Just like your business, technology never stops advancing. Each year, there are new ways that technology can automate processes, lower costs, and enhance customer and employee satisfaction – all with the goal of increasing revenue! And while it can be difficult to change how your business works, leaving old methods behind and embracing new technology can help lead your business to more success and growth. See What Technology Trends are New for 2019!
It’s the question not to be on the front of the technology train where beta testing is the concept of running technology for your business, it is more what does the market offer and is well perceived from companies and institutions. 2019 Tech Trends shows us how technology shall be seen, as a business enabler and not slowing business down.
Having said this it is time to look into “What’s Hot” and “What’s NOT ” in 2019 Tech Trends compared to 2019 Business Trends.
HOT: Cloud Solutions
Special in the SMB segment we can see a positive trend when it comes to adopting more cloud solutions. Small businesses using cloud services grow 26% faster than those that don’t.
Staying on the old fashion local data storing concept has a couple of downsides. After network or power outage, recovery times for small businesses using computing are 4x faster when compared to those utilizing cloud services.
60% of businesses move to cloud services to free up IT resources to work on more static tasks.
HOT: Rewarding loyal customers
Rewarding loyal customers to keep them coming back. 85% of small business owners reported that a loyalty program has a big impact on driving repeat business. 78% of consumers say they are more likely to choose a business that offers a loyalty program over one that does not.
It is maybe also the question of economy, but finding new customers is the old way fashion instead of upselling and co-selling. The probability of selling to an existing happy customer is up to 14x higher than the probability of selling to a new customer.
HOT: Cyber Security
Enhancing cybersecurity due to the increased use of the cloud. 84% of organizations say traditional security solutions don’t work in cloud environments.
The numbers are shocking and should help us to make the proper decision. It takes on average 191 days before companies detect a data breach.
Using the Internet of Things (loT) to improve/automate business processes. loT costs will be driven down 50% over the next two years, making it easier for small businesses to adopt. As many as 50% of work activities can be automated by adapting currently demonstrated technologies.
Productivity should be in focus for organizations to stay competitive ahead of the competition and the market. Still, companies are spending time on manual processes for day-to-day business activities. On average, small business teams spend 23% of their workdays manually inputting data.
HOT: Peer-to-peer Marketplace
Expanding online sales reach through peer-to-peer marketplace apps and social media sites.
It is not anymore the golden egg to master online presence only. It is proven that the omnichannel approach retains 89% of the all-time connected customer. Companies with a weak omnichannel presence retain only 33% of their customers.
HOT: Digital Payments
78% of consumers ranked a digital payment method, such as a card or being able to pay with their phone, as their #1 preferred payment option.
Digital payments are on average cost 50% less than non-digital payments.
By not accepting digital payments small business owners can miss out on a reported 8% increase in revenue, cash-only business is a flop.
The infographic “2019 Tech Trends”, was put together from the team from Comcast Business community. Did you find your favorite technology which would boost your company? Which business enablers are you focusing on? Which trends did you enforce over 2019? Share your thoughts in our commenting section below.