Get ready for a successful retail business in 2014
December 19, 2013

As small businesses continue through the thick of the holiday shopping season, store owners may want to start preparing for the new year by investing in integrated payment systems. Most businesses now operate in a multichannel hybrid of brick-and-mortar establishments, e-commerce stores and mobile applications. While the combination of these revenue streams often lead to long-term growth, they can also create unforeseen challenges for various back office financial responsibilities.

When companies are unable to effectively manage the technical end of their operations, they ultimately run the risk of jeopardizing the relationships they have with their customers. For example, an in-home service business that is unable to easily accept mobile payments from its customer may eventually lose out on valuable revenue streams. According to an infographic compiled by the management software company ClickSoftware, these problems, as well as other related issues, contribute to the fact that 9 in 10 customers will choose to conduct business with a brand's competitors as a result of unsatisfactory experiences.

Few enterprises can afford to miss out on these opportunities. However, store owners will ultimately have a much better chance for success in 2014 if they are able to connect the multichannel experience through centralized systems. The dynamic nature of today's small-business marketplace means brands must focus on increasing their flexibility. A recent article in Forbes said marketing tools such as digital coupons are often effective in maximizing sales. With the help of payment integration technology, employees and managers can easily process these discounts from any transaction setting.

Organizing financial data in a seamless interface will be one of the most important steps to growth as 2014 approaches. Doing so may even lead to more consistent sales in the long run.

Nexus: G-WEBCD2