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There are several issues small business owners are likely to face in 2023, but the right retail software can help alleviate these challenges.
Small businesses are the backbone of the American economy, generating over $6 trillion in annual revenue and providing millions of jobs to the US workforce. However, running a small business has never been easy, and the challenges are only increasing in 2023.
From supply chain disruptions to cybersecurity threats, small business owners must navigate a complex landscape of issues to stay afloat in a rapidly changing economy.
As reported by Wix, “a 2022 Goldman Sachs survey found that 91% of small business owners already struggle with the current economy, and 56% say the situation has worsened since the beginning of the year.”
In this blog, we are talking about the top four issues small business owners are likely to face in 2023 and how our retail software can help alleviate these challenges.
Let’s dive in!
Issue #1: Supply Chain Disruptions
One of the biggest challenges small businesses face in 2023 is supply chain disruptions caused by global events such as COVID-19, natural disasters, and trade wars. In fact, according to National Small Business Association, 63% of small businesses experienced supply chain disruptions in the past year alone. These disruptions can lead to delays in product delivery, increased costs, and lost sales, all of which can have a significant impact on a small business’s bottom line.
That’s where Celerant’s retail software comes in. With advanced inventory and supplier management tools, our POS Software and eCommerce for SMB retailers can help manage supply chain challenges more efficiently.
Issue #2: Cyber Security Threats
As technology continues to evolve, so do cybersecurity threats. In 2023, small businesses are at greater risk of cyber-attacks than ever before. In fact, a study by Verizon found that 43% of all cyber-attacks target small businesses. SMBs are often seen as easy targets because they may not have the same level of security measures in place as larger companies.
However, our Cumulus Retail is designed to protect SMBs from cyber threats. With multiple security measures such as data encryption, access control, and network security, our POS software ensures all sensitive data stays out of the reach of any unauthorized access.
Issue #3: Customer Acquisition
Acquiring and retaining customers has always been a challenge for SMBs, but in 2023, it’s becoming tougher than ever. Especially with the rise of e-commerce and growing competition in the retail industry, SMBs must find new ways to attract and retain customers.
However, this is easier said than done.
Not sure which subject line will grab your customers’ attention? Run an A/B test.
If your retail software comes equipped with a built-in email marketing system then you can create different lists of your audience and send out the same email with two different subject lines. One can highlight your sales promotion, while the other takes a more personal approach.
This helps you get a better sense of which email performs better in terms of most open rates and allows the system to automatically send that email to the rest of your subscribers. It’s a simple way to optimize your emails and boost engagement.
- According to a study by Accenture, 52% of consumers are willing to switch brands if a company doesn’t personalize its communications. Additionally, 76% of consumers expect companies to understand their needs and expectations (source: Salesforce).
- And as per the findings of a 2022 marketing survey by Salsify, 46% of consumers say they would pay more for the brands they trust.
This presents a challenge for small businesses, which often have limited resources and manpower to devote to customer acquisition and retention efforts.
Celerant’s retail software allows you to integrate Celerant’s digital marketing technologies with your retail system. In addition to SEO and social media marketing, you can tap into integrated email marketing, SMM text message marketing, and clienteling.
All these marketing systems are linked directly with the retail software back office, where it can leverage real-time customer/sales data from the desired retail channels. By leveraging this data, our clients can automatically segment their customers, and shoot out automated messages that are personalized for each segment. This ensures that every person receives the right message at the right time, improving click-through rates and conversions.
Issue #4: Compliance and Regulations
Last but not the least, in 2023, SMBs will need to pay close attention to compliance and regulation policies to avoid costly fines and legal issues. Compliance and regulations have always been important, but in recent years, there has been an increase in the number and complexity of regulations affecting small businesses.
For instance, the recent Wayfair decision by the US Supreme Court has allowed states to collect sales tax on online purchases, which has created additional compliance obligations for SMBs. Especially, if they don’t have dedicated compliance staff, they can struggle to keep up with these regulations.
Celerant’s retail software not only helps small businesses keep track of their sales tax obligations but also automates the entire process of calculating taxes, making it easier for them to stay compliant. Moreover, our in-store kiosks help SMBs stay competitive by allowing them access to an unlimited supply of inventory from different vendors and the ease to take orders from their customers right from the store for items they don’t necessarily carry.
Conclusion
No matter what industry you are in, the right retail software can help you overcome these challenges and succeed in a competitive marketplace.
By providing solutions to manage supply chain disruptions, improve customer acquisition and retention, enhance cybersecurity, and ensure compliance with regulations, Cumulus Retail can streamline business processes and drive growth. As small businesses continue to adapt to the changing economic landscape, the adoption of retail software can help them stay ahead of the curve and realize their full potential.
If you’re looking for an all-in-one retail software solution that can help you tackle these challenges and grow your business, Celerant is here to help. Our POS software and eCommerce solutions are specifically designed to meet the needs of small businesses, providing user-friendly features that make managing your business as smooth as butter.
Connect with our team today to learn more about how we can help you achieve your business goals.
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