Small Business Innovation: GoPayment
This week Verizon Wireless and Intuit introduced technology that is changing the face of small and medium sized businesses. Ever been to your local mom and pop shop, only to discover they are hesitant or unable to take your credit card? Well fear no more, for all of you carrying around cash-less wallets, this new technology will come in handy for you! Intuit and Verizon Wireless rolled out the GoPayment system, a mobile app for a smartphone or tablet, with a small, pocket-sized credit card reader that actually transforms your mobile device into a credit card reader. Compatible with Android, Blackberry, and iOS the GoPayment system allows businesses to give any customer the option of paying with plastic, instead of having to turn down potential business. GoPayment allows users to add tips, taxes, and even syncs with newer versions of Quickbooks, which basically means the accounting for small businesses will do itself, if this system is implemented. This is the answer for small businesses, mobile businesses, or any business that is eager to bring ease of payment to its clients. How would you use this system? Do you feel secure with a system like this housing your financial information? Do you think it could be used as instant gratification for employee rewards and sale of gift cards? Let us know what you think about GoPayment by leaving a comment!
For more information on Intuit and Verizon Wirless' GoPayment system click here.
A Raise is No Longer a Sufficient Reward
Employees' satisfaction with their recognition is not truly measured by the company, but by the employee. And, although it is easy for companies to simply give employees recognition by giving a raise, employees are not satisfied with this outcome. Employees want more; they want to feel as though their employer cares about what they want for their efforts, not what the company is willing to give. The top five reward satisfaction points based on a recent poll were:
Multi-Channel Retailers, Gift Cards, and Profit Margins
The number of consumers shopping across multiple channels is expanding while retailers everywhere face margin challenges and an uncertain economy. Consumers will seek information both on-line, and through mobile technology but will only shop in the most convenient channel. Multi-channel retail has become theexpectation (and a competitive advantage). This strategy allows the company to be everywhere the consumer is shopping, and lowers the risk the shopper will inquire at their outlet, and spend their money elsewhere. The difficult part of multi-channel retail is making the transition and keeping up with the consumer trends. How are multi-channel retailers reacting to this change in consumer shopping?
As Unemployment Drops, Employee Retention Becomes Crucial
This interesting Canadien article pointed out a seemingly obvious but interesting point. As unemployment rates drop employees gain an advantage over employers in terms of the job search. Employers find during these times of transition, when the unemployment rate is dropping and employees tend to start to look around the job market, that they need to ensure that their employees stay happy. How to keep employees happy? Incentive programs! A poll of 429 businesses found that more often than not, business owners count on employee incentive programs to draw and maintain motivated employees. Increased employee motivation is the top priority of 88% of respondents. Gift cards are an incredibly effective way to motivate your employees. They are easy to administer and use, they hold trophy value, and show true thought when given from employers to employees. How high on your priority list is employee motivation this year? How do you incent your employees?
For more information on employee motivation in the coming year click here.
CVS Extra Bucks Loyalty Program Exceeds the Competition
In a recent consumer study comparing pharmacy loyalty programs, the CVS/Pharmacy Extra Bucks program exceeded the competition at Walgreens and Rite Aid. Because Extra Bucks can be accrued on some prescription purchases, and on 2% of purchases which is an impressive amount, that is noticed by consumers, and their wallets. This study proves how CVS/Pharmacy builds their programs around their customers and their needs.
For more information and to view the entire pharmacy loyalty program comparison, click here.
