Post Tagged with: "business"

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

Opening a Business? Think of These Things First

A business plan diagram and a cup of coffeeHaving your own business can give you an opportunity to succeed, but this does not guarantee that you’ll earn lots of money. Growing a business takes time and a lot of effort, as well as overcoming challenges along the way. If you’re thinking of starting your own company or business, be sure to consider the following things first.

Customers

Before opening a business, determine the reasons someone would buy your products and services. Note that you cannot just create something and expect people to purchase it. You don’t necessarily need a great idea (it helps, though), but you need to have a market that can help you earn money. Friends and families are not always customers, so you cannot always rely on them to buy what you offer or recommend your goods to others.

Funds

Money is sometimes the biggest challenge for would-be entrepreneurs. SBA loan providers in Ogden suggest getting a crash course in cash flow management before borrowing money or running a business. Note that many new owners fail because they don’t have the right approach to managing cash flow. You also need to make sure you have at least enough funds that can cover all the things you need to operate for several months.

Marketing

Every business needs marketing to succeed. This may mean talking to and interacting with prospects, creating a website, or strengthening your social presence. If you love marketing and talking to people, this will never be a problem. If it’s the otherwise, however, you will hire someone who can help drive customers. Online marketing is also beneficial in attracting more clients.

Stress

Operating your own business means that you (alone) are responsible for making your venture succeed. This can mean stress, disappointment, and challenges along the way. Assess your ability in handling stress associated with managing the business. There are also periods of uncertainty or not knowing when your efforts will pay off. Irrational and negative thoughts may cross your mind often, so it can be helpful to contest those thinking with facts and take a break.

Opening a new business is a big challenge. If you think you have what it takes, you can go on pursuing your dream. Getting expert help is advisable so that you can make wise decisions about some things. These may include licensing, insurance, bonding, and other rules and regulations associated with running a business.

November 7, 2017 at 1:00 amMind of Money