This Week In Tech, Buy Now Pay Later (BNPL), and February Holidays
Small Business Skim: 5 Things That Happened in Tech This Week
Did you catch these five things that happened in technology news this past week? Here’s how they could affect your business:
Google raises G Suite prices: $6/month for basic, $12/month for business
For the first time ever, Google announced that it will soon raise the price of both the G Suite Basic and G Suite Business productivity suites. G Suite Basic will go up from $5 per user per month to $6, and G Suite Business will increase from $10 to $12.
Why this is important for your business: Anytime a cloud company raises prices, small business owners should pay attention. Make sure you evaluate the risks (like limited control over costs) before becoming fully vested in a cloud-based system.
The business model for Amazon’s first cashier-less store, Amazon Go, is gaining popularity
The first Amazon Go store has been in business for a year now, and both startups and established companies are following suit and doing away with cashiers in some stores.
Why this is important for your business: It’s working — and as more cashier-less stores get off the ground, consumers will come to expect this type of experience.
Restaurants are embracing technology to ease labor pressures
With minimum wage set to rise in many states across the country, restaurant owners are feeling the pressure on their bottom lines.
Why this is important for your business: Restaurants are using technology to help cut costs (and it could work for you, too). Ordering through kiosks and mobile apps can help reduce the number of employees needed, and certain apps can track and store data on employee progress and productivity.
Hackers nearly destroy a small business in New Jersey
Epoch Trading Post — a small online business in Ashbury Park, New Jersey — was hacked this past holiday season by someone who rerouted their website to a porn site.
Why this is important for your business: Scary! And more common than you’d think. 61% of small- and medium-size businesses experienced a cyber attack in 2017.
Sheryl Sandberg says Facebook is now blocking 1 million fake accounts every day
Facebook’s COO Sheryl Sandberg recently admitted that Facebook did not do a good job of protecting customer data back in 2016. Now, she says the company is committed to scrutinizing groups and pages to remove misinformation and bad actors.
Why this is important for your business: Many small businesses rely on Facebook to attract new customers and engage with online communities. The company’s recent problems have certainly affected its credibility, but it’s good to see them fighting back.
How the “New Layaway” Could Affect Your Business
Huge retailers and big box stores have long offered interest-free financing options for large purchases (furniture, major appliances), but there’s a new layaway trend taking hold today — and it’s designed to work for even the smallest businesses.
The specifics of each installment plan may vary a bit from provider to provider, but they all generally offer the following:
Fast credit approval for customers (unlike traditional financing options or credit cards)
Ease of implementation for retailers
Transparency into potential fees/penalties so customers can easily understand the terms at the time of purchase
These new installment plan companies promise to help small businesses attract shoppers, compete with larger businesses, and reduce financial risk (most plans pay merchants upfront, so there’s no waiting for your money. Many also assume all risk of fraud or nonpayment, which can be a big plus for small business owners.).
If this sounds like it could be a fit, check out these popular providers:
Affirm
Afterpay
Blispay
Sezzle
Splitit
Square Installments
As with any business purchase, make sure you fully understand the terms and conditions (look for merchant fees and other associated costs) before signing on. If you have any questions, feel free to contact us.
Source: https://smallbiztrends.com/2019/01/installment-payment-trends.html
Leverage These Holidays to Connect With Customers and Drive Sales in February
Running holiday promotions is a great way to shake up your marketing strategy — and (surprise!) February is full of fun holidays. Here’s a list of this month’s seasonal opportunities just waiting to be monetized:
Black History Month — February 1 - 28
Groundhog Day — February 2
Safer Internet Day — February 5
Chinese New Year — February 5
Inventors Day — February 11
National Clean Out Your Computer Day — February 11
Valentine’s Day — February 14
Presidents Day — February 18
Love Your Pet Day — February 20
Get creative and have fun with this! Nobody likes to miss out on a deal, and your business can’t afford to miss out on these clever marketing opportunities.
Source: https://smallbiztrends.com/2019/01/weird-holidays-in-february.html