(BPT) - The holiday season is right around the corner, and if recent retail sales forecasts are any indication, it's going to be a massive year for small businesses. The Mintel Holiday Shopping Report 2024 predicts U.S. retail sales in November and December will reach upwards of $1.07 trillion and people are planning to start their shopping early. Are small businesses ready?
For many small to medium-sized businesses (SMBs), the holidays can make or break their year. Small businesses don't have the same luxury as big corporations and, in most cases, operate with a lean team, tight inventory and limited resources. With this in mind, every second and every dollar matters. So, how can businesses ensure that they're optimizing internal processes and utilizing their employees effectively to drive growth?
Technology can be a powerful enabler, opening up new opportunities and giving small businesses a significant edge toward success. The right technology will allow businesses to reach the right audience, meet customer demand and drive maximum traffic.
Here are three ways SMBs can leverage technology to stand out and scale up this holiday season, from the pros at Lenovo.
Use AI to improve efficiency
AI isn't going to replace people, especially in customer service and sales, and it can be a big help in improving the way owners operate their business. According to the Small Business & Entrepreneurship Council, 75% of small businesses are using AI for a variety of tasks, and nearly half of those report AI allows their (human) employees to focus on more meaningful, higher-level tasks. Whether it's streamlining processes, generating new ideas, tracking inventory or creating custom marketing materials, AI can be molded and incorporated into your business to address your needs. AI can also provide support with analyzing customer data to create targeted advertising and personalized recommendations, automation of repetitive tasks like data entry, and creating chatbots for simple customer service questions or needs, allowing team members to prioritize more complex projects.
Create and optimize an online presence to attract consumers
Consumers expect businesses to have an online presence in addition to a physical presence. In fact, data from Expert Market shows 98% of small businesses have some kind of online presence, however, only 63% have ecommerce integrated into their website. That's a missed opportunity. According to the Mintel report, 82% of people are multichannel shoppers who shop online. Adobe Analytics predicts online holiday sales will top $240.8 billion this year, with this being the most "mobile" shopping year to date. With all of those online and multi-channel shoppers, small businesses must include ecommerce on their sites to stay competitive.
Improve customer experience
SMBs should ensure they are reaching customers where they are by offering an omnichannel experience. For those with an established online presence, they must continue to incorporate new techniques that elevate their customers' online experience so they continue to return. A robust, user-friendly website with ecommerce creates a great customer experience. You want shoppers to feel as welcome online as they do in your physical business. Chatbots can help out with customer service, personalized email campaigns can make your customers feel seen and heard, while social media marketing can build loyalty, create community and put you in touch with people all over the world. Other tools like customer relationship management systems can store customer data, track purchase history and provide targeted offers, further upping the relationship level.
By leveraging technology, small businesses can level up just before the holiday rush. Technological advancements will help small business owners create an engaging, personalized presence for customers and can help run your business more efficiently and smoothly, too. For more information about how technology can help your business, visit Lenovo.com.