While technology can be intimidating, it’s what powers consumerism in a world driven by devices and instantaneous results. Large-scale businesses usually have the financial means to easily leverage technological advancements that help boost bottom lines.
The players who have traditionally been left behind are the small guys. Small businesses owners have been bashed by lack of financial power and hammered by online shopping. Why go to stores when deals and personalized shopping are found so easily online?
That game is now changing with Beacon technology. With minimal startup and operational costs, and easy operation, it’s primed and ready to power up small businesses in a way that puts them back on the map. Several large name retailers, including Macy’s, American Eagle, and Target, have boosted sales by a billion and improved the customer experience through the use of Beacon technology.
It’s now time for small businesses to reap the rewards offered now and far into the future with this emerging technology trend.
What Beacons Bring Now
Low Cost – the potential power behind Beacons far outweighs its startup costs. Beacons require minimal upfront investment and run on low-cost, long-lasting batteries. Most Beacons cost between $20 to $40 dollars.
Personalized Service – Beacons enable an automatic connect between business owners and customers as they enter establishments, allowing merchants to learn more about customer preferences based on previous visits, wish lists, and more – to better serve them.
Easier Loyalty Programs – because Beacons automatically connect with an app on customer devices, store visits are automatically logged and points accumulate effortlessly. During checkouts, points can be redeemed just as easily.
Potential Value to Small Businesses
Marketing Tool – with automatic connectivity, merchants get to know their clientele better, resulting in targeted marketing. As a customer enters a store, a deal can be sent to their device based on their personal preferences.
Sales Conversions – generic deals such as a free gift if you try on something can produce sales that would never have been considered. This has been proven by retailer American Eagle, when they offered shoppers an incentive after a visit to the fitting room. Beacons can send deals like this automatically to customers as they enter the store.
Store Navigation – Beacons can help guide customers through a store, so they find what they want, faster, saving time and adding value to the experience.
Two-way Communication – Beacons have the potential to allow customers in a store to interact with merchants. Customers can post comments about a meal they are enjoying, and the cashier can respond based on the customer’s location.
Increased Customer Loyalty – Beacons free store employees to interact with customers and enhance their experience. Staffers spend less time memorizing deals and events, and more time investing in long-term relationships.
Easy Checkouts – paired with an app that runs on customer devices, Beacons enable easy payments, making checkout lines a thing of the past. This means happier customers and fewer employees needed at checkout lines.
According to a report published by BI Intelligence, the U.S. will see 4.5 million Beacons in use by the end of 2018. 3.5 million of those Beacons will reside in brick-and-mortar retailers.
Small businesses looking for an edge to build-up their business and secure future growth can find it in the Beacon. Because Beacon technology is in its infancy, it offers a great deal of untapped potential, empowering small businesses who act soon to contend in the modern market through strengthened customer relationships.