Tag Archives: sales

business people handshake after partnership contract signing 94512900

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.

Internet Technology 6249719

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.

  1. 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?