Selling through a digital lens

From CRM to ChatGPT, John Cradden looks at the major technology trends and tools that SMEs need in order to sell physically and digitally in 2024.

Things always move quickly in the world of business, particularly when it comes to technology.

But you’d be forgiven for struggling to keep up with the emerging digital landscape for small businesses over the past couple of years, what with the wholesale shift to digital banking and payment systems, cloud computing, remote working and collaboration, sustainable tech, enhanced cybersecurity and, of course, generative AI.

At the same time, there is a determination not to be left behind. A recent survey by PayPal revealed that 92% of SME owners in Ireland are prioritising technology investment for their business’s future growth, with nearly a quarter wanting to prioritise spending in the areas of AI or machine learning, and a further 21% are planning to invest in virtual reality experiences.

But amid this constant change, what are the key tech trends that SMEs need to focus on to remain relevant both online and offline in 2024?

Digital presence

If your business is already selling online, including to international markets, you probably appreciate that consumers don’t distinguish between big and small companies when it comes to looking for products and services. Among the external trends impacting SMEs are greater expectations among customers for discounts, promotions and deals, and more convenience such as click and collect, and package tracking.

So it’s no surprise to learn that a large percentage of respondents to the PayPal survey (38%) said they were going to prioritise enhancing their online presence, while 34% were planning to improve customer experience. A further 27% were planning to invest in ecommerce capabilities.

Cashless payments

The PayPal study also pointed to a rising demand from customers of SMEs for more payment methods. So part of enhancing your online presence and customer experience should extend to offering multiple (but secure) cashless payment options including mobile payments, BNPL, contactless debit and credit cards and digital wallets.

AI and machine learning

If AI and machine learning are not already having an impact on your business, the chances are your team is probably talking extensively about it. It’s now a pretty broad field in terms of applications, ranging from chatbots to personalised marketing campaigns to predictive data analytics, and is becoming more affordable for smaller businesses. Automation tools can help with repetitive processes, such as invoicing, inventory management, and customer support.

Sustainable and green tech

With rising consumer awareness of the need to fight global warming through reducing waste, using eco-friendly materials and adopting greener technologies, the drive to adopt sustainable practices in your business can be as much about gaining competitive advantage as doing the right thing. Of course, there’s also the imperative to report on corporate sustainability, which should focus minds on how to do things in a more environmentally friendly but without unbalancing budgets. Indeed, the lower running costs of renewable technologies and the availability of SEAI grants should make this achieveable.

Cybersecurity

The PayPal survey found that small businesses who sell online and internationally were experiencing the greatest growth, but the trust your newly acquired customers are willing to place in your business could be easily undermined if you do not take all measures necessary to protect sensitive data.

On top of that, the almost relentless nature of cyber-attacks these days means that no business can be complacent. Investing in the latest and up-to-date security measures such as firewalls, antivirus software, and encryption tools help mitigate risks and prevent unauthorised access to systems and networks. This should be accompanied by proper governance and policies over the handling of data and documents to prevent inadvertent breaches or leaks.

Remote work and digital collaboration

Like it or not, all businesses great and small risk losing advantage in the race for the best talent if they don’t offer either remote or hybrid working arrangements.

A recent survey by IrishJobs.ie found that nearly half of jobseekers would refuse a job if no such options were offered. From a tech perspective, the main issue will be the need to upgrade by now the digital collaboration tools that might have gotten businesses through the Covid lockdowns but which won’t really cut it in today’s remote working eco-system.

Hyper-personalisation

When it comes to improving customer experience, the ability to personalise is critical. The key to this is having systems that carefully manage your customer data and relationships so that businesses can extract useful insights about their buying patterns and use them to tailor marketing, advertising and special offers accordingly.

It’s likely that the latest systems will be AI-driven, making these insights easier to extract or more detailed, thereby enabling businesses to realise the full potential of their customer data.