3 Tech Trends Your Small Business Needs to Know

3 Tech Trends Your Small Business Needs to Know

Small Business owners have a never-ending to-do list and it can be hard to keep up with tech trends on top of marketing, operations, customer service and finances. In honor of Small Business Week, we will be highlighting different types of technology and how they will affect your business or can aid in your success and keep you ahead of your competition.

Here are 3 new tech trends that will help you better understand your audience through research, target your audience by location, and change your check out process through new technology.

3 Tech Trends Your Small Business Needs to Know - Understand Your Audience: Big DataUnderstand Your Audience:
Big Data

There isn’t a strict definition of Big Data, but one of the most applicable definitions is in Viktor Mayer-Schönberger (@Viktor_MS) and Kenneth Cukier’s (@kncukier) Book, Big Datawhich reads,

“The ability of society to harness information in novel ways to produce useful insights or goods and services of significant value” and “…things one can do at a large scale that cannot be done at a smaller one, to extract new insights or create new forms of value.”

This means that as as entrepreneur, you are taking what you know about your customer’s behavior through a variety of databases and applying them in useful ways to provide better customer service, price points, products, store and website layouts, and promotions that result in increased ROI. Business News Daily has a great list of 6 Big Data Small Business Solutions to make your startup more profitable.

3 Tech Trends Your Small Business Needs to Know - Target Your Customer - beacon technologyTarget Your Customer:
Beacon Technology

Beacons are an emerging tech product that interacts with smartphones based on location. This integration allows retailers with brick and mortar shops to send customized promotions to customers’ based on their proximity.

Beacons are an enticing concept, but beacon networks are currently closed and fragmented, unlike GPS, which is stunting the adoption growth by customers as well as retailers of all sizes. On the other hand, if this obstacle can be overcome, proximity targeting could be a powerful tool in advertising and merchandizing. Twitter has recently invested in Swirl Networks, a beacon technology company. Given Twitter’s reach, perhaps this is the first step toward a more open and united future for Beacon technology.

3 Tech Trends Your Small Business Needs to Know - Target Your Customer - beacon technology - smart-card-blackCheck-out Has Changed:
EMV Chip Revolution

EMV chips are now located in an increasing number of credit cards also known as “Smart Cards”. They were created to provide a higher level of fraud protection. This is important to small businesses, according to CreditCards.com because

“the switch to EMV means adding new in-store technology and internal processing systems, and complying with new liability rules.”

It also changes the liability of the fraud from the bank to the merchant, which could be costly for small businesses. Read SmallBiz Trends’ recent Twitter Chat on this topic for additional details.

These three tech trends are changing the way small business owners conduct business. Understanding and embracing these trends will be better prepare your business for whatever comes next while gaining an edge over your competition.

Originally posted on the Acesse Blog.

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