5. The Surge of Digital Marketing
With the increasing smartphone penetration, a considerable number of online customers are able to access websites. Consequently, the responsibility of engaging these e-commerce customers lies with SMEs.
The e-commerce market is highly competitive and firms are increasingly using digital marketing strategies to make their customers’ shopping experience enjoyable and appealing.
If you desire to run a successful online business, you must cater to your target customers by considering the design of your website, the content, and the importance of optimizing your website for online search results (SEO). Using digital marketing tactics wisely will enable you to gain an increasing number of online conversions.
6. Artificial Intelligence Applications Continue to Expand
Numerous SMEs are using Artificial Intelligence (AI) to automate operations and enhance customer experience. AI applications such as Chatbots and RegTech (Regulatory Technology) are opening a new era of business-customer interaction.
Chatbots (also referred to as virtual agents or IM bots) are computer programs that respond to text or voice commands on a 24/7 basis, offering guidance to customers based on pre-programmed responses.
RegTech too is rising to prominence as it uses information technology to facilitate the delivery of regulatory requirements and offer solutions to the ever-increasing demands of compliance within the financial industry. RegTech is playing a crucial role in automating data distribution and regulatory reporting through big data analytics, real-time reporting, and the cloud.
Artificial intelligence will soon eliminate paper responses, enabling businesses to minimize human error and save time and other precious resources.
The above-mentioned payment trends and strategies will help you appreciate the role of technology in providing small business owners with an opportunity to reach the global audience in a safe and effective manner.
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