Small Business Funding: Four Retail predictions for 2019
Retail moves at lightning speed making for a dynamic ever-evolving industry. So what does 2019 hold for the retail sector and where may you be best to invest in business growth endeavours? To help you out, we have put together a handy guide with four retail predictions for 2019. As if these are not enough reason to get excited for the year ahead, remember that small business funding is available to help you get the finance you need to capitalise on latest retail developments.
- Next generation deliveryEver heard the phrase, “it’s all in the delivery”? Well it just so happens that this is perfectly true for retail in 2019. Modern consumers are driven by the demand for instant or next-to-instant gratification. For this reason, we predict that same and next day shipping will rise resoundingly to the fore. Consumers not only value but largely now expect the timely convenience of purchasing online then receiving their goods just hours later. And it is not just the timing of delivery where retail will see some major advances. The mode of delivery is also set to have an exciting shake-up with technology such as drone delivery making that same-day service possible. To keep pace in the progressive retail sector for the coming year, small retail businesses will need to provide same or next day delivery. That means a likely upgrade of delivery capabilities with investment in new technology such as drones. A small business loan from Capify can support you with small business funding to ensure your retail enterprise stays ahead of the game in 2019.
- Chatbots conversion
Flexible small business funding can also help you achieve next level automation of your customer service. This is poised to be an important move for retail SMEs in 2019 as chatbots lead the charge to customer service automation. Not sure what a chatbot is? Quite simply, a chatbot is an AI-based program that communicates with users via machine learning. Chatbots are rather smart cookies as they can learn from use and improve themselves over time without being explicitly programmed to do so. Plus, chatbots work 24/7 through your website or other applications. So even though you don’t have staff on board 24/7, your customers can still get help with your services at any moment of any day.
- Next level loyalty rewards
Loyalty programs are tired and worn out. Modern shoppers are quite frankly rather bored of the same old rewards and incentives of ‘old school’ loyalty points. Retaining customer loyalty in 2019 requires a fresh innovative approach. Put your customer first, be proactive and keep your loyalty strategy ever-evolving. Draw on customer data from across your business to keep your loyalty program relevant at all touchpoints from pricing to promotion, communication to personalisation. Remember to draw on supportive small business funding like that offered by Capify to fuel your revitalised loyalty program in 2019.
- Oh it’s personal
Detailed data learnings inform your personalisation of consumer touchpoints. In 2019, retail customers will step up their already exacting demands on premium products and custom-tailored shopping experiences. So how will you know what your customers want? The answer lies in a strong methodical customer data set. You have much to gain by accessing small business funding to give your data set an overhaul for premium accuracy, maintenance, relevance and data capture.
So there you have it: four predictions to help your retail SME thrive in 2019. Staying at the forefront of industry changes and evolutions so often requires extra finance. Speak to Capify about premium flexible small business funding to help you kick goals throughout the incoming year.
Or call 1300 760 930 to speak with one of our friendly Lending Consultants now.