Voice commerce is a tool that allows customers to use voice commands to search for products, get answers to questions, and complete transactions. Think Siri and Alexa, but for shopping functionalities. Voice command technology first came onto the scene in 2012 and has since become much more complex and exploded in use. While we are…
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What Is a Chargeback? Small Business Guide
A chargeback is a reversal of a payment card transaction initiated by a card issuer because of a dispute filed by the payer or customer. Chargebacks can have a significant impact on a small business’ revenue and sustainability but are necessary to ensure consumer protection. Some of the usual reasons for chargebacks include unauthorized transactions,…
History of IVR & Its Evolution Through the Years
Interactive voice response (IVR) is an automated business phone system that answers incoming calls and offers options and information via a menu. The history of IVR began in the 1930s with Bell Lab’s invention of the Voder machine. Since then, IVR technology has improved—from early systems using touch-tone keypads to advanced speech processing. IVR solutions…
Hiring Family Members: What You Need to Know
Hiring family members for your small business can be a strategic move or a potential pitfall. This comprehensive guide is designed to help you navigate the complexities that come with employing relatives. From understanding nepotism and its implications to exploring the pros and cons of family employment, we discuss various aspects that can impact your…
What is Alternative Minimum Tax (AMT) for Small Business Owners?
The alternative minimum tax (AMT) is a parallel tax system with fewer deductions but lower tax rates than the regular income tax system. It is a parallel tax system in the sense that taxpayers must calculate their tax liability under both the AMT system and the regular tax system and pay whichever liability is higher….
What Is Inventory Shrinkage? Calculator, Causes & Prevention
Inventory shrinkage is the difference between a product’s recorded stock count and the amount physically on hand. The difference between these two amounts is referred to as “shrink.” In a retail setting, it is also sometimes called retail shrink. Either way, both mean the same thing—you’re missing inventory you thought you had. You can use…
Internal vs External Recruitment: A Guide for Small Businesses
To find the best candidates for your company’s open roles, you should evaluate internal vs external recruitment. Internal recruiting is when you fill an open position from within your current bank of employees by promotion or transfer. External recruiting entails posting job ads to hire a candidate that does not currently work for your company….
What Is Sell-through Rate & How to Use It (+ Free Calculator)
Sell-through rate (STR) is a critical retail metric that tells you how well products are performing based on the amount of inventory sold compared to the amount of inventory received during a set period of time. Typically, retailers will measure sell-through rates weekly, monthly, quarterly, and yearly, comparing their real STRs to their targets. It…