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Tag: Business Solutions

  • How to Create an Effective SEO Strategy in 2023 | Entrepreneur

    How to Create an Effective SEO Strategy in 2023 | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In the context of search engine optimization (SEO), a content strategy refers to the whole process of organizing a website’s material by topic in order to maximize the likelihood of the website showing up in search results. It is the procedure that must be carried out in order to make the most of the chance to acquire organic traffic from search engines.

    That is why this guide is for you if you’re looking for ways to rank higher and dive deeper into the SEO sea.

    Related: 6 SEO Tips to Benefit Any Business

    What is an SEO strategy, and how beneficial could it be?

    The use of a technique known as search engine optimization (SEO), which entails the planning and carrying out of actions aimed at achieving that goal, can improve an organic search engine’s ranking. To put it another way, an SEO strategy is the plan of action that you carry out in order to increase the amount of organic traffic that you receive.

    As we mentioned above, an SEO strategy is a set of techniques and tactics aimed at improving a website’s visibility and ranking on search engine results pages (SERPs). Here are some benefits of implementing an SEO strategy:

    • Increased website traffic: One of the primary benefits of an SEO strategy is that it can help increase the amount of organic traffic to a website. By optimizing a website’s content and structure for search engines, it becomes more likely to appear higher up on SERPs, which can lead to more clicks and visits.

    • Better brand credibility and authority: When a website appears higher up on SERPs, it can give the impression of being a more authoritative and credible source of information. This can help build trust with potential customers and lead to increased brand recognition and awareness.

    • Cost-effective marketing: Compared to other forms of digital marketing, such as paid search or social media advertising, SEO can be a relatively cost-effective way to attract and convert website visitors. While there may be some upfront costs associated with SEO, such as hiring an SEO specialist or investing in SEO tools, the ongoing cost of maintaining and improving an SEO strategy is typically lower than other forms of marketing.

    • Long-term benefits: While SEO is not a quick fix and can take some time to show results, the benefits of a well-executed SEO strategy can be long-lasting. By consistently optimizing a website’s content and structure for search engines, it can continue to rank well on SERPs and attract organic traffic for months or even years to come.

    How to create an effective SEO strategy

    There are certain steps that will allow you to build or plan an effective SEO strategy for your business. If you execute these steps in the right way, you will have the best strategy for your business. Read below for a quick overview of how to create the best and most effective SEO strategy:

    Conduct thorough keyword research

    Keyword research is a fundamental step in any SEO strategy. It entails figuring out the terms and phrases that members of your target market use to look up information about your company or sector. By understanding the keywords that are relevant to your content, you can optimize your website and create targeted content that will attract organic traffic. There are various tools available, such as Google Keyword Planner and SEMrush, that can help you conduct thorough keyword research and identify high-volume, low-competition keywords to target. Remember to consider long-tail keywords, which are more specific and have less competition but can still drive valuable traffic to your website.

    Related: 5 Essential SEO Strategies For Entrepreneurs to Boost Their Traffic

    Optimize your website for mobile devices

    Websites must be mobile-friendly in today’s digital world. More people are using smartphones and tablets to access the internet quickly, which is very useful and time-saving. Mobile-friendly websites get more traffic. Start by making your website responsive for your target audience. Your website will automatically adapt its layout and content to multiple screen sizes and resolutions. Your website will work nicely on any device with a responsive design.

    Consider mobile website loading speeds. Mobile consumers are impatient when loading websites. Optimize pictures, and decrease HTTP requests for faster loading. A content delivery network (CDN) can reduce latency and load times by delivering your website’s content from servers near your users. Mobile optimization includes making your website’s navigation easy on smaller screens. Make sure your menus and links are finger-friendly. Want a pro tip? Avoid mobile-unfriendly pop-ups and interstitials. These two can be any user’s nightmare.

    Remember mobile SEO’s importance. Consider meta tags, headers and content for mobile searches. Additionally, consider mobile users’ potential search terms. Optimizing your website for mobile devices improves the user experience, mobile search results and mobile traffic. This increases engagement, conversions and digital marketing success.

    Build high-quality backlinks: This is where it gets tricky yet very effective

    Bear with me, will you? Backlinks are of great importance when it comes to fishing for the perfect SEO strategy in that vast sea.

    Backlinks are links from other websites that point to your website, and they are a major factor in determining your website’s authority and credibility in the eyes of search engines.

    To build high-quality backlinks, start by creating valuable and engaging content that other websites will want to link to. This could be in the form of blog posts, articles, infographics, videos or any other type of content that provides value to your target audience. When other websites find your content useful and relevant, they are more likely to link to it.

    Guest blogging is another method for increasing backlinks. Reach out to relevant industry websites, and propose a guest article. In your guest post, be sure to include a link back to your own site. This not only helps to build backlinks, but it also allows you to showcase your expertise and reach a new audience.

    You can also build backlinks by reaching out to influencers and industry experts in your niche. Ask them to share your content or collaborate on a piece of content together. When these influencers and experts share your content with their audience, it can lead to valuable backlinks and increased visibility for your website.

    Using the tips in this guide, you’ll see increased organic traffic and enhanced brand visibility — and you’ll also be able to provide a better user experience. To sum it up, by performing comprehensive keyword research, optimizing website structure, producing high-quality content, ensuring mobile optimization and building quality backlinks, you can create a highly effective SEO strategy in 2023.

    Related: 5 Simple SEO Strategies to Improve Your Rankings



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    Omar El Bahr
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  • How to Gain 10x Productivity By Utilizing These 2 Time-Saving Tools | Entrepreneur

    How to Gain 10x Productivity By Utilizing These 2 Time-Saving Tools | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Research shows developers focus less on learning and mastery and more on productivity five years into their careers. And low-code tools can help them accomplish that.

    According to IDC, low-code tools can increase productivity by 123%. Furthermore, companies that utilize low-code platforms can speed up their dev lifecycle for new applications and features by 62% and 72%, respectively.

    However, traditional low-code (and no-code) platforms introduce proprietary languages, requiring developers to learn a new language from scratch. This can take 6 to 12 months, depending on its complexity, desired level of proficiency and the developer’s prior experience.

    Related: I Left Google to Pursue No-Code — Here’s How It Changed My Perspective on Bringing Products to Life

    A StackOverflow survey recently found that over 60% of developers utilize JavaScript. This makes the case for more low-code platforms that empower JavaScript developers. Doing so could set the stage for a significant boost in their productivity and efficiency.

    The benefits of a low-code platform that incorporates JavaScript include the following:

    1. Reduced learning curve

    JavaScript eliminates the need for developers to learn new languages. Leveraging their existing knowledge of JavaScript and its framework constructs, these platforms offer a familiar environment, allowing developers to adapt quickly and spend time on more critical tasks.

    Considering that Forrester’s Total Economic Impact study revealed that low-code platforms increase developer efficiency by 62% over three years, just imagine the impact a JavaScript-centric platform could have.

    Related: Why Entrepreneurs Use No-Code To Launch MVPs

    2. Access to a larger talent pool

    As the world’s most popular programming language, JavaScript has a community of more than 17 million developers worldwide. A low-code platform designed for JavaScript can help businesses tap into a massive talent pool while streamlining recruitment efforts.

    Companies will not only improve their agility but can also significantly reduce their costs. An Edelman Assembly study confirms that 87% of CIOs and IT pros say low code cuts their costs. JavaScript-compatible platforms can help teams do more, even in difficult hiring markets. 45% of IT pros told Forrester they first adopted low-code platforms to compensate for staff shortages.

    3. The elimination of redundant work

    JavaScript streamlines the development process, eliminating repetitive tasks and improving overall efficiency. These actions save valuable time and accelerate the development process.

    UI components: Developers can assemble applications quickly using pre-built, customizable elements, saving time on front-end development.

    Application infrastructure: Developers can leverage pre-built, configurable application services such as authentication, role-based access controls, notifications and more to accelerate and improve development processes.

    Simplified backend integration: Built-in APIs and connectors allow developers to easily integrate applications with existing systems and databases, eliminating the need to write complex backend code from scratch.

    These features jibe with a survey conducted by TechRepublic that illuminates how developers plan to use low-code and no-code tools. 15% want to speed up development time, 14% want to automate data collection and reporting, and 17% want to automate workflows.

    Related: Automation Is Becoming a Business Imperative: Don’t Wait Until It’s Too Late

    4. Reduced errors with pre-packaged, fully integrated components

    Stable, reliable and secure components — whether UI or application infrastructure — let developers build applications confidently. By reducing errors and promoting code quality, developers can concentrate on their core tasks and drive innovation.

    5. Less maintenance

    Combining low-code tools and JavaScript reduces the code needed, resulting in easier maintenance. With fewer bugs, streamlined debugging and faster updates, maintenance costs decrease and development cycles become more efficient. This gain is critically important as a Harris Poll/Stripe survey found developers spend at least 42% of their time maintaining and debugging code.

    Related: 4 Reasons Low-Code Tools Will Never Replace Software Developers

    6. A focus on the development that matters most

    With no need for specialized skills, developers can refine their JavaScript expertise, produce higher-quality code and drive innovation — creating more value for their organizations. Low code eliminates unnecessary distractions, repetitive tasks and time spent on developing non-unique elements of a project.

    7. An entire ecosystem to leverage

    Developers can use abundant libraries and tools to rapidly build and enhance their applications, boost productivity and accelerate innovation by leveraging familiar technologies instead of proprietary solutions.

    Related: 5 Things Your Agency Must Know Before Establishing a Low-Code Practice

    8. Future-proofed applications

    Low-code platforms with JavaScript at their core ensure applications remain adaptable to future technological changes. JavaScript’s wide usage and continuous evolution make it a future-proof choice. Adopting a platform that embraces this language offers long-term viability and resilience as the underlying computing architecture is continuously enhanced and improving, giving developers the confidence their applications will remain relevant.

    9. Built-in security and compliance

    A JavaScript-centric low-code platform has built-in security and compliance features, enabling developers to build secure applications that meet industry standards and regulations. By saving time and effort, these platforms can offer peace of mind for both developers and organizations.

    By choosing a low-code platform compatible with the world’s 17-million-plus JavaScript developers, businesses can unlock a 10X productivity boost — and solve the problem of a global developer shortage.

    In addition, a JavaScript-based low-code platform fosters a strong sense of community and collaboration, enabling developers to learn from one another and share best practices. This collaborative environment improves code quality, accelerates problem-solving and provides a more enjoyable development experience.

    Ultimately, utilizing a low-code platform designed exclusively for JavaScript developers will empower them to be more productive and drive innovation rapidly. By adopting this approach, organizations can maximize their investment in their development teams, delivering cutting-edge applications and solutions that set them apart in the market.

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    Albert Santalo

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  • How Entrepreneurs Can Use Books to Attract High-Value Clients | Entrepreneur

    How Entrepreneurs Can Use Books to Attract High-Value Clients | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In a rapidly evolving business environment, competitive differentiation is no longer a luxury but a necessity. Entrepreneurs must continually innovate and leverage strategies that set them apart from the crowd. The task isn’t simple, but it’s indispensable. Among the arsenal of strategies that can be used to attract high-value clients and position oneself as a leader in the industry, authoring a book has emerged as a powerful tool. Yet, this technique remains underutilized, with many entrepreneurs not realizing the profound impact a book can have on their professional image and clientele.

    Establishing authority and dedication through authorship

    The process of writing and publishing a book is arduous, requiring intensive research, a deep understanding of the subject matter and the ability to articulate complex ideas clearly and engagingly. The rigor and diligence involved in this process inherently project the author’s authority on the subject, portraying them as experts in their field. This projection of expertise serves as a compelling magnet, drawing high-value clients seeking specialists, not generalists, to solve their challenges.

    Moreover, the commitment and dedication inherent in authoring a book serve as testimonials to the entrepreneur’s resilience and perseverance. These traits, highly sought after in the business world, resonate with high-value clients. When an entrepreneur takes the time and makes the effort to write a book, it demonstrates that they are willing to tackle significant challenges, follow through on their commitments and produce valuable results. This resilience cultivates trust and confidence in potential clients, making the author an attractive choice.

    Related: 4 Ways Writing a Book Accelerated My Professional Career

    Sharing unique insights and innovative solutions

    In addition to establishing authority, a book provides an unmatched platform for entrepreneurs to share their unique insights and innovative solutions. It allows them to delve deep into the industry’s challenges and present their groundbreaking approaches to solving them. This visible display of creativity and problem-solving aptitude attracts high-value clients looking for unique, cutting-edge solutions.

    Additionally, a book allows entrepreneurs to discuss and predict emerging trends in their field, thereby positioning themselves as forward-thinking and proactive leaders. By showcasing their foresight, they further appeal to high-value clients who value being on the cutting edge of their respective industries.

    Sharing personal experiences and narratives is another crucial aspect. Entrepreneurs humanize themselves and their brands by weaving their journeys, challenges and triumphs into the narrative. This authenticity and relatability create an emotional connection with potential clients, making the author and their services/products more appealing.

    Related: How Entrepreneurs Can Make Money Writing a Book

    Building credibility and fostering connections

    Publishing a book can significantly enhance an entrepreneur’s credibility. The author’s commitment to their field and ability to articulate and share their knowledge is spotlighted in a tangible form, contributing to their perceived credibility. When it comes to attracting high-value clients, credibility is a key factor; these clients are often looking for proven professionals with a track record of expertise.

    Furthermore, books can serve as powerful tools for building relationships. A book that offers tangible value in the form of actionable advice, valuable insights, or fresh perspectives can serve as a magnet for potential clients. By engaging readers and encouraging them to think differently, a book opens the door to further discussions, networking opportunities, and, ultimately, the establishment of meaningful connections with potential high-value clients.

    The long-term impacts of book publishing

    Unlike many other forms of content marketing, a book provides long-lasting benefits. Its impact extends far beyond its initial release, providing a long-term return on investment. The content of a book remains relevant for years, continuing to draw new readers and potential high-value clients long after its publication.

    A book is a timeless asset that keeps giving back. Its longevity means the benefits of publishing a book extend far into the future, unlike a blog post or social media update that might quickly fade from memory. The published book keeps the author’s name and expertise circulating, continually attracting potential high-value clients.

    In essence, a book is like a business card that doesn’t get discarded — it sits on bookshelves, gets shared among peers and remains available online, continuously making an impression. This continual client attraction is another compelling reason for entrepreneurs to consider writing a book.

    Conclusion

    In a business world where differentiation is the key to standing out from the crowd, a book can provide that unique edge. By establishing authority, showcasing unique insights, building credibility and fostering connections, a book becomes more than just a product; it’s a tool for personal branding and client attraction.

    The impact of publishing a book goes far beyond the immediate short-term benefits. Its influence continues long after the initial release, providing an enduring testimony to the author’s expertise and a persistent attraction for high-value clients. In a competitive business environment, entrepreneurs who leverage the power of a book can position themselves for greater success and a more robust professional presence.

    In closing, a book is more than just an aggregation of pages filled with words. For entrepreneurs, it’s a platform to demonstrate their expertise, share their unique perspective, connect with high-value clients, and differentiate themselves from the competition. With these long-term benefits, it’s clear that a book can be a potent tool in an entrepreneur’s arsenal for attracting high-value clients.

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    Vikrant Shaurya

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  • AI Can Be Racist, Sexist and Creepy. Here Are 5 Ways You Can Counter This In Your Enterprise. | Entrepreneur

    AI Can Be Racist, Sexist and Creepy. Here Are 5 Ways You Can Counter This In Your Enterprise. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    I started my career as a serial entrepreneur in disruptive technologies, raising tens of millions of dollars in venture capital, and navigating two successful exits. Later I became the chief technology architect for the nation’s capital, where it was my privilege to help local government agencies navigate transitioning to new disruptive technologies. Today I am the CEO of an antiracist boutique consulting firm where we help social equity enterprises liberate themselves from old, outdated, biased technologies and coach leaders on how to avoid reimplementing biased in their software, data and business processes.

    The biggest risk on the horizon for leaders today in regard to implementing biased, racist, sexist and heteronormative technology is artificial intelligence (AI).

    Today’s entrepreneurs and innovators are exploring ways to use to enhance efficiency, productivity and customer service, but is this technology truly an advancement or does it introduce new complications by amplifying existing cultural biases, like sexism and racism? 

    Soon, most — if not all — major enterprise platforms will come with built-in AI. Meanwhile, employees will be carrying around AI on their phones by the end of the year. AI is already affecting workplace operations, but marginalized groups, people of color, LGBTQIA+, neurodivergent folx, and disabled people have been ringing alarms about how AI amplifies biased content and spreads disinformation and distrust.

    To understand these impacts, we will review five ways AI can deepen racial bias and social inequalities in your enterprise. Without a comprehensive and socially informed approach to AI in your organization, this technology will feed institutional biases, exacerbate social inequalities, and do more harm to your company and clients. Therefore, we will explore practical solutions for addressing these issues, such as developing better AI training data, ensuring transparency of the model output and promoting ethical design. 

    Related: These Entrepreneurs Are Taking on Bias in Artificial Intelligence

    Risk #1: Racist and biased AI hiring software

    Enterprises rely on AI software to screen and hire candidates, but the software is inevitably as biased as the people in human resources (HR) whose data was used to train the algorithms. There are no standards or regulations for developing AI hiring algorithms. Software developers focus on creating AI that imitates people. As a result, AI faithfully learns all the biases of people used to train it across all data sets.

    Reasonable people would not hire an HR executive who (consciously or unconsciously) screens out people whose names sound diverse, right? Well, by relying on datasets that contain biased information, such as past hiring decisions and/or criminal records, AI inserts all these biases into the decision-making process. This bias is particularly damaging to marginalized populations, who are more likely to be passed over for employment opportunities due to markers of race, gender, sexual orientation, disability status, etc.

    How to address it:

    • Keep socially conscious human beings involved with the screening and selection process. Empower them to question, interrogate and challenge AI-based decisions.
    • Train your employees that AI is neither neutral nor intelligent. It is a tool — not a colleague.
    • Ask potential vendors whether their screening software has undergone AI equity auditing. Let your vendor partners know this important requirement will affect your buying decisions.
    • Load test resumes that are identical except for some key altered equity markers. Are identical resumes in Black zip codes rated lower than those in white majority zip codes? Report these biases as bugs and share your findings with the world via Twitter.
    • Insist that vendor partners demonstrate that the AI training data are representative of diverse populations and perspectives.
    • Use the AI itself to push back against the bias. Most solutions will soon have a chat interface. Ask the AI to identify qualified marginalized candidates (e.g., Black, female, and/or queer) and then add them to the interview list.

    Related: How Racism is Perpetuated within Social Media and Artificial Intelligence

    Risk #2: Developing racist, biased and harmful AI software

    ChatGPT 4 has made it ridiculously easy for information technology (IT) departments to incorporate AI into existing software. Imagine the lawsuit when your chatbot convinces your customers to harm themselves. (Yes, an AI chatbot has already caused at least one suicide.)

    How to address it:

    • Your chief information officer (CIO) and risk management team should develop some common-sense policies and procedures around when, where, how, and who decides what AI resources can be deployed now. Get ahead of this.
    • If developing your own AI-driven software, stay away from public internet-trained models. Large data models that incorporate everything published on the internet are riddled with bias and harmful learning.
    • Use AI technologies trained only on bounded, well-understood datasets.
    • Strive for algorithmic transparency. Invest in model documentation to understand the basis for AI-driven decisions.
    • Do not let your people automate or accelerate processes known to be biased against marginalized groups. For example, automated facial recognition technology is less accurate in identifying people of color than white counterparts.
    • Seek external review from Black and Brown experts on diversity and inclusion as part of the AI development process. Pay them well and listen to them.

    Risk #3: Biased AI abuses customers

    AI-powered systems can lead to unintended consequences that further marginalize vulnerable groups. For example, AI-driven chatbots providing customer service frequently harm marginalized people in how they respond to inquiries.  AI-powered systems also manipulate and exploit vulnerable populations, such as facial recognition technology targeting people of color with predatory advertising and pricing schemes.

    How to address it:

    • Do not deploy solutions that harm marginalized people. Stand up for what is right and educate yourself to avoid hurting people.
    • Build models responsive to all users. Use language appropriate for the context in which they are deployed.
    • Do not remove the human element from customer interactions. Humans trained in cultural sensitivity should oversee AI, not the other way around.
    • Hire Black or Brown diversity and technology consultants to help clarify how AI is treating your customers. Listen to them and pay them well.

    Risk #4: Perpetuating structural racism when AI makes financial decisions

    AI-powered banking and underwriting systems tend to replicate digital redlining. For example, automated loan underwriting algorithms are less likely to approve loans for applicants from marginalized backgrounds or Black or Brown neighborhoods, even when they earn the same salary as approved applicants.

    How to address it:

    • Remove bias-inducing demographic variables from decision-making processes and regularly evaluate algorithms for bias.
    • Seek external reviews from experts on diversity and inclusion that focus on identifying potential biases and developing strategies to mitigate them. 
    • Use mapping software to draw visualizations of AI recommendations and how they compare with marginalized peoples’ demographic data. Remain curious and vigilant about whether AI is replicating structural racism.
    • Use AI to push back by requesting that it find loan applications with lower scores due to bias. Make better loans to Black and Brown folks.

    Related: What Is AI, Anyway? Know Your Stuff With This Go-To Guide.

    Risk #5: Using health system AI on populations it is not trained for

    A pediatric health center serving poor disabled children in a major city was at risk of being displaced by a large national health system that convinced the regulator that its Big Data AI engine provided cheaper, better care than human care managers. However, the AI was trained on data from Medicare (mainly white, middle-class, rural and suburban, elderly adults). Making this AI — which is trained to advise on care for elderly people — responsible for medication recommendations for disabled children could have produced fatal outcomes.

    How to address it:

    • Always look at the data used to train AI. Is it appropriate for your population? If not, do not use the AI.

    Conclusion

    Many people in the AI industry are shouting that AI products will cause the end of the world. Scare-mongering leads to headlines, which lead to attention and, ultimately, wealth creation. It also distracts people from the harm AI is already causing to your marginalized customers and employees.

    Do not be fooled by the apocalyptic doomsayers. By taking reasonable, concrete steps, you can ensure that their AI-powered systems are not contributing to existing social inequalities or exploiting vulnerable populations. We must quickly master harm reduction for people already dealing with more than their fair share of oppression.

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    Jamey Harvey

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  • Score Prime Day-Like Savings on This Bundle of Microsoft Must-Haves | Entrepreneur

    Score Prime Day-Like Savings on This Bundle of Microsoft Must-Haves | Entrepreneur

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    Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners.

    If you’re working from home, like 17.9% of Americans were in 2021, according to the U.S. Census Bureau, you need a good working computer. If you’re in the market for a new laptop or desktop device but want to avoid a sky-high price tag, choosing a refurbished model is a great way to go.

    Refurbished computers offer affordable prices and the perk of preventing e-waste, but there’s one downside — they sometimes need a little update. That’s where the All-in-One Microsoft Office Pro 2021 for Windows and Windows 11 Pro Bundle comes in, offering the latest operating system and a license to the Microsoft Office staples for one low price — just $49.99 during our answer to Prime Day with no coupon code needed.

    Every time you purchase a new device, whether refurbished or not, you will need a new license for the Microsoft Office staples. And there’s a reason this fleet of apps has remained relevant since the years of chunky tower computers in the ’90s: they help you get things done.

    With this bundle, you’ll receive a lifetime license to Microsoft Office Pro Plus — including Word, Excel, PowerPoint, Outlook, Teams, OneNote, Publisher, and Access — sent right to your email with instant delivery and download.

    Once you have your favorite apps up and running, you will need to ensure you’re running on the latest operating system. This bundle includes a license to Windows 11 Pro, which can give your device a new lease on life. This system offers a new interface, biometrics login, remote desktop access from anywhere, and a more innovative screen space. There’s also a touchscreen option that lets you work sans mouse or keyboard and other features.

    Make your workday more seamless with the exclusive All-in-One Microsoft Office Pro 2021 Lifetime License for Windows and Windows 11 Pro Bundle, on sale during our answer to Prime Day for just $49.99 (reg. $418).

    Prices subject to change.

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    Entrepreneur Store

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  • 8 AI Trends and Predictions for the Next Decade | Entrepreneur

    8 AI Trends and Predictions for the Next Decade | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    As a technology enthusiast and business leader, I have been keenly observing the rapid growth and adoption of ChatGPT over the past few months. Keeping aside the debate around various moral dilemmas associated with artificial intelligence (AI) tools such as ChatGPT, all I can say at this point is that they are going to transform industries and revolutionize the way we live and work. At the risk of sounding a tad presumptuous, I believe AI is not going to replace humans — just like the internet never took over the human world despite so many people raising the alarm that it would.

    So, instead of feeling all doom and gloom, the optimist in me is looking ahead to the next 10 years to understand what it is going to be like in a place we have never been before. It is essential to identify the emerging trends that will shape the future of AI. From advancements in machine learning and robotics to the ethical implications of AI, I would like to delve deep into the exciting possibilities and potential challenges that lie ahead.

    Related: The 3 Biggest Artificial Intelligence (AI) Trends in 2023

    1. Reinforcement learning and self-learning systems

    Reinforcement learning, a branch of machine learning, holds great promise for the future of AI. It involves training AI systems to learn through trial and error and get rewarded for doing something well. As algorithms become more sophisticated, we can expect AI systems to develop the ability to not only learn but get exponentially better at learning and improving without explicit human intervention, leading to significant advancements in autonomous decision-making and problem-solving.

    AI is also going to greatly help people who want to self-learn using the latest technology aids available to them. Going back to my earlier observation about ChatGPT, this AI model is capable of generating ideas and answering simple to complex questions. However, it requires precise prompts and clear instructions to perform optimally. When it comes to honing self-learning skills, it becomes essential for individuals to first develop the ability to provide such prompts and instructions. When done right, there are endless possibilities to garner knowledge by training the brain on how to distill problems into their essence and think with clarity in order to find the best solutions.

    2. AI in healthcare

    The healthcare sector is likely to benefit a lot from advancements in AI in the coming years. Predictive analytics, machine learning algorithms and computer vision can help diagnose diseases, personalize treatment plans and improve patient outcomes. AI-powered chatbots and virtual assistants can boost patient engagement and expedite administrative processes. I am hopeful that the integration of AI in healthcare will lead to more accurate diagnoses, cost savings and improved access to quality care.

    3. Autonomous vehicles

    The autonomous vehicle industry has already made significant progress, and the next decade will likely witness their widespread adoption. AI technologies such as computer vision, deep learning and sensor fusion will continue to improve the safety and efficiency of self-driving cars.

    4. AI and cybersecurity

    Technology is a double-edged sword, especially when it comes to dealing with bad actors. AI-driven cybersecurity systems are adept at finding and eliminating cyber threats by analyzing large volumes of data and detecting anomalies. In addition, these systems can provide a faster response time to minimize any potential damage caused by a breach. However, with similar technology being used by both defenders and attackers, safeguarding the AI systems themselves might turn out to be a major concern.

    Related: The Future Founder’s Guide to Artificial Intelligence

    5. AI and employment

    The impact of AI on the employment sector appears to be a fiercely debated topic with no clear consensus. According to a recent Pew Research Center survey, 47% of people think AI would perform better than humans at assessing job applications. However, a staggering 71% of people are against using AI to make final hiring decisions. While 62% think that AI will have a significant impact on the workforce over the next two decades, only 28% are concerned that they might be personally affected.

    While AI might take over some jobs, it is also expected to create new job opportunities. Many current AI tools, including ChatGPT, cannot be fully relied on for context or accuracy of information; there must be some human intervention to ensure correctness. For example, when a company decides to reduce the number of writers in favor of ChatGPT, it will also have to hire editors who can carefully examine the AI-generated content to make sure it makes sense.

    6. Climate modeling and prediction

    AI can enhance climate modeling and prediction by analyzing vast amounts of climate data and identifying patterns and trends. Machine learning algorithms can improve the accuracy and granularity of climate models, helping us understand the complex interactions within the Earth’s systems. This knowledge enables better forecasting of natural disasters, extreme weather events, sea-level rise and long-term climate trends. As we look ahead, AI can enable policymakers and communities to make informed decisions and develop effective climate action plans.

    7. Energy optimization and efficiency

    AI can optimize energy consumption and enhance the efficiency of renewable energy systems. Machine learning algorithms analyze energy usage patterns, weather data and grid information to improve energy distribution and storage. AI-powered smart grids balance supply and demand, reducing transmission losses and seamlessly integrating renewable energy sources. This maximizes clean energy utilization, reduces greenhouse gas emissions and lessens our dependence on fossil fuels.

    8. Smart resource management

    AI can revolutionize resource management by optimizing resource allocation, minimizing waste and improving sustainability. For example, in water management, AI algorithms can analyze data from sensors and satellite imagery to predict water scarcity, optimize irrigation schedules and identify leakages. AI-powered systems can also optimize waste management, recycling and circular economy practices, leading to reduced resource consumption and a more sustainable use of materials.

    Related: AI Isn’t Evil — But Entrepreneurs Need to Keep Ethics in Mind As They Implement It

    Ethical considerations

    As AI becomes more integrated into our lives, prioritizing ethical considerations becomes paramount. Privacy, bias, fairness and accountability are key challenges that demand attention. Achieving a balance between innovation and responsible AI practices necessitates collaboration among industry leaders, policymakers and researchers. Together, we must establish frameworks and guidelines to protect human rights and promote social well-being.

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    Nish Parikh

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  • How Generative AI Can Help Your Company Build Better Software | Entrepreneur

    How Generative AI Can Help Your Company Build Better Software | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    One of the challenges of building software systems and algorithms is that oftentimes you don’t have the real-world data you need to actually test before you go into production or before customers start using it. It’s all too common to design a product interface or algorithm on paper, only to discover that once put into production with real data, the look of the output isn’t what you expected. GPTs like OpenAI’s GPT-4 and Anthropic’s Claude can be a game changer in these instances.

    We ran into this issue at Nomad Data while building a new product, Data Relationship Manager, which is similar to a CRM for data. The product helps firms keep track of their data vendors, datasets, purchases, interactions, meetings, tests and more. After we had a working version of the application, we realized it was a challenge to visualize what the screens would actually look like in a real-world setting. We had no actual user data, and most screens sat empty. This was a challenge from a UI validation standpoint and also made it a challenge to demo the product. We pondered where we could get a meaningful amount of test data when we realized that generative AI was the obvious solution.

    Generative AI allowed us to do something that hadn’t been previously possible — generate all the usage data we needed. New generative AI models do an incredible job with text. The key is to give them the context about what you need created.

    Nomad’s product is used by a variety of different user types across business functions. They all perform specific activities. We needed to generate data to simulate a multitude of user types using our product to get their jobs done. These activities range in time and need to happen in a logical order. We accomplished this in a few steps.

    Related: I Got a First Look at OpenAI’s GPT-4. Here’s How It’s Going to Revolutionize Industries Worldwide — Even More Than ChatGPT.

    Step 1: We needed to give the GPT models a general introduction to what we were trying to accomplish

    You are a system that is designed to generate useful testing data for a Customer Relationship Management (CRM) product. Here are the steps:

    First, you will make up a fictitious management consulting firm with a need for data to use on client projects ranging from market sizing to competitive analysis to pricing studies. Make up a very specific storyline of what specific data they are looking for and why across a number of projects.

    Second, make up 10 users that work in this company. Assign random job roles and titles based on the definitions below.

    Step 2: We needed to explain to GPT what the different user types spend their time doing so it could construct a realistic set of events

    Here is an example of one such user type we teach it about in the prompt:

    Data Sourcer: The employee who searches for data after receiving a request from a consultant.

    Role: A data sourcer specializes in finding and gathering relevant data based on what consultants ask them for in response to a consulting project. They search for data vendors, initiate communication with them, ensure data quality and accuracy meet the project requirements, coordinate with the consultant and then ultimately pass the vendor off to procurement if the consultant agrees to purchase. They log all early engagements with a data vendor such as that they filled out a contact form, exchanged an email, had a meeting, received test data, ran a data test or initiated a purchase discussion with their internal procurement people.

    Job Titles: Data Sourcer, Data Researcher, Data Acquisition Specialist

    We ultimately taught it about five different roles but could have just as easily done this for dozens.

    Related: Why Entrepreneurs Should Embrace Generative AI

    Step 3: We need to explain what we need the model to do with this information

    This company is logging their activities around data vendors that they work and evaluate into our CRM to keep track of everything that has happened. Any work they do with the data or data vendor is logged so that their colleagues are aware of what is happening surrounding a data vendor and its products.

    Create a set of activities between two years ago and today for each, to tell a story/dialogue of how these users communicate and work with the data from specific vendors. Create activities for between five and 10 people for each data vendor. Each user is to create three to five activities for each data vendor they are working with.

    Make sure there are activities that mention experiences actually using the data. How well did it work? Was there missing data? Was it a problem?

    The output should be in a CSV format. Each row should be in the format:

    Date (mm/dd/YYYY), User Full Name, Data Vendor Name, Data Vendor ID, Activity Text

    Examples:

    9/10/2021, Sarah Chang, AI Global Insights, Sent an introductory email to AI Global Insights expressing the need for AI market data.

    9/15/2021, Lisa Martin, SSC, Discussed SSC’s requirements with Sarah Chang and shared a high-level overview of AI Global Insights’ data capabilities.

    9/16/2021, Michael Johnson, TechIntel, Requested a subset of AI industry data from TechIntel for preliminary analysis.

    Step 4: Test, tweak and test more

    After we ran this, we noticed areas where we needed to be more specific. Within less than an hour, GPT-4 was producing highly realistic test data:

    “06/24/2021,” “Emma Smith,” “AgriDataCorp,” “Reached out to AgriDataCorp for initial discussion on South American organic farming data needs.”

    “06/28/2021,” “John Davis,” “AgriDataCorp,” “Received AgriDataCorp’s data product catalogue. Initiated discussions on cost and licensing agreement.”

    “06/30/2021,” “Alice Williams,” “AgriDataCorp,” “Received initial data sample from AgriDataCorp. Started cleaning and integration with our system.”

    We were quickly able to generate an endless amount of test data —something that would have been either incredibly expensive or time-consuming only a few months ago.

    Whether it’s producing better products or algorithms, using GPT-powered models to generate test and demo data is a must. In seconds, you can breathe life into an empty product demo. You can just as easily see what your products will look like in the hands of real users and companies.

    Related: How AI Will Transform Software Development

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    Brad Schneider

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  • Ahead of Prime Day, Get a Microsoft Office License and Training on Each of the Apps for Only $29.97 | Entrepreneur

    Ahead of Prime Day, Get a Microsoft Office License and Training on Each of the Apps for Only $29.97 | Entrepreneur

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    Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners.

    While new apps are created daily (per Statista, there were 2.2 million apps available on the App Store), sometimes, you need to call in the classics to get things done. This is especially true when tackling work tasks, which is where the staples from Microsoft Office always come in clutch.

    From helping you draft important documents to create your perfect budgeting spreadsheet, the go-tos from Microsoft have helped us all better handle our to-do lists for decades. The only problem? You likely need a new license to be able to use them.

    Right now, during Deal Days (our answer to Prime Day), you can secure a great deal on the Premium Microsoft Office Training Freebie Bundle and a Lifetime License to MS Office Professional for Windows 2021 and snag it all for $29.97, with no coupon code required. But you’ll have to act fast — this deal only runs through July 14, and you’ll only get it here.

    Have a PC in desperate need of a fleet of Microsoft apps? Then you’ll really appreciate this lifetime license for MS Office Professional for Windows 2021. It comes with all the favorites you know and love — from old standbys like Word and Excel to newer beloved apps like Teams and OneNote.

    And if you want to brush up on your Office skills, it also comes with training courses for all eight apps. Feeling a little rusty with Excel? Chris Dutton teaches Microsoft Excel: Data Analysis with Pivot Tables, which helps you develop a 100% comprehensive understanding of Pivot Tables and Pivot Charts.

    It’s worth noting that Microsoft Office 2021 licenses require that customers update their OS to Windows 10, 11. And Microsoft Office is not Microsoft 365. Microsoft 365 requires ongoing monthly payments, while Office does not.

    The Premium Microsoft Office Training Bundle and a Lifetime License of MS Office Professional for Windows 2021 set is exclusively available here for $29.97 (reg. $2,949) through July 14 at 11:59 p.m. PT with no coupon code required.

    Prices subject to change.

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    Entrepreneur Store

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  • What to Know Before Partnering With a Software Solutions Provider | Entrepreneur

    What to Know Before Partnering With a Software Solutions Provider | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    A timeless quote from a well-known literary work captures the essence of how businesses strive to navigate through uncertain times. It says:

    “… we must run as fast as we can, just to stay in place. And if you wish to go anywhere, you must run twice as fast as that.”

    While companies reduce IT departments and seek ways to improve budget allocation, the work scope is decreasing along with the need for expertise in software engineering. This has made partnerships with external software development companies so popular these days as it helps to fill in such gaps. These numbers speak for themselves:

    In this article, I’m sharing three of the most effective approaches to partnering with software solutions providers and explaining the cases where each of them works the best for ROI optimization.

    Related: 5 Things to Consider When You’re Hiring A Software Outsourcing Partner

    Dedicated development team

    A dedicated development team works on a long-term basis intending to include all client’s requirements in software solutions and align them with the company’s strategic objectives. It consists of experts needed to create a project from scratch. In this case, the client transfers responsibility for administrative, HR, tax and social benefits matters to its tech partner.

    Let’s imagine you plan to upgrade IT infrastructure in the company. Your goal is to make it smooth and minimize any problems or disruptions that might occur. It’ll take time to find a talented IT Infrastructure architect, and there is no guarantee that the person found is right for the project. On the other hand, partnering with a dedicated development team with such expertise will ensure faster change implementation.

    To develop the Experimentation Platform and help drivers make wise parking and traffic-related decisions, Ford involved experts from IBM. Leveraging IBM Analytics delivered through the IBM Cloud, this partnership facilitated the continuous flow of data. As a result, Ford introduced a groundbreaking tech solution that also finds application in other companies’ projects.

    The areas in which partnering with a dedicated development team brings the most business outcomes are:

    Team augmentation

    When a business chooses to collaborate with a software development company on the team augmentation model, this means enhancing the existing group of engineers with new professionals. The terms of this cooperative agreement specify that the involved professionals are required to allocate their efforts to specific tasks, and compensation is based on the number of hours worked.

    Here’s how team augmentation works within the company: Suppose a growing ecommerce business wants to develop a mobile application with a specific 3D functionality. The in-house team is already working on this project, but they lack experience in creating some 3D features. Rather than waiting for the team to acquire these skills, the company finds a software engineer from a third-party vendor.

    Cases when the tech team augmentation for businesses works the best:

    Related: 4 Mistakes Not to Make When Choosing A Software Development Company

    Managed services

    Managed services is the practice of transferring responsibility for specific functions within the software development department to third-party service providers. Namely, they monitor, maintain and optimize the systems, acting as a trusted advisor.

    Imagine you plan to create or restore data backup. This requires a group of cybersecurity specialists and back-end engineers who will regularly maintain the company’s digital file storage and look for solutions to facilitate search and collaboration. By partnering with a managed services provider and getting access to experts, businesses minimize the risks of file damage, loss or unauthorized access.

    Managed services is a great option when a business needs services like:

    • Hosting/cloud operations

    • Infrastructure support

    • Cybersecurity services

    In the face of skill shortages and budget constraints, partnering with external software solution providers is a workable way for businesses. Although dedicated development team, team augmentation and managed services offer companies exclusive expertise and economically justified conditions of cooperation, they fit different business goals.

    The outlined specifics and differences between these partnership models will help you to choose the right approach to address skills gaps and optimize the whole operations’ efficiency.

    Related: Why Outsourcing Software Development Services Is Gaining Traction With Non-Technical Leaders

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    Slava Podmurnyi

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  • How to Showcase the Value of Your Patents | Entrepreneur

    How to Showcase the Value of Your Patents | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Determining the market potential of patents can be a complex task for entrepreneurs. The value of a patent doesn’t necessarily equal the investment, and it may indeed be significantly higher or lower.

    The worth of a patent, or a collection of patents, depends on numerous factors. The operational context of the patent in question largely influences its potential value.

    A patent’s value can vary greatly, particularly when considering its role. It may serve as a tool to attract investment or act as a strategic asset during a lawsuit.

    Understanding your patent’s potential is a crucial endeavor. It forms a cornerstone of your business’s growth strategy and protective measures.

    Related: Top 5 Intellectual-Property Challenges Businesses Face

    The value of a patent in a business transaction

    It’s easier to realize value from a patent when it’s part of the sale of a thriving business. In this case, it’s actively generating income and acts as a hedge against competition. An investor will see it as protection for their investment.

    Also, when a business is marketed with a patent or patent portfolio, it serves as persuasive evidence to the buyer that the patent office has acknowledged its uniqueness. This is why patents or patent portfolios constitute a significant aspect of negotiations when companies are sold, merged or divested. Issued patents are a seal of approval that the business has technology that is differentiated.

    In fact, given two companies with similar characteristics, VCs and investors will prefer to purchase a company with a patent portfolio protecting their products or unique production processes. Additionally, a recent study in the Journal of Business and Venturing shows that companies with a patent portfolio get a larger valuation than those without during VC funding rounds.

    Why?

    A company without a patent is vulnerable to licensing demand or even lawsuits.

    Admittedly, the company may have never been sued before the acquisition because they’re too small to pay substantial settlements. However, they become an attractive target for patent infringement lawsuits once they’re purchased by a larger corporation with deep pockets or otherwise well-funded. Going public can also attract unwanted patent assertions or threats.

    So, a patent that’s part of a successful business and a hedge against competition is easier to value. Protection of the business and the attraction of investment proves its value.

    Related: Significance of Patents For Various Ventures

    When the patent stands alone

    Consider a scenario where you have a patent that is not linked with any business, possibly because you’re in the initial stages of your entrepreneurial journey or the industry pivoted.

    Proving the value of a patent that hasn’t been utilized or generated any industry attention can be challenging. In such situations, the patent often appears as a distressed asset, making its value speculative.

    In such situations, you’re required to employ creative strategies to demonstrate the patent’s value through unconventional methods. They include:

    Demonstrate infringement:

    It attracts interest if you demonstrate the widespread use of your patents in the industry. Significant potential damages could be at stake. Non-practicing entities who enforce patents for business may consider acquisition under these circumstances. Check out the top 10 patent acquirers paying big in 2023.

    The first step is to conduct research to find others doing similar things. Then create claim charts and other supporting research to demonstrate patent infringement within the industry.

    Initiate your research by leveraging the capabilities of user-friendly, AI-powered patent search tools. Should you spot potential, it could be beneficial to engage a research firm for the identification of possible patent infringers who can map the patent claims to particular products.

    Identify court cases involving the patent:

    There may be instances where someone tried to challenge your patent in court, but it was confirmed to be valid. Maybe the court further ruled that they infringed on the patent. Or there may be a settlement or licensing by others. This proves that your patent is indeed valuable.

    You can then evaluate the market and look at other people who have filed patents, successfully licensed patents or are successfully selling products in that area. It becomes easier to calculate potential damages and for people to understand the risks they might face where there is third-party affirmation.

    However, it’s quite rare to use this method to prove the value of your patent. Furthermore, winning the first litigation doesn’t assure subsequent ones could be lost.

    Turn distress into an opportunity:

    Another approach is to identify competitors facing off against each other in the marketplace or the courtroom. For insights into potential lawsuits, consider following blog posts from reputable IP research firms. Alternatively, establish a Google alert to stay updated on patent infringement news.

    If one of those competitors happens to be infringing upon the patents you are selling, you have the opportunity to strategically approach the other competitor and offer them an additional powerful weapon to strengthen their battle arsenal.

    Related: What Good Is a Patent if You Can’t Enforce It?

    Uncovering the market potential of your patent portfolio, whether linked with a successful business or standalone, requires careful strategy. The goal is to effectively demonstrate the worth of your patent rights, either by emphasizing its protective power for a business, proving its value through legal victories or identifying infringers.

    Although determining your patent’s potential value is complex, it’s worthwhile. Your patent is more than a paper tiger — it can be a strategic asset driving business success or providing a solid return on innovation investments.

    Feel free to get in touch with further queries on this topic. Until then, best of luck in your patent valuation journey!

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    Thomas Franklin

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  • How to Stop Online Marketplaces From Robbing Your Brand | Entrepreneur

    How to Stop Online Marketplaces From Robbing Your Brand | Entrepreneur

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    Marketplaces have become extremely influential in ecommerce over the past three years. Major market players such as Amazon, Alibaba and JD attract millions of users, facilitating massive transactions across a wide range of product categories.

    They also generate a wealth of data on consumer behavior, preferences and trends. This strong market position gives them an advantage and the ability to charge unreasonably high commissions, basically robbing brands.

    The rise of marketplaces

    The journey of marketplaces goes back to the early days of the Internet when platforms such as eBay and Amazon pioneered the concept of online commerce. Founded in 1994 as an online bookstore, Amazon has evolved into a comprehensive marketplace offering a wide range of goods. eBay, launched a year later, popularized the concept of consumer-to-consumer online auctions. China’s JD.com and Alibaba also burst onto the market in the late 20th century.

    With the growth of ecommerce, niche and vertical platforms began to flourish. They focused on specific industries or product categories. A prime example is Etsy, a marketplace for handmade and vintage goods founded in 2005. And as technology has evolved, so have the capabilities of marketplaces. The introduction of secure payment systems, improved search algorithms and user-friendly interfaces have provided a new level of convenience, trust, and efficiency in online shopping.

    However, it wasn’t until after the pandemic that marketplaces took off. The year 2020 was a stellar time for them and e-commerce in general. Online platforms have become critical for brands to reach a broader customer base. In 2021, a whopping 42% of all online purchases were made through marketplaces. The convenience of shopping from home, the ability to compare prices and read customer reviews, and the seamless transaction process for customers have contributed to the rapid growth of online platforms. And in 2022, almost two-thirds of consumers said they were happy to be able to order everything they needed through one merchant.

    By 2027, third-party marketplaces will become the world’s largest and fastest-growing retail channel, accounting for nearly two-thirds of online sales. Amazon, Alibaba, Pinduoduo and JD.com are expected to generate $4.3 trillion in global sales, up from $2.5 trillion today. Experts say that the most successful retailers, both now and in the future, will operate third-party marketplaces, and consumer brands must align with them to flourish in this new retail environment.

    Although the concept of marketplaces itself is beneficial, including for brands, the strong position of online platforms has allowed them to dictate their terms to sellers and vendors and practically rob them.

    Related: 7 Revenue-Killing Mistakes for Ecommerce Retailers

    How online platforms make money on brands

    In the early days of marketplaces, when they needed to attract new suppliers to basically unknown platforms, contract conditions for vendors and commissions for sellers were usually based on a small percentage of the transaction amount. As marketplaces expanded and diversified, they introduced tiered commission structures to incentivize sellers with high sales volume. Those who achieved such volumes or met specific performance criteria could qualify for lower commissions, which offered a potential savings advantage.

    With time, marketplaces expanded their revenue streams by introducing additional services. They included premium placement in search results, featured listings, advertising options, and other services such as fulfillment, delivery, and marketing support. With these, marketplaces generate additional revenue while allowing merchants to increase their visibility. The problem is that though online platforms aim to increase the effectiveness of services and tools offered to sellers, their main goal is still to earn more by raising the penetration of those products, not optimizing sales for specific brands.

    As a result, Amazon, for example, now gets more than 50% of sellers’ revenue on average, compared to 40 percent five years ago. Sellers are paying more because Amazon has increased fulfillment fees, making advertising costs inevitable. The typical Amazon seller pays 15% per transaction, 20-35% for order fulfillment, and up to 15% for advertising and promotions. The cost of Fulfillment by Amazon, when Amazon stores, picks, packs, and ships orders, has been steadily rising, and there are few success stories of operating outside of this model. Advertising is optional, but it takes up most of the screen with the best conversions, so sellers inevitably have to buy Amazon advertising services to get noticed.

    The company has even been sued recently. According to the claim, Amazon penalizes sellers for failing to set the optimal price for their products by demoting them in search results and disqualifying products from the “Buy Box” feature, a white box on the right side of the Amazon product detail page, where clients can add goods for purchase to their cart.

    The power of AI

    With the growing influence of artificial intelligence, companies can now leverage AI to expand their presence, optimize operations and ultimately generate more revenue. We estimate that the global retail AI market will be worth about $350 billion by 2032 as more companies realize the benefits of neural networks and take advantage of them.

    Marketplaces already use AI-based tools that provide valuable insights into consumer behavior, campaign performance, and keyword search. Their main goal is to increase sales, and algorithms help them calculate which sellers’ products are worth promoting to maximize overall revenue. Online platforms analyze customer buying behavior, items in the shopping cart and the most viewed items to make recommendations, predicting what each client is likely to buy.

    Brands, too, can use AI to get to the top of marketplace search and increase the share of sales in their categories at the expense of internal marketplace traffic. However, sellers cannot access marketplace AI models. Platforms keep information about their developments secret and notify merchants of updates only when they occur. In Amazon’s case, Amazon Vendor Service can be used to access some of the AI functionality, but it increases the cost of doing business. At the same time, the service itself remains a black box. It means that brands cannot use platforms’ AI to promote their products. It also means they need third-party solutions to do so. What exactly would such AI solutions offer them?

    Related: How to Leverage the Power of ChatGPT and AI to Boost Your Shopify Store’s Success

    1. Intelligent and dynamic pricing

    AI solutions enable brands to implement intelligent pricing strategies. By analyzing market data, competitor pricing, and customer demand patterns, AI can determine optimal price points for products. Dynamic pricing allows sellers to adjust prices in real time based on factors such as supply and demand fluctuations, competitor activities, and customer behavior. This ensures that sellers remain competitive and maximize their revenue potential on marketplaces. Our experience shows that using AI to determine pricing allows sellers to recover up to 6% of previously lost margins.

    2. Intelligent adjustment for performance bids

    Leading marketplaces usually use real-time bidding (RTB) systems allowing advertisers to bid to show their ads to buyers. For example, on Amazon sellers bid on keywords, and the one with the highest bid and the best-targeted keywords usually wins. In other words, the winning bidding strategy is when the buyer’s search query matches the seller’s target keywords.

    With real-time data and advanced optimization techniques, businesses can ensure that their ad spend is used efficiently. AI algorithms can continuously recalculate billions of possible combinations of bids and amounts of budget, campaigns and segments, helping to rebound 20% of previously lost ROIC, based on our experience. Amazon, Alibaba, and JD already use such algorithms for in-house performance marketing.

    3. Efficient inventory management

    AI can optimize inventory management processes for sellers and vendors operating on online marketplaces. By analyzing historical sales data, algorithms can forecast shipments and sales by warehouse and SKU with granularity to organic and promotional sales and high accuracy, identify peak selling periods, and optimize inventory levels. This helps brands avoid out-of-stock or dead-stock situations, reducing storage costs and ensuring a seamless supply chain. Additionally, AI can automate inventory replenishment and order fulfillment processes, streamlining operations and minimizing human error.

    Related: 4 Ways to Use AI to Enhance the Customer Experience

    AI vs. People

    AI has enormous potential for sellers and vendors on marketplaces. By using AI to learn about customers, adjust rates, optimize pricing and manage inventory, brands can improve their competitive advantage, drive sales and increase overall profitability on online platforms.

    AI models also allow brands to save on time and resources of in-house teams and agencies, which, in our experience, companies typically hire to get their products to the top of marketplace storefronts. Сonsider, a medium-sized company from the food industry. Typically, a marketplace team (the one working to distribute products through online platforms most efficiently) includes an e-commerce leader, a manager, a designer, and a marketer. In addition, the company may hire an outside contractor to help its internal team.

    Nevertheless, these people are forced to engage in routine operations instead of using their time to solve strategic problems. With AI, teams can focus not on playing cat and mouse but on developing strategy and launching innovations, while algorithms will help implement them around the clock and in the most efficient way.

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    Pavel Podkorytov

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  • 3 Things to Look for to Determine If AI Is Being Used Ethically | Entrepreneur

    3 Things to Look for to Determine If AI Is Being Used Ethically | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    AI has been a topic of great interest — we’re all amazed by its potential and the impact it may have on our lives, mostly because AI is the first tool in history that can make decisions by itself. Take ChatGPT as an example. It embodies more knowledge than any human has ever known. This tool can be a force for enormous good. Imagine what AI can do in healthcare and its enormous databases of genes, medicines and disease symptoms and drug interactions, for example? It can literally save lives. But that’s also a huge responsibility we’re putting on a technology that we haven’t even begun to fully understand.

    As investors, entrepreneurs and users, we directly impact where the technology will go, and we are setting the stage for where it will end up.

    Related: What Are Some of the Ethical Concerns of Artificial Intelligence?

    The hype around AI

    AI is a technology that has been in the making for many years now. We’ve seen ups and downs around AI, but most recently, there’s a lot of hype. The reason that AI is now having its moment is mostly because of two simple reasons:

    • There’s more data available now than ever before, and AI feeds and grows from data

    • Computing and data storage have become exponentially cheaper, so the technology required to train AI became sufficient enough to make it broadly accessible

    We’ve seen AI in every aspect of our lives, from the way we shop, search for information, the way we pay, etc., — and we’ll continue to see AI enter our lives and our decision process in more and more ways. The applications are endless, from conversational agents (like Apple’s Siri or Amazon’s Alexa) to new ways of doing specific things, like creating the graphics of a marketing campaign or an ad.

    In healthcare, for example, AI is enhancing diagnoses, treatments and patient care. Machine learning algorithms can analyze medical data, detect diseases at early stages and predict patient outcomes. AI-powered systems have improved medical imaging, enabling more accurate and faster diagnoses.

    In finance, AI is optimizing processes from fraud detection to customer experience personalization. AI algorithms can analyze vast volumes of financial data in real time, helping banks and financial institutions detect anomalies and prevent fraud.

    AI has revolutionized the manufacturing sector through automation, predictive maintenance and quality control. AI-powered robots and machines automate repetitive tasks, improving efficiency and reducing errors.

    But how can we make this technology, that’s already part of our lives in a very intimate way, actually be supportive? As creators of this technology, it’s our responsibility to give it use cases that support human potential not diminish it; which is why ethics is important.

    Related: Emerging Ethical Concerns In the Age of Artificial Intelligence

    3 things to look for to find ethical AI

    1. AI’s general parameters:

    Responsible and ethical AI starts by knowing how to assess the technology, the company and the team developing it. It can be hard to establish where to draw the line, however, there can be general parameters or rules to set the stage; human rights, fundamental freedom and human dignity are a cornerstone to assess if a technology or a tool is augmenting our capabilities or if it’s going to hurt us and/or others (especially minority groups).

    For example, gender has been historically excluded in many aspects of scientific research, and we’ve established that AI learns from data and from past examples. If AI is learning from examples that hold bias and discrimination that we’ve had in our society, we are reinforcing patterns instead of breaking them. AI holds the promise of solving more problems than it creates. However, we can’t ignore challenges like equitable outcomes and personal privacy. Questioning the team and the company to understand how they are working towards breaking bias is important. The goal is to have the most thoughtful application of what AI’s knowledge is building.

    2. The team:

    It’s key to have people on the board and in the organization who are watching closely. There are always highly trained financial professionals who oversee the financial health of a company; same for compliance with regulations. Today, there should also be experts who assess the intended and unintended consequences of AI and its impact.

    Having diversity in the team will foster a more ethical company. When you have different cultures, ages, personalities, etc., you get challenged to see more perspectives. It’s important to bring in different perspectives in the development journey to have an inclusive final product.

    3. Trusting AI:

    Marketing and sales experts know that relationships and trust with their customers are a fundamental driver for business outcomes — trust is key for business. As users and customers of AI, we’re also witnessing an impact. How can creators enable a trusting relationship between technology and customers? We live in a world where a lack of trust in institutions and governments has become more common. In other words, today, we are subject to manipulation because there’s no longer one single source of truth, and this makes us an unstable society. Today, AI tools that are completely trustworthy are rare, but we might get to a point where they will no longer be a nice-to-have but a must.

    Related: AI Isn’t Evil — But Entrepreneurs Need to Keep Ethics in Mind As They Implement It

    Unfortunately, today, there are no regulations or certificates that show if a company is building an AI model ethically or not, but if we question the development journey, we’re more likely to find out the principles upon which the technology was built on.

    The important part is that we are all an integral part of the ecosystem; the incredible thing about AI is that we are all relevant enough to have an impact even if we are not the experts working in the industry. We are already involved, the data comes from us, from our decisions and actions, and our participation is likely to keep growing. So, after all, ethics might be up to us.

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    Karim Nurani

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  • 6 Steps to Improve Your Website’s Speed — and Why It Matters | Entrepreneur

    6 Steps to Improve Your Website’s Speed — and Why It Matters | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In 2023, the SEO landscape is only becoming more competitive — especially given the prevalence of AI technologies and non-human-created content. To get a leg up on your AI-powered competition, I recommend doing everything you can to leverage SEO performance boosts. One of the least-appreciated, in my opinion, is page speed.

    The average page speed for Google-indexed domains is 1.65 seconds. If your website takes longer to load, chances are you’re taking an SEO hit without even knowing.

    After all, Google’s PageRank algorithm is hellbent on making the internet as user-friendly as can be. A laggy, heavy website is one of the worst ways you can make your content inaccessible and painful to use for your visitors. That’s why I strongly suggest taking the steps outlined below to optimize your page speed and, in turn, improve your SEO performance.

    Related: 7 Simple Ways to Make Your Website Faster and More Responsive

    Step 1: Check your current page speed

    Your first step is to find out how quickly your website is displaying on the client’s device. The two main key performance indicators (KPI) for determining your page speed are: page load time and time to first byte. You need to find out both to get a holistic view of your site’s speed.

    Here are some free tools that I have personally used over the years to obtain these KPIs with a high degree of accuracy:

    • Site 24×7

    • GMetrix

    • Google PageSpeed

    Personally, I use GMetrix, but it’s just a matter of preference — there are essentially dozens of free tools like these that do the same thing.

    As of 2023, the median time to first byte score is about 800ms. However, dynamic pages with heavy usage of Javascript elements sometimes have scores above 1,500ms. As a rule, try to keep your time to first byte score below 800ms and page load times below 1.6 seconds.

    Step 2: Audit your images

    If I find a page is loading slowly, the main culprit is often image files being oversized. For me, compressing and resizing images is the single most effective method of reducing load times and creating a speedy, lightweight website.

    Right-click every visual element on each of your website’s pages, and select the “Inspect” function. Pay attention to the dimensions (in pixels) and size (in Kb or Mb). My rule of thumb is to compress any image above 200Kb and to downsize any image wider than 1600px.

    I personally use TinyPNG to compress image files and Adobe Express to resize oversized images down to a width of 1,600 pixels or fewer. These are both free tools that get the job done, but you can substitute them with any alternative you please. Once resized and compressed, permanently delete the old images from your website’s media library and replace them with their lightweight replacements.

    Step 3: Cut back on CSS, JavaScript and HTML

    This one’s a bit more technical, but if you lack the necessary programming skills, you can refer to a front-end developer. In essence, a page with an overabundance of CSS, JavaScript and HTML code will load slower than a page with clean, non-redundant code.

    Fortunately, you can run your website’s code through programs like CSSNano and UglifyJS to automatically optimize the code without the assistance of a technical expert. This is a process known to Google as “minification.”

    Related: Vrooom! Why Website Speed Matters.

    Step 4: Reduce HTTP requests

    If too many websites are redirecting to yours, it can over-encumber your website and bulk up its load speed. You may want to manually eliminate any non-necessary 301 or 302 server transfer redirects you have set up on your website.

    To do this, you may need to consult with a back-end developer who has experience in this area of expertise — something I recommend doing if you have ever transferred your website to a new domain in the past.

    Step 5: Consider browser caching

    When a user visits your website, their browser stores certain resources, such as images, CSS files and JavaScript files in its cache. By leveraging browser caching, you can instruct the client’s browser to store these resources for a specified period.

    To enable browser caching, you need to configure your web server to include appropriate caching headers in the HTTP response. These headers specify how long the browser should cache the resources before requesting them again from the server, which can reduce the number of HTTP requests made by the browser and improve page load times.

    If you need assistance doing this, consult a back-end developer to handle this part of the process.

    Regularly review and update your caching configuration as needed to strike the right balance between caching efficiency and content freshness.

    Step 6: If all else fails, find a different host

    Certain web hosting services can add unnecessary time to your page speed to the location of their servers, bandwidth and traffic bottlenecks, and Content Delivery Network (CDN) integration. If you have improved all other aspects of your website but still aren’t seeing results on page speed, consider opting for a new web host that specializes in lightweight, speedy load times for your target demographic.

    However, I recommend keeping this as a last resort. Switching domain hosts can be an expensive and time-consuming process, so it’s best that you exhaust all other options before arriving at this one.

    Related: 7 Best SEO Tools to Help You Rank Higher in Google

    Your website’s page speed is one of the most overlooked on-page ranking factors for SEO. If you can get your load times below the median, you stand a much better chance of ranking at the top of search engine results pages than your competitors with bulkier, heavier pages.

    By following my method outlined above, you can trim the fat from your site and leave it faster, lighter and better equipped to enhance the user’s overall experience.

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    Amine Rahal

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  • 10 Reasons to Use AI in Your Cybersecurity Practices | Entrepreneur

    10 Reasons to Use AI in Your Cybersecurity Practices | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Artificial intelligence (AI) is omnipresent in the digital landscape, pervading numerous industries to improve efficiency, enhance data security, elevate user experiences and boost profits.

    In addition to improving business operations, AI can help businesses improve their cybersecurity and offer effective threat detection and response. AI’s ability to process vast and intricate datasets, uncover hidden patterns and deliver precise predictions makes it an invaluable tool for defending against cyber threats.

    According to an IBM study, in 2022, organizations were 13% more likely to have adopted AI than in 2021. It indicates an expanding interest in embracing AI and automation as businesses endeavor to strengthen their security posture and stay ahead of potential threats.

    Here, I discuss the top 10 advantages of integrating AI with cybersecurity practices.

    Related: AI For Cybersecurity: Maximizing Strengths And Limiting Vulnerabilities

    1. Enormous data handling capability

    Given the massive data streams between users and businesses, cybersecurity experts have traditionally relied on filters and rule-based systems to detect anomalies and analyze potential threats in real-time. However, with the ever-increasing scale and intricacy of modern data, these traditional methods are no longer sufficient.

    In this respect, AI-powered systems, leveraging machine learning algorithms, offer highly efficient and accurate analysis of enormous data sets generated by diverse business activities. Furthermore, AI continuously learns from data patterns and adapts detection techniques, helping to stay ahead of evolving threats and emerging attack vectors and, in turn, making them invaluable in safeguarding business networks and sensitive information.

    2. AI models improve with more real-world data

    Through iterative training and exposure to new data, AI models can enhance their performance over time to tackle more challenges, including threat detection. For instance, an AI model trained for anomaly detection using historical data can analyze and understand new patterns in network traffic, enabling it to better identify and respond to emerging threats.

    Furthermore, AI algorithms can also leverage human feedback to enhance their performance. By incorporating insights provided by experts or end-users, AI systems can learn from these inputs and refine their decision-making processes.

    While AI algorithms can adapt to new threats, their adaptability often requires ongoing research, monitoring and manual intervention. Regular updates and retraining may be necessary to ensure their effectiveness in dynamic and ever-changing security environments.

    3. Enhanced endpoint security

    Endpoint security is crucial in protecting devices such as computers, mobile phones and IoT devices. However, with the increasing number of endpoints, traditional security measures may not be sufficient as relying on static rules and signatures to detect and prevent threats may struggle to adapt to the rapidly evolving tactics and techniques employed by cyber criminals.

    Additionally, the diverse range of devices and operating systems present different security challenges, as each may have unique vulnerabilities that can be targeted.

    To effectively protect against this expanding attack surface, more advanced AI-based security solutions, such as behavior-based detection and real-time threat intelligence, can be implemented. These approaches can provide proactive and adaptive protection to safeguard endpoints from a wide range of threats.

    4. Boosted threat detection and response speed

    The benefits of using AI in cybersecurity go beyond just improving accuracy; AI can significantly improve time efficiency as well. For instance, research reports have shown that AI can reduce the time it takes to identify security threats and breaches by up to 12%, allowing security teams to react quickly and minimize risks.

    AI also helps reduce the time taken to remediate a breach or implement patches in response to an attack by up to 12%, saving time and resources and minimizing potential damages.

    5. User and entity behavior analytics

    User and entity behavior analytics (UEBA) utilizes machine learning to detect anomalous user behavior. It records and stores data points like usernames, activity logs, computers accessed and IP addresses and then uses this information to create a baseline of user behavior.

    This baseline acts as a point of comparison for the AI to identify patterns and irregularities in user behavior. For instance, it is more likely to be a malicious action if a user suddenly accesses a lot of files or logs in from an uncommon IP address.

    The UEBA system will send alerts if any oddities are found, allowing more investigation into the issue. In addition, UEBA systems can monitor for insider threats, as they can detect when an internal user’s behavior deviates from the norm. This aids businesses in identifying and managing possible security concerns before they become a serious problem.

    Related: How Companies Can Utilize AI and Quantum Technologies to Improve Cybersecurity

    6. AI-driven personalization and security

    Businesses, driven by the need to navigate the constantly evolving cybersecurity landscape, are not only focusing on security but also on user engagement. This has led to a revolutionary shift in their strategies with the integration of AI-powered Identity and Access Management (IAM) solutions.

    With AI, businesses can optimize their approach to ensure a seamless and customized user experience, all while maintaining a robust security posture. One prime example of this is adaptive authentication. By harnessing machine learning algorithms, adaptive authentication continuously analyzes and evaluates user behavior and context, effectively assessing the risk associated with specific activities.

    Based on this risk assessment, the system dynamically adjusts authentication requirements and prompts for additional verification factors as necessary. This personalized approach minimizes unnecessary authentication steps for low-risk activities, providing a smoother and more streamlined experience. Meanwhile, for high-risk actions, additional layers of verification can be seamlessly introduced, reinforcing security without affecting user experience.

    7. Effective detection of false positives and false negatives

    AI systems can effectively minimize false positives and false negatives, typically produced by security systems usually built under strict regulations.

    False positives squander time and resources by reporting normal activity, which might create alert overload and fatigue. False negatives, on the other hand, may lead to malicious operations going undetected and causing damage.

    AI systems trained on vast, evenly distributed and unskewed datasets can better distinguish risky and acceptable activity and respond to new and emerging risks.

    8. Prevent zero-day exploits

    Zero-day exploits are unknown vulnerabilities — therefore, they do not have any immediate patches or fixes. Cyber criminals target these vulnerabilities with malware to steal sensitive information or disrupt business operations.

    However, by utilizing deep learning architectures and natural language processing techniques, AI systems can play a significant role in detecting zero-day exploits. Deep learning models trained on historical data learn the characteristics of such exploits and then apply that knowledge to find subtle or hidden patterns that might point to zero-day exploits or activities.

    On the other hand, natural language processing assists in scanning source code for potentially vulnerable or malicious code segments and flagging them for additional examination. As these models become more context-aware over time, they can recognize patterns that indicate an attack is imminent or underway.

    9. Threat intelligence

    Threat intelligence is the process of collecting, analyzing and scrutinizing data about both existing and possible threats. In other words, this process helps in getting a comprehensive understanding of cyber criminals, their tools, motives and TTPs (tactics, techniques and procedures).

    Since this process is extremely resource-oriented and time-consuming, incorporating AI-backed techniques can make it simple and straightforward. It involves scraping colossal amounts of data from various sources like traffic logs, social media, cyber forums, dark web forums and much more.

    The data collected through these sources is then processed and analyzed using ML algorithms, extracting valuable insights and identifying patterns or anomalies that indicate potential threats. This enables businesses to make data-driven decisions and proactively mitigate risks early on.

    10. Cost savings

    Businesses at the forefront of adopting AI-powered security technologies can achieve significant improvements, not just boosting security but also resulting in considerable cost reductions.

    According to an IBM study, businesses have increased their Return on Security Investment (ROSI) by over 40% while also reducing data breach-related financial losses by at least 18%. By doing so, they are freeing up resources to reinvest in other cybersecurity activities, enabling them to further enhance their security posture.

    Related: How AI Is Shaping the Cybersecurity Landscape

    Given the increasing prevalence of cyber attacks, incorporating AI in cybersecurity practices has become a necessity. With cybersecurity research predicting a whopping annual cost of $10.5 trillion due to cybercrime by 2025, it is imperative for businesses to expeditiously implement AI in their cybersecurity practices.

    However, AI alone cannot completely safeguard against cyber attacks. It must be combined with human expertise and vigilance. With this hybrid AI and human approach, businesses can proactively safeguard against cyber attacks and reduce the likelihood of devastating losses as a result.

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    Deepak Gupta

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  • Brand Loyalty Isn’t Enough to Keep Customers — But Reviews and Rewards Are. Here’s How. | Entrepreneur

    Brand Loyalty Isn’t Enough to Keep Customers — But Reviews and Rewards Are. Here’s How. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    We’ve come a long way from the negative and misleading image of rewards programs only being for low-income consumers. I know millionaire investors who make sure they use their air miles and take advantage of the punch cards and point systems at local mom-and-pop cafes. The traditional approach of building a brand and a loyal customer base is being replaced by rewards programs, which disproportionately benefit bigger spenders. The more these consumers spend, the more they get back — setting up a virtuous cycle for both buyer and seller.

    In our survey of over 50,000 consumers, only 3% said they would stay loyal to their top brand if a competitor offered cashback or points incentives. The explosion of the number of products at marginal price differentials on retail platforms helps explain this dramatic shift. With so many transactions taking place online, consumers are being swayed by the best deals, the best reviews and the best rewards.

    Rewards build up over time, so the purpose of these programs is to create an ongoing relationship with customers, especially those who spend the most. It’s a simple equation: Offering them the most value ensures they remain the most loyal. Brand equity may not be dead, but it is being redefined by the need to reward repeat customers in this more complex operating environment.

    Related: How Brands Can Turn Short-Term Rewards Into Long-Term Loyalty

    Reward programs are everywhere

    From your local juice shop offering a free beverage after collecting 10 stamps to the major players such as Amazon Prime and Target Circle, rewards programs are ubiquitous and public awareness is high. Almost 80% of people in our survey said they were familiar with apps and websites that offered purchase rewards. According to software company Oracle, 72% of consumers belong to at least one loyalty program.

    While reviews undeniably wield considerable influence over consumer choices, it’s evident that spending habits are increasingly pivoting around the strategic redemption of reward points. For instance, when Discover Card designates certain vendors offering additional points for a limited period, consumers are spurred to intensify their spending at these locations. Such strategic initiatives benefit consumers with bonus points and stimulate the entire ecosystem, creating a win-win scenario for all parties involved.

    Brand loyalty is also being informed by the preferred rewards of consumers, with two studies divided over the No. 1 category: Capgemini says 69% of consumers prefer cashback above all other rewards, while Merkle found that 79% of respondents preferred discounts. The constant is that everyone wants to be recognized and appreciated for their loyalty.

    What works best for you?

    There are two types of loyalty programs: Your own hosted program and an externally hosted program that offers a rewards ecosystem. No matter which you choose, you don’t need to have an enterprise business.

    A hosted program can vary from business to business, but it’s likely the type you are most familiar with. You spend enough money or make enough purchases at a business and are rewarded with a free item or something similar from the same business. Almost every small business now has punch cards or a point system that rewards us when we return regularly — whether it be your local coffee shop or the restaurant down the street.

    Alternatively, I am seeing growth in external loyalty programs that allow brands to reach new customers and reward them for sticking around. These programs can be broken down into two more categories: One that partners with individual industries or market segments, such as Ibotta’s hosted rewards program that offers rebates in grocery and retail, and the other that operates across the entire consumer landscape.

    I call the second type of program a “unified provider.” This type of rewards program is evolving in unique ways as mobile apps allow people to be rewarded based on where and when they are spending across varying stores and brands and accumulate rewards.

    Related: 3 Types of Reward Programs Every Retail Brand Should Know About

    Going further than games

    The surge in mobile usage over the last decade has unlocked vast potential for these unified reward platforms. My company aims to become the primary channel for consumers to amass rewards from diverse spending avenues. Initially focusing on mobile gaming, we plan to extend into other sectors like fuel, groceries and other areas consumers wish to be rewarded in.

    One of the key benefits of a unified provider lies in its cumulative nature. This allows consumers to garner more points than they ever could through multiple independent programs. The more consumers spend across diverse categories, the more rewards they accrue, creating higher value for the unified provider. In turn, the provider can afford to share more rewards with the customer, ensuring they stay engaged with various vendors. In essence, this creates a virtuous circle where all parties involved come out winners.

    Do your homework

    The arena of gaming for rewards and mobile rewards programs is relatively uncharted. Understandably, people harbor skepticism about earning gift cards simply for playing a game — it seems too good to be true! This newness and a dynamic marketplace indicate a clear need for brands to do their homework thoroughly before venturing into these emerging rewards ecosystems.

    If you want your business to use an externally hosted reward program, know that the market can be volatile. New providers often spring up only to vanish just as swiftly if they fail to strike a balance that benefits all stakeholders. Reliable resources are crucial for gathering insights and making informed decisions. Major contributors to the app install ecosystem regularly publish performance indexes of leading publishers. These indexes often include information about players in the rewarded engagement field, making them valuable starting points for verifying potential partners.

    Related: Dunkin’ Donuts Customers Express Fury Online at Pricier Rewards Program

    Reward retention

    The narrative of consumerism has pivoted; it’s no longer just about brand loyalty. The innovative rewards program landscape, from local businesses to global corporations, is expanding, evolving and firmly establishing its presence. And it’s not just about choice or variety.

    Repeat customers generate around 65% of a company’s revenue, underlining the vital role of rewards programs in customer retention, sustainable business growth, and market differentiation. They’ve become much more than just a trend; rewards programs are an essential strategic instrument in today’s consumer market. Brands that recognize this shift and harness the power of rewards will thrive in this dynamic environment, enhancing their consumer relationships and, ultimately, their bottom line.

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    Daniel Todd

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  • Joy Zarembka of Busboys and Poets on Inviting Customers to Take a Deliberate Pause | Entrepreneur

    Joy Zarembka of Busboys and Poets on Inviting Customers to Take a Deliberate Pause | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Busboys and Poets, a socially conscious restaurant, bookstore, and community hub, was named after one of the most famous busboy/poets of all time: Langston Hughes.

    By providing a space for all people the multi-unit restaurant company has inspired much more than appetites. It has also inspired positive change.

    Before she ever worked as Chief Operation Officer for Busboys and Poets, Joy Zarembka worked on her writing at the restaurant.

    Writers know the importance of where you choose to “put pen to paper.” You need a calm space where you can work, and one that is comfortable enough to spend considerable amounts of time.

    At Busboys and Poets, customers are invited to take a “deliberate pause”. And during that pause, they can eat, drink, enjoy art, buy books, and more. Founded in Washington, DC by artist and activist Andy Shallal in 2005, the restaurant is a “cultural hub where racial and cultural connections are consciously uplifted.”

    Busboys and Poets is:

    • a community where racial and cultural connections are consciously uplifted.
    • a place to take a deliberate pause and feed your mind, body and soul.
    • a space for art, culture and politics to intentionally collide.

    Joy Zarembka chose the original 14th and V location to be her writing spot because the restaurant was so welcoming. Others have written novels and PhD dissertations while taking their time at Busboys and Poets, she added.

    “Lots of restaurants are trying to turn tables and kick people out,” said Joy Zarembka during an interview at Toast HQ with Shawn Walchef of CaliBBQ Media. “We want people to sit and relax, grab a book, grab a drink, take in a show, learn some poetry, look at the artwork, hang out with your friends.

    “We are one of those places where we actually don’t kick people out when they’ve been there too long.”

    After her book launch event for “The Pigment of Your Imagination” in 2007 at Busboys and Poets, Joy Zarembka transitioned into her place in the Tribe. From VP of Planning and Innovation, she became the company’s COO in 2022.

    A big part of Busboys and Poets has been storytelling. Now with the prevalence of online media platforms and the thirst from audiences for unique and engaging digital content, it’s imperative that all businesses learn to tell their own story online.

    The plan for the expanding social media presence of Busboys and Poets, like it should be for all brands, is to create content “beyond the dish.”

    “We want to make a media space that we could really just broadcast all over the place… We got into social media early on and that allowed us to really build a great following in various places.”

    As a member of the Toast point of sale company’s Customer Advisory Board (along with Restaurant Influencer‘s host Shawn Walchef), Joy is using her influence to make positive changes for Busboys and Poets and the industry.

    “What’s been so amazing is meeting other restaurateurs who have great ideas, and are doing things differently,” she said about serving on the Toast Customer Advisory Board. Toast is also the title sponsor of the Restaurant Influencers series.

    “Just having those conversations has been really the most beneficial because we can take (an idea) back and implement it right away.”

    Joy and Busboys have also collaborated with Toast and the Indeed hiring company on helpful industry content online. It’s all part of the mission to make restaurants, and the world, a better place.

    “I always want to challenge other restaurateurs, and even challenge Toast and others, to think about how do we make sure we have all the different voices in the room? And we can be talking about race. We can talk about class, gender, you know, tattooed or not tattooed… whatever you want to talk about…

    “At Busboys, I often say if you can smile, you can get a job here.”

    ***

    ABOUT RESTAURANT INFLUENCERS:

    Restaurant Influencers is brought to you by Toast, the powerful restaurant point of sale and management system that helps restaurants improve operations, increase sales and create a better guest experience.

    Toast — Powering Successful Restaurants. Learn more about Toast.

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    Shawn P. Walchef

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  • Lifetime Microsoft Software Bundle, $79.97 | Entrepreneur

    Lifetime Microsoft Software Bundle, $79.97 | Entrepreneur

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    Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners.

    A recent report documented an alarming trend of overspending among US businesses. As much as half of all enterprises waste up to 10% of their budget on software, SaaS, and cloud infrastructure.

    Some of that overspending may be due to a recent rise in subscription-based software rather than one-time purchases of lifetime licenses. If you want to find a way to reduce your software costs, consider investing in a bundle that includes lifetime subscriptions for Microsoft Office 2021 Pro for Windows, Windows 11 Pro, and a 1TB Lifetime Degoo Backup Plan. Deal Days is Entrepreneur‘s version of Prime Day, and it’s your chance to get this exclusive lifetime software bundle for an unbeatable $79.97.

    This three-part deal could help your business save in the long run. For daily operations, you’ll get access to Microsoft Word, Excel, PowerPoint, Outlook, Teams (free version), OneNote, Publisher, and Access installed on one computer for life. Unlike Microsoft 365, there are no associated subscription costs, and the apps still connect directly with the user’s Microsoft account for regular updates.

    The Windows 11 key can be used to upgrade three compatible computers. If you are concerned about cybersecurity, take advantage of an updated security interface that includes tools like wake and lock, BitLocker device encryption, and biometrics login.

    Degoo Premium is a 1TB cloud backup service that connects to an unlimited number of devices. Use this shared space to guard your essential files so that losing a hard drive doesn’t compromise your business’s future.

    Cut your spending on software subscriptions and invest in lifetime licenses for the same or similar tools.

    Until July 14 at 11:59 p.m. PT, get lifetime subscriptions for Microsoft Office 2021 Pro for Windows, Windows 11 Pro, and a 1TB Lifetime Degoo Backup Plan for $79.97 (reg. $537).

    Prices subject to change.

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    Entrepreneur Store

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  • Can We Trust AI For Language Translation? | Entrepreneur

    Can We Trust AI For Language Translation? | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Are you fluent in speaking your customers’ language? Research indicates that 65% of people prefer consuming content in their native tongue and 76% prefer products that provide information in their own language.

    To appeal to international buyers, establish meaningful connections and remain competitive, businesses must ensure that their content is accessible in the native language of their customers.

    AI has become the talk of the town for making its way into every industry and fundamentally changing how we work. So, is AI language translation technology advanced enough to meet the language requirements of global companies?

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    Nikita Agarwal

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  • Why Using AI to Write Content Won’t Help You Rank on Google | Entrepreneur

    Why Using AI to Write Content Won’t Help You Rank on Google | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    When it comes to navigating times of recent upheaval, few industries have had to navigate change as much as the world of search engine optimization. It’s been chaotic, to put it mildly.

    After surviving the seismic shifts of Google’s Helpful Content Update, rolled out in the fall of 2022, SEO professionals were caught up in the uproar ignited by OpenAI’s ChatGPT program in early 2023. By February, Google was issuing guidance regarding artificial intelligence-created content. Then, in March, it released its first core algorithm update of 2023, followed by a page experience adjustment in April and a significant reviews system update.

    May then arrived, and with it, the annual Google I/O developer conference; it was here that the Alphabet Co. announced the gradual rollout of a new update for its helpful content system. The update is designed to help the company take into account personal and expert points of view, integrating a high value placed on experience when it comes to its search results and rankings system.

    Suppose we step back and consider the myriad changes throughout 2022 and 2023; we sift through the haze of the “AI vs. Human” content creation debate. Clearing out all the confusion, we can hone in on core principles of “people-first content creation” moving forward.

    For a truly impactful user experience, designers must prioritize every part of Google’s E-E-A-T guidance: Experience, Expertise, Authoritativeness and Trustworthiness. When paired with an effective page experience, quality content will satisfy the algorithm and, most importantly, the visitors.

    Related: Small Businesses Can and Should Consider Investing in AI Technology — With a Cautious Approach

    Google’s Helpful Content Update and the emphasis on people-first content

    In late 2022, Google completed its Helpful Content Update rollout, a major course adjustment designed to be a haymaker punch against a glut of SEO-first content. The goal was to better recognize and reward websites that prioritize people-first content.

    The company fights a relentless battle against content with little-to-no value, the meaningless content that clutters up the internet and endlessly frustrates web users searching for — you guessed it — truly helpful content. Google has long been committed to ensuring a quality user experience for everyone that uses its search engine, and rightly so. Website visitors deserve not just high-quality content but easy-to-find resources.

    The company’s Q2 2023 core update in March carried intentions similar to the initial Helpful Content Update. The company explained, “The changes are about improving how our systems assess content overall.”

    First announced in May, the new wave of changes is driven by the same motivation. In addition to a new “Perspectives” filter designed to highlight the relevant experiences of others in search results, the gradual update also aims to find the “hidden gems” often lost in “unexpected or hard-to-find places.”

    Quality content matters, whether from AI or human effort

    In February 2023, Google clarified its position on AI-generated content, clearing up the confusion that had been brewing. The company prioritizes high-quality content, regardless of whether humans or machines generate it.

    On the Google Search Central Blog, the company wrote, “It’s important to recognize that not all use of automation, including AI generation, is spam. Automation has long been used to generate helpful content.” More so, it continued, “AI can power new levels of expression and creativity, and serve as a critical tool to help people create great content for the web.”

    This is the heart of the matter: AI is a tool, not a comprehensive replacement. It is one tool among many in the creator’s toolbox.

    However, it is abundantly clear using automation or AI strictly to manipulate rankings in search results is viewed as a violation of the company’s spam policies. The company has a long track record of prioritizing the integrity and trustworthiness of high-quality content.

    Related: How to Make Great Content — And Get More Views

    Intention is key to Google’s algorithm

    When creating content, it’s important to begin by clarifying your intention. What is the purpose of a website’s content? The search algorithm is finely tuned to identify the markers of generic content designed only to snag the attention of the crawlers that scout the nooks and crannies.

    Operate with the intent to provide “original, valuable content that offers a satisfying experience,” and you’ll set yourself up for success, with the caveat for content creators that any final product “adheres closely to their area of expertise.” In 2023, experience may be a finalist for the SEO industry’s themes of the year.

    Three questions can serve as effective guardrails during the creative process; Google recommends asking: Who? How? Why?

    • Who authored it? Is the byline easy to find? Is further information about the author(s) accessible or evident?
    • Is it clear how a piece of content was created? Is there evidence to substantiate the information given? Was automation or artificial intelligence used in the creative process? If so, why?
    • Why was the content created? Specifically, how is it helpful or useful for visitors?

    Adding an E to E-A-T: the importance of evident experience

    Above all, Google’s ranking systems aim to identify content demonstrating expertise, experience, authoritativeness, and trustworthiness (E-E-A-T). In December 2022, Google added the second E for experience.

    They’ve recognized the importance visitors place on the validity of the information. They want to see evidence of relevant experience that an author possesses. The more the visitor believes in the author’s experience and knowledge, the more they are likely to trust the authority and trustworthiness of the content, and the better their overall experience.

    Related: How to Outrank AI-Generated Content With Expertise, Authoritativeness and Trustworthiness

    Focus on quality content to boost user experience, regardless of how you attain it

    One constant throughout the evolution of Google’s search algorithm is the importance of the user’s experience. Ensuring quality websites populate for any query is the foundation of retaining visitors. A positive user experience encompasses many elements outside of content quality, like a site’s page performance — but ultimately, content is king.

    However you decide to integrate AI technology into your creative process, the quality of and intention behind the content and the level of expertise made evident should serve as your guideposts to the sustained success of your website.

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    Summit Ghimire

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  • How to Generate Maximum Value in Today’s Business Environment | Entrepreneur

    How to Generate Maximum Value in Today’s Business Environment | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Innovation today is moving faster than ever. In the last two years, we collected 90 percent of the world’s data from various sources, like social media posts and online purchases to GPS tracking and health devices. In 2023, 91.6 percent of Fortune 1000 companies planned to invest in Big Data and AI to stay competitive. By 2026, experts predict the wearable AI market to be worth $69.51 billion, and by 2030, 50 billion devices will be connected to the Internet of Things.

    But no matter the context of innovation, the key to generating value for a company or an individual is always the same: commoditize creativity fast. Here’s how:

    Related: How To Use Entrepreneurial Creativity For Innovation

    Creativity provides value

    Innovation requires creativity, which comes from two sources: 1) When people look to solve problems they encounter themselves, or 2) They set themselves against benchmark practices within the broader community, notice themselves falling behind and figure out what they need to fix before their competitors find a similar (or improved) solution. This is essentially the formula for a startup: Someone takes a creative idea and commoditizes it fast to reach as many clients as possible and generate more value.

    The more people in a company come up with creative ideas, the better equipped it is to draw out continuous room for improvement and increased value. Each employee brings a unique perspective capable of creativity that others might never have considered. Leadership needs access to their creativity so they can act on good ideas quickly and start maximizing their value quickly.

    A call center worker following their daily procedure could be the first person to notice and fix a bug that customers are encountering. Their creativity has value to the individual they serviced, but unless that worker can find the owner of the broken process, share their creative solution and commoditize that creativity with the rest of the team, that value is limited. More customers may call with the same bug, tying up workers who may not have a viable solution. The sooner creativity is commoditized, the greater the advantages for the company, which maximizes its value.

    Commoditizing drives value

    Any innovation that has value can be commoditized to amplify such value toward its possible maximum — a product, a process or just an idea for improvement — and such value is not necessarily limited to a monetary return. When I go online and find an article for a great home remedy for stomach problems, someone has already commoditized their creative idea by writing that article. They may have done so for money or because they experienced relief from stomach problems and enjoyed helping others share those benefits. They may also have valued establishing themselves as an authority on home remedies online, and by commoditizing their creativity, they reached a broader audience to maximize that value.

    I could now take that article, improve on the remedy’s recipe and create a new idea, but unless I commoditize it by sharing it with others, that idea can only provide value to me. Depending on what I value — money, authority or sharing important information — I can create strategies to spread my creativity to the right people to maximize that value. By knowing what value I want to drive, I can maximize it more effectively.

    Most for-profit companies value sustained profits and more impact on their client success, but even greater nuance in their value propositions may guide more targeted success. Leadership should identify and make clear what they value to everyone in the organization and encourage them to identify creative ideas to innovate their work in a way that drives that value. Anyone who identifies ways to improve their work and increase that profit or impact can take those ideas through the next phases of commoditization.

    Related: How Massively Successful Companies Have Made Creativity Their Engine for Growth

    Commoditization at speeds maximizes value

    Duplicating an invention or an improvement so others beyond the original inventor can benefit from it increases its value, but to maximize that value, its inventor needs to scale up fast. Staying ahead of competitors, solving internal problems, creating more efficient and effective practices — all of these creative ideas are more valuable the faster they are implemented and scaled. Speed keeps innovators ahead of the competition, but it also saves the time, money and resources that not acting on an innovative solution would cost.

    Take, for example, a tree planted in a parking lot alongside a highway that is constantly the cause of accidents. I may notice the species has drooping limbs that block the visibility of cars exiting the lot and realize that relocating the tree to a different area would be safer for everyone. The faster I report that creative idea to the parking lot owner, the more potential injuries and harm I can prevent, making my idea more valuable. The quicker I can get that news to other parking lot designers, the better equipped they are to reconsider dangerous landscaping at other locations, preventing more accidents and maximizing the value of my idea because of lives saved and costly damages avoided.

    To bring new ideas to the right people when a creative idea strikes, leaders need to establish a commoditization process. “Whenever creativity happens, I act [in this way].” Everyone should know how to move creative ideas to the next steps for implementation: reporting to a supervisor or submitting to a peer or group review, who then passes the idea to the owner of the production line. There should also be a step in that process for deciding how much to push that idea to wider company use and commoditize that creativity in more ways to deliver more value with better efficiency.

    Commoditizing creativity fast may eliminate some jobs, but the evolution of labor is inevitable and not necessarily bad. Agriculture underwent several transformations throughout history to become more productive with fewer workers, freeing up entire families living subsistence lifestyles to have more time to seek out new careers and ways to innovate. People in eliminated positions will likely adapt to survive, figuring out new ways to apply their skill sets to meet new demands and increase their personal value. From a tree to a call center and everything in between, the process of generating value is ubiquitous: The faster we identify and commoditize creativity, the more value we generate.

    Related: Why Creativity Is Essential to Getting Your New Businesses Started in a Winning Position

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    Simin Cai, Ph.D.

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