In recent years, small and medium-sized businesses have faced a variety of challenges. One of them is the still-present Covid-19 pandemic. Many entrepreneurs have had to adapt to the new reality to survive. Not everyone has found the right way to do this. Proof is CNBC's news that at the height of the pandemic, as many as 23% of SME's in the United States had to shut down.
Table of Contents:
1. Deep Learning and Machine Learning.
4. Communication is everything.
5. The future is in Artificial Intelligence.
Deep Learning and Machine Learning
This is the reason why smaller companies are turning to modern solutions more often. Their future is becoming less and less dependent on the employees only. In this regard, the rapid growth of Artificial Intelligence should be helpful. Already, machine learning and deep learning are being used to achieve business goals.
The first solution is used to process large amounts of data quickly. In this way, the enterprise has a complete view of the entire business. Also, it is easier to locate errors unnoticed by employees. Deep learning can detect anomalies effectively. For example, fraud detection, with the help of neural networks. Deep learning models allow for detailed analysis too. As a result, they provide access to detailed information about the whole company.
Smart stores and payments
Payments are one example where AI is used by SMEs. Payments based on Artificial Intelligence allow to focus attention primarily on customers. An example of streamlining the payment process is the convenience store chain in Poland - Żabka. The company has recently been testing autonomous stores in practice. These locations allow customers to make purchases without an employee present. Thanks to special sensors and proper camera placement, each selected item is added to the final payment. The payment is made by accessing an electronic wallet or via a mobile phone. The revolutionary company can boast of another interesting solution. Żabka Nano is the first autonomous store inside another store in Poland. In this case, the authorization and payment of each customer takes place via payment card. Currently, such a store exists only in Piaseczno. But, the company's representatives plan to open more stores of this type soon.
Who among us doesn't like getting benefits? Especially for a low commitment. The answer is simple - almost everyone. Companies that prepare loyalty services for their customers know this too. This is another opportunity for SMEs to build trust with clients. Loyalty programs created with the help of AI enable customer segmentation. This segmentation allows to tailor offers to a given group and stimulate interest.
Another solution is for customers to register their receipts in a special system. In return, users have access to a special promotion or can take part in a lottery. The purchase data helps the company to create analyses of shopping behaviour. Based on the findings, strategies are developed to improve the shopping experience. All this guarantees software that uses the possibilities of AI.
Small and medium-sized businesses don't have to limit loyalty programs to certain industries. A great example is The Sill flower store. The American company at the start offers -15% for joining the program. Every order guarantees points, thanks to which clients can unlock levels with associated benefits. But earning points isn't just about shopping. It's also about recommending a company to friends or following social media. By collecting points, clients can receive free products and discounts on their purchases.
Communication is everything
Every company should realize the importance of good customer contact. In particular, smaller brands should focus on winning over customers. Growing popularity shows up among communication tools that support customer contact. Customers are increasingly communicating with brands 24/7 using chatbots and conversational platforms. In this way, clients do not have to wait long for an answer to their questions. What's more, it increases the chance of closing the deal.
At Railwaymen, we also focus on efficient communication with our customers. This is why we have introduced an AI-supported FAQ section on our website. With the help of a smart tool supported by Landbot.io. With the help of an intelligent tool supported by Landbot.io, people can get to know us better. For smaller businesses, this is a great way to not leave customers hanging. Especially when they need them after the company's working hours.
The future is in Artificial Intelligence
Technology in the area of e-commerce and stationary businesses may prove to be groundbreaking in the coming years. Especially the presence of Artificial Intelligence, which can boost the development of SMEs. Additionally, it will help to better understand the needs of their customers. The above examples confirm the usefulness of this solution. By being open to new technologies, businesses will have new opportunities. This is just the beginning of the coming revolution for many sectors.
Images: Artem Gavrysh, Mike Petrucci, the blowup / unsplash.com