How are new technologies helping small businesses?

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In Australia, a study by the Australian Bureau of Statistics shows that 70 per cent of businesses are affected by pandemics. All these businesses record a lower rate of revenue compared to the same period the previous year. The majority of the affected are small business owners. To tackle the situation, business owners are now looking for options like local loyalty rewards app.

Above 90 per cent of Australians use modern smartphones, and they help in the much safer contactless money transfer. Business owners are now utilising this digitalisation as an advantage for improving their business.

What are loyalty rewards?

Many banks and business owners provide loyalty rewards to regular customers. Such regular customers are provided with a certain number of rewards points through a local loyalty rewards app. The app helps to convert these points to valuable discount coupons. These coupons can be used to buy products at a much lower cost from the same store.

What is the importance of reward points?

  • Better sales: There is only a small amount of reward points given with each buy. So to increase the reward points, customers will buy more items.
  • Better customer satisfaction: Through giving discounts and reward points, the customer gets more comfortable in buying.
  • Marketing strategy: Giving reward points is a way of marketing also. The customers who get rewards will become regular customers, and they will encourage others to buy.
  • More sales and revenue: The rewards and coupons will encourage more people to buy products, which will increase sales. Increased sales will result in increased revenue.
  • Creates brand advocates: The rewards and loyalty programs including referral advantages, will automatically generate brand advocates. It will further increase the product visibility in the market.
  • Joint business development: The businesses in the same area can use the same app to reward. It will help to increase the chance of customers buying from the same locality. Customers who look for multiple items will find such joint rewards programs helpful.
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Why is the rewards app better than other marketings?

The Internet has become a part of everyday human life. A study by NCBI shows that 88 per cent of Australians use a smartphone. The increase in smartphone usage helps in the marketing of products. The offers and rewards can be sent to notify through online means like a reward app.

Also, multiple business owners can jointly create offers to attract more customers. The conveying of offer details will be much easier by using an app. The app will help owners to find out about what the customers like more. Many such apps provide performance reports and visitor counters to improve sales strategies.

How are customers benefiting?

Rewards and discounts on buying will help people to feel that the product is value for money. The advantage of using reward points to avail discounts on future purchases will directly benefit the customers. Also, the freedom in choosing how to avail the reward points will be an added advantage for the customers. The reward apps help customers to find nearby shops with the best offers. Also, by signing up for referral programs, customers can get some economic advantages.

How are business owners benefiting?

Owning a business and running it without loss requires hard work. Especially in situations like pandemics, customers might not go out for a lot of shopping. So by using online means, owners can get more reach even in adverse conditions. Also, using a reward can help in avoiding traditional methods of advertising. The most important advantage of using the app is the owner will not need to update any offers. The app developers will carry out this updating.

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