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Business Journals
20-05-2025
- Business
- Business Journals
Verizon Business report reveals tech investments propel SMBs towards greater efficiency and growth
A recent study by Verizon Business into the actions and attitudes of decision-makers at small and midsize businesses nationwide shows that SMBs are continuing to invest in technology to improve efficiency and better connect with customers. Decision-makers view new technology adoption as key for achieving their goals, with survey respondents continually adding or upgrading their technologies. In fact, two of three businesses enhanced internet bandwidth and speeds. 'Small businesses need to stay nimble in today's fast-changing market and new tools allow SMBs to pivot quickly when customer needs shift or new opportunities emerge,' said Jorge Zapata, senior director of retail and SMB business sales at Verizon Business in South Florida. The survey revealed that 70% of decision-makers said technology upgrades have led to cost savings, while 62% cited incremental revenue as a benefit. 'Using new tech is vital for small businesses to compete today because it can level the playing field with larger competitors and boost efficiency and value,' said Zapata. 'For businesses scaling fast or leveraging seasonal demand, embracing digital tools enables them to automate routine tasks, gain deeper customer insights through data analytics and create seamless experiences across all touchpoints.' Efficiency and flexibility allow SMBs the ability to customize their tech Businesses that added or upgraded point-of-service systems in the past year noted an increase in the speed and efficiency of payments, managing inventory and improving payment security. Most decision-makers (58%) reported they will evaluate or upgrade their payment processing systems within the next six months. There has also been an increase in the number of retail, restaurant and food-and-beverage industries using 5G networks to support contactless payments. The most-used form of digital payment is PayPal, accepted by three in four SMBs, while over half accept payment from Google Wallet and Apple Wallet. Due to the varying priorities in technology needs, SMBs do not have identical tech stacks, valuing flexibility in services like wireless business plans. For example, MyBizPlan from Verizon Business allows SMB customers to create and customize their wireless business plans based on their needs. In addition to unlimited calling, data and texting, customers can choose from business add-ons like mobile security, 50-gigabyte hot spots and unlimited individual cloud storage. 'Unlike one-size-fits-all solutions, My Biz Plan allows businesses to customize connectivity services for their specific requirements, eliminating the waste of paying for unused features. The plan's predictable monthly costs improve budgeting accuracy, while its scalability means businesses can easily adjust services as they grow,' Zapata said. 'We're especially excited about the competitive international connectivity My Biz Plan brings to small businesses.' Adopting AI to improve customer engagement, increase productivity and reduce cyberattacks Four in 10 small and midsize businesses now use artificial intelligence (AI), according to the survey, often to increase engagement with customers. AI can provide around-the-clock access for routine service requests while freeing up team members to focus on more complex matters. For example, Business Assistant from Verizon Business enables SMBs to engage with customers through text messages. The AI handles routine inquiries and can seamlessly transfer the conversation to a human representative when needed. A comparison of Verizon Business' latest survey results with those from its 2024 survey showed that fewer decision-makers are concerned about integrating AI into their business or that leveraging it opens them up to cybersecurity risks. While 55% believe leveraging Al tools opens their businesses to more cybersecurity risks, 25% are using it to prevent cybersecurity attacks. More than half (56%) believe that Al can increase productivity by helping their businesses offset impacts from reducing or freezing their headcount. Providing tech solutions based on local needs While improving efficiency, connecting with customers and strengthening cybersecurity are common priorities for SMBs nationwide, businesses may have different goals locally. Other reasons for technology upgrades include improving customer acquisition, driving employee retention and meeting demands created by new working models like hybrid and remote environments. 'Throughout South Florida, we're seeing a few key trends,' Zapata said. 'First, the major tourism industry requires enhanced connectivity, which increases the need for business continuity solutions due to seasonal weather challenges. 'Additionally, there's growth in hybrid retail models that blend physical and digital experiences for SMBs in major shopping areas. 'Verizon addresses these challenges by providing SMBs with storm-ready business continuity solutions. This includes backup internet options and specialized support for seasonal hospitality and tourism businesses that are adapting to digital customer expectations. In addition, flexible connectivity packages like My Biz Plan support seamless omnichannel retail experiences,' he said. 'We're also significantly expanding our 5G infrastructure throughout Miami-Dade, Broward and Palm Beach counties, enabling Florida SMBs to leverage cutting-edge technologies that enhance customer experiences and operational efficiency.' Whatever the local trends may be, SMBs remain collectively optimistic. As the recent Verizon Business survey shows, most decision-makers have positive goals – and technology will be key to bringing them to fruition. Empower your small business with Verizon Business. Discover solutions that enhance connectivity, security, and efficiency. Explore how our innovative tools can support your growth and streamline operations. Take the next step towards a more connected and secure future for your business. Verizon Business provides solutions to help small businesses stay connected and secure. With a focus on reliable network services, cybersecurity, and innovative tools, Verizon Business supports growth and efficiency for companies of all sizes.
Yahoo
23-04-2025
- Business
- Yahoo
Verizon plans AI-driven experiences as it fights customer churn
This story was originally published on CX Dive. To receive daily news and insights, subscribe to our free daily CX Dive newsletter. Verizon will continue leaning into customer experience as one of its major differentiators as it looks to improve customer retention, which fell in first quarter 2025 after it increased prices earlier this year, according to executives on a Q1 2025 earnings call Tuesday. Verizon Consumer reported 356,000 wireless retail postpaid phone net losses in first quarter 2025, compared to 194,000 postpaid phone net losses in first quarter 2024. The company plans to fight churn in part through the launch of AI-driven customer experiences in the second half of the year, according to Sowmyanarayan Sampath, EVP and CEO of Verizon Consumer Group. The company is already deploying AI in its mobile assistants for store associates and call routing tools in call centers. Verizon's recent customer experience investments, including MyPlan personalization and the Verizon Access loyalty program, are helping it fuel growth. The company plans to further develop its offerings in an effort to build loyalty. 'Over the past few years, we have dedicated substantial resources to capital to enhance our customer experience through various initiatives, including AI for customer care and personalization,' Hans Vestberg, CEO of Verizon Wireless, said during the call. 'Although the industry, including Verizon, still has room to improve, we have made great progress towards our goal of seamless customer interactions.' Verizon is on a growth trajectory despite the increased customer churn. Total wireless service revenue was up 2.7% year over year to $20.8 billion in first quarter 2025, according to a Verizon earnings report. Sampath called the customer churn 'transitory' and predicted that it would abate by the second half of 2025. 'We want to be people's first choice, providing products, services and experiences they can't get elsewhere,' he said. Executives attributed Verizon's recent success to its MyPlan service, which suggests personalized offers and products for each customer and lets them customize their subscription. The company expanded the concept to businesses earlier this month with My Biz Plan. 'Our comprehensive portfolio of offerings and strategic moves we've made over the last year position us well for sustainable financial and subscriber growth while also improving the customer experience,' Vestberg said. Sign in to access your portfolio
Yahoo
10-04-2025
- Business
- Yahoo
Empowering small businesses with a new industry-first My Biz Plan and a 3-year price lock guarantee
My Biz Plan delivers a customizable wireless plan that enables small businesses to pay for only what they need NEW YORK, April 10, 2025 (GLOBE NEWSWIRE) -- Starting today, Verizon Business offers a market-leading solution for small and midsized business (SMB) customers to create and customize their wireless business plans – paying for what they need, when they need it. Introducing My Biz PlanCarriers today offer small businesses a 'good, better, best' choice. But why be forced to make a trade-off? Small businesses want control and flexibility in their mobile plans. Enter My Biz Plan. It's easy: one simple plan with unlimited calling, data and texting that each small business can customize with business add-ons. Ranging from international connectivity to business productivity and more, customers can easily add and remove their add-ons as needed. Plus, add-on spending can unlock discounts on their smartphone. Verizon My Biz Plan includes: Price Lock: 3-year price lock guarantee for all customers who add My Biz Plan which provides peace of mind to small business owners. This industry-first guarantee ensures core monthly plan price for calling, data and texting will not change, excluding taxes, fees, Economic Adjustment Charge and add ons. Security Applications: Verizon Business Mobile Internet Security is included with My Biz Plan, helping protect small business devices against malware, ransomware and phishing when connected to the Verizon network. Additional security add-ons are also available. Affordable Pricing: Plans are as low as $29 per month for 5+ lines with auto pay and paper-free billing, with add-ons starting as low as $5 per month each. International Connectivity: Small business employees can stay connected when traveling in over 210 countries and destinations with unlimited data, talk, and text starting at $10 per month. Special Introductory OfferFrom April 10 until June 10, Verizon Business is offering customers value with 15% off the core monthly plan price for any new line added to the My Biz Plan, applied each month over 36 months. That means small business owners can get 5 lines for $25/line per month with auto pay and paper-free billing, one of our best deals ever. 'We understand the unique challenges that small businesses face because we are with them every single day,' said Iris Meijer, Chief Product & Marketing Officer, Verizon Business. 'We are so excited to launch My Biz Plan. It is the only plan in the industry that directly addresses their needs for control and flexibility, empowering them to stay a step ahead.' My Biz Plan offers small business owners the certainty and control that they need: according to the 2024 State of Small Business Survey, many small businesses struggle to manage costs while investing in the tools and internet access required for growth. My Biz Plan aims to help small businesses thrive by putting the control in their hands. Learn more about My Biz Plan and available offerings for SMBs at Verizon Communications Inc. (NYSE, Nasdaq: VZ) powers and empowers how its millions of customers live, work and play, delivering on their demand for mobility, reliable network connectivity and security. Headquartered in New York City, serving countries worldwide and nearly all of the Fortune 500, Verizon generated revenues of $134.0 billion in 2023. Verizon's world-class team never stops innovating to meet customers where they are today and equip them for the needs of tomorrow. For more, visit or find a retail location at VERIZON'S ONLINE MEDIA CENTER: News releases, stories, media contacts and other resources are available at News releases are also available through an RSS feed. To subscribe, visit Media contacts:Carly Tessa
