(This column originally appeared in Forbes)
Here are five things in technology that happened this past week and how they affect your business. Did you miss them?
1- A New York restaurant became a viral sensation after one TikTok review.
One 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 due to all of the attraction that this video gave. Many places around the country have used this platform to their advantage as a marketing tool such as The Red Chickz — a restaurant in Los Angeles — that created a TikTok account and quickly gained followers. TikTok has become one of the best ways for restaurants to increase sales. (Source: Bon Appetit)
Why this is important for your business:
First of all, let me go on record to say that skirt steak is my favorite kind of steak (try marinating it in Italian dressing for 24 hours…yum!). More importantly is TikTok’s growing marketing power in the restaurant industry. Kind of makes sense because it’s a visual, video-driven platform that speaks well to an industry where sights and sounds make a big difference. If I was crazy enough to own a restaurant, I’d also be heavily into TikTok too.
2-Shopify is said to cut 10 percent of their employees.
The e-commerce company announced that they are going to lay off 1,000 workers. The CEO of the company released a statement saying that this is due to consumers resuming in-person shopping as a result of the COVID-19 pandemic coming to an end. This will likely affect Shopify’s stock since the company betted off of the fact that people were going to be affected by the pandemic for longer. (Source: Wall Street Journal)
Why this is important for your business:
The economic downturn is hitting the tech industry hard. Shopify was once one of the e-commerce darlings during the Covid era. But this news is indicative of a slowdown in the e-commerce business as well as the increased costs of capital caused by rising interest rates that are cutting funding for many young 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 to eliminate the wealth gap for Black business owners compared to the largely white and male dominated industry. Although economically black business owners are disproportionately affected, there have been more Black women who have become entrepreneurs in the last year than white men, according to a study by Harvard Business Review. (Source: Tech Crunch).
Why this is important for your business:
Guava could be a good resource for Black-owned 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 that is controlled by 5G.
A BMW plant in Germany has tested their new self-driving forklifts that are used by calculations done in the cloud and then 5G to control 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 control these vehicles. 5G allows for no more hard driving rather the system can be uploaded to the cloud. This new practice has enabled for the machines to be built and used faster. (Source: PYMNTS)
Why this is important for your business:
Many warehouses and factories are upgrading their internet connections to 5G for the better speed, performance and security. Maybe it’s time to for your business too?
5- Business profiles on Google can now set automated responses for common questions.
This feature allows business profiles to set automated responses to specific questions, sort of like a chatbot on a website. Google has released this feature so that it eliminates the need for employees to go through and send individual responses. You can also add links to these automated responses so that customers can know where to go for more information. To enable this feature, you can go to “my business” in the Google web browser, click customer then messages, then click menu and then Message settings, and then Manage frequently asked questions. (Source: Search Engine Journal)
Why this is important for your business:
I love this story so much I wrote about it for my Forbes CRM column too. Check it out to see how what Google is doing is offering a “free” type of CRM function particularly for small businesses.
