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Here are five things in technology that happened this past week and how they affect your business. Did you miss them?
1— Google’s update to replace third party cookies will be pushed back until 2024.
Google had previously stated that they would get rid of this system of digital advertising by 2022, however the date has been pushed back. Google has decided to hold back on this plan because they need to reevaluate their new privacy testing before getting rid of the existing system. Digital advertising has already taken a major hit from Apple and Facebook’s new privacy features which hiked the prices on digital advertisements. Google feels extremely confident that their alternatives will quench privacy concerns from many users. (Source: CNBC)
Why this is important for your business:
By now we all know what cookies are – those little applets that get downloaded to our devices in order to track our moves online. Google and other big online advertisers relied on cookies to target people. But, bowing to privacy concerns, the company decided to end its support of cookies in lieu of “alternatives” which we’re waiting to hear more about. If you advertise online, as I do, this will have a major impact on how you’re spending you money and your lead generation strategies. We got a stay of execution for a bit, but the inevitable downfall of cookies is coming.
2—Outlook recently released Outlook Lite for Android users.
On August 1st, Outlook released this new feature so that low-end Android users can use the app without needing 4G. The app includes many of the features as the normal Outlook app like email access, calendars, and contacts. However, it is not compatible with Android Work Profile and Mobile Application Management (MAM) for work accounts. This app is available in countries around the world. (Source: ZDNet)
Why this is important for your business:
Small business owners who use Outlook on their Android devices will find this new feature very helpful to improve performance and adoption in their companies.
3— Digital wallets are going to surpass all forms of payment by 2026.
According to a global study, more than 60 percent of the population will only be using digital wallets in four years. The study also predicts a future where there are “super apps” that combine all your payment methods into one cohesive app. It will look like a modern day QR code that encodes many of the digital payment platforms like Paypal, Apple Pay, Google Pay, etc. (Source: Computer Weekly).
Why this is important for your business:
It’s taking longer than I expected but within the decade I expect to see almost no one using cash and very few people still using their plastic credit cards. Environmental benefits aside, the impact on small businesses is that we have to be prepared to accept payments using digital apps (crypt too!). Your point of sale software provider should be your first resource to turn to in order to make sure you’re payment methods are up to date.
4—Cyber hackers go after small businesses just as much as large corporations.
A small jewelry store in Georgia that was a victim to a cyber attack and this shocked many people. A new case study was released that — although many think that large corporations will be the victims of cyber attacks — small businesses are being attacked significantly more. Luckily for this business, they followed the protocol for backup storage. The leaders of the study urge small businesses to store backups in case of cyber security breaches. (Source: Yahoo Finance)
Why this is important for your business:
The study, conducted by a security firm, underscores the significant impact ransomware attacks are having on smaller firms. These things don’t get advertised because the media likes to focus on attacks affecting well-known institutions. But if you’re running a small business, know that you are very susceptible to a malware attack and should take all the necessary steps to protect yourself: software, training, backups, regular reviews, etc.
5— Previously a free online platform, Zayzoon, is now charging a $5 fee for workers to access payments.
ZayZoon – an online payment company that allows employees to access their earned wages on-demand – states that inflexible pay schedules are one of the main reasons for economic inequality. Their platform allows businesses to implement a program that gives employees access to accrued wages before the end of the payroll period. (Source: Tech Crunch)
Why this is important for your business:
According to TechCrunch, the platform is still free for companies, but the new $5 fee is for workers who want to choose how much of their wages they’d like to access, which can be up to $200. The downside is that this fee can add up for many low income workers who should be benefiting from the program.