The Thursday Scoop

Top Small Business Trends for 2016

A new year always arrives with new challenges — and new opportunities.

Here are three of the five new, big trends that small businesses will face in the coming year and beyond from award-winning business and technology journalist, Christopher Null. 

1. EMV Liability and A Shifting Payments Landscape

In October 2015, liability for fraudulent purchases formally shifted from credit card issuers to retailers unless they adopted EMV technology, which is embodied by the tiny chip embedded in new credit cards. 

Note that EMV impacts everyone, so even if you’ve been using a mobile card reader like one from Square or GoPayment, you aren’t immune from the new rules. Upgrade mobile readers now (Square’s is here) to stay protected.

2. Minimum Wage Hikes and Other Labor Laws

More than 20 states have set higher minimum wages for 2016, and some regions have dramatically hiked the amount workers must be paid. 

The upshot: Watch for big moves toward automation, kiosk-based customer service, and other human-free systems across all business lines.

3. Same Day Delivery Entices Customers

In a world where music and movies are available for instantaneous download, consumers are becoming increasingly impatient with lengthy waits for physical products to be delivered, and Amazon’s popular Prime subscription delivery service has made consumers even more fanatical about getting stuff fast.

The next step is same-day delivery, which Amazon is also testing, along with a whole cadre of get-it-now instant gratification services.

 Click here to find out two more top small business trends for 2016!

 

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