Tech innovations like mobile payments have made a big impact on small businesses in recent years. And even more innovations like virtual reality are poised to do the same over the next couple of years.
This week, small businesses got some welcome news in both of those areas. Samsung unveiled a new 360 degree video camera. And popular peer to peer payments app Venmo announced a partnership with PayPal.
Read on for more information on these headlines and other news that might impact your small business in the weekly Small Business Trends news and information roundup.
Technology Trends
New Samsung 360 Round Promises Live 360 Videos in 3D — But Can Your Business Afford It?
From product demonstrations in virtual reality to 3D podcasts, businesses are clamoring to use new video technology in their marketing, services and more. For small businesses, the barrier of entry in some areas remains the price. For example, the latest camera addressing livestreaming 3D content for Virtual Reality comes from Samsung.
Venmo Payments Now Accepted with PayPal
There is one peer-to-peer (P2P) payment app millennials seem to prefer more than any other, and it is Venmo if the number of payments processed is to be believed. Now PayPal (NASDAQ:PYPL) is expanding the capability of Venmo users by allowing them to make purchases from the more than two million merchants on the PayPal platform. PayPal owns Venmo through its acquisition of Braintree.
New GoDaddy WordPress Hosting Service Aimed at Web Professionals
If you’re managing multiple small business websites for clients or yourself, there’s a new hosting service that addresses performance and security needs. GoDaddy Inc. (NYSE: GDDY) has announced Pro Managed WordPress. It’s a hosting platform with comprehensive security and the tools web professionals need to look after multiple websites and clients in one place.
Suffering a Data Breach Will Cost You Customers Who’ve Been Hacked, Too
There’s a strong connection between customer loyalty and data security, according to a recent report from Bank of America Merchant Services and Forrester. If your small business isn’t updating its data security tools and payment processing methods regularly, it could really cost you.
Economy
This Mid Atlantic City is Tops for Women-Owned Businesses in the US
Baltimore was just named the top city for women-owned businesses in the U.S., according to a recent report from Citrix ShareFile (NASDAQ: CTXS).
Trump Executive Order on Health Insurance Aimed Directly at Small Business
Obamacare still hasn’t been repealed. And the chances it happens before the end of the year seem unlikely.
Latino Owned Small Businesses See Revenues Up 26 Percent But Credit Scores Falling
Latino owned businesses are rising on the tide of the improved national economy with improved revenues. However, they need to leverage business credit better to keep their credit scores from dipping. Last year’s falling Latino credit scores (down from 595 to 592) were in contrast to the higher revenues for 2016 (averaging $258,702).
How to Comply with the Not-Yet-Repealed ACA Healthcare Law
The latest attempt to repeal Obamacare, also known as the Affordable Care Act (ACA), has failed. On July 28, 2017, the “Skinny Repeal,” which promised to eliminate the individual and small business mandates of Obamacare, was unsuccessful. However, the new administration has vowed to continue working on the issue of healthcare.
U.S. Ranks 5th Among Cashless Countries, Is Your Business Ready for the Cashless Trend?
Across the world, cashless culture is now the new normal and the United States is among the top countries to have embraced it. Data shared by Forex bonus provider ForexBonuses shows there are nearly three credit cards for every person in the U.S. The country ranks fifth among cashless countries.
In-store Retail Continues Slump In Fall But With Some Positive Signs
Retail sales at brick and mortar stores continue to slump moving into fall. That’s just one of the insights from in-store analytics firm RetailNext’s year over year numbers in the Retail Performance Pulse report for September. But not all was doom and gloom in the reports as some regions showed more positive numbers than in August.
Employment
42 Percent of Small Business Owners Would Take Action Against Employee Political Activism
There’s been plenty of debate on what is and what isn’t allowed at work, specifically regarding politically motivated speech. President Donald Trump infamously said he supported NFL owners firing players who refused to stand for the national anthem prior to games. And it turns out, a lot of small businesses feel the same way.
Truck Drivers Most In-Demand Among Small Business Jobs Not Requiring a College Degree
Not every small business is looking to fill its IT department with some new recruits. In fact, there are thousands of small businesses right now looking for employees who don’t possess a college degree. Leading online job site Indeed.com pulled another set of figures and found which non-college degree jobs are most in demand among small businesses.
Finance
Where Small Businesses Affected by the 2017 Hurricane Season Can Turn for Funding
Businesses in several states and territories are struggling to recover after recent hurricanes. Harvey, Irma, Jose and Nate all had an impact on residents and businesses in the U.S. And for small businesses especially, recovery can be a lengthy process. But the early stages of recovery can be critical for small businesses.
Marketing Tips
The Importance of Disclosure in Influencer Marketing
Disclosing an influencer-brand relationship in blog posts, social media posts or other types of content isn’t just a good idea — it’s an actual requirement. Small Business Trends caught up with Rachel Honoway, CEO of Performance Marketing Association at the recent Influencer Marketing Days conference in New York City’s Times Square.
The Challenge of Measuring Influencer Marketing Results
Brands aren’t always sure how to measure results from influencer marketing campaigns. But there’s an easy way to rectify that problem — consider your brand’s goals before actually launching a campaign.
The Power of Testimonial Videos for Amazon Product Pages
If you’re not including testimonial videos on your ecommerce product pages, especially on Amazon, you could be missing out on a lot of sales. Small Business Trends caught up with Frank Morelli of Gen.video at the recent Influencer Marketing Days conference in New York City’s Times Square. Morelli is an Account Executive with Gen.
How Your Small Business Can Profit from the 2017 Holiday Calendar
Santa has an extra gift for brick-and-mortar retailers this year: There are four Saturdays in December before Christmas, which hasn’t happened since 2012. The extra Saturday has the potential to be a windfall for retailers, since it gives customers more time to shop for gifts.
3 Reasons a CRM Just Became a Must-have for SMB Sales and Marketing
The relationship between sales and marketing has always gotten a bad rap. After all, both teams share the same ultimate goal, which is driving revenue. The problem is they use different yardsticks to measure their success along the way. Sales has specific quotas for deals closed and dollars earned. Marketers, on the other hand, use measurements like impressions, clicks and leads.
Small Biz Spotlight
Spotlight: EcoEnclose Offers Earth Friendly Shipping Supplies
Shipping materials have a reputation for being wasteful and bad for the environment. But what if you could get a more eco-friendly solution? That’s exactly what EcoEnclose is trying to provide. The company sells a variety of shipping materials made with recycled and recyclable content. Read more about the business and what it has to offer in this week’s Small Business Spotlight.
Small Business Operations
USPS Rate Hike Could Cost Businesses Nickel More on Priority Flat Rate, 50 Cents a Letter
The price to send a letter may be going up a penny early next year — making it a full 50 cents for a stamp. The US Postal Service proposes that increase and a nickel across-the-board hike on Priority Mail Flat Rate packages, too. If the changes are approved by the Postal Regulatory Commission, the new prices will take effect on Jan. 21, 2018.
Social Media
Snapchat is Most Popular Social Media Among Teens
More than $264 billion is spent annually for products bought by and for teens in the United States. As a small business, understanding a demographic worth over a quarter of a trillion dollars can help you better address their needs.
Customers Can Now Order Food Right from Your Facebook Page
Social media channels are becoming all-in-one platforms where you can get almost everything. Case in point is the addition of the new food ordering feature directly on Facebook (NASDAQ:FB). After a year of testing, responding to feedback and adding new partners, Facebook is rolling out a feature allowing small restaurant owners to offer food for order on the platform.
Image: Samsung