6 Ways Technology affects the Franchise Industry

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Technology is ever-evolving and disruptive to markets so it is no doubt that quickly the systems and products we use today will be updated, upgraded and eventually they could even become obsolete. The introduction of the 4IR has meant the introduction of AI, Self-driving cars, 3D Printers and more have come into the market. The future of business will undoubtedly be greatly influenced by the technologies we haven’t dreamt of yet. Make sure you ask the experts before investing any substantial information in future. For now, here are some opportunities to look out for and utilise in your business.

1) Energy

In the UK Government has pledged to cut 20% of fuel emission by 2030, in their plan announced in October that they endeavour to incentivise businesses to make better choices in regards to their energy decisions. At the moment the majority of businesses are known for making ‘cheap’ or ‘bad’ energy choices by deciding not to use renewable energy as it isn’t known to be cost effective. New tech introduces new energy for your business, electric cars, recyclable products and solar panels have won over environmentally concerned consumers. Simply stating that the company hopes to achieve certain environmental changes and providing a tangible number is a corporate social responsibility statement has helped to make a difference. Brands are now pushing franchisees to get on board with the changes by adopting some better practices.

2) Automation

Automatically reply to business and customer enquires by building in a chatbot into your facebook page or website. Automate the buying process on your website by adapting to a customer’s interests as they browse your site. Adapt to a more efficient model that automatically recommends relevant products to relevant customers.

3) Mobile Solutions

Would it be easier to communicate with your customers via an application or email? Is there a need for it? Will it enable and encourage more sales, provide a direct marketing channel and create engagement with your customers?

4) Cloud Opportunities

Cloud allows for the storage of data online, meaning that data can be accessed with ease on multiple devices and isn’t stuck in one machine. The cloud allows for both franchisee and franchisor access to information and data that is relevant to both parties, smoothing out the connection and communication between both.

5) Customer segmentation

Analytics provide a wealth of data about consumer behaviors, allowing franchisees to segment potential customers onto user groups to target them even more specifically. This allows the opportunity for businesses to become more efficient in their approach to consumers and increase conversions.

6) Smart data

Increase the efficiency of your business by keeping an up to date indexing system of goods and services that are likely to go out of trend. Use this data to create deals in the slow sales seasons to push customers to make purchases based on their interests. Often businesses take this opportunity to do sell and prepare pre-sales instead of seeking financial support to cover the lower sales figures.

Businesses who fail to adapt to the changes in technology may find themselves trailing behind their competitors in future. Technology affects your business whether you partake in the change or not. Understanding that it can be used to advance your business in future could be key to your future success.