Category: Business Trends

Article Contributed by Maggie Dodson

Customer expectations in the retail industry have changed considerably over the last few years, especially as more consumers are considering factors other than product price and quality. They’re looking for an enjoyable shopping experience and if you can’t provide it, they’ll head to your competition or online marketplaces.

That’s why many retailers are now focusing on creating a well-developed customer experience strategy that can help them hold on to the customers they have and earn new ones. These retailers understand that satisfaction levels are higher for both customers and employees when you transform shopping into a memorable, “wow” experience instead of just swiping a credit card. They also know that they’re positioning themselves to capture market share and boost their revenues. Below are the six trends that these successful retailers are taking advantage of.

Trend 1: Successful retailers are developing a consistent customer experience strategy

Many retailers are now basing their customer experience strategy upon a methodology intended to remain consistent across your organization. They are making sure that the message is the same, no matter who a customer encounters in multiple touch points over different sectors of the company. Loyalty is driven by these conversations and how well each member of their team delivers according to customer wants and needs. Remember, your patrons need to see just one entity when they deal with your company – from sales to service to marketing.

Trend 2: Successful retailers are getting a head start on real-time retail selling

There will come a day when retailers can identify the wants and needs of their customers by mobile device when they walk in the door. Most consumers have invested time and effort researching products long before they’re ready to buy, and companies need to develop the customer experience around this notion now. You need to know that you have certain items in stock before the customer arrives – or you’ll risk disappointing them, losing business and developing a reputation for not carrying the items they need. This is part of real-time retail selling.

According to the recent survey of North American retailers by Boston Retail Partners (BRP), one of the top priorities for retailers in 2015 is real-time retail. Nearly half of the retail respondents in the BRP 2015 POS/Customer Engagement Benchmarking Survey indicated that real-time retail is among their top three priorities for 2015. You see, successful retailers are focused on expanding their real-time capabilities to deliver the enhanced services their customers now expect.

Trend 3: Successful retailers are taking advantage of multi-channel retail opportunities

Shopping habits aren’t what they used to be even a few years ago. Consumers are reviewing products online and via their mobile devices well before they head to a physical store. And many times, they place an order online if it’s easier and more convenient. Retailers must adapt their customer experience strategy to this phenomenon by offering higher service levels than what consumers can gain online. They must also present a seamless blend of all the channels that customers typically access before making a purchase.

Retailers that are taking advantage of multi-channel retail opportunities are improving customer perceptions as the retailers are being thought of as forward thinking and responsive to customers’ needs. By offering a variety of engagement points for the customer to make a purchase, increases the convenience and ease of sales, thus boosting profit And, multi-channel engagement points are providing more opportunities to gather information about customers which can be used to increase loyalty.

Trend 4: Successful retailers are getting the most out of their POS

Successful retailers are realizing that their point of sale system (POS) is so much more than a way to make change for sales and process credit cards. Mobile POS devices work well in retail environments where checkout is best handled where the customer is located within the store. For example, hair salons can process payments at the chair – including products that customers want to purchase and take home. Avoiding the queue at the checkout ranks high on the customer experience list. POS technology is also ideal for managing loyalty programs, as these solutions can track purchases that eventually lead up to an earned reward.

Trend 5: Successful retailers are using technology to supplement the customer experience, not generate it

Technology is great for automating tasks and managing inventory, but successful retailers are realizing that they can’t rely entirely on their POS or other solutions to handle the customer experience for them.  : They understand that software should enhance the customer experience with tools like customer relationship management and targeted marketing. But they need to develop their technology around the customer experience rather than letting solutions direct their strategy.

Trend 6: Successful retailers are keeping the customer experience grounded in their individual needs

This two part component to improving your customer experience strategy starts with knowing what they want, and then delivering accordingly. Successful retailers are beginning to understand that there is no real trick to figuring out how to exceed customer expectations. Retailers that excel at experience-making simply talk to their clientele and ask how they can do better. Service levels, pricing, product selection and quality, promotions – all of these offer opportunities to improve the customer experience and lure prospects away from the competition.

Remember, loyalty isn’t built overnight, but a great customer experience that facilitates the route to the checkout counter will pay off. Patrons will be coming back for more when you take advantage of these trends and exceed their expectations.

These are just some of the trends we’re following and discussing inside my – Customer-Centric POS Experience Strategies LinkedIn group, please share below, what other trends you’re following and taking advantage of.

About the Author:

Maggie Dodson, POS Customer Experience Expert loves putting the streamlined systems in place that contributes to longer-term growth for retailers (especially those in the Michigan area!) Inside her LinkedIn community, Customer-Centric POS Strategies, Maggie is exchanging best practices and discussing emerging POS trends, rising technologies and new approaches for making the sales process more efficient. Join her LinkedIn group at: http://tinyurl.com/POSexperiencestrategies

Overview

The construction industry is one of the most important indicators of economic growth in the UK and around the world. Since the economy has been recovering from the recession several years ago, one of the biggest areas that economists tend to watch is the construction industry. Construction is generally a forward indicator of future economic growth, which means that when construction numbers are good, economists would project future economic growth will follow. In the UK, recent election results mean that the Conservatives have a large portion of control in the future decision making of the UK and many people are wondering how the construction sector of the economy is going to fare.

UK Economy

Many people wonder why construction is such an important sector of the economy. However, if they were to look at the numbers it would be easy to understand why. As a percentage of household net worth, homes are a huge make up of that number. For many people in the middle class, a large percentage of their net worth is tied up in their primary residence. This means that when construction is strong due to high demand, prices are rising and people see their wealth increase. However, when the opposite is true, people lose a large amount of their net worth through decreased prices on homes. There are many different policies that the government can put in to place in order to stimulate different industries on the economy

Economic Policy

There are many construction companies that are worried about what the new leadership changes are going to mean for the construction industry. With the recent changes at the top of the UK government, companies like Lagan Construction are wondering what these changes may mean for the construction industry. If the Conservatives that were recently elected decide to take a hands off approach to the economy, there could be some unintended consequences. One example of this is the reduction in home buyer programs.

There are many government programs for people that are buying a home for the first time. Many times, at this stage of life young people cannot afford to save up a down payment on a home so the government will help them out by supply loans that do not require a huge down payment. However, if these types of programs are reduced or eliminated this will hurt demand for new construction housing and will negatively impact the bottom line of the construction industry in the short term.

Many successful entrepreneurs found their success though a somewhat unusual product or industry. Just take a look through any of the success stories from the TV show Shark Tank. The list consists of all sorts of strange products from cleaning sponges in the shape of a smiley face to bed bug traps. The products may be strange, but they’re obviously fulfilling a need in the market. It’s that kind of need that all entrepreneurs are trying to fulfill. That’s the key to bringing in consistent revenue.

Strange products aren’t just a niche market. There are entire industries doing billions of dollars of revenue each year that you probably never think about.

Here are 5 unusual industries that consistently bring in millions or even billions in revenue.

1) World Wrestling Entertainment

You’re probably familiar with the cheesy television show or live events, but did you know that World Wrestling Entertainment is a public company that does more than half of a billion dollars in revenue each year? Their growth is accelerating too. Revenue in the first quarter of 2015 was 19% higher than the previous quarter.

Revenue comes from television, pay-per-view, and live events, merchandising, licensing and more. Others have tried to capitalize on the sport, but none have been more successful than Vince McMahon whose Word Wrestling Entertainment has a market cap well north of $1 billion. Wrestling is a billion dollar industry.

2) Patent Litigation “Insurance”

Patent litigation costs companies millions if not billions of dollars every year. With the rise in this form of liability, a need in the market was created. Companies needed a way to protect themselves from costly lawsuits. There are now firms that amass large portfolios of patents that then charge an annual fee to protect their clients from these lawsuits.

They are able to protect their clients by effectively licensing the patents within their portfolio as well as by using them as leverage if threatened by another company.

3) Transportation of Biological Materials

Obviously transportation is a massive industry; however, not all cargo can be shipped by standard carrier. There are a number of hazardous materials that require special care. Biological materials is one of these special cases.

Would you want infectious biological materials just thrown in the back of an 18-wheeler? This type of material requires special equipment and expertise to transport. There are a number of companies that focus entirely on the storage and transportation of biological material and the associated equipment. The site pbmmi.com list biostorage options and why biostorage is important in cold chain management, scientific transport, and lab relocation.

4) Treasure Hunting

Odyssey Marine Exploration is an interesting company. With a market cap over $50 million, the company’s sole source of revenue is bounties from shipwrecks. The company uses their expertise and specialized equipment to find a recover lost ships. The company is most notable for its find of a treasure worth more than $500 million off the coast of Florida. Unfortunately, the company lost its claim to this treasure in a heated court battle; however, the company continues to operate, recovering and selling treasure that it finds.

5) Museum Exhibitions

It’s not unusual for traveling exhibits to visit museums. What is unusual is a publically traded, for-profit company that owns and operates exhibits of this nature. Premier Exhibitions Inc. creates exhibits such as Titanic, Bodies the Exhibition, Real Pirates, Pompeii, King Tut, Cleopatra and Extreme Dinosaurs.

Visitors typically pay a premium in addition to the standard museum admission to see the exhibits. The company’s strategy is working with annual revenues of more than $30 million.

Entrepreneurship isn’t about creating a groundbreaking product or service. It’s about finding a hole in the market and filling it. There’s billions to be had out there, even in odd industries that involve biological waste, dinosaurs and fake wrestling.

Staying up to date in today’s constantly shifting business world is not easy, but being aware of SME trends as they are happening can put small business owners ahead of the curve. Spotcap, the fastest online credit platform, reveals the six most important global trends which entrepreneurs need to follow to stay on the ball with industry challenges.

1. The bigger, the better

Big data is not just for big businesses anymore and will have a significant impact on the pace-setters of the small business sector. Entrepreneurs can seek to leverage large amounts of data across multiple delivery channels to uncover patterns in consumer behavior. Analyzing big data can help organizations to change the way they make decisions. According to a survey from IBM, 75 percent of all small business owners are increasing their investments in data analysis tools. These shrewd investors will reap the benefits of news features that allow them to sift easily through masses of valuable data and plan their next move accordingly.

2. Rely on your mobile

Small businesses are quickly waking up to the growing importance of mobile payments and localizing capabilities to improve revenues and interaction with their customers. Mobile payment systems are relatively inexpensive for businesses and conveniently allow consumers to make payments on-the-go. One of the most popular developers of smart device software, Paypal, can greatly increase mobile conversion. Online payment services will continue to overtake cash payment. Mobile payments secure against the physical loss of a wallet, complement the online shopping experience and create a more flexible environment for customers.

3. Crucial Cloud

Cloud computing is on the rise and is streamlining the way small business owners handle their business data, resources and strategies. Cloud automation tools simplify many business processes, allowing business owners to rethink their work-flow, be more cost effective and improve their time management. Cloud tools from companies like Zenefits for human resources management and Nimble for CRM will be a crucial addition for small business owners looking to compete more effectively with larger rivals.

4. Get personal

Reaching out to large online audiences will be another ongoing trend for the upcoming years. This means that small business owners will need to focus even more on personalizing the messages they send to their customers. According to a recent Content Marketing Institute survey, 74 percent of online users get frustrated with websites that show content that is not tailored to their needs. Adding personalized fields to provide each user with the most relevant information is a good way to increase the chances of potential clients responding positively.

5. Find your financial fit

A rising number of financial technology firms specialize on serving entrepreneurs and small business owners. The reason is simple: banks are often reluctant to work with small companies. Online credit platforms provide financing for small business owners and diversify the financial services sector. New technology startups like Payplant and Tradeshift speed up the collection of payments for small businesses. These firms offer cash advances to small companies that can’t afford to wait for invoices to be paid. Once the invoices are paid, the lenders are paid back. 

6. Beware of intruders

Cyber security has become a hot topic with the upswing of Internet-based businesses. Small business owners have to prioritize data security, privacy features and intellectual property protection across platforms. A recent study by the National CyberSecurity Alliance revealed that the majority of small businesses are not aware of being the most vulnerable target group for web attacks. The fact that 67 percent of all reported data breaches were at companies with 11 – 100 employees is a cause for great concern. Security awareness and education are crucial to empower small businesses in protecting sensitive information.

About Spotcap:

Spotcap enables small business owners who have been operating for more than one year to grow their business by providing fast and flexible financing. The company has developed a sophisticated and dynamic decision process assessing the real-time performance of businesses to grant short term loans. Spotcap was launched in Madrid in September 2014 and is led by Toby Triebel and Jens Woloszczak in Berlin. The team – currently consisting of 40 credit, online and technology experts – is expanding its operations geographically. Spotcap is backed by Rocket Internet – the world’s leading global Internet platform outside of the US and China.

Read more about Spotcap: www.spotcap.com

Many businesses look at charitable donations as little more than a tax deduction. However, there are many good reasons for a company to give a portion of its hard-earned profits to deserving nonprofit organizations among them are establishing good will, enhancing its image in the community, maintaining customer loyalty and even pumping up sales.

More than Money

You’re running a business, and you feel like you should be giving back to your community. Your first move should be to determine exactly what you are able to do to help a charity. It doesn’t have to be all about writing a check every now and then. There are other ways you can pitch in and lend a hand.

• You and your employees can volunteer at nonprofit events.
• You can sponsor an event for charitable organizations.
• You can donate your products or services.
• You can donate a percentage of your profits on a specific day. For example, if you are running a restaurant, you can give 10 percent of your gross sales on a particular day or even regularly, such as the first of each month.

A Good Match

Unless your business has the resources of Wells Fargo or Walmart, the two companies that gave the most to charity in 2012, according to the Chronicle of Philanthropy, you’ll have to decide which nonprofit organizations are most deserving of your attention.

Here are some things to consider:

• It’s probably a good idea to connect with a nonprofit that relates to your business. For instance, if you sell or manufacture ladies’ clothing, an organization that raises money to fight breast cancer might be a good match.
• If your customers are mostly local residents, a local charity might be a good fit. If you sell your products or services nationally, you might be better off giving to a nationwide organization such as the American Heart Association or the American Diabetes Association.
• You might want to donate to an organization that is personally meaningful to you or one of your employees. For example, if a relative of yours died of cancer, you might choose the American Cancer Society.
• Your employees will feel a whole lot better about helping out if you give them a voice in deciding which organization you will donate to and how big a role your company will play.

Check it Out

You should do some research before you decide which charities are the best match for your company. You can find out a lot of what you need to know on the internet.

For instance, determine which charities earn top grades in various areas:

• Finances
• Transparency
• Results for serving the people they claim to serve.

Of course, you also can find out which charities do not perform well and which ones spend more on administration and marketing than they do serving their core purpose. You might want to stay away from these.

Keep Them Informed

It’s also an excellent idea to let your customers play a role in your charitable endeavor. After all, if they know what you’re doing to help those who need your help, they’ll probably be inclined to send some business your way — especially if they support the same charity.

Here are some things you can do to get your customers involved:

• Let your customers know about your activities by highlighting what you are doing on your website, on your Facebook page, through Twitter and in your newspaper, magazine advertising and direct mail pieces.
• Encourage your customers to volunteer with your employees on a specific day.
• Keep your customers updated on events you are sponsoring.

Don’t Shun Publicity

We realize that your major motivation for making charitable donations is to do the right thing. Nevertheless, you shouldn’t pass up the opportunity to publicize your efforts.

• Contact local media outlets and send them a press release, with photos, when you donate goods or services to a charity.
• Highlight your activities in your print, radio and TV advertising, and see if the charitable organization will mention your company when it sends out its own promotional materials.
• Publicize your connection to the charitable organization by displaying brochures in your store or office and encouraging your employees to wear pins or buttons highlighting the organization. You also can offer special deals to people who work for or with the charity.
• If you attend the charitable organization’s meetings and events, you might be able to make new contacts with people who support the same cause. This in turn could lead to new business for you.

Donating goods, services or cash to a charitable organization is a great way for a company to feel good about giving back to the community. But it also can serve as an excellent method of adding to the business’ bottom line.

Myrna Vaca is the Head of Marketing and Communications at Lyoness America, where she is responsible for marketing, communication and business development efforts. Lyoness, an international shopping community and loyalty rewards program, sponsors the Lyoness Child & Family Foundation (CFF) which is actively involved in supporting children, adolescents and families worldwide, especially in the field of education.