One of the hallmarks of every successful SMB is their ability to respond rapidly to market demands, start trends and be early adopters of new technologies.
Unsurprisingly, technology continues to play a major influence on all types of small to medium businesses, and digital payments are topping the list of tech trends that are having a big impact on the industry. While cashless transactions have always existed (think charge accounts and bar tabs) cashless, real-time payments are replacing the greenback in a big way.
In response to both the growing consumer love of cashless transactions and the cost that comes with handling cash a number of retail businesses are now converting to a completely cashless payment system, including Starbucks, which has launched a cashless test at one of it’s Seattle locations.
And according to Alex Chriss, Chief product officer, Small Business Group at Intuit, “going cashless is great for small business”. He claims that cashless payments offer a number of perks for SMB’s, including increased staff safety (there’s no cash to steal), easier bookkeeping, and higher overall rates of customer satisfaction.
Another SMB trend to watch is the use of Artificial Intelligence or AI. What was once thought to be simply the stuff of sci-fi movies has now become mainstream, and today’s consumers have responded well to AI solutions implemented in everything from online customer service chat applications to always-available digital assistants.
For SMB applications, AI-powered CRM promises to deliver exceptional results that allow companies to record, track, and respond to customers and clients in a way that can boost sales without the need to hire more human help.