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Digital Transformation in SMBs: Overcoming E-commerce Challenges

Shivam Kumar Manglam | June 2, 2023 | 804 views | Read Time : 07:03 min

Digital Transformation in SMBs: Overcoming E-commerce Challenges
Identify key strategies for implementing digital transformation and stay competitive in the rapidly evolving e-commerce marketplace. Leverage technology to enhance customer experiences, and operational efficiency.

Contents
1. Importance of Digital Transformation for SMBs
2. Why SMBs Need to Embrace Digital Transformation?
3. Key Technological Challenges in SMB E-commerce Landscape 4. Implementing Digital Transformation for SMB E-commerce Success
5. Final Thoughts


1. Importance of Digital Transformation for SMBs

In today's market, customers expect a seamless, personalized experience across all touchpoints, including B2B scenarios. As more businesses and customers adopt digital technologies, it makes sense for SMBs to do the same in order to improve operational efficiency, make better decisions based on real-time data, and provide customers with a convenient digital channel to search, explore, and make purchases. To remain competitive in the digital age, businesses must ensure that their online channels deliver a satisfactory customer experience. For small and medium-sized businesses (SMBs), digital technologies offer an opportunity to:
  • Compete with larger companies
  • Expand their customer base
  • Access valuable data
  • Improve decision-making
  • Optimize processes
  • Enhance customer experiences

2. Why SMBs Need to Embrace Digital Transformation?

SMBs can reap significant benefits from digital transformation, which involves leveraging technology to improve business operations and enhance customer experiences. One major advantage is increased operational efficiency, as automation helps reduce costs and boost productivity. Digital tools also enable small businesses to offer a broader range of choices, competitive pricing, and faster delivery, thereby enhancing the customer experience. Moreover, SMBs can use data-driven insights to quickly change their products or services, allowing for shorter time-to-market. By embracing digital transformation, businesses can stay ahead of the competition and better serve their customers.

3. Key Technological Challenges in SMB E-commerce Landscape

Digital transformation can offer numerous benefits to small businesses, however there are numerous challenges they must overcome in order to succeed in the e-commerce landscape. One such significant challenge is the implementation of digital adoption projects, which can be a time-consuming process, and organizations may not see immediate results. In addition, there are various roadblocks that can hinder growth such as securing funding and transitioning from outdated systems. While technological capabilities have advanced, the path ahead is not always clear, and small businesses often face significant technical challenges when it comes to e-commerce, which are as follows:

3.1 Limited Technical Expertise and Knowledge

Small businesses often struggle with digital transformation due to a lack of technical expertise and knowledge. This results in missed opportunities and increased costs, making it difficult for them to leverage digital technologies to achieve their desired business outcomes. In the e-commerce space, SMBs are vulnerable to cyberthreats and data breaches, which also require specialized expertise to manage effectively. Moreover, implementing and managing complex e-commerce platforms prove to be challenging for SMBs, leading to poor performance and customer experiences. Without access to dedicated IT professionals, SMBs find it difficult to address these issues and compete effectively in the digital marketplace.

3.2 Cybersecurity and Data Privacy

SMBs operating in the e-commerce space face significant challenges related to cybersecurity and data privacy. As businesses increasingly rely on digital technologies and cloud-based systems, they become more vulnerable to cyberattacks, data breaches, and other security threats that may compromise their e-commerce platforms, leading to a loss of customer trust, legal liability, and financial losses.

3.3 Cloud Adoption and Infrastructure Modernization

Legacy systems and outdated infrastructure often hinder businesses in their digital transformation efforts. To fully leverage the benefits of digital transformation, SMBs need to upgrade to modern, cloud-based systems and infrastructure. However, limited resources and budget constraints pose obstacles to cloud adoption and infrastructure modernization. As a result, businesses must carefully balance the advantages of the cloud with the need for data security and compliance. In addition, migrating to the cloud can be a complex and time-consuming process that requires technical expertise, which SMBs may not have in-house. Nonetheless, cloud adoption and infrastructure modernization are crucial for SMBs to stay competitive in the rapidly evolving digital landscape.

4. Implementing Digital Transformation for SMB E-commerce Success

Digital transformation can significantly enhance e-commerce, providing SMBs the opportunity to leverage technology to improve their market reach, customer experiences, and operational efficiency. Although e-commerce issues and challenges may appear daunting, SMBs can overcome them by implementing the right digital technologies and strategies.

4.1 Creating a Digital Transformation Strategy

Developing a well-defined digital transformation strategy is crucial for SMBs to succeed in e-commerce. This involves setting clear objectives, identifying areas requiring transformation, and creating a roadmap to achieve those objectives. SMBs must utilize appropriate technology solutions to enhance operational efficiency, improve customer experience, and increase profitability. Therefore, conducting a thorough analysis of customer needs and technology trends, defining the problem statement, and breaking down the transformation process into phases with measurable targets and actionable steps are vital. Identifying the relevant stakeholders and necessary skills for leading and execution are also critical. While periodic reviews and adjustments to the digital transformation strategy can help achieve long-term goals.

4.2 Investing in the Right Technology Infrastructure

Digital transformation is a crucial investment for SMBs in e-commerce, requiring a substantial amount of technology infrastructure. Upgrading legacy systems may pose difficulties, but implementing cloud-based technologies can bring significant advantages, including scalability, flexibility, and cost-effectiveness. Small businesses can begin migrating to the cloud with a phased approach, moving one location or function at a time. This reduces on-premises costs and allows for the testing of new digital solutions. Pilot projects can be used to assess the success of new tools or workflow automation for one department before implementing a larger digital adoption plan. By embracing cloud-based technologies and investing in the right technology infrastructure, SMBs can improve their online presence, customer engagement and stay competitive in the rapidly evolving e-commerce landscape.

4.3 Enhancing Cybersecurity Measures

With cyber threats on the rise, firms operating in the digital scenario are facing numerous challenges, especially in data security and privacy, resulting in massive financial losses. To mitigate these risks, e-commerce SMBs should focus on improving the following cybersecurity measures:
  • Implementing strong passwords
  • Two-factor authentication
  • Firewalls
  • Encryption

They should also invest in regular employee training and awareness programs to protect their data and systems. Moreover, conducting periodic risk assessments, reviewing security incident response plans, and complying with security standards can help e-commerce small businesses safeguard themselves and their customers. Raising the digital security profile of small businesses can be achieved through awareness and receiving guidance on proper digital security measures, toolkits, auditing, assurance frameworks, protocols, certification schemes, and training opportunities.

4.4 Connecting SMBs with knowledge networks

SMBs in the e-commerce industry can benefit greatly from connecting with knowledge networks. These networks offer access to expertise and resources that can help businesses better navigate the complex world of e-commerce. Companies can engage with industry associations, attend conferences and events, and participate in online communities to connect with these knowledge networks. This can help them stay current on the latest technology trends and best practices in the e-commerce industry. Moreover, e-commerce SMBs can benefit from partnering with larger firms, online platforms, and networking interfaces such as digital innovation hubs, centers of excellence, clusters, and co-working spaces. By doing so, they can leverage the resources and expertise of these organizations to grow their businesses and accelerate their digital transformation initiatives. Public procurement programs such as the Small Business Innovation Research program can also provide them with funding and opportunities to access knowledge networks and support their digital transformation efforts.

4.5 Leveraging Data Analytics and Business Intelligence

E-commerce SMBs can benefit significantly from integrating data analytics and business intelligence tools. These tools help collect, analyze, and interpret data to gain insights into customer behavior, market trends, and other factors that affect their business success. Small businesses can improve their decision-making and gain a better understanding of their customers' needs and preferences by analyzing customer data and identifying trends. Firms can leverage customer relationship management (CRM) and business intelligence (BI) solutions to achieve this. These tools enable organizations to crunch data in real time and personalize customer interactions. Additionally, integrating information across different departments provides a holistic view of their customers. Businesses must also take advantage of artificial intelligence and machine learning technologies to analyze data, forecast trends, and make predictions. Finally, hiring individuals with strong data analytics skills can help them make the most of their data and gain a competitive advantage.

4.6 Fostering a Culture of Innovation and Agility

Encouraging a culture of innovation and agility is critical for SMBs to remain competitive and relevant. To achieve this, these business should promote experimentation, embrace new technologies, and provide opportunities for professional development to employees. They must be open to change and adapt to evolving market trends and customer needs. Fostering a work environment that encourages creativity and experimentation can help employees feel free to propose new ideas and solutions. This can include setting up cross-functional teams, providing regular training and development opportunities, and establishing open communication channels. Furthermore, policymakers must play a role in encouraging innovation and the development of new digital solutions by implementing research and innovation policies in areas such as digital security, blockchain, and AI. Via funding and supporting research and development in these areas, policymakers can help their businesses access the latest technologies and stay ahead of the competition.

5. Final Thoughts

The advent of the digital revolution has transformed the business landscape, creating new opportunities for small businesses to expand their market size, streamline operations, and meet customers' ever-evolving needs. However, the evolving landscape also presents a host of e-commerce business challenges that SMBs must overcome to achieve success in the digital age. By implementing a comprehensive digital transformation strategy that leverages the right technology solutions, SMBs can overcome these challenges and succeed in the e-commerce arena. For SMBs, digital transformation is no longer optional but a necessity.

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Embrace Business Process Management Essentials with Best BPM Books

Article | May 4, 2023

Dive into the world of Business Process Management (BPM) with handpicked must-read BPM books. Gain insights from industry experts and discover proven techniques that will propel your business forward. The discipline of business process management (BPM) has emerged as a crucial strategic approach to adapting to the ever-changing market conditions in the current dynamic business landscape. However, to navigate the vast landscape of BPM and gain a deep understanding of its principles and practices, professionals, researchers, and students need comprehensive resources that provide insights into various facets of BPM. This article aims to present a curated list of best books on business process management, showcasing their relevance, value, and potential impact on enhancing BPM expertise. The selected BPM books featured in this article bring forth a unique perspective, offering practical guidance, case studies, and real-world examples that illustrate the application of BPM principles in diverse industries and contexts. By studying these resources, professionals can develop a solid foundation in BPM, acquire the necessary skills to optimize and automate processes and contribute to organizational success. 1.Business Process Management: Concepts, Languages, Architectures Author: Mathias Weske 'Business Process Management: Concepts, Languages, Architectures' by Mathias Weske serves as a comprehensive and indispensable guide, delving deep into the world of business process management (BPM). Unlike other resources that often focus on either business administration or computer science, Weske advocates for a unified understanding across all involved communities. By presenting a holistic view, this BPM book equips readers with the knowledge to navigate various aspects of the discipline. Weske lays a strong foundation by exploring the fundamental principles of BPM, enabling readers to effectively manage complex business processes. Through lucid explanations and practical examples, the book also demystifies prominent process modeling languages such as BPMN (Business Process Model and Notation) and BPEL (Business Process Execution Language). Furthermore, it delves into the architectural facets of BPM systems, discussing crucial concepts like process engines, process choreographies, and service-oriented architectures. By offering a comprehensive approach, the book not only enlightens on theoretical aspects but also provide valuable strategies for successfully applying BPM in real-world scenarios. 2.Modern Business Process Automation: YAWL and its Support Environment Editors: Arthur H. M. ter Hofstede, Wil M. P. van der Aalst, Michael Adams, Nick Russell The 'Modern Business Process Automation: YAWL and its Support Environment' offers readers a comprehensive and authoritative exploration of YAWL (Yet Another Workflow Language) and its support environment. This edition brings together a team of distinguished editors and contributors who delve into modern business process automation concepts, techniques, and tools. The book covers a wide range of topics and provides readers with a timeless and vendor-independent understanding of the essential components of business process automation. While the field of BPM is subject to constant change with the proposal of new standards and the introduction of new tools and technologies, this book equips readers with a solid foundation in the fundamentals that remain relatively stable. It empowers readers to better understand, assess, and leverage new developments in the evolving BPM landscape. 'Modern Business Process Automation: YAWL and its Support Environment' is a valuable resource for professionals, researchers, and students interested in business process automation. 3.Handbook on Business Process Management 1: Introduction, Methods, and Information Systems (International Handbooks on Information Systems) Editors: Jan vom Brocke, Michael Rosemann The 'Handbook on Business Process Management 1: Introduction, Methods, and Information Systems' is an invaluable reference guide that explores all aspects of business process management (BPM). With its two volumes and contributions from leading experts in the field, this handbook presents the contemporary body of knowledge on BPM. It starts by offering readers a comprehensive introduction to BPM, ensuring a solid understanding of its fundamental concepts. The book then delves into BPM methods and process-aware information systems, providing valuable guidance on integrating BPM into corporate methodologies and information systems. To enrich the reader's understanding, selected case studies are included, showcasing real-world applications of BPM, ensuring a comprehensive summary of BPM expertise, and covering critical success factors in the field. With its extensive coverage and expert insights, the 'Handbook on Business Process Management 1' serves as an indispensable resource and presents a holistic view of BPM methodologies, information systems, and their practical application across various industries. 4.Process Mining: Discovery, Conformance and Enhancement of Business Processes Author: Wil M. P. van der Aalst 'Process Mining: Discovery, Conformance and Enhancement of Business Processes' focuses on the emerging field of process mining and its applications in business process management. It provides readers with a thorough overview of process mining and guides readers through its practical use techniques, including process discovery, conformance checking, and process enhancement. The book explores various process discovery algorithms and their applications across different domains, offering readers a broad understanding of the topic. The next focus is on conformance checking, where the book demonstrates how discovered process models can be compared with predefined models or business rules. It then dives into process enhancement, showcasing how process mining insights can be leveraged to optimize and improve existing business processes. 'Process Mining: Discovery, Conformance and Enhancement of Business Processes' equips readers with the knowledge and skills to effectively apply process mining techniques, leading to better process understanding, compliance, and optimization. 5.Enabling Flexibility in Process-Aware Information Systems: Challenges, Methods, Technologies Authors: Manfred Reichert, Barbara Weber 'Enabling Flexibility in Process-Aware Information Systems: Challenges, Methods, Technologies' by Manfred Reichert and Barbara Weber explores the concept of flexibility in process-aware information systems (PAIS). This BPM book offers valuable insights into the challenges, methodologies, and technologies that empower organizations to achieve adaptable and flexible process management. The book primarily focuses on flexibility support for pre-specified processes, the prevailing paradigm in business process management (BPM). It delves into the methodologies and approaches that facilitate flexibility within this framework. Additionally, the authors emphasize the technologies and tools that enable flexibility in PAIS, including workflow management systems, rule engines, and service-oriented architectures. In addition, the book provides practical examples, case studies, and exercises to clarify concepts and demonstrate the application of flexible process management in real-world scenarios. This helps readers grasp the practical implications and benefits of embracing flexibility in PAIS. 6.Fundamentals of Business Process Management Authors: Marlon Dumas, Marcello La Rosa, Jan Mendling, Hajo A. Reijers 'Fundamentals of Business Process Management' is a comprehensive textbook that thoroughly explains the core concepts and principles of business process management (BPM). The book begins by introducing readers to the basics of business processes, emphasizing their characteristics and the significance of effective management. It covers the entire BPM lifecycle, starting from process identification and extending to process monitoring. Key topics addressed include process modeling, analysis, redesign, and automation. To ensure a holistic approach, concepts, methods, and tools from business management, computer science, and industrial engineering are integrated into a cohesive and interdisciplinary framework. The book enhances the learning experience by including numerous real-world examples, case studies, and exercises. These practical elements reinforce the concepts and enable hands-on learning, promoting a deeper understanding of BPM principles in action. It balances theoretical foundations and practical applications, making it suitable for academic study and professional reference. 7.Conformance Checking: Relating Processes and Models Authors: Boudewijn van Dongen, Josep Carmona, Andreas Solti and Matthias Weidlich 'Conformance Checking: Relating Processes and Models' is a book that focuses on the crucial field of conformance checking in business process management. It offers valuable insights into the techniques and methodologies used to compare real-world process executions with their corresponding process models. The book starts by introducing the concept of conformance checking and highlighting its significance in assessing the compliance and alignment of actual process executions with intended models. The book explores different perspectives of conformance, including control flow, data, and resource perspectives, providing a comprehensive understanding of the topic. The authors discuss various approaches for evaluating conformance, enabling organizations to assess the adherence of executed processes to the expected behavior as defined by process models. Real-world examples, case studies, and illustrations are provided throughout the book to understand the application of conformance-checking techniques in different industries and domains. Additionally, the authors discuss the limitations and challenges associated with conformance checking, providing readers with a comprehensive overview of the field. 8.Business Process Change: A Business Process Management Guide for Managers and Process Professionals Author: Paul Harmon 'Business Process Change: A Business Process Management Guide for Managers and Process Professionals' offers practical insights and guidance on managing and implementing business process change. This book on business process management serves as a valuable resource for managers and process professionals seeking to improve organizational performance through effective business process management (BPM). Harmon provides a step-by-step approach to understanding, analyzing, and redesigning business processes to drive operational excellence and strategic agility. The book covers a wide range of topics related to business process change, including process identification, analysis, redesign, implementation, and monitoring. The author introduces various methodologies and tools used in BPM, such as process modeling, Six Sigma, Lean, and workflow automation. Harmon's practical approach ensures that the book is accessible to both business professionals and process specialists. Furthermore, the book addresses the human side of process change by discussing change management strategies, stakeholder engagement, and fostering a process-centric culture. 9.High Performance Through Business Process Management: Strategy Execution in a Digital World Author: Mathias Kirchmer 'High Performance Through Business Process Management: Strategy Execution in a Digital World' by Mathias Kirchmer explores the effective utilization of business process management (BPM) to achieve high-performance results. With a focus on aligning BPM with digital transformation initiatives, Kirchmer offers valuable insights into driving strategy execution in today's rapidly evolving business landscape. The book underscores the critical role of BPM in enabling organizations to navigate the challenges posed by the digital age. Readers are provided with practical guidance on developing a BPM strategy that aligns with the overall business strategy. Furthermore, the book delves into BPM's cultural and organizational aspects, recognizing the significance of change management, leadership, and employee engagement. By addressing these crucial factors, organizations can foster a supportive environment for BPM implementation and drive successful strategy execution. Real-world case studies and examples are drawn throughout the book, illustrating how organizations have leveraged BPM to achieve high performance. These practical insights showcase the tangible benefits of implementing BPM in various industries and highlight best practices for success. 10.BPM CBOK Version 4.0: Guide to the Business Process Management Common Body Of Knowledge Authors: Tony Benedict, Mathias Kirchmer, Marc Scarsig, Pater Frantz, Raju Saxena, Dan Morris, Jack Hilty The 'BPM CBOK Version 4.0: Guide to the Business Process Management Common Body Of Knowledge' provides a holistic overview of the common body of knowledge in the field of business process management (BPM). The book aims to establish a shared understanding and framework for BPM by consolidating the collective knowledge and expertise of the authors. The book covers various aspects of BPM and provides insights into the essential concepts, methodologies, techniques, and best practices. Starting with the foundational principles of BPM, including process modeling, analysis, design, and optimization, the authors lay a solid groundwork for readers to grasp the core elements of effective process management. The book also highlights the critical role of technology in BPM and delves into emerging trends in BPM, including the influence of digital transformation, customer experience management, and the integration of artificial intelligence (AI) and robotic process automation (RPA) in process management practices. By addressing these trends, the authors ensure that readers are equipped with insights into the evolving landscape of BPM. Conclusion These featured business process management books in the article serve as invaluable resources for individuals seeking to enhance their knowledge of BPM and leverage its power to drive organizational success. By studying these BPM books, professionals can gain a competitive edge, contribute to process improvement initiatives, and make informed decisions that propel their organizations forward. The practical examples, case studies, and real-world applications shared in these books equip readers with the tools and insights to optimize processes, improve productivity, and achieve operational excellence. As BPM continues to shape the business landscape, these books will remain indispensable references, providing guidance and inspiration for future advancements in the field.

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MANAGEMENT, BUSINESS STRATEGY

Building Successful E-commerce Businesses for SMBs

Article | July 5, 2022

Small businesses can greatly boost sales and revenue by adopting an analytical approach and successfully implementing relevant e-commerce strategies to establish a strong presence in the digital realm. Contents 1 Importance of E-commerce for SMBs 2 E-commerce Business Development 2.1 Grow a Core Niche 2.2 Choose the Right Platform 2.3 Optimize Product Listings and Pricing 2.4 Target Mobile Audiences 2.5 Integrated Systems 2.6 Develop Effective Marketing Strategy 2.7 Provide Excellent Customer Service 3 Final Thoughts 1. Importance of E-commerce for SMBs The e-commerce market is expected to reach a market valuation of $58.74 trillion by 2028 at a compound annual growth rate (CAGR) of over 26.55%. (Source: SkyQuest). The transformative potential of e-commerce business models has allowed Small and Medium-sized Businesses (SMBs) to expand their sales in both standardized and niche products by leveraging improved website design to connect with consumers remotely, establish brand identity, and tailor products to specific demands. As the e-commerce industry continues to flourish globally, SMBs have unprecedented opportunities to enter the online marketspace. However, it is imperative that aspiring enterprises recognize that a thriving e-commerce small business entails more than just a digital storefront and requires a thoughtful and strategic approach. As noted by the World Development Report 2020 Trading for Development, MSME participation in e-commerce and other digital platforms - such as service delivery in food services, accommodation, and other sectors – can make it easier to sell goods and services, lower costs of entry to markets and costs of doing business, and boost MSME productivity and profits. (Source: World Bank) 2. E-commerce Business Development E-commerce is now essential to modern business operations, particularly for SMBs, who can significantly increase their customer base and revenue with the right tools and strategies. By implementing the discussed steps and insights, SMBs can unlock the full potential of e-commerce and establish themselves as successful players in the digital realm. Thus, SMBS must recognize the vast benefits of e-commerce and equip themselves with the knowledge and resources required to succeed in this competitive landscape. 2.1 Grow a Core Niche A comprehensive understanding of the target customers is fundamental to starting a lucrative small e-commerce business. This necessitates meticulous market research and customer base analysis to discern gaps and potential acquisition opportunities. It is also indispensable to establish a genuine and committed core audience that values exclusive or personalized products. Given the intense competition, it is vital to pinpoint a distinctive product offering and a robust core audience that is enthusiastic about procuring and steadfast in their loyalty. As per a report, there were 2.14 billion online shoppers in 2021, which went up from 1.52 billion in 2016, a 28% increase in just over five years. (Source: SkyQuest) 2.2 Choosethe Right Platform To build a successful online business, choosing the right e-commerce platform and tools is critical. Starting e-commerce businesses must carefully evaluate each option, comparing features, pricing, and usability to make an informed decision that suits their needs and budget. In addition, it's recommended to refrain from reinventing the wheel by creating products that already exist as services, especially if there is a lack of technical expertise. For instance, when targeting consumers, it's better to use available platforms rather than build an e-commerce website from scratch unless there are compelling reasons to do so. 2.3 Optimize Product Listings and Pricing The optimization of product listings and pricing is undeniably critical to the success of small e-commerce businesses. A robust approach that includes clear and informative product descriptions, high-quality images, and videos is essential to attract potential customers. To ensure the seamless discovery of products on the website, it is crucial to utilize clear titles, relevant keywords, and detailed categories & filters. Pricing, on the other hand, requires a meticulous balance between profitability and competitiveness. Therefore, conducting thorough research on competitors' prices is imperative while also considering production, shipping, and overhead costs. Furthermore, dynamic pricing strategies, including seasonal discounts, flash sales, and personalized pricing, can stimulate sales and foster customer loyalty. 2.4 Target Mobile Audiences In order to thrive in the current landscape, small e-commerce businesses must prioritize mobile accessibility, personalization, and engagement. Although several tools are available to assist in achieving these goals, mastering them is crucial to success.Moreover, businesses should ensure their mobile shopping experience is intuitive and user-friendly. This involves having a mobile-responsive e-commerce website, streamlined navigation, and a seamless checkout process. By implementing these measures, businesses can reduce cart abandonment rates and increase revenue. 30% of mobile shoppers abandon a transaction if the shopping experience is not optimized for mobile. (Source: MoPowered) 2.5 Integrated Systems Integrated systems play a crucial role in the success of SMB e-commerce ventures, enabling inventory management, order fulfillment, and customer relationship management through a unified platform. However, conventional tools such as CMS, ERP systems, and e-commerce platforms must be improved for managing product data as businesses grow. Hence, investing in a product information management solution is imperative to ensure seamless product information management across various internal and external channels such as online stores, product catalogs, and ERP systems. 2.6 Develop Effective Marketing Strategy Crafting a comprehensive marketing strategy is paramount to effectively promoting an e-commerce business and reaching its target audience. A robust marketing strategy can be achieved by adopting a multi-faceted approach that entails developing a content marketing plan, launching email marketing campaigns, and leveraging social media marketing to expand the reach and drive traffic to the website. Only 12% of businesses feel that they are using social media effectively. (Source: Harvard Business Review) 2.7 Provide Excellent Customer Service SMB e-commerce businesses' success heavily depends on their ability to provide excellent customer service. To achieve this, organizations must offer multiple communication channels, prioritize customer needs and concerns, and personalize the customer experience. By doing so, they can establish customer loyalty and generate positive word-of-mouth. In addition, regularly evaluating and improving customer service processes is essential to meet customer expectations and needs. 89% of shoppers have stopped buying from online stores after they experienced poor customer service. (Source: RightNow) 3. Final Thoughts The emergence of e-commerce has presented a unique opportunity for SMBs to grow their sales and engage with customers remotely. However, achieving success in the online marketplace requires a strategic approach that enables businesses to compete effectively. To that end, SMBs must formulate and execute a comprehensive plan that encompasses essential aspects of e-commerce, such as creating a user-friendly website, developing a targeted marketing strategy, and streamlining the order fulfillment process. By following these steps and leveraging industry insights, SMBs can leverage the full potential of e-commerce and establish themselves as key players in the digital realm. As e-commerce grows globally, SMBs have an unprecedented opportunity to enter the online marketplace and boost their productivity and profits.

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SMALL BUSINESS ADVICE, BUSINESS STRATEGY

Leverage the Benefits for SMBs with Top BPM Events to Attend

Article | July 20, 2023

Connect with industry leaders, learn about latest trends, and gain valuable insights. Stay ahead of the competition, enhance efficiency, and maximize the organization's potential with leading BPM events Organizations across industries constantly seek ways to streamline their operations, optimize efficiency, and deliver exceptional results in the current fast-paced and ever-changing business landscape. This pursuit has led to the rapid growth and increasing significance of Business Process Management (BPM). As more organizations recognize the transformative potential of effective BPM, they are actively engaging in a range of BPM conferences and events dedicated to this field. This article explores some of the top events in the field of BPM that professionals can attend to enhance their understanding of this field and accelerate their business process transformation journeys. These business process management events provide a platform for attendees to gain insights into topics such as process analysis, automation, change management, and integrating BPM into their overall business strategy. By participating in these events, professionals can uncover new possibilities, ignite their transformation journey, and gain a competitive edge in the market. 1.BPM 2023 conference (21st International Conference on Business Process Management) September 11 - 15, 2023 | Utrecht (The Netherlands) The 21st edition of BPM 2023, presented by Utrecht University and University of Applied Sciences Utrecht, stands as a premier conference in the field of Business Process Management. Over the last decade, this esteemed event has solidified its status by curating cutting-edge research and facilitating captivating talks, insightful tutorials, and thought-provoking discussions among leading thought leaders and innovators. This conference will act as a vibrant platform, fostering collaboration among experts from diverse fields such as Computer Science, Information Systems Engineering, and Management, creating a dynamic melting pot of knowledge and expertise. 2. Business Process Transformation Forum September 11 - 13, 2023 | Scottsdale (AZ) Organizations must be agile, innovative, and customer-centric to succeed in today's rapidly evolving business landscape. Continuous adaptation and improvement of business processes are essential to drive growth and thrive in this environment. The Business Process Transformation Forum is the ideal platform for organizations seeking to accelerate their business process transformation journey and connect with peers, thought leaders, and market experts from across the Americas. At this forum, attendees can delve into a wide range of topics critical to driving business process transformation. These will include transforming business processes, leveraging process mining and analysis techniques, and exploring the steps and best practices necessary for continuous process improvement. By embracing these insights, organizations can outperform their competitors in the market and maintain a competitive edge. 3. All Access BPM 2023 September 19 - 20, 2023 | Online The importance of Business Process Management (BPM) cannot be overstated in today's fast-paced business landscape. However, despite the widespread adoption of BPM techniques, only a small fraction of organizations effectively leverage BPM to enhance their business performance. In light of this, the All Access BPM 2023 conference aims to address this gap by offering a comprehensive program focused on key areas such as business architecture, autonomous enterprise, process mining, process intelligence, change management, and workflow automation. By attending this event, participants will gain invaluable insights and innovative strategies directly from industry leaders. One of the primary objectives of All Access BPM 2023 is to guide attendees on integrating BPM into their overall business strategy. This conference will serve as a platform for professionals to stay updated with the latest insights, learn best practices, and discover innovative approaches to maximize the benefits of BPM within their respective organizations. 4.ICBPMPA 2023: 17. International Conference on Business Process Management and Processes Analysis October 09 - 10, 2023 | New York (United States) The International Research Conference is an esteemed federated organization that strives to unite diverse scholarly events for presentation within its comprehensive conference program. With its commitment to delivering high-quality content, the conference provides exceptional value for students, academics, and industry researchers alike. One notable event within the International Research Conference is the International Conference on Business Process Management and Processes Analysis. This conference aims to gather leading academic scientists, researchers, and scholars to foster the exchange and sharing of experiences and research findings related to all aspects of Business Process Management and processes Analysis. Furthermore, this conference will serve as a premier interdisciplinary platform for researchers, practitioners, and educators to showcase and discuss the latest innovations, emerging trends, and concerns in the fields of Business Process Management and Processes Analysis. 5. Enterprise Architecture & Business Process Management Conference Europe October 09 – 12, 2023 | London (UK) The Enterprise Architecture & Business Process Management Conference presents a comprehensive program of four conference tracks, encompassing over 45 sessions and insightful case studies from esteemed organizations. Prominent entities like APG, Bank of England, British Army Recruiting Group in partnership with Capita, Cambridge University Press and Assessment, Department of National Defence, Canada, IBM, IKEA Group, KPMG, and many more contribute their expertise, offering attendees a wealth of knowledge and valuable insights. This BPM event will offer attendees the opportunity to broaden their knowledge through a diverse range of half-day workshops led by world-class instructors. By joining the conference, attendees can learn how to effectively address the challenges organizations face today and in the future, equipping them with the necessary tools to thrive in a dynamic business environment. 6.ICBPMS 2024: 18. International Conference on Business Process Management Systems January 28 - 29, 2024 | New York (United States) The International Research Conference is dedicated to bringing together a diverse array of scholarly events within its comprehensive conference program. These events are scheduled over a span of time, which may vary based on the number and duration of presentations. One of the noteworthy events within the International Research Conference is the International Conference on Business Process Management and Processes Analysis. This conference aims to foster collaboration among leading academic scientists, researchers, and research scholars, providing them with a platform to exchange and share their experiences and research findings encompassing all aspects of Business Process Management and Processes Analysis. The conference will allow attendees to engage in fruitful discussions, gain valuable insights, and establish meaningful connections with experts in their respective fields. 7.BPM 2024 (22nd Business Process Management Conference 2024) September 1 - 6, 2024 | Krakow (Poland) The BPM 2024 is the leading conference for researchers and practitioners in Business Process Management. Over the years, it has earned the reputation of being the go-to gathering for international BPM enthusiasts, attracting a substantial number of attendees annually. Structured across three tracks, namely foundation, engineering, and management, this conference encompasses a comprehensive program. Additionally, it will feature various co-located events, including the doctoral consortium, workshops, forums, demos, and tutorials. As the foremost forum in Business Process Management, this conference will offer a prestigious platform for researchers and practitioners to convene. It will serves as a melting pot, bringing together experts from a range of disciplines, including computer science, information systems engineering, and management. Conclusion The world of Business Process Management (BPM) offers a plethora of opportunities for organizations. As highlighted by the diverse range of BPM events and conferences discussed in this article, professionals in the field have numerous platforms to connect, learn, and share their expertise. These gatherings serve as melting pots for thought leaders, researchers, practitioners, and industry experts. Attendees have the chance to explore cutting-edge research, exchange experiences, and gain valuable insights into the latest trends, challenges, and best practices in BPM. By participating in these BPM events, professionals can broaden their knowledge, strengthen their skill set, and build a strong network of peers. These connections and learnings can contribute to the continuous improvement of business processes within their organizations, leading to increased efficiency, cost reduction, and enhanced overall performance.

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TECHNOLOGY, BUSINESS STRATEGY

Top Tools SMBs Can Leverage to Maximize Their E-commerce Potential

Article | July 11, 2023

Leverage the top e-commerce tools that small and medium-sized businesses (SMBs) can utilize to boost profitability. Maximize your potential with these powerful e-commerce solutions. In today's dynamic business environment, e-commerce presents significant opportunities for small and medium-sized businesses (SMBs) to expand their reach and drive profitability. With global e-commerce sales projected to reach $8.1 trillion by 2026 (Statista), SMBs have a tremendous growth potential. However, resource limitations compared to larger businesses can pose challenges in competing effectively. To overcome these challenges and maximize their potential, SMBs need to leverage cutting-edge e-commerce tools. These tools can enhance their operations and drive accelerated growth. This article will explore the top e-commerce tools that SMBs can strategically utilize to boost profitability and propel their business forward. By harnessing their power, SMBs can optimize their online presence, streamline operations, and achieve sustainable success in the ever-evolving e-commerce industry. 1.WooCommerce WooCommerce is a powerful e-commerce solution built on WordPress, a popular content management system. It enables small and medium businesses to create and manage their online stores effectively. As an open-source platform, it offers extensive customization options and flexibility, allowing businesses to tailor their online stores to their specific requirements and branding. It is important to note that the platform is not a standalone website builder but a plugin that integrates seamlessly with WordPress. The platform also provides a wide range of extensions and add-ons to enhance store functionality and meet specific business needs. With WooCommerce, businesses can manage products, set up payment gateways, handle shipping options, and customize the design and layout of their stores. 2.Semrush Semrush is a leading online visibility management SaaS platform that helps businesses improve their search engine ranking, website traffic, and online visibility. It offers a wide range of features, including keyword research, competitor analysis, and website auditing. Semrush simplifies the process of running online marketing campaigns with its user-friendly interface and intuitive tools. It enables users to easily build, manage, and measure campaigns across various channels, freeing up time for marketing professionals to focus on creativity and content creation while Semrush handles the data and analytics. The platform also includes link building and auditing tools that can improve website visibility and generate organic traffic, helping businesses identify opportunities for improvement and implement effective SEO strategies. 3.Ahrefs Ahrefs is an all-in-one SEO toolset that provides businesses with a comprehensive set of features to optimize their websites and increase search traffic. Its keyword research capabilities allow users to discover relevant keywords, assess their search volume and difficulty, and identify new opportunities. The backlink analysis features provide insights into a website's backlink profile, helping businesses understand the quality and quantity of their backlinks. Ahrefs also offers tools for rank tracking, site audits, content analysis, and competitor analysis, enabling businesses to monitor their search engine rankings, identify technical issues, analyze content performance, and gain insights into competitors' strategies. 4.NAKIVO NAKIVO Backup & Replication is a powerful data protection solution designed for SMBs and enterprises. It offers seamless backup and replication for virtual, physical, and cloud environments, supporting platforms like VMware, Hyper-V, Nutanix AHV, and AWS. With advanced features such as incremental backups, global deduplication, and network acceleration, NAKIVO optimizes storage space and reduces backup windows. Its instant granular recovery ensures quick retrieval of files, application objects, and VMs, minimizing downtime. The solution also provides flexible recovery options and seamless integration with cloud storage for offsite protection. NAKIVO Backup & Replication is a user-friendly and comprehensive solution that enables organizations to securely protect their data and ensure business continuity. 5.Omnisend Omnisend is an all-in-one platform that combines email marketing and SMS capabilities, to help businesses effectively engage and communicate with their customers. It enables businesses to create personalized and targeted campaigns, generate client engagement and reach their audience at the right time and through their preferred channel. The platform offers a wide range of features, including customizable templates, automation workflows, segmentation, and A/B testing, allowing businesses to create compelling and engaging marketing messages. In addition, it provides robust analytics and reporting tools to track campaign performance and measure the impact of marketing efforts. With its user-friendly interface and productive tools, Omnisend empowers businesses to increase conversions and revenue. 6.Veeqo Veeqo is a free shipping and inventory management platform designed to streamline e-commerce operations for businesses of all sizes. Its comprehensive features simplify the process of managing stock levels, automating order fulfillment, and integrating with various sales channels. Veeqo provides real-time visibility into inventory, allowing businesses to efficiently track and manage their products across multiple platforms. The platform also offers reporting and analytics tools to help businesses gain insights into their performance and make data-driven decisions. With its user-friendly interface and powerful functionality, Veeqo empowers e-commerce businesses to optimize their operations, enhance customer experiences, and drive profitability. Final Thoughts The world of e-commerce offers a plethora of powerful tools that small and medium-sized businesses (SMBs) can leverage to significantly increase their profitability. By adopting the right tools and technologies, SMBs can streamline their operations, enhance customer experiences, and ultimately drive revenue growth. The tools discussed in this article, such as Veeqo, Omnisend, and NAKIVO Backup & Replication, offer robust features and functionalities tailored to the unique needs of SMBs. Whether it's efficient inventory management, effective email marketing, or reliable data backup and recovery, these tools provide the necessary capabilities to optimize e-commerce operations and achieve sustainable profitability. It is essential for SMBs to carefully evaluate their specific requirements, explore the available options, and invest in the tools that align with their business goals. By harnessing the power of these top e-commerce tools, SMBs can gain a competitive edge, attract more customers, and ultimately thrive in the digital marketplace.

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Business Strategy

Scaling SMBs: Best E-commerce Strategies to Grow Your Online Business

Article | May 4, 2023

Dive into the world of Business Process Management (BPM) with handpicked must-read BPM books. Gain insights from industry experts and discover proven techniques that will propel your business forward. The discipline of business process management (BPM) has emerged as a crucial strategic approach to adapting to the ever-changing market conditions in the current dynamic business landscape. However, to navigate the vast landscape of BPM and gain a deep understanding of its principles and practices, professionals, researchers, and students need comprehensive resources that provide insights into various facets of BPM. This article aims to present a curated list of best books on business process management, showcasing their relevance, value, and potential impact on enhancing BPM expertise. The selected BPM books featured in this article bring forth a unique perspective, offering practical guidance, case studies, and real-world examples that illustrate the application of BPM principles in diverse industries and contexts. By studying these resources, professionals can develop a solid foundation in BPM, acquire the necessary skills to optimize and automate processes and contribute to organizational success. 1.Business Process Management: Concepts, Languages, Architectures Author: Mathias Weske 'Business Process Management: Concepts, Languages, Architectures' by Mathias Weske serves as a comprehensive and indispensable guide, delving deep into the world of business process management (BPM). Unlike other resources that often focus on either business administration or computer science, Weske advocates for a unified understanding across all involved communities. By presenting a holistic view, this BPM book equips readers with the knowledge to navigate various aspects of the discipline. Weske lays a strong foundation by exploring the fundamental principles of BPM, enabling readers to effectively manage complex business processes. Through lucid explanations and practical examples, the book also demystifies prominent process modeling languages such as BPMN (Business Process Model and Notation) and BPEL (Business Process Execution Language). Furthermore, it delves into the architectural facets of BPM systems, discussing crucial concepts like process engines, process choreographies, and service-oriented architectures. By offering a comprehensive approach, the book not only enlightens on theoretical aspects but also provide valuable strategies for successfully applying BPM in real-world scenarios. 2.Modern Business Process Automation: YAWL and its Support Environment Editors: Arthur H. M. ter Hofstede, Wil M. P. van der Aalst, Michael Adams, Nick Russell The 'Modern Business Process Automation: YAWL and its Support Environment' offers readers a comprehensive and authoritative exploration of YAWL (Yet Another Workflow Language) and its support environment. This edition brings together a team of distinguished editors and contributors who delve into modern business process automation concepts, techniques, and tools. The book covers a wide range of topics and provides readers with a timeless and vendor-independent understanding of the essential components of business process automation. While the field of BPM is subject to constant change with the proposal of new standards and the introduction of new tools and technologies, this book equips readers with a solid foundation in the fundamentals that remain relatively stable. It empowers readers to better understand, assess, and leverage new developments in the evolving BPM landscape. 'Modern Business Process Automation: YAWL and its Support Environment' is a valuable resource for professionals, researchers, and students interested in business process automation. 3.Handbook on Business Process Management 1: Introduction, Methods, and Information Systems (International Handbooks on Information Systems) Editors: Jan vom Brocke, Michael Rosemann The 'Handbook on Business Process Management 1: Introduction, Methods, and Information Systems' is an invaluable reference guide that explores all aspects of business process management (BPM). With its two volumes and contributions from leading experts in the field, this handbook presents the contemporary body of knowledge on BPM. It starts by offering readers a comprehensive introduction to BPM, ensuring a solid understanding of its fundamental concepts. The book then delves into BPM methods and process-aware information systems, providing valuable guidance on integrating BPM into corporate methodologies and information systems. To enrich the reader's understanding, selected case studies are included, showcasing real-world applications of BPM, ensuring a comprehensive summary of BPM expertise, and covering critical success factors in the field. With its extensive coverage and expert insights, the 'Handbook on Business Process Management 1' serves as an indispensable resource and presents a holistic view of BPM methodologies, information systems, and their practical application across various industries. 4.Process Mining: Discovery, Conformance and Enhancement of Business Processes Author: Wil M. P. van der Aalst 'Process Mining: Discovery, Conformance and Enhancement of Business Processes' focuses on the emerging field of process mining and its applications in business process management. It provides readers with a thorough overview of process mining and guides readers through its practical use techniques, including process discovery, conformance checking, and process enhancement. The book explores various process discovery algorithms and their applications across different domains, offering readers a broad understanding of the topic. The next focus is on conformance checking, where the book demonstrates how discovered process models can be compared with predefined models or business rules. It then dives into process enhancement, showcasing how process mining insights can be leveraged to optimize and improve existing business processes. 'Process Mining: Discovery, Conformance and Enhancement of Business Processes' equips readers with the knowledge and skills to effectively apply process mining techniques, leading to better process understanding, compliance, and optimization. 5.Enabling Flexibility in Process-Aware Information Systems: Challenges, Methods, Technologies Authors: Manfred Reichert, Barbara Weber 'Enabling Flexibility in Process-Aware Information Systems: Challenges, Methods, Technologies' by Manfred Reichert and Barbara Weber explores the concept of flexibility in process-aware information systems (PAIS). This BPM book offers valuable insights into the challenges, methodologies, and technologies that empower organizations to achieve adaptable and flexible process management. The book primarily focuses on flexibility support for pre-specified processes, the prevailing paradigm in business process management (BPM). It delves into the methodologies and approaches that facilitate flexibility within this framework. Additionally, the authors emphasize the technologies and tools that enable flexibility in PAIS, including workflow management systems, rule engines, and service-oriented architectures. In addition, the book provides practical examples, case studies, and exercises to clarify concepts and demonstrate the application of flexible process management in real-world scenarios. This helps readers grasp the practical implications and benefits of embracing flexibility in PAIS. 6.Fundamentals of Business Process Management Authors: Marlon Dumas, Marcello La Rosa, Jan Mendling, Hajo A. Reijers 'Fundamentals of Business Process Management' is a comprehensive textbook that thoroughly explains the core concepts and principles of business process management (BPM). The book begins by introducing readers to the basics of business processes, emphasizing their characteristics and the significance of effective management. It covers the entire BPM lifecycle, starting from process identification and extending to process monitoring. Key topics addressed include process modeling, analysis, redesign, and automation. To ensure a holistic approach, concepts, methods, and tools from business management, computer science, and industrial engineering are integrated into a cohesive and interdisciplinary framework. The book enhances the learning experience by including numerous real-world examples, case studies, and exercises. These practical elements reinforce the concepts and enable hands-on learning, promoting a deeper understanding of BPM principles in action. It balances theoretical foundations and practical applications, making it suitable for academic study and professional reference. 7.Conformance Checking: Relating Processes and Models Authors: Boudewijn van Dongen, Josep Carmona, Andreas Solti and Matthias Weidlich 'Conformance Checking: Relating Processes and Models' is a book that focuses on the crucial field of conformance checking in business process management. It offers valuable insights into the techniques and methodologies used to compare real-world process executions with their corresponding process models. The book starts by introducing the concept of conformance checking and highlighting its significance in assessing the compliance and alignment of actual process executions with intended models. The book explores different perspectives of conformance, including control flow, data, and resource perspectives, providing a comprehensive understanding of the topic. The authors discuss various approaches for evaluating conformance, enabling organizations to assess the adherence of executed processes to the expected behavior as defined by process models. Real-world examples, case studies, and illustrations are provided throughout the book to understand the application of conformance-checking techniques in different industries and domains. Additionally, the authors discuss the limitations and challenges associated with conformance checking, providing readers with a comprehensive overview of the field. 8.Business Process Change: A Business Process Management Guide for Managers and Process Professionals Author: Paul Harmon 'Business Process Change: A Business Process Management Guide for Managers and Process Professionals' offers practical insights and guidance on managing and implementing business process change. This book on business process management serves as a valuable resource for managers and process professionals seeking to improve organizational performance through effective business process management (BPM). Harmon provides a step-by-step approach to understanding, analyzing, and redesigning business processes to drive operational excellence and strategic agility. The book covers a wide range of topics related to business process change, including process identification, analysis, redesign, implementation, and monitoring. The author introduces various methodologies and tools used in BPM, such as process modeling, Six Sigma, Lean, and workflow automation. Harmon's practical approach ensures that the book is accessible to both business professionals and process specialists. Furthermore, the book addresses the human side of process change by discussing change management strategies, stakeholder engagement, and fostering a process-centric culture. 9.High Performance Through Business Process Management: Strategy Execution in a Digital World Author: Mathias Kirchmer 'High Performance Through Business Process Management: Strategy Execution in a Digital World' by Mathias Kirchmer explores the effective utilization of business process management (BPM) to achieve high-performance results. With a focus on aligning BPM with digital transformation initiatives, Kirchmer offers valuable insights into driving strategy execution in today's rapidly evolving business landscape. The book underscores the critical role of BPM in enabling organizations to navigate the challenges posed by the digital age. Readers are provided with practical guidance on developing a BPM strategy that aligns with the overall business strategy. Furthermore, the book delves into BPM's cultural and organizational aspects, recognizing the significance of change management, leadership, and employee engagement. By addressing these crucial factors, organizations can foster a supportive environment for BPM implementation and drive successful strategy execution. Real-world case studies and examples are drawn throughout the book, illustrating how organizations have leveraged BPM to achieve high performance. These practical insights showcase the tangible benefits of implementing BPM in various industries and highlight best practices for success. 10.BPM CBOK Version 4.0: Guide to the Business Process Management Common Body Of Knowledge Authors: Tony Benedict, Mathias Kirchmer, Marc Scarsig, Pater Frantz, Raju Saxena, Dan Morris, Jack Hilty The 'BPM CBOK Version 4.0: Guide to the Business Process Management Common Body Of Knowledge' provides a holistic overview of the common body of knowledge in the field of business process management (BPM). The book aims to establish a shared understanding and framework for BPM by consolidating the collective knowledge and expertise of the authors. The book covers various aspects of BPM and provides insights into the essential concepts, methodologies, techniques, and best practices. Starting with the foundational principles of BPM, including process modeling, analysis, design, and optimization, the authors lay a solid groundwork for readers to grasp the core elements of effective process management. The book also highlights the critical role of technology in BPM and delves into emerging trends in BPM, including the influence of digital transformation, customer experience management, and the integration of artificial intelligence (AI) and robotic process automation (RPA) in process management practices. By addressing these trends, the authors ensure that readers are equipped with insights into the evolving landscape of BPM. Conclusion These featured business process management books in the article serve as invaluable resources for individuals seeking to enhance their knowledge of BPM and leverage its power to drive organizational success. By studying these BPM books, professionals can gain a competitive edge, contribute to process improvement initiatives, and make informed decisions that propel their organizations forward. The practical examples, case studies, and real-world applications shared in these books equip readers with the tools and insights to optimize processes, improve productivity, and achieve operational excellence. As BPM continues to shape the business landscape, these books will remain indispensable references, providing guidance and inspiration for future advancements in the field.

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MANAGEMENT, BUSINESS STRATEGY

HR Trends in Small Businesses 2022: Embracing the New Normal

Article | July 5, 2022

Small businesses can greatly boost sales and revenue by adopting an analytical approach and successfully implementing relevant e-commerce strategies to establish a strong presence in the digital realm. Contents 1 Importance of E-commerce for SMBs 2 E-commerce Business Development 2.1 Grow a Core Niche 2.2 Choose the Right Platform 2.3 Optimize Product Listings and Pricing 2.4 Target Mobile Audiences 2.5 Integrated Systems 2.6 Develop Effective Marketing Strategy 2.7 Provide Excellent Customer Service 3 Final Thoughts 1. Importance of E-commerce for SMBs The e-commerce market is expected to reach a market valuation of $58.74 trillion by 2028 at a compound annual growth rate (CAGR) of over 26.55%. (Source: SkyQuest). The transformative potential of e-commerce business models has allowed Small and Medium-sized Businesses (SMBs) to expand their sales in both standardized and niche products by leveraging improved website design to connect with consumers remotely, establish brand identity, and tailor products to specific demands. As the e-commerce industry continues to flourish globally, SMBs have unprecedented opportunities to enter the online marketspace. However, it is imperative that aspiring enterprises recognize that a thriving e-commerce small business entails more than just a digital storefront and requires a thoughtful and strategic approach. As noted by the World Development Report 2020 Trading for Development, MSME participation in e-commerce and other digital platforms - such as service delivery in food services, accommodation, and other sectors – can make it easier to sell goods and services, lower costs of entry to markets and costs of doing business, and boost MSME productivity and profits. (Source: World Bank) 2. E-commerce Business Development E-commerce is now essential to modern business operations, particularly for SMBs, who can significantly increase their customer base and revenue with the right tools and strategies. By implementing the discussed steps and insights, SMBs can unlock the full potential of e-commerce and establish themselves as successful players in the digital realm. Thus, SMBS must recognize the vast benefits of e-commerce and equip themselves with the knowledge and resources required to succeed in this competitive landscape. 2.1 Grow a Core Niche A comprehensive understanding of the target customers is fundamental to starting a lucrative small e-commerce business. This necessitates meticulous market research and customer base analysis to discern gaps and potential acquisition opportunities. It is also indispensable to establish a genuine and committed core audience that values exclusive or personalized products. Given the intense competition, it is vital to pinpoint a distinctive product offering and a robust core audience that is enthusiastic about procuring and steadfast in their loyalty. As per a report, there were 2.14 billion online shoppers in 2021, which went up from 1.52 billion in 2016, a 28% increase in just over five years. (Source: SkyQuest) 2.2 Choosethe Right Platform To build a successful online business, choosing the right e-commerce platform and tools is critical. Starting e-commerce businesses must carefully evaluate each option, comparing features, pricing, and usability to make an informed decision that suits their needs and budget. In addition, it's recommended to refrain from reinventing the wheel by creating products that already exist as services, especially if there is a lack of technical expertise. For instance, when targeting consumers, it's better to use available platforms rather than build an e-commerce website from scratch unless there are compelling reasons to do so. 2.3 Optimize Product Listings and Pricing The optimization of product listings and pricing is undeniably critical to the success of small e-commerce businesses. A robust approach that includes clear and informative product descriptions, high-quality images, and videos is essential to attract potential customers. To ensure the seamless discovery of products on the website, it is crucial to utilize clear titles, relevant keywords, and detailed categories & filters. Pricing, on the other hand, requires a meticulous balance between profitability and competitiveness. Therefore, conducting thorough research on competitors' prices is imperative while also considering production, shipping, and overhead costs. Furthermore, dynamic pricing strategies, including seasonal discounts, flash sales, and personalized pricing, can stimulate sales and foster customer loyalty. 2.4 Target Mobile Audiences In order to thrive in the current landscape, small e-commerce businesses must prioritize mobile accessibility, personalization, and engagement. Although several tools are available to assist in achieving these goals, mastering them is crucial to success.Moreover, businesses should ensure their mobile shopping experience is intuitive and user-friendly. This involves having a mobile-responsive e-commerce website, streamlined navigation, and a seamless checkout process. By implementing these measures, businesses can reduce cart abandonment rates and increase revenue. 30% of mobile shoppers abandon a transaction if the shopping experience is not optimized for mobile. (Source: MoPowered) 2.5 Integrated Systems Integrated systems play a crucial role in the success of SMB e-commerce ventures, enabling inventory management, order fulfillment, and customer relationship management through a unified platform. However, conventional tools such as CMS, ERP systems, and e-commerce platforms must be improved for managing product data as businesses grow. Hence, investing in a product information management solution is imperative to ensure seamless product information management across various internal and external channels such as online stores, product catalogs, and ERP systems. 2.6 Develop Effective Marketing Strategy Crafting a comprehensive marketing strategy is paramount to effectively promoting an e-commerce business and reaching its target audience. A robust marketing strategy can be achieved by adopting a multi-faceted approach that entails developing a content marketing plan, launching email marketing campaigns, and leveraging social media marketing to expand the reach and drive traffic to the website. Only 12% of businesses feel that they are using social media effectively. (Source: Harvard Business Review) 2.7 Provide Excellent Customer Service SMB e-commerce businesses' success heavily depends on their ability to provide excellent customer service. To achieve this, organizations must offer multiple communication channels, prioritize customer needs and concerns, and personalize the customer experience. By doing so, they can establish customer loyalty and generate positive word-of-mouth. In addition, regularly evaluating and improving customer service processes is essential to meet customer expectations and needs. 89% of shoppers have stopped buying from online stores after they experienced poor customer service. (Source: RightNow) 3. Final Thoughts The emergence of e-commerce has presented a unique opportunity for SMBs to grow their sales and engage with customers remotely. However, achieving success in the online marketplace requires a strategic approach that enables businesses to compete effectively. To that end, SMBs must formulate and execute a comprehensive plan that encompasses essential aspects of e-commerce, such as creating a user-friendly website, developing a targeted marketing strategy, and streamlining the order fulfillment process. By following these steps and leveraging industry insights, SMBs can leverage the full potential of e-commerce and establish themselves as key players in the digital realm. As e-commerce grows globally, SMBs have an unprecedented opportunity to enter the online marketplace and boost their productivity and profits.

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SMALL BUSINESS ADVICE, BUSINESS STRATEGY

Building a Resilient SMB E-commerce: Best Practices for 2023

Article | July 20, 2023

Connect with industry leaders, learn about latest trends, and gain valuable insights. Stay ahead of the competition, enhance efficiency, and maximize the organization's potential with leading BPM events Organizations across industries constantly seek ways to streamline their operations, optimize efficiency, and deliver exceptional results in the current fast-paced and ever-changing business landscape. This pursuit has led to the rapid growth and increasing significance of Business Process Management (BPM). As more organizations recognize the transformative potential of effective BPM, they are actively engaging in a range of BPM conferences and events dedicated to this field. This article explores some of the top events in the field of BPM that professionals can attend to enhance their understanding of this field and accelerate their business process transformation journeys. These business process management events provide a platform for attendees to gain insights into topics such as process analysis, automation, change management, and integrating BPM into their overall business strategy. By participating in these events, professionals can uncover new possibilities, ignite their transformation journey, and gain a competitive edge in the market. 1.BPM 2023 conference (21st International Conference on Business Process Management) September 11 - 15, 2023 | Utrecht (The Netherlands) The 21st edition of BPM 2023, presented by Utrecht University and University of Applied Sciences Utrecht, stands as a premier conference in the field of Business Process Management. Over the last decade, this esteemed event has solidified its status by curating cutting-edge research and facilitating captivating talks, insightful tutorials, and thought-provoking discussions among leading thought leaders and innovators. This conference will act as a vibrant platform, fostering collaboration among experts from diverse fields such as Computer Science, Information Systems Engineering, and Management, creating a dynamic melting pot of knowledge and expertise. 2. Business Process Transformation Forum September 11 - 13, 2023 | Scottsdale (AZ) Organizations must be agile, innovative, and customer-centric to succeed in today's rapidly evolving business landscape. Continuous adaptation and improvement of business processes are essential to drive growth and thrive in this environment. The Business Process Transformation Forum is the ideal platform for organizations seeking to accelerate their business process transformation journey and connect with peers, thought leaders, and market experts from across the Americas. At this forum, attendees can delve into a wide range of topics critical to driving business process transformation. These will include transforming business processes, leveraging process mining and analysis techniques, and exploring the steps and best practices necessary for continuous process improvement. By embracing these insights, organizations can outperform their competitors in the market and maintain a competitive edge. 3. All Access BPM 2023 September 19 - 20, 2023 | Online The importance of Business Process Management (BPM) cannot be overstated in today's fast-paced business landscape. However, despite the widespread adoption of BPM techniques, only a small fraction of organizations effectively leverage BPM to enhance their business performance. In light of this, the All Access BPM 2023 conference aims to address this gap by offering a comprehensive program focused on key areas such as business architecture, autonomous enterprise, process mining, process intelligence, change management, and workflow automation. By attending this event, participants will gain invaluable insights and innovative strategies directly from industry leaders. One of the primary objectives of All Access BPM 2023 is to guide attendees on integrating BPM into their overall business strategy. This conference will serve as a platform for professionals to stay updated with the latest insights, learn best practices, and discover innovative approaches to maximize the benefits of BPM within their respective organizations. 4.ICBPMPA 2023: 17. International Conference on Business Process Management and Processes Analysis October 09 - 10, 2023 | New York (United States) The International Research Conference is an esteemed federated organization that strives to unite diverse scholarly events for presentation within its comprehensive conference program. With its commitment to delivering high-quality content, the conference provides exceptional value for students, academics, and industry researchers alike. One notable event within the International Research Conference is the International Conference on Business Process Management and Processes Analysis. This conference aims to gather leading academic scientists, researchers, and scholars to foster the exchange and sharing of experiences and research findings related to all aspects of Business Process Management and processes Analysis. Furthermore, this conference will serve as a premier interdisciplinary platform for researchers, practitioners, and educators to showcase and discuss the latest innovations, emerging trends, and concerns in the fields of Business Process Management and Processes Analysis. 5. Enterprise Architecture & Business Process Management Conference Europe October 09 – 12, 2023 | London (UK) The Enterprise Architecture & Business Process Management Conference presents a comprehensive program of four conference tracks, encompassing over 45 sessions and insightful case studies from esteemed organizations. Prominent entities like APG, Bank of England, British Army Recruiting Group in partnership with Capita, Cambridge University Press and Assessment, Department of National Defence, Canada, IBM, IKEA Group, KPMG, and many more contribute their expertise, offering attendees a wealth of knowledge and valuable insights. This BPM event will offer attendees the opportunity to broaden their knowledge through a diverse range of half-day workshops led by world-class instructors. By joining the conference, attendees can learn how to effectively address the challenges organizations face today and in the future, equipping them with the necessary tools to thrive in a dynamic business environment. 6.ICBPMS 2024: 18. International Conference on Business Process Management Systems January 28 - 29, 2024 | New York (United States) The International Research Conference is dedicated to bringing together a diverse array of scholarly events within its comprehensive conference program. These events are scheduled over a span of time, which may vary based on the number and duration of presentations. One of the noteworthy events within the International Research Conference is the International Conference on Business Process Management and Processes Analysis. This conference aims to foster collaboration among leading academic scientists, researchers, and research scholars, providing them with a platform to exchange and share their experiences and research findings encompassing all aspects of Business Process Management and Processes Analysis. The conference will allow attendees to engage in fruitful discussions, gain valuable insights, and establish meaningful connections with experts in their respective fields. 7.BPM 2024 (22nd Business Process Management Conference 2024) September 1 - 6, 2024 | Krakow (Poland) The BPM 2024 is the leading conference for researchers and practitioners in Business Process Management. Over the years, it has earned the reputation of being the go-to gathering for international BPM enthusiasts, attracting a substantial number of attendees annually. Structured across three tracks, namely foundation, engineering, and management, this conference encompasses a comprehensive program. Additionally, it will feature various co-located events, including the doctoral consortium, workshops, forums, demos, and tutorials. As the foremost forum in Business Process Management, this conference will offer a prestigious platform for researchers and practitioners to convene. It will serves as a melting pot, bringing together experts from a range of disciplines, including computer science, information systems engineering, and management. Conclusion The world of Business Process Management (BPM) offers a plethora of opportunities for organizations. As highlighted by the diverse range of BPM events and conferences discussed in this article, professionals in the field have numerous platforms to connect, learn, and share their expertise. These gatherings serve as melting pots for thought leaders, researchers, practitioners, and industry experts. Attendees have the chance to explore cutting-edge research, exchange experiences, and gain valuable insights into the latest trends, challenges, and best practices in BPM. By participating in these BPM events, professionals can broaden their knowledge, strengthen their skill set, and build a strong network of peers. These connections and learnings can contribute to the continuous improvement of business processes within their organizations, leading to increased efficiency, cost reduction, and enhanced overall performance.

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TECHNOLOGY, BUSINESS STRATEGY

Top Tools SMBs Can Leverage to Maximize Their E-commerce Potential

Article | July 11, 2023

Leverage the top e-commerce tools that small and medium-sized businesses (SMBs) can utilize to boost profitability. Maximize your potential with these powerful e-commerce solutions. In today's dynamic business environment, e-commerce presents significant opportunities for small and medium-sized businesses (SMBs) to expand their reach and drive profitability. With global e-commerce sales projected to reach $8.1 trillion by 2026 (Statista), SMBs have a tremendous growth potential. However, resource limitations compared to larger businesses can pose challenges in competing effectively. To overcome these challenges and maximize their potential, SMBs need to leverage cutting-edge e-commerce tools. These tools can enhance their operations and drive accelerated growth. This article will explore the top e-commerce tools that SMBs can strategically utilize to boost profitability and propel their business forward. By harnessing their power, SMBs can optimize their online presence, streamline operations, and achieve sustainable success in the ever-evolving e-commerce industry. 1.WooCommerce WooCommerce is a powerful e-commerce solution built on WordPress, a popular content management system. It enables small and medium businesses to create and manage their online stores effectively. As an open-source platform, it offers extensive customization options and flexibility, allowing businesses to tailor their online stores to their specific requirements and branding. It is important to note that the platform is not a standalone website builder but a plugin that integrates seamlessly with WordPress. The platform also provides a wide range of extensions and add-ons to enhance store functionality and meet specific business needs. With WooCommerce, businesses can manage products, set up payment gateways, handle shipping options, and customize the design and layout of their stores. 2.Semrush Semrush is a leading online visibility management SaaS platform that helps businesses improve their search engine ranking, website traffic, and online visibility. It offers a wide range of features, including keyword research, competitor analysis, and website auditing. Semrush simplifies the process of running online marketing campaigns with its user-friendly interface and intuitive tools. It enables users to easily build, manage, and measure campaigns across various channels, freeing up time for marketing professionals to focus on creativity and content creation while Semrush handles the data and analytics. The platform also includes link building and auditing tools that can improve website visibility and generate organic traffic, helping businesses identify opportunities for improvement and implement effective SEO strategies. 3.Ahrefs Ahrefs is an all-in-one SEO toolset that provides businesses with a comprehensive set of features to optimize their websites and increase search traffic. Its keyword research capabilities allow users to discover relevant keywords, assess their search volume and difficulty, and identify new opportunities. The backlink analysis features provide insights into a website's backlink profile, helping businesses understand the quality and quantity of their backlinks. Ahrefs also offers tools for rank tracking, site audits, content analysis, and competitor analysis, enabling businesses to monitor their search engine rankings, identify technical issues, analyze content performance, and gain insights into competitors' strategies. 4.NAKIVO NAKIVO Backup & Replication is a powerful data protection solution designed for SMBs and enterprises. It offers seamless backup and replication for virtual, physical, and cloud environments, supporting platforms like VMware, Hyper-V, Nutanix AHV, and AWS. With advanced features such as incremental backups, global deduplication, and network acceleration, NAKIVO optimizes storage space and reduces backup windows. Its instant granular recovery ensures quick retrieval of files, application objects, and VMs, minimizing downtime. The solution also provides flexible recovery options and seamless integration with cloud storage for offsite protection. NAKIVO Backup & Replication is a user-friendly and comprehensive solution that enables organizations to securely protect their data and ensure business continuity. 5.Omnisend Omnisend is an all-in-one platform that combines email marketing and SMS capabilities, to help businesses effectively engage and communicate with their customers. It enables businesses to create personalized and targeted campaigns, generate client engagement and reach their audience at the right time and through their preferred channel. The platform offers a wide range of features, including customizable templates, automation workflows, segmentation, and A/B testing, allowing businesses to create compelling and engaging marketing messages. In addition, it provides robust analytics and reporting tools to track campaign performance and measure the impact of marketing efforts. With its user-friendly interface and productive tools, Omnisend empowers businesses to increase conversions and revenue. 6.Veeqo Veeqo is a free shipping and inventory management platform designed to streamline e-commerce operations for businesses of all sizes. Its comprehensive features simplify the process of managing stock levels, automating order fulfillment, and integrating with various sales channels. Veeqo provides real-time visibility into inventory, allowing businesses to efficiently track and manage their products across multiple platforms. The platform also offers reporting and analytics tools to help businesses gain insights into their performance and make data-driven decisions. With its user-friendly interface and powerful functionality, Veeqo empowers e-commerce businesses to optimize their operations, enhance customer experiences, and drive profitability. Final Thoughts The world of e-commerce offers a plethora of powerful tools that small and medium-sized businesses (SMBs) can leverage to significantly increase their profitability. By adopting the right tools and technologies, SMBs can streamline their operations, enhance customer experiences, and ultimately drive revenue growth. The tools discussed in this article, such as Veeqo, Omnisend, and NAKIVO Backup & Replication, offer robust features and functionalities tailored to the unique needs of SMBs. Whether it's efficient inventory management, effective email marketing, or reliable data backup and recovery, these tools provide the necessary capabilities to optimize e-commerce operations and achieve sustainable profitability. It is essential for SMBs to carefully evaluate their specific requirements, explore the available options, and invest in the tools that align with their business goals. By harnessing the power of these top e-commerce tools, SMBs can gain a competitive edge, attract more customers, and ultimately thrive in the digital marketplace.

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FINANCE

BMO Expands Minority Small Business Lending to 22 States with Zero Barriers to Business Program

PR Newswire | September 27, 2023

BMO today announced the expansion of its Zero Barriers to Business program for Black, Latino, Native, and Women-owned businesses across the bank's expanded footprint. The program aims to break down barriers for historically underserved and marginalized groups through inclusive banking products, services, and resources as part of BMO EMpower 2.0 – the bank's more than $40 billion community benefits plan. As part of the expansion, BMO has committed $200 million in lending to support the progress of minority-owned businesses. BMO's Zero Barriers to Business now helps business owners in 22 states – including Arizona, California, Colorado, Florida, Idaho, Illinois, Iowa, Indiana, Kansas, Minnesota, Missouri, Nebraska, Nevada, New Mexico, North Dakota, Oklahoma, Oregon, South Dakota, Utah, Washington, Wisconsin, and Wyoming. "Helping our clients, colleagues and communities make real financial progress is at the core of our Purpose, to Boldly Grow the Good in business and life," said Niamh Kristufek, Head of U.S. Business Banking at BMO. "The launch of BMO's Zero Barriers to Business to our expanded footprint brings us one step closer to a more inclusive society – especially for groups facing systemic barriers – by ensuring our clients have access to capital and financial tools and education." According to BMO's Real Financial Progress Index, more minority business owners report they have started a business this year or plan to compared to non-minorities, with 16 percent of Black respondents starting a business, 9 percent of Latino, and 7 percent of Asian-Americans. Nearly 20 percent of U.S. small business owners are minority-owned, according to Forbes' Small Business Statistics of 2023 – but according to Fed Small Business' 2022 Report on Firms Owned by People of Color, borrowers of color were about half as likely as white-owned applicant firms to receive all of the financing they sought. Specifically, BMO's Zero Barriers to Business includes: Better access to capital:Business owners receive access to working capital with expanded credit criteria and competitive interest rates. Small businesses can get a revolving line of credit and/or business credit card that will allow them to pay interest on what they borrow. They can also qualify for rate discounts when setting up automatic payments from a BMO Business Checking account and get improved access to funding with specialized credit criteria. Access to education:Free access to practical tools such as business plan templates, profit improvement calculators, podcasts, webinars, and coaching to help business owners make real financial progress. Access to partnerships:BMO is continually forming new partnerships with organizations that give business owners access to meaningful networks, additional coaching, educational resources, and alternative funding sources. Since launching the program in late 2020, the bank has helped minority small businesses make real financial progress by: Approving$80 millionsmall business loans. Funding more than 3,400 small businesses. Providing more than 800 hours of educational webinars and business literacy workshops supporting 5,000 business owners in collaboration with organizations such as Illinois Hispanic Chamber of Commerce, Chicago Urban League, Sunshine Enterprises, and Wisconsin Women's Business Initiative Corporation. Graduating 45 clients fromZero Barriers to Businessto qualify for traditional lending programs under standard lending criteria. Securing 40 non-profit Community Development Financial Institutions Funds (CDFI) partnerships to support access to capital, education, and networking opportunities for diverse small business owners. The expansion also comes during Hispanic Heritage Month along with a $500,000 commitment by BMO to support the creation of a Latino Business Loan Program with Colorado Enterprise Fund. The fund aims to eliminate barriers and support inclusive economic opportunity for small businesses across Colorado. Ceyl Prinster, CEO, Colorado Enterprise Fund said, Colorado Enterprise Fund's mission has always been to provide access to capital to underserved communities including minority-owned small businesses. With the funding from BMO, CEF will focus even more economic and educational resources toward Latino small business entrepreneurs throughout Colorado. [Source – Cision PR Newswire] About BMO Financial Group BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.25 trillion as of July 31, 2023. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to over 13 million customers across Canada, the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and inclusive society.

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TECHNOLOGY

Norton Introduces New Small Business Solution with 24/7 Triple-Lock Cybersecurity for Small Teams

PR Newswire | September 29, 2023

Norton, a leading consumer Cyber Safety brand of Gen™ (NASDAQ: GEN), today announced Norton Small Business, the all-in-one cybersecurity solution to help entrepreneurs and small business owners protect their financial futures. While nearly 90%1 of businesses globally are small businesses - 99.9% in the US2 - many lack the means to protect their digital environments. Norton Small Business makes triple-lock protection accessible for small businesses to safeguard their team's online activities, devices and customer data in an easy, all-in-one cybersecurity solution. "Owning a very small business often means each member of the team wears different hats, and usually cybersecurity expert isn't one of them," said Massimo Rapparini, General Manager & Head of Small Business Safety at Gen. "Unfortunately, cybercriminals are aware of this and often target such businesses – more than half (57%) of small businesses experienced a security, data breach or both in 20223. For entrepreneurs and small businesses, falling for just one phishing email can have a devastating impact." Scams Taking Down Small Businesses Small businesses face a barrage of scams and phishing threats, just like consumers. In fact, they are targeted more than large companies. Companies with fewer than 100 employees face an average of 350% more social engineering attacks than larger enterprises4, and according to data from Gen, cyber threats that rely on manipulating people account for 85% of attacks on small businesses in the US. Of these threats, phishing – for example, emails trying to trick you into clicking a link or transferring money – is the most common way cybercriminals try to access small business systems, private data, financials and intellectual property. Businesses with under 10 employees often lack IT support, putting companies at great risk if cybercriminal attacks are successful – and many are. In 2020 alone, there were more than 700,000 attacks against small businesses totaling $2.8 billion in damages5. Norton Small Business helps small businesses disaster-proof their critical data to minimize the risk of financial loss. Entrepreneurs Pursue Financial Freedom Entrepreneurs often start their own businesses in pursuit of financial freedom and invest significant time, energy and personal savings to build their business. In fact, 61% of Gen Z small business owners believe entrepreneurship will lead them to retirement earlier than if they had gone straight to the corporate world6. Yet, small businesses are being heavily targeted by cybercriminals, leaving them at much higher risk of collapsing compared to larger firms when hit by a cyberattack. With heightened risk and so much at stake, it's surprising that about half of businesses with under 50 employees have no cybersecurity budget at all7. The effects of a cyberattack extend beyond financial consequences, and it's time cybersecurity is pushed to the forefront of small business priorities. Setting Up Your One-Person IT Department Norton is your go-to partner to make small business cybersecurity simple with an all-in-one solution that provides 24/7 cybersecurity protection and a variety of features, including: Secure Browser, Password Manager and VPN (virtual private network) to help secure day-to-day online activities Automated PC cleaning and optimization to keep healthier PCs for longer Secure Cloud Backup for PCs to help reduce the risk of loss of business data Software and driver updaters to help keep software up to date, so there are fewer vulnerabilities for cybercriminals to exploit IT coverage and maintenance for up to 20 devices A 100% Virus Protection Promise8 "We've built our small business products and services with the same approach in mind as we do with our consumer portfolio, so entrepreneurs don't need to worry about becoming cybersecurity experts," said Rapparini. "Norton is here to make cybersecurity accessible and easy so they can focus on building thriving businesses." Norton recommends these top 10 tips to protect your small business: Learn tospot signs of phishing andteach your employees Only click links or download attachments from known sources Avoid sharing personal information or private company data over email Alwayskeep your operating system, applications and drivers up-to-date Make sure yourWiFi network is protected with a strong password Regularlyback up your data Require employees to use aVPN when doing company work on a public WiFi network (think airports and coffee shops) Alwaysuse multi-factor-authenticationfor an extra layer of protection Don't neglect mobile devices – make sure they are password protected and use security software Invest in a cybersecurity solution such as Norton Small Business About Norton Norton is a leading Cyber Safety brand of Gen™ (NASDAQ: GEN), a global company dedicated to powering Digital Freedom through its family of trusted consumer brands including Norton, Avast, LifeLock, Avira, AVG, ReputationDefender and CCleaner. Gen empowers people to live their digital lives safely, privately, and confidently today and for generations to come. Gen brings award-winning products and services in cybersecurity, online privacy and identity protection to more than 500 million users in more than 150 countries.

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BUSINESS STRATEGY

Tarci's New Dynamic Data Suite Transforms Foodservice SMB Strategies

Tarci | September 15, 2023

Tarci, a leading continuous intelligence platform that generates dynamic SMB data, has recently introduced the Tarci for Foodservice data suite. This cutting-edge new series of dynamic data modules is crafted to empower enterprises that cater to SMBs in the food service sector with insights to optimize their sales, marketing, risk management, and client retention strategies. By integrating precise and up-to-date SMB profiles with industry-specific data-driven insights, Tarci provides invaluable support to food and beverage manufacturers and distributors, enabling them to proactively identify both opportunities and potential risks among their current and prospective clients. Within the Tarci for Foodservice suite, the following data modules are presently available: Restaurant with Emerging Needs: New and emerging SMBs engaged in preparing food for immediate consumption. Food & Beverage Retailers: New and emerging specialty food, grocery, and convenience retailers. Licensed Establishments: New and growing SMBs that offer alcohol for on-premise consumption. SMBs with Refreshment Needs: Growing SMBs with 50 or more on-site employees who may be interested in enhancing workplace experiences by offering refreshment perks. Foodservice Risk Management: Enhanced credit term decisions by augmenting existing SMB profiles with business stability, growth, or decline indicators. Tarci's continuous intelligence engine draws from a diverse array of external data sources to craft dynamic SMB profiles, which are updated on a weekly basis. What sets Tarci apart is its proactive approach; it not only monitors these profiles for changes but also analyzes them for emerging trends. This distinctive methodology in parsing and interpreting SMB data accurately mirrors the dynamic nature of the marketplace. With Tarci, clients can seize opportunities and respond to changes in real-time. Tarci's Co-Founder and CEO, Leetal Gruper, commented, With the launch of Tarci for Foodservice, we address the churn challenges in the Foodservice industry. Our real-time insights and dynamic data modules empower businesses to adapt, thrive, and build lasting client relationships with the right SMBs, offering stability and growth in an industry where change is constant. [Source: Cision PR Newswire] About Tarci Tarci is a prominent, continuous intelligence platform that generates dynamic SMB data. Employing a cutting-edge continuous intelligence engine, Tarci consistently collects, analyzes, and translates an extensive array of signals sourced from diverse outlets, effectively transforming vast datasets into actionable insights. The company's impact is felt prominently across customer-facing teams within Fortune 200 corporations, spanning leading financial institutions, insurance entities, and enterprises catering to small and mid-size businesses. Tarci garners support from esteemed backers, including Sound Ventures, Liberty Mutual Strategic Ventures, Global Founders Capital, and strategic investors.

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FINANCE

BMO Expands Minority Small Business Lending to 22 States with Zero Barriers to Business Program

PR Newswire | September 27, 2023

BMO today announced the expansion of its Zero Barriers to Business program for Black, Latino, Native, and Women-owned businesses across the bank's expanded footprint. The program aims to break down barriers for historically underserved and marginalized groups through inclusive banking products, services, and resources as part of BMO EMpower 2.0 – the bank's more than $40 billion community benefits plan. As part of the expansion, BMO has committed $200 million in lending to support the progress of minority-owned businesses. BMO's Zero Barriers to Business now helps business owners in 22 states – including Arizona, California, Colorado, Florida, Idaho, Illinois, Iowa, Indiana, Kansas, Minnesota, Missouri, Nebraska, Nevada, New Mexico, North Dakota, Oklahoma, Oregon, South Dakota, Utah, Washington, Wisconsin, and Wyoming. "Helping our clients, colleagues and communities make real financial progress is at the core of our Purpose, to Boldly Grow the Good in business and life," said Niamh Kristufek, Head of U.S. Business Banking at BMO. "The launch of BMO's Zero Barriers to Business to our expanded footprint brings us one step closer to a more inclusive society – especially for groups facing systemic barriers – by ensuring our clients have access to capital and financial tools and education." According to BMO's Real Financial Progress Index, more minority business owners report they have started a business this year or plan to compared to non-minorities, with 16 percent of Black respondents starting a business, 9 percent of Latino, and 7 percent of Asian-Americans. Nearly 20 percent of U.S. small business owners are minority-owned, according to Forbes' Small Business Statistics of 2023 – but according to Fed Small Business' 2022 Report on Firms Owned by People of Color, borrowers of color were about half as likely as white-owned applicant firms to receive all of the financing they sought. Specifically, BMO's Zero Barriers to Business includes: Better access to capital:Business owners receive access to working capital with expanded credit criteria and competitive interest rates. Small businesses can get a revolving line of credit and/or business credit card that will allow them to pay interest on what they borrow. They can also qualify for rate discounts when setting up automatic payments from a BMO Business Checking account and get improved access to funding with specialized credit criteria. Access to education:Free access to practical tools such as business plan templates, profit improvement calculators, podcasts, webinars, and coaching to help business owners make real financial progress. Access to partnerships:BMO is continually forming new partnerships with organizations that give business owners access to meaningful networks, additional coaching, educational resources, and alternative funding sources. Since launching the program in late 2020, the bank has helped minority small businesses make real financial progress by: Approving$80 millionsmall business loans. Funding more than 3,400 small businesses. Providing more than 800 hours of educational webinars and business literacy workshops supporting 5,000 business owners in collaboration with organizations such as Illinois Hispanic Chamber of Commerce, Chicago Urban League, Sunshine Enterprises, and Wisconsin Women's Business Initiative Corporation. Graduating 45 clients fromZero Barriers to Businessto qualify for traditional lending programs under standard lending criteria. Securing 40 non-profit Community Development Financial Institutions Funds (CDFI) partnerships to support access to capital, education, and networking opportunities for diverse small business owners. The expansion also comes during Hispanic Heritage Month along with a $500,000 commitment by BMO to support the creation of a Latino Business Loan Program with Colorado Enterprise Fund. The fund aims to eliminate barriers and support inclusive economic opportunity for small businesses across Colorado. Ceyl Prinster, CEO, Colorado Enterprise Fund said, Colorado Enterprise Fund's mission has always been to provide access to capital to underserved communities including minority-owned small businesses. With the funding from BMO, CEF will focus even more economic and educational resources toward Latino small business entrepreneurs throughout Colorado. [Source – Cision PR Newswire] About BMO Financial Group BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.25 trillion as of July 31, 2023. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to over 13 million customers across Canada, the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and inclusive society.

Read More

TECHNOLOGY

Norton Introduces New Small Business Solution with 24/7 Triple-Lock Cybersecurity for Small Teams

PR Newswire | September 29, 2023

Norton, a leading consumer Cyber Safety brand of Gen™ (NASDAQ: GEN), today announced Norton Small Business, the all-in-one cybersecurity solution to help entrepreneurs and small business owners protect their financial futures. While nearly 90%1 of businesses globally are small businesses - 99.9% in the US2 - many lack the means to protect their digital environments. Norton Small Business makes triple-lock protection accessible for small businesses to safeguard their team's online activities, devices and customer data in an easy, all-in-one cybersecurity solution. "Owning a very small business often means each member of the team wears different hats, and usually cybersecurity expert isn't one of them," said Massimo Rapparini, General Manager & Head of Small Business Safety at Gen. "Unfortunately, cybercriminals are aware of this and often target such businesses – more than half (57%) of small businesses experienced a security, data breach or both in 20223. For entrepreneurs and small businesses, falling for just one phishing email can have a devastating impact." Scams Taking Down Small Businesses Small businesses face a barrage of scams and phishing threats, just like consumers. In fact, they are targeted more than large companies. Companies with fewer than 100 employees face an average of 350% more social engineering attacks than larger enterprises4, and according to data from Gen, cyber threats that rely on manipulating people account for 85% of attacks on small businesses in the US. Of these threats, phishing – for example, emails trying to trick you into clicking a link or transferring money – is the most common way cybercriminals try to access small business systems, private data, financials and intellectual property. Businesses with under 10 employees often lack IT support, putting companies at great risk if cybercriminal attacks are successful – and many are. In 2020 alone, there were more than 700,000 attacks against small businesses totaling $2.8 billion in damages5. Norton Small Business helps small businesses disaster-proof their critical data to minimize the risk of financial loss. Entrepreneurs Pursue Financial Freedom Entrepreneurs often start their own businesses in pursuit of financial freedom and invest significant time, energy and personal savings to build their business. In fact, 61% of Gen Z small business owners believe entrepreneurship will lead them to retirement earlier than if they had gone straight to the corporate world6. Yet, small businesses are being heavily targeted by cybercriminals, leaving them at much higher risk of collapsing compared to larger firms when hit by a cyberattack. With heightened risk and so much at stake, it's surprising that about half of businesses with under 50 employees have no cybersecurity budget at all7. The effects of a cyberattack extend beyond financial consequences, and it's time cybersecurity is pushed to the forefront of small business priorities. Setting Up Your One-Person IT Department Norton is your go-to partner to make small business cybersecurity simple with an all-in-one solution that provides 24/7 cybersecurity protection and a variety of features, including: Secure Browser, Password Manager and VPN (virtual private network) to help secure day-to-day online activities Automated PC cleaning and optimization to keep healthier PCs for longer Secure Cloud Backup for PCs to help reduce the risk of loss of business data Software and driver updaters to help keep software up to date, so there are fewer vulnerabilities for cybercriminals to exploit IT coverage and maintenance for up to 20 devices A 100% Virus Protection Promise8 "We've built our small business products and services with the same approach in mind as we do with our consumer portfolio, so entrepreneurs don't need to worry about becoming cybersecurity experts," said Rapparini. "Norton is here to make cybersecurity accessible and easy so they can focus on building thriving businesses." Norton recommends these top 10 tips to protect your small business: Learn tospot signs of phishing andteach your employees Only click links or download attachments from known sources Avoid sharing personal information or private company data over email Alwayskeep your operating system, applications and drivers up-to-date Make sure yourWiFi network is protected with a strong password Regularlyback up your data Require employees to use aVPN when doing company work on a public WiFi network (think airports and coffee shops) Alwaysuse multi-factor-authenticationfor an extra layer of protection Don't neglect mobile devices – make sure they are password protected and use security software Invest in a cybersecurity solution such as Norton Small Business About Norton Norton is a leading Cyber Safety brand of Gen™ (NASDAQ: GEN), a global company dedicated to powering Digital Freedom through its family of trusted consumer brands including Norton, Avast, LifeLock, Avira, AVG, ReputationDefender and CCleaner. Gen empowers people to live their digital lives safely, privately, and confidently today and for generations to come. Gen brings award-winning products and services in cybersecurity, online privacy and identity protection to more than 500 million users in more than 150 countries.

Read More

BUSINESS STRATEGY

Tarci's New Dynamic Data Suite Transforms Foodservice SMB Strategies

Tarci | September 15, 2023

Tarci, a leading continuous intelligence platform that generates dynamic SMB data, has recently introduced the Tarci for Foodservice data suite. This cutting-edge new series of dynamic data modules is crafted to empower enterprises that cater to SMBs in the food service sector with insights to optimize their sales, marketing, risk management, and client retention strategies. By integrating precise and up-to-date SMB profiles with industry-specific data-driven insights, Tarci provides invaluable support to food and beverage manufacturers and distributors, enabling them to proactively identify both opportunities and potential risks among their current and prospective clients. Within the Tarci for Foodservice suite, the following data modules are presently available: Restaurant with Emerging Needs: New and emerging SMBs engaged in preparing food for immediate consumption. Food & Beverage Retailers: New and emerging specialty food, grocery, and convenience retailers. Licensed Establishments: New and growing SMBs that offer alcohol for on-premise consumption. SMBs with Refreshment Needs: Growing SMBs with 50 or more on-site employees who may be interested in enhancing workplace experiences by offering refreshment perks. Foodservice Risk Management: Enhanced credit term decisions by augmenting existing SMB profiles with business stability, growth, or decline indicators. Tarci's continuous intelligence engine draws from a diverse array of external data sources to craft dynamic SMB profiles, which are updated on a weekly basis. What sets Tarci apart is its proactive approach; it not only monitors these profiles for changes but also analyzes them for emerging trends. This distinctive methodology in parsing and interpreting SMB data accurately mirrors the dynamic nature of the marketplace. With Tarci, clients can seize opportunities and respond to changes in real-time. Tarci's Co-Founder and CEO, Leetal Gruper, commented, With the launch of Tarci for Foodservice, we address the churn challenges in the Foodservice industry. Our real-time insights and dynamic data modules empower businesses to adapt, thrive, and build lasting client relationships with the right SMBs, offering stability and growth in an industry where change is constant. [Source: Cision PR Newswire] About Tarci Tarci is a prominent, continuous intelligence platform that generates dynamic SMB data. Employing a cutting-edge continuous intelligence engine, Tarci consistently collects, analyzes, and translates an extensive array of signals sourced from diverse outlets, effectively transforming vast datasets into actionable insights. The company's impact is felt prominently across customer-facing teams within Fortune 200 corporations, spanning leading financial institutions, insurance entities, and enterprises catering to small and mid-size businesses. Tarci garners support from esteemed backers, including Sound Ventures, Liberty Mutual Strategic Ventures, Global Founders Capital, and strategic investors.

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