Tag Archives: business

Lloyds Bank Credit Card Holders Can Use MasterCard’s Open Banking Connect

Lloyds Bank Credit Card Holders Can Use MasterCard’s Open Banking Connect

The MasterCard Open Banking Connect service provides support for managing payments the right way. With this system, users can start a PISP or Payment Initiation Service Provider payment and pay off their credit card balances. The user can create a credit card bill through a mobile app and then withdraw funds directly to their credit card account, ensuring they can manage their payments as necessary.

The Open Banking Connect service has been available in many places, but it is now available in the United Kingdom for the first time. Lloyds Banking Group is giving its members access to the Open Banking Connect system.

The MasterCard will be available to people who use all the bank’s brands. These include the Bank of Scotland, Halifax, and Lloyds Bank brands. These brands are available in many places around the United Kingdom and have some support overseas with different partner banks.

People can use the Open Banking Connect system to help them handle their credit card payments well. The setup will do well for Lloyds Bank, as it helps them run their payments right without struggling to try and keep them running well.

A Focus on Simplicity

The Open Banking Connect service provides a simple approach to paying bills and facilitating transactions. It offers third-party service providers the option to link to different financial institutions. The customer will provide data on one’s financial efforts to Lloyds and MasterCard, and their app will provide access to the details they need.

Open banking activities can work on the system regardless of the API being used or the method for how the API runs. The setup time for handling things will be minimal. Service providers can instead focus on different projects they would prefer to complete for their growth.

The new PISP lets customers choose how they will pay their credit card balances. The effort saves time, plus customers don’t have to enter their debit card data all the time. The customer also doesn’t have to set up a credit card to where the person paying for it is doing so through an account on another banking app. The same Lloyds app may work when paying off one’s MasterCard dues.

The design comes as people are constantly looking for new ways to handle their funds. People appreciate it when financial service providers help them handle their content well.

Open Banking Is Exciting

MasterCard’s Open Banking Connect is a solution that concentrates on keeping financial transactions open and easy to follow. The concept of open banking will be sensible for managing many unique needs that people hold.

Open banking is a process that will benefit customers in many forms. Open banking gives a bank the power to share consumer data with third parties. The customer agrees to have one’s data shared before the process works. Open banking provides better functionality regardless of the API. Offering the Open Banking Connect feature from MasterCard will expand upon what Lloyds will do when supporting its consumers’ financial activities.

An Expansion of Lloyds’ Services

The work Lloyds Bank is managing is an expansion of sorts of different services Lloyds is aiming to handle. Lloyds has been supporting open banking in the last few years. Open banking lets people manage their funds in many accounts. People can even handle accounts from different banks through the same Lloyds platform.

Lloyds Bank continues to be one of the United Kingdom’s top financial service providers. Lloyds continues to offer loans, insurance services, and other financial points for everyone to follow. The new partnership with MasterCard shows how Lloyds wants to make its services more convenient and useful to everyone who wishes to use the system. It becomes easier for people to handle their funds when they know what to expect and see in their efforts.

Essential Features to Note

There are some additional features of the MasterCard Open Banking Solutions system that Lloyds Bank can utilize. Many of these focus on the developmental processes involved, but they can be worthwhile when used right:

The fast onboarding system keeps the setup time for producing content down. A bank can get this ready in moments, keeping the development costs down. The program can also be customized for whatever unique needs specific customers may hold.
The secure sandbox MasterCard provides helps companies test their banking efforts. The open banking testing makes it easier for a group like Lloyds to see that its environment works well.
The authorization system that MasterCard uses ensures a secure system that maintains proper connectivity and stays intact for as long as possible.

These features make it easier for MasterCard to provide its services to people. It also works well for people looking for something sensible for any need. The program is especially worthwhile in an environment where people are looking for convenient things they can use right now. People are tired of waiting for services, so they’ll want something useful they can trust immediately.

Expanding Services In Europe

The move from Lloyds Bank will help expand MasterCard’s services throughout Europe. MasterCard recently established a partnership with the payment technology company CleverCards to support digital cards throughout Europe.

But while this move may be appealing, there also exist concerns over how much it may cost to use a MasterCard credit card for some things in Europe. MasterCard recently increased its interchange fees by at least five times for customers in the UK who wish to buy from companies based out of the European Union. The move came amid the recent Brexit move that did not have any deals between the UK and the rest of the EU.

But whatever happens in the future, it will be necessary for people to see how well this system from Lloyds Bank works. The MasterCard Open Banking Connect platform will be worthwhile for many needs. It can be exciting for people to see how well the MasterCard system works as they aim to become closer with their money.

FDIC: Bank Profits Dropped 36.5 Percent In 2020

FDIC: Bank Profits Dropped 36.5 Percent In 2020

The Federal Deposit Insurance Commission or FDIC report says that United States banks saw significantly lower profits in 2020 than in 2019. Banks had earnings of about $147.9 billion in 2020. While the value might seem massive, the tally is 36.5 percent less than they had in 2019.

The profits dropped as banks guarded themselves against potential losses triggered by the COVID-19 pandemic. The ongoing uncertainty over how much banks could lose kept them from managing all their assets like usual.

FDIC Report: What Banks Were Doing

American banks were managing their funds a little differently as the 2020 year progressed. Banks were spending billions to hedge against the economic threat of the pandemic. The firms kept plenty of funds aside and wouldn’t start to use those funds until the second half of the year. The banks got through these losses late in the season due to people not having enough money for many reasons. Many people lost their jobs during the pandemic, and some have struggled to try and financially stay safe.

Provisioning funds was critical to the success of these banks. Provisioning ensures that these banks have money set aside to cover any losses that develop. The unpredictable nature of the pandemic has made it necessary for banks to provision their funds well enough to keep their expenses in check.

Late-Year Growth in FDIC Reports

The FDIC reports that bank profits increased by 9.1 percent in the fourth quarter versus a year earlier. The profits went to $59.9 billion in that timeframe. The effect came from American banks holding enough cash to protect themselves from pandemic-related losses. The added protection gives the impression that these banks will start to rebound and produce more profits in 2021.

The profit growth came mainly from the reserves dropping as losses kept on increasing. The totals were open to prevent banks from falling further behind and struggling.

The provision deficit that measures changes in funds set aside to pay for future losses saw a drop in the fourth quarter. The FDIC states that the provision deficit dropped by about three-quarters at the end of 2020. The number was at $11.4 billion at the end of 2019, but it has dropped even further to $3.5 billion this past year. The total is the lowest it has had since 1995.

The Power of Banks

While the significant drop in profits was noteworthy, FDIC chair Jelena McWilliams said in a statement that American banks remain powerful. McWilliams encourages people to trust American banks and see that their funds will be in positive shape.

McWilliams’ statement says that American banks are resilient and that their liquidity levels remain viable. The consistent capital these banks hold ensures they can stay safe against possible future losses.

What About Low Rates?

Banks have been dealing with low rates throughout the pandemic. Interest incomes have dropped for the past five quarters. Net interest margins were stuck at record lows in the fourth quarter. The lack of interest income has made it tougher for banks to stay profitable, thus requiring them to manage more reserves to cover these potential losses.

Other Losses of Note

Banks also saw losses from declines in commercial real estate prices. Many loans were scrapped during the pandemic as businesses shut down. Many vacant storefronts haven’t been replaced due to the economy continuing to struggle. The closures caused commercial real estate prices to drop, making it harder for these banks to bring in funds.

Commercial real estate losses may also continue to rise as the year progresses. The economy has seen a slight rebound and is expected to become stronger in 2021, but it might take a while before it can get back to pre-pandemic levels. People are also continuing to work and shop from home, making it rough for some of these commercial sites to stay open. How long it will take for these commercial real estate sites to become viable once more remains unclear.

Could Capital Requirements Become Stronger?

Federal Reserve Chairman Jerome Powell said in testimony to Congress that capital requirements on banks may change. These requirements might become stronger, meaning that banks would have to follow more standards for determining how much liquid capital each will have on hand.

The Federal Reserve relaxed some of these capital requirements last April. The relief will expire at the end of March, although there is a chance the relief will be expanded beyond that point.

Better Planned Than Others

While the American banks didn’t see as much of a profit in 2020, it was still better than what banks in other parts of the world saw. Other banks did not hedge against the possible losses they would experience in 2020 during the pandemic, leading to some significant struggles.

An example can be seen in Germany, where Commerzbank announced a loss of €69 million or about $84 million in the third quarter of 2020. While the loss wasn’t as dramatic as anticipated, it is a far cry from the nearly €300 million profit the country’s second-largest bank had in the third quarter of 2019. Commerzbank also reports that the country could see more bankruptcy filings as the country starts locking down once again.

The lack of preparation shows that banks can potentially lose money if they don’t figure out what might happen. The struggle to prepare proved harmful to Commerzbank, as the bank struggled to get anywhere from a financial standpoint this past year.

A Positive Development For Banks

While American banks are attaining fewer profits, they are still as strong as usual. Banks have been hedging against losses for a while, and they are ready to continue to hedge against possible threats. Banks can continue to see a rise in profits as the pandemic starts to ease up and the economy progressively recovers.

The FDIC has high hopes for American banks to have a more successful 2021. The infrastructures of all these banks prove that they are ready for a rebound.

Amazon Taking a Novel Approach to Cross-Border B2B Payments

Businesses worldwide are struggling to find ways to keep their costs down as the pandemic continues. One way how companies are adapting to the pandemic is through online marketplaces. Such venues allow people to share product or service info and to complete transactions online. The effort will enable businesses to make money from people who might otherwise have little interest in leaving their houses at this time.

Many of these online marketplace transactions are being utilized by business-to-business or B2B entities. B2B companies are looking to handle transactions with other entities that need resources in moments. Online interactions are ideal for B2B companies, as they make it easier for them to interact with others without worrying about the expenses or possible restrictions associated with manual or in-person sales.

These are also ideal for cross-border payments. The online world makes it easier for people from different parts of the world to interact and manage transactions. B2B payments can handle various values and also work alongside whatever currency exchange rates are necessary for work purposes.

But payment processing speeds haven’t been as effective as B2B entities wish they could be. PYMNTS.com found in a recent study that nearly half of B2B businesses are concerned about payment processing speeds. They aren’t satisfied with how these payments are working, and they argue their ability to accept payments is being negatively impacted by the pandemic.

It’s no surprise that many B2B companies are partnering up with Amazon. The prominent online retail giant has been working alongside many smaller businesses to facilitate many of their activities, from selling items online to shipping them out to other places. The work that Amazon has done for B2B companies has helped them move forward and make their efforts more accessible, providing a simple approach to work that everyone can support.

Why Move Online?

The decision of B2B companies to move their work online comes from many points:

It helps companies increase their revenues. A study from tmcnet.com reports that moving to digital sales channels boosts revenue growth by at least 60 percent.
It is easier for these companies to bring in new clients and prospective buyers. Nearly a third of B2B entities can bring in more sales through different companies and clients, expanding their potential to bring in more money later.
Supply chains are easier to manage through B2B efforts. It becomes easier for a company to shift its products and to work for various purposes when there are enough items available for shipping and moving. Deliveries can go faster when managed well.
International or cross-border transactions are especially critical. Going online makes it easier for transactions to work in moments.

Online activities will be critical to success in many forms. Amazon’s work to help people facilitate B2B transactions will help improve how well businesses can handle projects and payment efforts in many forms. It is all about producing positive results for whatever work projects one wishes to manage.

What About Offline Activities?

Amazon is helping businesses focusing on moving supply chains online. Many supply chains for B2B entities are offline because they are often easier for businesses to manage. While they can list their inventories online and also highlight their services of value, it is necessary to watch how well these can be highlighted online. Moving a supply chain online may help reduce the stresses associated with offline activities. People can do business with others online without having to rely on as many in-person activities as one might wish.

The Value of the Marketplace

Online marketplaces are especially critical for B2B companies if they want to interact with more parties. Amazon has simplified the sales process over the years to facilitate transactions with more people in less time. An online marketplace can allow a business to grow in prominence and stay active.

But all marketplaces must meet the unique processing needs people hold. Part of this includes processing payments as soon as possible without having to rely on in-person transactions. The need for online payments is especially critical today, what with there being many restrictions over what in-person activities people can manage.

The Demand For Fast Speeds

Amazon’s immense wealth and infrastructure make it capable of potentially helping manage B2B transactions faster. Amazon will need to respect the needs of the public if it wishes to thrive. About two-thirds of all firms want to follow new technologies that can help them process payments faster. The firms will want to handle these efforts to ensure they can facilitate payments well.

Will Cross-Border Payments Grow In Prominence?

People can expect cross-border payments to become more noticeable as time passes. Online B2B sales are rising, with companies tallying about $1.3 trillion before the end of 2019. More companies are moving forward here, making it easier for them to keep things moving well.

The increased interest in B2B actions and cross-border payments make it where the infrastructure must improve. These include cases surrounding how the infrastructure can handle payments and process them sooner.

Can This Work For Other Entities?

Amazon’s approach to handling businesses has also grown to where it can manage more than traditional B2B companies. It can also manage small businesses that might operate in one or two locations. It could also work for public sector entities that can help facilitate many payments.

All entities will need to manage faster payments that aren’t tough to manage. These companies must watch for how well different payment solutions can work and to see they can handle whatever transactions they wish to complete for any intention. Having a sense of control over what works will be necessary for many forms of work.

Partnering with Amazon will still be a necessity considering how well cross-border payments and B2B activities work. Amazon has been helping businesses interact with each other and to process transactions and financial data. But Amazon’s success will depend on how well the platform can simplify the transaction process and get people to handle their funds sooner.

Yelp Reports Small Businesses Slowly Recovered at End of 2020

Since the time the overall fears of the pandemic got outspread in the United States of America in early March 2020, businesses across the country have endured as many as 6 months of uncertainty. Still, businesses are adapting and proving their respective resilience through reopenings, lockdowns, new coronavirus prevention rules, new ways of implementing business like outdoor dining, a summer-time surge in the overall cases, and major milestones like returning to school. Even amidst increasing closures all around, we can observe businesses effectively transitioning into new operating models while keeping the consumers and employees safe.

As per the latest closure data by Yelp, it has been observed that small businesses that provide local, professional, and home-based services are capable of withstanding the overall effects of the pandemic quite well. However, even after some light in specific sectors, retail & restaurants continue struggling while facing total closures across the nation. This figure has started to increase.

As per the last Yelp Economic Average reports, there has been a decreasing number of the total closures have been 132,580 in the total value. As per the reports until 31^st August 2020, it was estimated that around 163,735 businesses in the United States on Yelp have experienced closure since the advent of the pandemic (observed as 1^st March, 2020). There has been observed to be around 23 percent increase in the number of closures since the time of 10^th July.

Amidst the number of coronavirus cases increasing, there have been local restrictions that continue changing in many states. As such, there has been observed both temporary as well as permanent closures rising across the country. Around 60 percent of such businesses that have been closed are not reopening –with 97,966 of them being permanently closed.

Business Closures Continue Increasing Nationally

There are some business sectors that have been capable of weathering the storm of COVID-19 especially well. Generally, professional services as well as solo proprietors together have been capable of maintaining the lower fraction of closures since the time of 1^st March, 2020. The given group is known to include accountants, architects, lawyers, and real estate agents –all of them having only 2 out of 3 businesses getting closed until the time of 31^st August, 2020. Businesses that are related to health especially have been capable of maintaining a lower rate of closures –including internal medicine, orthopedics, physicians, hospitals, family doctors, and others.

The closure data by Yelp reveals that the overall demand for automotive, local, and home-based services has been robust with a lower rate of total closures in comparison to retail and restaurants. Contractors, plumbers, and towing companies especially have been capable of maintaining the lower rates of closures. As a matter of fact, the overall share of consumer interest in local and home services is around 24 percent between 1^st March & 31^st August.

Restaurants Hit the Hardest –Temporary & Permanent Closures Increasing

The restaurant industry continues being the most impacted with an increasing number of coronavirus-related closures –reporting around 32,109 closures until the time of 31^st August. Out of these, around 19,590 business closures have been permanent. Restaurants for brunch & breakfast, sandwich shops, burger joints, Mexican restaurants, and dessert places are some of the common types of restaurants featuring the highest number of business closures. Restaurant trends in 2021 show that they’re adapting by offering takeout and delivery services, which have slowed the rate of closure in comparison to other businesses. Such businesses include food trucks, pizza places, coffee shops, delis, and bakeries.

At the same time, bars & nightlife –an industry that turns out to be 6 times smaller than restaurants, have experienced higher closures rates during the pandemic. The given industry has experienced an increasing rate of closures that tend to be permanent. Until the time of August 2020, there have been reports of around 6,451 closures of such businesses. Out of these, around 3,499 businesses have been closed permanently. The overall share of closures that have been permanent within nightlife clubs and bars have increased by as much as 10 percent since the release of the Economic Average Report.

Shopping and retail businesses are known to follow behind the restaurant business with around 30,374 businesses getting closures. Out of these, 17,503 of them have been closed permanently. Similar to the businesses of nightlife and bars, the overall share of permanent closures of businesses in the retail & shopping sector have increased by 10 percent by the time of July 2020. Both men as well as women’s clothing –along with home décor, tend to feature the highest rate when it comes to business closures due to the pandemic.

The global beauty industry has observed around 22 percent of increase in the overall business closures in 2020. It reported around 16,585 closures in the United States alone. At the same time, the fitness industry has observed around 23 percent rise in the overall closures since the time of July.

Metros & Larger States Observing a Greater Pandemic Impact on Local Businesses

As the pandemic continued spreading across the nation, Yelp data on geographical grounds reveals the overall rates of business closures varying across the country. Metros and bigger states featuring higher rents & highly stringent local operations for smaller businesses across the period of last 6 months have observed a greater toll. This is true for businesses that are closely associated with physical locations requiring several consumers to ensure profitability. At the same time, solo operations and smaller cities that are capable of doing their operations virtually or one-on-one have been capable of better positioning for staying in business.

For states featuring significant business closures, the overall economic struggle is coupled with higher unemployment rates. Nevada, Hawaii, and California are known to feature the highest rate of total business closures along with permanent closures. These are also the states featuring the highest rates of unemployment while being the biggest states for promoting tourism. At the same time, states like the Dakotas and West Virginia tend to feature lower business closure rates.

Skyscend uses AI to Revolutionize Invoice Management

Skyscend has recently launched the revolutionary SaaS (Software as a Service) offering in the form of Skyscend Pay. The given SaaS-based invoice management system aims at leveraging the potential of Artificial Intelligence (AI) for removing friction that exists in invoice processing. The utilization of this high-end technology allows for smart functionalities that tend to be “context-aware.”

Heera Garia –CTO at Skyscend, in an announcement said that, digital transformation is spanning all aspects of modern businesses in every industry vertical out there. At Skyscend, the innovators aim at making use of cutting-edge technology like Artificial Intelligence, mobile-first approach, and blockchain technology for solving specific procurement needs in invoice management.

AI-Powered Invoice Management System

Skyscend Pay is available with a core platform that is known to offer detailed access to information, analytics, and functionalities. Using the advanced invoice management system by Skyscend, the users can go forward with analyzing and managing invoices, talking with customers or vendors, and observing analytics all in a single place. The offering is also available with simple invoice-centric uploads. The solution makes use of the revolutionary Artificial Intelligence technology for importing invoices rather than having the requirement of entering data manually by hand or relying on rule-based OCR or Optical Character Recognition.

In addition to this, the company also reveals that Skyscend Pay will be offering the innovative feature of dynamic discounting. With this feature, the vendors will be allowed to receive the respective funds expediently while providing savings to the end customers. The users can go forward with creating specific terms. However, the given feature can be used for applying one percent of discount for the Net 45 pay term, 2 percent for the Net 30 pay term, and 3 percent for instant payments.

The company also revealed that Skyscend Pay is totally connected with the help of well-utilized ERP (Enterprise Resource Planning) software as well as procurement networks. At the same time, the product can be customized when it comes to handling unique requirements.

The company Skyscend was set up in the year 2016. The main goal of the company is to offer expense management services across the spectrum of “Source-to-pay.”

Leveraging the Digital Transformation

The advent of high-end digital technologies was not able to bring about major advanced in the field of business procurement mechanisms. The original problems that existed in the same continued to remain as there was the absence of a dedicated SaaS or Software-as-a-Service solution catering to the specific requirements.

AI or Artificial Intelligence has been witnessing significant advancements in the recent era. Quite recently, it has been used in a wide range of applications. As such, Artificial Intelligence can also be observed in the business procurement scenario. Skyscend has stepped forward in the direction of integrating Artificial Intelligence in the respective procurement application. As such, the company finally aims at addressing specific problems that are prevalent with the existing invoicing solutions or applications.

Benefits of Skyscend Pay

Some of the top benefits of Skyscend Pay to look out for are:

Quick & Easy Uploading of Invoices: Instead of relying on slow, outdated, and inefficient methods of conventional data entry or fragile and rule-based OCR system, the revolutionary AI-based technology by Skyscend Pay aims at employing cutting-edge mechanisms for intelligently importing invoices. The Artificial Intelligence technology contextually parses existing invoices. As such, even totally novel formats could be understood easily.

Effective Correction & Reconciliation of Errors: While dealing with invoices, errors are way too common. In most instances, dealing with errors is known to consume time while involving major conversations between the buyers & suppliers. Even the occurrence of the simplest errors can mostly result in elongated email threads for ensuring that there are no misunderstandings between the parties involved. The Supplier Side Error Correction feature by Skyscend Pay helps in resolving the problem.

Fully Integrated with Famous Procurement Networks and ERPs: It is quite difficult to come across the right software solution for meeting the individual needs. At the same time, it is even more difficult to get the given software solution for playing nice with the remaining software stack. With the revolutionary AI-powered Pay software solution by Skyscend, the users can get access to top-notch procurement networks and advanced ERP solutions.

Fully Customizable for Addressing Unique Requirements: Skyscend Pay helps in adapting to fulfilling the respective needs of the organization. For instance, the configuration of whether invoice validation is done by the Supplier feature of Skyscend Pay or the AP department of the Buyer. The users can also consider making use of the web-hooks for triggering customized workflows on the series of events.

A Centralized Portal with In-Depth Access to Data, Analytics, and Features: Skyscend Pay helps in consolidating data from discreet sources into an easy-to-use, single interface. The advanced functionalities like viewing & managing invoices, communicating with clients or suppliers, and viewing curated analytics –all of these can be implemented without switching any tab.

Dynamic Discounting: The given feature helps the suppliers in getting the necessary capital that is required instantly. At the same time, it also helps in offering the much depreciated savings to the respective buyers. While the particular terms tend to be completely configurable by the users, the feature of Dynamic Discounting can be leveraged for optimum use.

About Skyscend

Skyscend is a leading procurement product & service organization led by highly experienced team in the industry. The company goes forward with the goal of helping clients in achieving procurement excellence. Since its inception in the year 2016, the company is committed to spend delivery and management services across the spectrum of source-to-pay.

E-Commerce Trends for 2021

Today, businesses of all sizes are moving to an online structure. Brick-and-mortar stores that weren’t online before are quickly adapting as the pandemic continues and consumers avoid physical stores as much as possible.

With the onslaught of e-commerce businesses coming onto the scene, it’s important to know the trends that will change for 2021 so you can make sure your business is on target too.

Voice Search

Today, people are always on-the-go or multi-tasking and they’ve grown quite fond of technology, like Alexa or Siri, where they can speak their questions or demands. That trend is falling over into the e-commerce world, where consumers want to be able to speak what they want to search for rather than typing it in. Whether you add voice search capabilities or even let buyers make purchases using their voice is up to you, but know that it’s an up and coming trend.

Personalized Shopping

Customers today want personalized options. They want their shopping experience to be as seamless as possible. When they log onto your site, they want to see the products they want in the sizes they want.

Customers also love personalized recommendations. “Since you bought this, we’d thought you’d like this” is a great way to upsell and keep loyal customers. They know that you’re watching out for them and care what they think. This goes a long way in the e-commerce world.

Getting Active on Social Media

Today social media accounts aren’t an option – they are a requirement. Consumers want to hear from retailers whether it’s about current promotions, their featured products, or just behind-the-scenes posts that make companies seem ‘real.’

Creating Brand Value

If 2020 was anything, it was a year of turmoil for many. Consumers love it when brands get behind certain movements and aren’t afraid to show it. If you are behind a specific movement or care about certain issues in the world, consumers want to hear about it. Promote your brand value and you may find that you grow your audience just for doing so.

More Payment Options

Consumers today want many more payment options than just credit cards. They want to use their mobile wallets, PayPal balances, and want layaway options for big purchases. Companies like Afterpay are growing by leaps and bounds, especially during the holiday season so families can have a happy holiday season despite not having the immediate funds to pay for items.

E-commerce continues to grow and 2021 promises to be a big year for businesses of all sizes. If your business isn’t online yet, it’s time to start. Companies need to be online to get a larger audience, interact with their customers, and showcase their brand’s values.

It’s time to embrace technology and give consumers what they want. We live in a world of instant gratification today and running an e-commerce business is a great way to give customers what they want when they want it.

Retail Trends for 2021

Times are changing in all industries, including the retail sector. Consumers don’t shop like they used to, but that doesn’t mean they aren’t spending money. They are just doing it in different ways and if retailers want to keep their sales high, they have to jump on board with what consumers want.

What do consumers want? Here are the latest trends.

Subscription Boxes Increase in Popularity

The subscription box sector is taking the world by storm and it’s not going anywhere anytime soon. Because of the personalization they offer and the excitement they bring for consumers, subscription boxes are popping up in places you’d least expect them. In fact, they could be a way to keep retailers in business when they otherwise may have lost their market.

Delivery is the New Norm

Stores are now offering delivery just like your local pizza joint and we’re not talking FedEx or UPS. Stores either have their own delivery service or they contract out to independent drivers. In our current climate, millions of consumers don’t want to leave their homes, but they want to shop. They’re more likely to shop at the stores that offer same-day or next-day delivery services.

Creating Fulfillment Hubs

Storefronts are quickly going by the wayside as fewer people shop in store. Large stores that were already hurting are quickly seeing a downfall in sales and many are going out of business. In their place aren’t new storefronts, but rather fulfillment hubs for larger stores and even places like Amazon. The distribution centers can offer faster shipping than they would from their central warehouses, increasing customer satisfaction.

Personal Shopping via Video

Video chat is becoming more and more popular and not just for business meetings. Today, personal shopping has gone virtual too. There’s something about being able to see the items even if it’s through a screen, but not on a webpage that makes people want to buy. It could have a lot to do with the personalization of having someone show you the products versus looking at them yourself online.

Private Labels are more Popular

Today, consumers are buying more private labels than ever before. They are skipping the brand names and opting for private labels – labels that provide a more intimate experience than customers are used to but want.

Merchants Have to Think Outside the Box

In today’s changing environment, every merchant must think outside the box. Shopping isn’t what it used to be, but many dare to say that it’s even better. If merchants do it right, shopping is more intimate, exciting, and fulfilling than ever before. Consumers get the products they want, the insight they want to provide, and the safety of contactless payments and curbside pickup.

It’s a changing world we’re living in, but it’s one that we need to continually adapt to and change if we are to compete. Merchants have a lot of opportunity in front of them and if they take advantage of it can be stronger and better than ever before.

Five Ways to Boost Restaurant Sales During COVID19

If there’s one industry that’s been hit the hardest in COVID-19, it’s restaurants. Between the stay-at-home orders, limited capacities, and stark regulations to stay open, many restaurants are suffering with low restaurant sales.

Luckily there are ways to save your business and boost sales. Check out our top tips below.

Offer online ordering

Everyone does everything online today. If you offer online ordering, you’ll increase the likelihood of sales. People today want convenience. If they look online and can’t find a way to order with you, they’ll move on quickly.

Don’t let that happen.

Here are a few ways to offer online ordering if you don’t already:

Set up mobile ordering on your restaurant’s app
Set up online ordering on your restaurant’s website
Contract with one of the delivery services, such as Grubhub or DoorDash

Offering online services is convenient and it gets your restaurant name out there more. If people aren’t familiar with your restaurant, but they come across it on Grubhub or DoorDash, they may give it a try.

Stay active on social media

Let your customers and future customers know that you care about them and their health. Post updates on social media regarding how your restaurant is handling the precautions. What do you do to keep customers safe?

How are you thinking outside of the box to cater to your customers? That’s what they want to see. They don’t want restaurants pushing sales for the sake of pushing sales. They want to patronize restaurants that are taking the bull by the horns and figuring out a way to get their favorite dishes and drinks in your hands safely.

Here are just a few things to share on social media:

Behind the scenes footage of how you handle the pandemic and everyone’s safety. This is big right now so you can’t post it too much.
New, creative offerings you have whether it’s a package deal to help families have a fun night at home or a new offering that customers have always wanted but didn’t have time to create. We all have nothing but time now.
Specials or deals, especially if they’re time sensitive. You give your customers a sense of urgency that they must come now or they’ll miss a great deal.

Streamline your offerings

With fewer (if any) customers in your restaurant, now is not the time to go all out on ingredients and supplies. Simply your offerings and you’ll make it easier on everyone. Keep the fan favorites and choose a few others. You’ll keep your costs down and simplify the process for your customers, increasing your restaurant sales.

Streamlining doesn’t mean cutting back or making less money. If anything, you may even increase your profits by reducing your expenses and focusing on the dishes, drinks, and products that your audience loves the most.

Here’s what you can do.

Take a poll. Ask your audience what they love the most. Social media is a great platform for this. This way you know you are keeping the right offerings and getting rid of the ones that aren’t so popular right now and may be a waste of your money.

Promote the products you are keeping. You can’t keep everyone happy, there will be people who miss your other products, but promote the items you are keeping. Create urgency in them with specials or even create fun contests, like if you sell X number of a certain dish on a Friday night you’ll offer a special the next day.

Increase your digital marketing efforts

If you’ve relied only on in-person marketing, you could be missing out today. Everyone relies on the internet, especially while they are stuck at home. If you want to expand your reach, you have to get online and promote yourself on social media and even via email newsletters.

Create an opt-in so your customers provide their email addresses in exchange for something. It could be a discount, like 10% off, or something free, like a free cookie with your next purchase. The idea is that you get their email address so you can advertise to them in the future.

Your digital marketing efforts could include:

Email newsletters that have specials, announcements for new dishes, or new offerings. It could also be a way to share with customers how you’re handling the pandemic and keeping everyone safe.

Social media posts and paid advertising. Sponsored posts aren’t as expensive as most people think and since they’re so targeted, they often have a great return on your investment.

Offer healthy options

Today everyone is concerned about staying healthy. Show your customers you are on board with what they need by offering healthy options. Whether you always offered healthy food or it’s a new offering for you, it gives families other alternatives.

Here are a few ways to advertise your new offerings.

Showcase your new offerings on the home page of your website.
Promote the new dishes on social media in a post that talks about COVID-19 and staying healthy.
Stay up-to-date with your customers via email newsletters.

Boost your Restaurant Sales Today

It’s never easy to see sales slipping, but if COVID-19 taught us anything, it’s that we need to pivot our offerings. There are many ways restaurants can serve the community even if you are on stay-at-home orders.

Find out what your audience wants and needs and find a way to do it. The restaurants thinking outside of the box, creating new offerings, and finding ways to serve their customers are the restaurants that will survive the pandemic. Are you one of them?

Using Twitter for Business