Other News & Stories

The Top 3 Checkout Technologies Set to Shape Retail

Credit card being swipedWith the intense competition among retail brands in the market, businesses often have two choices: innovate or die. The percentage of new businesses that close down after the first year remains the same. About 50 percent of the new players die. On the tenth year, about 96 percent may have closed down.

Fortunately, innovation doesn’t have to come at a steep price; you can remain competitive and still manage costs by using technology in certain processes.

Whether you run a new shop or own a string of stores, these three checkout technologies can help improve your business:

POS Finance

The growth of retail tech also increases the number of people not bringing cash. In a Blumberg Capital survey, about 50 percent don’t use it anymore. But not all stores are ready to adopt the cashless system.

For retails stores that don’t, there’s the point of sale finance system. It provides the customers access to different lenders. One can integrate the service in the POS, so the customer doesn’t go through a time-consuming application process.

No Checkout

A lot of people think the self-checkout terminals are already the future of retail. One bus in China begs to disagree. The vehicle is a rolling store with no staff and checkout. Customers enter by scanning a QR code. A hologram of a woman appears to give transactions a “personalized touch.”

Virtual Shopping Carts

E-commerce boomed for one reason: convenience. But can the same benefit extend in the offline world? The answer is yes, thanks to Amazon.

Amazon’s first physical retail store features two technologies now found in others: cashless and no checkouts. But it took innovation to a whole new level by creating a virtual shopping cart. Customers can walk in and shop. The cameras around the shop then pick up the goods and place them in virtual carts. The system then allows the customers to pay through their credit cards with digital receipts.

These retail technologies are meant not only to appeal to the young consumers. They’re also necessary to improve customer service and experience.

February 14, 2018 at 1:36 amMind of Money

Three People You Need for Your New Business

colleagues at workplaceStarting a business is not as easy as you might think. It’s not that hard either if you’ve got the right people to help. And before you think that you don’t have the money to hire a full team of professionals, know this: you don’t need a team of 50 to get a small business going.

What you need is a team comprised of these people:

Business Consultant

You have the vision, but what do you know about execution? Your approach to business might not be the most productive, and considering you’ve got limited resources, you need to use them wisely. A business consultant helps you determine where to focus and what marketing strategy to employ to conserve your resources while getting the most exposure. They inspect your business plan for flaws so you can correct them early on.

SEO Team

It’s impossible to achieve success these days if you’re not paying attention to SEO. Everyone else in Salt Lake City is doing it, and thinking you can beat them without doing any kind of search engine marketing will be your own downfall. SEO is so ingrained in business operations that you might not even know you’re doing it. You can be better informed with the help of an SEO consultant like SEO Werkz, however, so your efforts won’t be wasted on marketing strategies that do not show results.

Compensation Lawyer

Money is one of the most important resources you have to save when you’re just starting out. This doesn’t mean you should be paying employees beyond the daily minimum or ignoring their needs. A compensation lawyer will help you determine the basics of everything related to employee salaries and benefits, so you comply with the law while still having enough money for other aspects of the business.

Anyone can start a business, but not everyone will succeed if they don’t know the first thing about business operations. Find the right people to help you.

February 3, 2018 at 1:00 amThe Marketing Section

How Does the Tax Reforms Affect Obamacare?

Judge gavel, stethoscope, and calculatorObamacare insurance providers will raise premiums in 2019 after the U.S. government implemented tax reforms, which repealed a mandate of the Affordable Care Act (ACA).

The mandate refers to the requirements that every American should have health insurance. DECO noted that it remains uncertain how this will affect ACA assistance, as insurers remain divided on renewing their participation in Obamacare’s exchanges next year.

Individual Insurance

Obama insurers will need to reach a decision by spring at the earliest whether to renew its involvement in the insurance exchanges. As for the insurance premiums, it will increase as the mandate’s repeal will cause four million Americans to skip coverage next year, according to the Congressional Budget Office (CBO). Standard & Poor predicts that between three to five million people will not apply for insurance in the next 10 years due to the repeal.

By 2027, the CBO expects 13 million people to forego insurance. This will trigger an annual rate hike of 10% every year beginning in 2019. CBO based its forecast on the fewer number of insured healthier individuals, as they will no longer need to pay penalties if they fail to sign up for insurance.

Obamacare Enrollment

The number of people who signed up for Obamacare under the 2018 enrollment period reached around 8.8 million people, down from 9.2 million Americans year over year. However, this could be because of a shorter enrollment period.

The deadline for applications on the 2017 period lasted until January 31, while the open enrollment period for this year ended by the end of 2017. The deadline for 2018 originally fell on December 15, although publicity for the extended period became ineffective as even insurance brokers were unaware of it.

Hospitals and medical providers need to prepare for the tax reforms’ impact on ACA assistance. On the other hand, more Americans will have to find ways on how to pay for potentially higher insurance premiums in the future.

January 25, 2018 at 4:04 amMind of Money