Technology trends determine various factors in the market pertaining to consumer behavior. Technology also influences how businesses adapt to change in their existing infrastructure and operations. Savvy businesses understand the need for adapting to cost-saving tech trends without any delay, as they gain a lot on various grounds including better customer acquisition and retention.
However, it often seems like the latest tech advancements are reserved for large-sized corporations only. With great emphasis on constant reinvention in the industry, smaller setup companies and medium-sized enterprises are usually wary of technological advancements.
Small businesses may be reluctant to embrace new technology due to concerns over affordability and practicality. Although, the shift towards such advancements requires time and money, in the long-run the change can bring in a lot of advantages. IT firms with prior experience of helping client companies achieve business growth can help small enterprises through Custom Software Development Services tailor-made for sustained progress.
Times are changing; a lot of upcoming businesses even seek out bespoke software development solutions to accelerate towards the time when they break out toward revenue generation. But as you tread towards that, it is always wiser to look at some of the cost-saving tech trends that your business can not afford to pass up.
Cost Saving Tech Trends to Revolutionize a Small Enterprise
These are the cost-saving tech trends that can help a small business to upscale to its growth ambitions.
- Data Protection
- Remote Workforce
- Customer Satisfaction
- Marketing Automation
- Voice Search for Content Optimization
Let’s elaborate in detail on these money-saving technology trends that are playing a vital role in the progress of small to mid-scale enterprises.
According to Small Business Trends, 58 percent of small businesses are unprepared for data loss. Sensitive customer data like credit card numbers and addresses are extremely valuable to cyber-criminals and identity thieves. Since small businesses tend to lack proper cyber-security protection, they are often targeted in attacks.
Information theft can be a huge hit to your business, causing costly downtime and possibly spelling the end of your company. A data breach can also mean the loss of customer trust and even result in lawsuits.
If you collect data from customers or clients in the European Union (EU), you must comply with the General Data Protection Regulation (GDPR). Businesses can face heavy fines for disregarding these regulations, even if they are based in the United States.
Some of the key GDPR requirements include obtaining consent from people before using their data, anonymizing any data collected and appointing a data protection officer in certain circumstances. As a business owner, you must be aware of your legal responsibility to meet these data protection standards for safe operations.
Nowadays, a lot of companies have websites and online presence to attract potential customers. With the emphasis on giving a customized shopping experience to users, companies collect data that can have a sensitive context to it.
Without a proper mechanism for safely storing this data, companies will always be vulnerable to data infiltration, which may result in the possible shutdown of their business.
Because small to medium-sized companies have a stringent budget, they tend to overlook data loss as a vital threat with the mindset that “it can not be us”. Living in a fool’s paradise and causing grievance to your loyal customer base is a misgiving that these businesses can then never eventually overcome. As a result, a lot of bespoke software development solutions are being designed to aid in higher security of user information.
More and more small businesses are embracing the trend toward remote teams and virtual work environments. This is an excellent way to save money. A remote team will reduce your overhead spending on things like office supplies, utilities, and entertainment.
You can take it even further and hire freelancers to fill your positions. This will save you from several employee costs, including payroll taxes, insurance, benefits, and unscheduled absences. Plus, you will have access to a much larger pool of talent where you can find qualified professionals more easily.
If you decide to embrace remote workers, there are many Custom Software Development Solutions that help in the development of software that is kind on your pocket. You can also utilize collaboration tools and project management systems to help everything run smoothly.
When it comes to business, the right tech tools can save you some big bucks. The most successful small business owners understand how to leverage affordable technology to their advantage, reaching consumers and reducing spending to drive growth. You too can use innovative tools and services to transform your business.
The success of every business depends on customer satisfaction. Maintaining happy customers is crucial for your brand image and can even reduce your spending on advertising—it is more affordable to hold onto a current customer than to acquire a new one. Unfortunately, one negative service experience can drive your customers to your competitors.
Use customer relationship management (CRM) software to learn more about your customers and analyze your customer service approach. You can integrate this software with many other forms of service-related tech, like live chat, social media, email, and chat-bots, so you can stay on top of customer inquiries and respond to concerns in real-time.
Chatbots are changing the way for businesses by giving behavior-based responses to customers on the type of content that is typed by the user in the chat window. Similarly, live chat is also one of the ways to engage users but chat-bots are 24/7 which helps in interacting with customers from different time zones across the globe. Chatbots remain as one of the top specialized Software Development solutions employed by companies for higher user interaction on website portals.
You can also use technology to save money and time on your marketing efforts. Automated marketing tools can help you get leads and develop repeat customers by fine-tuning your marketing approach.
For example, marketing your business on social media platforms like Facebook and Instagram will allow you to reach niche audience groups that are likely to be interested in your products or services. This will prevent you from wasting valuable money on marketing to people who are not your target consumers.
Automated marketing can also benefit you in numerous other ways. Email campaigns can guide interested consumers through your conversion funnel as well.
Website popups can capture emails or retain customers who intended to leave. Abandoned cart emails can help you recover lost sales. The list goes on and on. What is more, digital marketing is much cheaper than traditional advertising.
You can engage independent Software Developers for helping you setup automated marketing. Such resources can even work part-time for a nominal fee if you happen to find someone who is a newbie and more excited about gaining practical knowledge by doing a project on the side.
It is also important to understand where you are getting it wrong to improve the overall business plan. By gaining important insight into business parameters, you get vital knowledge about business drivers and key areas for improvement.
Voice Search for Content Optimization
Why type in something when you can use voice search through your smartphone to find something online? This is the new trend of using search for finding relevant information – what you are looking for is just a voice away from being searched for.
Now looking at this concept from a business perspective, a lot of companies already employ SEO capabilities to be sought-after on search engines and be ranked higher through such techniques so that the users are able to locate content through their website.
The same is the concept for voice search content optimization so that when a user voices out a search; your website is one of the first ones to be displayed as a search result. This gives you higher chances of getting a hit, helping you grow and basically giving you the chance to be explored by a potential customer.
Cost Saving Tech Trends FAQs
How does technology help small businesses?
With the use of technology, small businesses get the chance to connect with customers through email, blogs, social networks, and forums.
What is trending in small business?
Trending aspects in Small Business are Tight Labor Market, Importance of Health and Wellness Benefits, Rise of the Remote Working, Emphasis on Wearable Technology, and Consistent & Transparent Employee Communication etc.
How can technology improve a business?
Technology makes businesses connect with customers through communication. It provides ways for fast shipment, and moving products to customers over a large geographical area. Technology helps establish and maintain a stronger public image through effective social engagement.
What are the current technologies that benefit business?
The current technologies that are benefiting businesses in a big way are Virtual Reality (VR), Augmented Reality (AR), Internet of Things (IoT), Big Data, and 5G.
How are small businesses benefiting from today’s technology?
Small businesses are using technology to become more productive while saving a lot of money. The various cost-cutting measures help small enterprises get more value from less financial expenditures.
There are many ways to create a cost-effective mechanism for enabling the steady flourishing of your business. The use of technology in simplifying your day-to-day tasks through automation is the biggest giveaway for business expansion. The main point is to develop a system that encourages growth and allows room for making adjustments along the way. With technology, small to medium-sized businesses have nothing to lose but only to gain in terms of customer base expansion and tapping into various revenue streams.
Are you are looking for the development of web-based and mobile app solutions for giving your business the due recognition in the consumer market? Then explore working with Techliance as it has some economic project delivery plans for this purpose. Techliance is a leading Custom Software Development Company that is well suited for all of your project needs. Discuss with Techliance today and avail a 5-day free trial.