Historically, new technology has always been slow to trickle down to the local business level. With Fortune 500s pouring millions of dollars into research teams and hi-tech developments aimed at deriving more revenue from consumers, smaller businesses have been left completely behind. The rapidly increasing technology gap between large corporations and small businesses has led to a few very disconcerting repercussions. Most importantly, it’s making it harder than ever for local businesses to stay competitive with their corporate counterparts. Additionally, this disparity has led to a troubling trend in the ways that many technology companies attempt to capitalize on the huge opportunity that the local space provides.
Our CEO, Victor Ho, has a featured article in RetailingToday.com discussing loyalty programs as a big trend for retailers in 2013!
The last few years have witnessed the emergence of ‘daily deals’ as the major marketing innovation for small to medium sized retailers. With the promise of reaching thousands of potential new customers, businesses have eagerly signed up with companies like Groupon and LivingSocial, offering deep discounts as a lure for new customers. As popular as these programs have become, there has been little discussion of whether they actually work. Do ‘daily deals’ genuinely help the retailers that use them? That is, are the large discounts worth the price? Are they generating new customers or merely providing established customers with giveaways? And finally, if retailers aren’t seeing long-term benefits from ‘daily deals,’ is there something else on the horizon that might actually produce the desired results?