During an average year, an overwhelming 70% of small businesses are riddled with debt. Those figures are even higher in recent months as the world continues to navigate the effects of COVID-19. In fact, small businesses were “so heavily impacted by the COVID-19 pandemic [that] one in five closed either temporarily or permanently,” according to the U.S. Chamber of Commerce.
The economy is on the mend and many small businesses are, too. Surprisingly, some small businesses are even thriving during this time — and it is all thanks to the latest tech. Learn about the tech that is helping small businesses succeed and even prosper during these uncertain times.
Keeping Businesses and Customers Connected
COVID-19 didn’t hurt all businesses. Some manufacturers, like the personal protective equipment (PPE) industry, faced higher demand than ever before. The World Health Organization (WHO) projected that the industry needed to produce 40% more PPE to meet global demand. Of course, the path forward was not so simple for many industries and for many small businesses.
Many small businesses needed to re-evaluate the ways they engaged with customers and remained connected with them. The latest tech has enabled many businesses that may have otherwise failed to continue operating and thriving online.
How does tech enable small businesses? The U.S. Chamber of Commerce reveals that 84% use digital means to communicate information to their customers, 80% use digital platforms to showcase products and services, and 75% use the web to sell their products and services.
In order to keep sales up during the thick of COVID, the majority of businesses adopted new technologies to offer goods entirely digitally or to sell and ship goods using online platforms.
Building Trust With Customers
Of course, businesses that choose to sell and distribute goods online need to build a certain level of trust with their customers. If prospective customers doubt a company’s ability to keep their personal data or payment information safe, these patrons are very unlikely to make a purchase from them — and the problem is more prevalent than you might expect. According to Insureon research, criminals stole from nearly 10% (8.8%) of small businesses in 2016. Whether it is your physical premises or data stored online, customers need to feel confident that your company is safe.
Small businesses can build trust with their customers by using secure data and sales platforms, websites with https addresses and SSL certificates, routinely updating software and anti-virus software, and by backing up their data on a secure network, typically by taking advantage of cloud services.
Spreading The Word
When it comes to a thriving business, it is not all about sales, software, and other practicalities. Like any other business, small business owners must attract customers to their business or product in the first place. That is where social media comes in.
Businesses can use social media platforms to advertise their products and services for free or at a relatively low cost. Companies can attract new customers simply by creating a strong online presence and updating their social media platforms frequently. They can take even greater strides to promote goods and services using blog posts, videos, or by starting a podcast. Any genuinely useful or informative content provides value to customers and helps earn their loyalty.
The past two years, 2020 and 2021, have been among the most challenging for businesses all across the globe. Technology has made it possible — and continues to make it possible — for small businesses nationwide to thrive in spite of the odds. Increasing their digital presence and capabilities, operating websites customers can trust, and being active on social media continues to save small businesses from closure and crippling debt.
