re really happy to see that our thorough tax preparation tips and advice have made a difference for you. Feel free to remind us of this review the next time you use our services for 20% off! Thanks again for choosing us. –[Your name]

Why you should respond to positive reviews

Now that you know how to respond to a positive review, here are five reasons why you should respond to every single customer review.

1. Let the world know you care about every customer, not just the ones who complain.

As you research a company and read its reviews, you’ll hopefully see some positive ones. Suddenly, you discover a negative review, and that’s when the business finally decides to take the time to respond. The business is rewarding someone’s negative comments with its time and attention, instead of replying and showing appreciation to all the customers who took the time to share a positive review of the business.

What does it say about your business when people see positive reviews ignored, but then see a lengthy response to a bad review? It says your business cares more about your reputation than about your customers and their experiences.

That’s the real difference between reputation management and reputation marketing. The business is managing a negative review, instead of marketing its brand using all the reviews. If you thoughtfully respond to all your online customer reviews, you can market to your existing customers and attract new customers as well.

Here’s a tip about replying to positive reviews: Don’t just respond with a simple “Thanks!” or “We appreciate you.” Instead, personalize your response where appropriate and possible, showing your customers you took the time to compose a sincere and meaningful reply. You might think that you can’t afford the investment of time to respond to all reviews. However, when you invest the time, it will provide you a positive ROI.

2. Increase the lifetime value of your customers.

When you respond to your customers’ reviews, you have the golden opportunity to market to your existing customers. Did you know that when you respond to a customer review, the customer will know that you replied? Most review platforms notify customers when the business responds to their review. This is an easy way to make your existing clients feel appreciated, and they are much more likely to become repeat customers.

Too many business owners and entrepreneurs are so focused on acquiring new customers that they ignore their existing ones. A customer will be more inclined to do business with you again and refer you to new customers when you express your gratitude publicly to their positive review.

3. Enhance your SEO efforts.

Every time a customer reviews your business, whether positively or negatively, it’s your opportunity to provide additional SEO value for your business. Search engines like Google, Bing, and Yahoo crawl the internet to find new information so they can provide the most recent and relevant content for their users. When you respond to each customer review, you can add context about your customers’ experience with your business.

Let’s say that you are a plastic surgeon in Maryland and a happy patient just posted a glowing review online. You could reply, “Thanks for the great review! We are constantly striving to be the best cosmetic surgeons we can be. I’m so grateful you chose our practice. If you need help or have any questions, call our Maryland office anytime. Remember, you also have my private cell phone number and can reach me anytime, 24/7, if it’s urgent.”

Note the keywords “best cosmetic surgeons” and “Maryland” in the reply. This is additional relevant content that will enhance the SEO value of that review page, especially for your local business listing on Google. Google specifically states in its help system that reviews can improve your listings’ visibility in its results.

Don’t overdo it with the keywords in your replies, though. Otherwise, Google and other search engines may penalize your listing, and you could offend your client or patient if they feel like your response isn’t authentic. Remember, these responses are public for everyone to see. The good news is you can add to, edit or update your replies at any time.

4. Protect your business reputation with trust and transparency.

When you fail to implement a reputation marketing system in your business, you leave yourself vulnerable to attack. If you neglect your online reputation, all it takes is one or two bad reviews to cripple your business.

However, if you’re actively marketing your brand reputation and requesting online reviews, you can drown a few negative reviews in a sea of positive reviews. Today’s consumers are well educated; most people know that you cannot please 100% of the people 100% of the time. Your competition likely has a negative review or two as well. The key is having dozens or hundreds of positive reviews to outweigh the negative ones. When you combine positive reviews with personalized responses to all your reviews, you create a strong fortress around your brand’s reputation.

When people see dozens of positive reviews and an occasional negative review, they are likely to discount the negative review – especially if the business has replied to all the reviews with honesty and transparency. People understand that companies make mistakes and can even empathize with them in certain situations. It’s critical if you or an employee make a mistake that you own it and take responsibility. People will understand and forgive you if you craft appropriate and thoughtful apologies to your negative reviewers.

Many times, it’s your responses that will attract new customers to your business. When they see you responding to all your clients and observe how you handle difficult situations, most people will trust you to do a good job – and to do the right thing if you don’t.

5. Attract new customers who post reviews.

About 78% of consumers trust online reviews as much as personal recommendations. That’s why it’s critical to implement a reputation marketing strategy that helps you develop trust with your prospective customers.

As you earn more reviews for your business and consistently reply to them, prospective customers will see why they should choose you over your competition. They will see that you care about all your customers. As a result, more people will trust your business, and you will become the clear leader in your marketplace.

When you invite your new customers to share reviews about their experiences online, simply remind them why they chose your company. The odds of your new client posting a review online are good, since it was customer reviews that attracted them to your business in the first place.

How to handle negative reviews

Most entrepreneurs and business leaders make every effort to satisfy and please the customer. However, no matter how hard you try, sometimes it just doesn’t happen and your business is forced to address a negative online review. When that happens, it’s crucial to consult people you trust who have legitimate business experience and acumen before you respond. The last thing you want to do is reply in an emotional state of distress or anger.

Instead, think of how you can reply in an authentic and meaningful way without compromising your integrity. Let’s face the truth: Some customers will try to sabotage your business to get free products and services or simply to get attention. Don’t let this happen to you. Stay true to your core values, and do your best to reply in a professional and thoughtful manner.

For example, one of my company’s clients found a negative review that labeled his chiropractic clinic as “another cattle-in and cattle-out operation.” Ouch! The business owner wanted to share a fun and lighthearted response and wasn’t afraid to repel people if his message didn’t resonate with them. After careful consideration and discussion, he decided to create a video response using a humorous yet authentic approach and posted it on Facebook. Remember, it’s OK to have a sense of humor in business, as long as you are genuine and sincere.

He got thousands of views and lots of positive feedback from the business’s Facebook fans. However, this reputation marketing strategy could have backfired if the business did not have dozens of five-star reviews. This is why every entrepreneur must be laser-focused on building a five-star online reputation for their business and brand.

Why Responding to All Your Online Reviews Is Critical [Business.com]

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Business Trends

Apple Wants To Roll Out VR Experience For Businesses

Apple may leap into the VR headset space with a “mostly virtual reality device” as early as next year, per Bloomberg. The news comes amid a period of renewed interest in VR from companies tinkering with the tech for remote work applications. When released, the headset—which will be similar in size to the Oculus Quest—could reportedly feature a 3D environment for gaming, video, and communication, along with some limited AR functionality, an internal fan, support for prescription lenses, and a hefty price tag typical of Apple gadgets.

Apple’s VR push marks its first major hardware endeavor since the 2015 release of the Apple Watch, breaking from its recent focus on services. For years, Apple’s soaring profits were tied to its crowning jewel—the iPhone. While iPhones still made up a majority (54.7%) of Apple’s sales in 2019, that figure has steadily decreased over time. In Apple’s fiscal Q4 2020 (ended September 26, 2020), for example, iPhone’s sales brought in $26.44 billion, which was down from $33.36 billion a year prior. With fewer people purchasing iPhones and other hardware, Apple made a strategic decision to pivot heavily toward its Services segment, starting first with its 2015 rollout of Apple Music and followed by TV+ and News+ subscriptions in 2019, all of which complement its already established Apple Pay and iCloud services. By the end of 2019, Services reportedly made up around 17.7% of Apple’s revenues. That continued last year as Apple announced Q4 revenues of $64 billion, propelled mainly by “all-time records” for Services, according to CEO Tim Cook.

Apple’s appeal to an exclusive audience segment, and its recent emphasis on services over hardware, mean the new goggles are unlikely to spark the VR revolution. While VR users in the US are expected to grow from 52.1 million monthly users in 2020 to 60.8 million in 2022, according to eMarketer forecasts, it’s unclear how many of those users will be willing to shell out big bucks for Apple’s high-end experience. The prohibitively expensive expected price tag, combined with Apple’s late arrival to the market, means the VR industry is unlikely to benefit from the popularity boost often attributed to the “Apple effect,” and Apple is therefore unlikely to significantly drive VR adoption.

Apple looking to roll out powerful VR experience as early as 2022 [E-Marketer]

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Contactless Payment Solutions in a Post-COVID Economy

As many businesses continue to offer an in-person shopping experience or consider reopening, safety is at the forefront of their minds. Keeping the customer protected helps lower the chances of further shutdowns being implemented in the future.

One of the best ways to provide a safer shopping experience for your customers is to ensure that you have contactless payment solutions to use when they check out. 

But what considerations do you need to make when you are looking into adding these solutions to your business? While the thought of changing the way you currently operate can sound daunting, the truth is that it is much easier than it may seem. To help you provide safer payment options in your business, here are a few tips on offering contactless payment solutions in a post-COVID Economy. 

Consider the Different Types of Contactless Payment Solutions Available

Offering your customers the right contactless payment solutions begins with understanding what technology is at your disposal and which types of payment options your customers are likely to need.

There are currently two types of contactless payment options available: credit or debit cards (Visa and Mastercard) containing near-field communication (NFC) chips and the use of mobile wallets like Apple Pay or Google Pay. Of course, there may be some devices or alternatives that fall outside of these two categories, but these are the two most important ones to focus on if you want your business to offer contactless payment options.

NFC chips offer the ability to pay by getting close to the payment machine rather than by making physical contact with it by inserting a chip into a chip reader or swiping a card. This type of payment option also gained popularity in pre-COVID times because it offers increased security, faster transaction speeds, and more convenience. 

You may also see another term come up while researching this topic: radio-frequency identification or RFID, which refers to a similar technology that led to the development of NFC. But what’s the difference between the two? While NFC does fall into the category of RFID technology, NFC can only be recognized by machines when the item being read is in extremely close proximity to the device, making it more secure and much harder to steal information or accidentally pay for something at a distance. 

With these two types of solutions available in your shop, you can cater to the ever-changing needs of your customers.

What Do You Need to Get Started? 

Being able to offer contactless payment means having the know-how and the right equipment. There are a wide variety of payment processors out there. The key feature to look for while researching them is that the point-of-sale device you choose is NFC-capable. That is what gives you the ability to accept both NFC credit and debit cards or payments made through NFC-enabled phones with wallet apps. 

Beyond this, the company that you choose to partner with will ultimately be a matter of personal preference. Take some time to evaluate your options and weigh the advantages and disadvantages (such as ease of use, overall cost, and complexity of setup) of each company on your list before making a final decision. 

Don’t Forget About Your Online Storefront

Setting up your physical storefront for safe shopping is the key focus of re-opening or continuing your operations without putting your customers at risk. However, taking the time out to ready your physical business by adding contactless payment solutions also gives you an opportunity to assess your online operations and make improvements simultaneously.

This can pose a major problem for customers who may prefer to avoid in-person shopping altogether and stick to the internet. It also makes it impossible for you to run your online business efficiently and grow your operations.

While you are focused on finding the right contactless solutions for your physical storefront, focusing on finding the right contactless payment solutions for your digital storefront is essential as well. For example, let’s imagine that you run a business where you sell a product like CBD oil online that has been continuously rejected by mainstream payment processors. You may need to seek out high-risk payment gateways that ensure you are able to meet the needs of your customers. This way, should they not feel comfortable shopping at your location, they can shop for the same products online and you can continue to operate both your digital and physical storefronts with ease. 

With the right payment processor on your side for both online and offline purchases, you can ultimately offer your customers a greater level of service all the way around. 

COVID-19 has had a massive impact on our lives, from the way that we socialize to the way that we conduct business. In order to overcome these difficulties as business owners, we must adapt to new ways of keeping ourselves and our customers protected. If this is of importance to you and you want to get started, use the guide above to make advancements in payment solutions and give your company the boost it needs in a post-COVID economy.

 

About the Author | Katie Tejada is a writer, editor and former HR professional. She often covers developments in HR, business, recruiting, real estate, finance and law, but also enjoys writing about travel, interiors and events.