Are you a small business owner looking to compete with retail giants dominating the market? Find out how technology can make your business more competitive.
Sharks of Business Inforgraphic
Image by GDS Infographics
Do you often feel like a small fish in a sea of sharks? Large retailers may seem to have a firm hold on the market but there is still room in the ocean for a small fish to find success. And nowadays, this is largely thanks to technology.
As technology progresses, a wider range of software is available for small-to-medium-sized-businesses (SMBs) at an affordable price. This means smaller businesses have access to the same technology and advantages as the retail giants. Surely this means a golden era for small business?
Well SMBs are certainly embracing new technology, with their wallets. According to the Wall Street Journal 45% of what is spent on information technology comes from small businesses, and SMBs are expected to spend $836 billion on IT this year alone.
Here are just of few of the technologies which are giving smaller retailers a fighting chance.
Order Processing Software
EpoS software or order processing software is vital when it comes to competing with large retailers. It is an essential tool that manages stock levels and sales across multiple channels, ensuring that your store and website work together seamlessly.
It is also very important for independent pubs and restaurants who are trying to compete with popular chain pubs/restaurants. EpoS software keeps you ahead of the game, ensuring you never run out of stock. This kind of efficiency will keep your standards at a competitive level with your larger rivals.
Gerry Skews, a restaurant owner from Cambridge told Bdaily, “having technology like this EPoS system and using it to gather business intelligence makes it possible for small and independent companies like mine to compete effectively with larger, fully integrated chains.”
EpoS technology allows you to provide the quality of service of a larger retailer, but with the charm and individual touch of small business.
Cloud Technology
As business moves to the ‘cloud’, things are looking brighter for SMBs. Because cloud technology enables IT resources to be hired over the internet, it means a wide range of technologies are available to smaller businesses at a fraction of the cost and evening the playing field.
Cloud technology also means that it is easy for small businesses to set up a contact centre, wherever they are in the world – even if they don’t have an office. As services are accessed over internet, businesses can provide excellent customer service, with few physical resources.
Email Marketing Software
The simple fact is that smaller businesses have fewer customers than large retailers and as a result, each customer becomes more important. To stay competitive with your larger rivals, you need to optimise every customer relationship.
The best way to do this is through email marketing software, as this allows you to send messages to your existing customers, informing them of your offers and other products which they might be interested in. This software is particularly useful for small businesses as email marketing is very inexpensive compared with other marketing methods.
The key is to increase the value of your existing customers and often this is a lot easier and cheaper than trying to attract new custom. If you sell more to each of your existing customers, you can easily increase your profits, whilst creating a loyal and engaged customer base.
The Best of Both Worlds
Technology is such a vital tool for small businesses because it allows SMBs to offer the best of both worlds. Customers can enjoy the service, efficiency and convenience of a larger retailer, with the personal touch and individuality of a small business.
Technology, quite simply, allows SMBs to give more to the consumer. Anything which allows that to be achieved with ease, can do nothing but to help develop small businesses over the world.
What do you think about the rise of technology in small business? Have you implemented any of these technologies into your business? Share your thoughts below.
