CategoryCool Tech

How To Increase Your Business Income In 2018

With the current inflation, it is just so much costly in keeping a business running to its full potential. Combined with that the increasing cost of living, and amount of competitors in the market, it is surely becoming more and more difficult for businesses to sustain in the long run. Therefore, increasing the revenue and profits of a business, company or organisation, is very much essential to keep the running costs of the business satisfied. Therefore, the following are some of the best tips and tricks to increase your business income in 2018.

Three Main Ways To Increase Your Business Income In 2018

  • Try To Increase The Price : Before you try to increase the price, you should always keep in mind to do market research first. You have to know how much your competitors are charging, and if you even have any chances of increasing the price. If you have good chances of increasing the price, and your competitors are providing inferior quality products that you are – then customers will still buy your product, even after the price increase. Thus, check price now!

  • Compare Financial Ratios : There are many financial ratios that you should be aware of – activity ratio, inventory turnover ratio, etc. These ratios should be compared between your own business alongside the industry average. In this way, you will know which one to tweak further, and which one to not. Tweaking these ratios will genuinely impact your business income – either in a positive or negative manner.
  • Go For Referral Business : Referral business is a very effective way of selling your products. Most people who tend to buy a product has been referred to by some of their friends or relatives. Therefore, asking your clients to refer your most popular as well as tried and tested products, will definitely help in increasing the sales multifold.

How Technology Is Changing the Travel and Tourism Industry 2018

At every level, technology is constantly upgrading to a higher and more advanced level because of help from AI or Artificial Intelligence Innovators. These days all businesses and companies are now using AI to support the overall operations in all sectors and industries – retailers, finance, insurance, travel, etc. This is also driving customer experience on a day-to-day basis with marketing and customer service staff giving their best and seamless customer experience.

How is Technology Changing the Travel and Tourism Industry 2018?

social media is one of the fastest, cheapest and easiest way customers can reach out to companies to provide feedback on a particular product or service with a click of a mouse. This way technology helps in a great way to retain customers and protect brand reputation. Artificial Intelligence helps to detect issues and this reduce the immense numbers of negative feedback as quick response helps time factor. Chatbots and AI are assisting business conversation that makes it easier to channelize various communications into these platforms. This ensures that customers queries and issues are taken care of especially on various other devices.

Technology goes to a larger extent in travel and tourism industry and this year 2018 sees advanced developments in how this is implemented. Human interaction is easier due to the artificial intelligence driven systems as they can detect what you would like to eat or where you would like to stay when you are searching or chatting. They take the preferences from the sites you have visited or get advertised on sites or through shares online. Latest software technologies are now on onboard shipping operations and used for passenger luxuries too. Even massive luxury ship prices, quotes, and deals are done online and you can get yours at for suitable deals.