How can companies realize their growth goals this year?
January 16, 2014
Taking a multichannel approach to credit card processing technology will be a key concept for small and midsize retailers that expect to generate more revenue in 2014. According to data compiled by BMO Harris Bank, 94 percent of business owners in the U.S. expect to either grow or maintain the same level of operations in the coming year. A large majority of respondents also claimed they feel especially optimistic about the performance of the overall economy.
"The business-led economic recovery of the past five years has been driven by the passion, the hard work and the entrepreneurial spirit of business owners throughout our nation," Dave Casper, executive vice president and head of commercial banking at BMO Harris Bank, stated in a press release.
Specifically, retailers can take immediate steps in the right direction through the following initiatives:
Reinforce multichannel transaction technology
Small businesses can benefit just as much from having an online presence as they can from maintaining a brick-and-mortar store. Together, these two channels have the potential to increase profitable income. Integrated payment systems can make it easier to keep the various parts of a firm organized amid plans for long-term growth.
Think creatively about marketing
Investing in reliable payment integration tools isn't the only way to experience growth in 2014. Improving gift card programs and loyalty programs may be the most effective strategy for boosting sales numbers from the existing customer base. The intelligent commerce network provider Inmar said coupons, both print and digital, continue to be a popular incentive in the eyes of shoppers. Americans redeemed nearly 3 billion of these offers in 2013. Providing rewards to frequent shoppers is a smart way for businesses to strengthen their operations by focusing on keeping customer retention rates high.