(Photo illustration by Drew Angerer/Getty Images)
Here are five technology things that happened in the past week and how they’re impacting your business. Did you miss them?
1 — A New York restaurant became a viral sensation after one TikTok review.
A TikTok user decided to make a video about Skirt Steak — a NYC restaurant that serves steak and unlimited fries — and now this place has become famous. The sales have reached exponential levels thanks to all the appeal this video gave. Many places in the country have used this platform to their advantage as a marketing tool such as: The Red Chickz — a restaurant in Los Angeles — who created a TikTok account and quickly gained followers. TikTok has become one of the best ways for restaurants to increase sales. (Source: enjoy your dinner)
Why this is important for your business:
First let me say that skirt steak is my favorite kind of steak (try marinating it in Italian dressing for 24 hours…yum!). More importantly, TikTok’s growing marketing power in the restaurant industry. Kind of makes sense, because it’s a visual, video-driven platform that speaks well for an industry where images and sounds make a big difference. If I were crazy enough to own a restaurant, I’d love TikTok too.
2-Shopify would lay off 10 percent of their employees.
The e-commerce company announced it will lay off 1,000 employees. The company’s CEO has released a statement saying that this is due to consumers resuming in-person shopping as a result of the end of the COVID-19 pandemic. This will likely affect Shopify’s inventory as the company bet that people would be affected by the pandemic for longer. (Source: Wall Street Journal)
Why this is important for your business:
The economic downturn has hit the tech industry hard. Shopify was once one of the darlings of ecommerce during the Covid era. But this news is indicative of a slowdown in the e-commerce business and of the higher cost of capital caused by rising interest rates that are reducing the financing of many fledgling tech companies.
3— Banking platform Guava has raised millions for black small business owners.
Banking and Networking Platform guava recently raised $2.4 million. The company’s focus is on closing the wealth gap for black entrepreneurs compared to the largely white and male-dominated industry. Although economically black entrepreneurs are disproportionately affected, more black women have become entrepreneurs in the past year than white men, according to a study by Harvard Business Review. (Source: Tech Crunch).
Why this is important for your business:
Guava can be a good source for black businesses looking for financing, or just a general banking relationship. If you’re one, it’s worth checking out.
4—BMW Group has announced a factory operated by 5G.
A BMW factory in Germany has been testing their new self-driving forklifts which are used by calculations in the cloud and then 5G to drive the vehicles. Ford is also experimenting with the use of 5G. AT&T has been a common partner in both car companies by using their 5G network to operate these vehicles. With 5G you no longer have to drive fast, but the system can be uploaded to the cloud. This new practice has allowed the machines to be built and used more quickly. (Source: PYMNT)
Why this is important for your business:
Many warehouses and factories are upgrading their internet connections to 5G for better speed, performance and security. Maybe it’s time for your business too?
5— Business profiles on Google can now set up automated answers to frequently asked questions.
This feature allows business profiles to set up automated answers to specific questions, such as a chatbot on a website. Google has released this feature so employees no longer have to go through and submit individual responses. You can also add links to these automated responses so customers know where to go for more information. To enable this feature, go to “my business” in the Google web browser, click on customer, then on messages, then on menu, then on Message settings, and then on Manage FAQs. (Source: Search Engine Journal)
Why this is important for your business:
I love this story so much that I also wrote about it for my toptecheasy.com CRM column. Check it out to see how Google is offering a “free” type of CRM feature, especially for small businesses.
