How in light of the current recession and ‘The Great Resignation’ — SMBs can improve their chances of retaining staff by leveraging eCommerce 3.0 technology, which will also allow their business to lower costs and allow them to re-allocate money to other areas of their business that need it.
This Great Resignation shows no signs of slowing down:
- Over 4 million people have left their jobs each month this year, resulting in over 71 million total resignations.
- Job turnover is 20% higher even in this new remote and hybrid working world
- 37 million people are expected to leave their jobs in 2022.
Reduced staff, coupled with inflation and the looming economic recession, which is prompting businesses to lay off more staff, has resulted in burnout of employees:
- Nearly 60% of millennials feel workplace burnout has increased since the Great Resignation.
- Globally, 83% report having to take on up to six new tasks outside of their job descriptions due to their coworkers resigning.
In order to compete as a David in a world of giant Goliath retailers such as Amazon, SMBs must utilize fully integrated e-Commerce 3.0 solutions to streamline their business processes, consolidate their marketing, support, and sales channels, save time, and address challenges such as:
- Order fulfillment
- Customer experience
- Quality website traffic and visitor conversion
“It’s about the simplicity. Many companies can do POS and multi-store and multi-currency … but who cares about that if you have to do it across 10 different systems”
StoreConnect is a prime example of this type of e-Commerce 3.0 solution, reducing costs and helping SMBs free up staff resources and focus on the customer. StoreConnect is unique in that it provides 15 tools in one system, allows SMBs to easily and seamlessly adjust to unexpected business growth, and scale from 3,000 orders per month to 35,000 orders over two days. Additionally, StoreConnect allows SMBs to run multiple stores from one system with various currencies, product mixes, shipping solutions, and more.
Breaking up data siloes and transitioning to eCommerce 3.0 digital solutions is now sought in other areas of business, not just online stores: According to a report from the Hackett Group:
HR technology spending will also rise more than 9% in 2022, compared to just a 0.7% increase in 2021.
Finding efficient software tailored to SMBs and their growth is crucial now, with global retail spend estimated to reach $6.3 trillion by 2024.
“e-Commerce companies are saving $50,000 to $250,000 in the first year of StoreConnect just from efficiencies of a single eCommerce 3.0 system alone.”
As the economic recession and culture of quitting present challenges to SMBs, they must adjust by utilizing eCommerce 3.0, and employing the right technological solutions to cut costs and reduce employee burnout.