By Russ Harty, SVP Key Accounts & Partner Channel, Merchant Warehouse
SMBs may appear to be at a disadvantage when it comes to competing for consumer spend in 2014. But the reality is that they have some distinct advantages compared to larger retailers, and when leveraged strategically, SMBs have the opportunity to capture plenty of consumer attention and spending by marketing to consumers based on their habits and preferences.
Here are my top five tips for small businesses to stay competitive this year:
Be an Early Adopter
There are over 28 million small businesses in the U.S., many of which have few if any employees. This puts SMBs in a unique position to take advantage of new technologies like mobile-based payments and loyalty solutions because they are inherently faster and more agile, and frequently have less bureaucracy to cut through on the way to trying something new. As a result, SMBs have the ability to take more risks with pilots and testing new solutions, as long as they keep their customers’ best interests in mind. SMBs should capitalize on this advantage and try out new technologies that provide a better experience for their customers to drive deeper engagement and loyalty.
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