5 Innovative Solutions for Running a Business
- Written by Sherley Alaba
Running a business can be a difficult task. Owners must look after the daily operations, finance and human resources besides the marketing and branding of the business.
While there is no denying the fact that managing so many things simultaneously can take its toll on the showrunner, it should also be understood that technology has made these tasks a bit easier.
There are several innovative solutions available for running a business in an efficient manner. Incorporating these solutions can provide a number of advantages that can make your life easy.
Well known business innovators like Salted Stone Web Design Agency, can offer your workable ideas for increasing sales, and carrying out smooth business operations that also conform to the demands of your customers.
In the article below, we will discuss a few innovative solutions for your business that will allow you to not only run it smoothly but also translate its benefits into the business bottom line.
1. Innovative Options for payment
Many businesses have recognized the need for innovative payment solutions and adopted them for their own benefit, and that of its customers.
These options are wide-ranging and include mobile POS and Apple Pay etc. All these methods offer secure and swift payment options to the customers.
In fact, incorporating a third-party payment application is a good option too because it allows customers to close the sale then and there rather than waiting for the goods to be delivered, and then making cash payments.
Third-party payment applications provide a secure and easy payment experience. Most customers are already familiar with these applications and do not hesitate to use them when they are shopping online either through their desktops or a hand-held device.
Retailers can also incorporate these innovative solutions that will allow their customers to make purchases from their physical stores, and leave it without having the need to make a payment. The intelligent system installed within the store will track the purchases of the customer with the help of advanced technologies, and charge the specific customer account for the purchases.
2. Enhancing Capabilities for Hand-held Devices
Big businesses comprehend the immense potential offered by users of hand-held devices like smartphones and tablets.
A recent survey reported that more than 55 percent of online purchases on the popular website eBay is carried out through hand-held devices.
Mobile applications have several beneficial uses for business. They offer an opportunity to review products and make a purchase right there without having to use a desktop or a laptop.
There are many competitive advantages that can be had from a smartphone or any other hand-held device.
The business is able to use ‘mobile analytics’ which offers information about customer preferences, their shopping behavior, and their exact locations.
Another great advantage is that customers have instant access to their bank accounts through mobile applications which makes it easy to make any purchase on the spur of the moment. The business can also offer discounts and special promotions by using ‘push notifications’. Moreover, there are tiny Bluetooth devices that can come to use when a prospective customer is nearby. This gadget lets you know who is near your store so that you can immediately send a relevant message.
3. Using Artificial Intelligence
Artificial intelligence is a rather novel phenomenon when it comes to business applications. However, it is rapidly gaining traction among innovative businessmen.
Customer-centric businesses are already using smart personal chopping assistants (PSAs), chatbots and other similar solutions for luring prospective customers.
PSAs can be manually operated or Artificially intelligent. The manual PSA is very easy to use but the AI-based PSA is more cost-effective and efficient from the business perspective.
There are several brands that have PSAs integrated into their websites.
Chatbots are more popular with customers because they offer a comparatively familiar interface to the shopper besides being extremely convenient. Chatbots are also being used for providing cutting edge customer service. Most chatbots can handle queries and requests all by themselves, however, the more complicated ones are automatically transferred to experienced professionals for the purpose of better handling. Companies like eBay are already using chatbots which are affecting their customer service in a very positive manner.
4. Virtual and augmented reality
People used to think that Virtual reality and augmented reality were for gaming only. However, businesses have recently come to understand its importance in marketing and sales.
AR and VR can offer an advanced experience to the prospective shopper, and this is exactly where its utility increases for the business.
A number of businesses have already embraced Augmented reality as an integral part of their digital marketing strategy. They offer specialized catalogs that allow users to see exactly how an item will look and fit in the intended surrounding.
Take for example a furniture manufacturer who is using AR for this purpose. The user will need to take a picture of the room where he wants to place the furniture.
With the help of an augmented reality application, the prospective customer will be able to pick furniture items from the catalog, and then place those items within the photo of the room that he has already taken.
This will allow him to see exactly how this furniture will look once it is placed in the room.
Similarly, cosmetics products can also be checked on the customer’s face before making a purchase. The Augmented Reality phenomenon in business is still developing, and hopefully, in the coming future, it will do away with the need for special gadgets and wearables.
5. Innovative approach towards workflow automation
Often, businesses are not able to perform at their optimum level because they are hindered by the repetition of work, and workflow inefficiencies.
Repetition means that two similar works are being carried out within the same department or two different departments. There is no added value that can be obtained by doing the same work twice, rather it wastes time and resources.
Innovative solutions for controlling such tasks include automating some of the work that is very frequent in nature. Some business owners are reluctant to automate their workflows because it requires them to spend a notable amount of money. They think of it as an unwanted expense rather than an investment that will reap benefits in the future.
Employees of the business would think that more automation will render them redundant, and they might lose their jobs.
This may not be the case because automation is an innovative solution that allows the business to save time as well as a human resource that can be used in some other more creative areas.
The Final Word
In the current business environment, innovation is required in every field. The old ways of doing business are no longer relevant.
Customers need instant responses and immediate satisfaction. In order to provide this, the business needs to expand its horizons and seek out innovations in every area including production, marketing, and sales.
These innovations will allow them to provide better user experience, and translate into increased ROI.
