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■ Information Technology
■ Banking
ther push in the right direction , New Jersey ' s unemployment rate should begin a gradual downward trend as we enter 2025 , according to a recent report by TD Economics , the research arm of TD Bank . Further , a TD Bank survey of approximately 1,000 small businesses found that , despite ongoing market shifts and macroeconomic volatility , small business owners in New Jersey and across the country are exceedingly positive , with 90 % stating they
A TD Bank survey of approximately 1,000 small businesses found that 90 % feel optimistic about their business performance into 2025 .
feel optimistic about their business performance into 2025 – certainly a promising light at the end of the tunnel following prolonged economic turbulence .
Still , the need to support and guide our small business community remains , as 58 % cited increasing costs of supplies , materials and equipment as reasons to be cautious as the new year approaches . Along those lines , persisting supply constraints are expected to keep prices elevated in the short-term , although there could be some relief as the year progresses .
Overall , it is clear business owners remain focused on planning for sustainable , long-term growth while also carefully paying attention to how they confront their immediate needs . It all goes to illustrate how heavily small businesses will continue to rely on financial institutions to help them navigate economic uncertainties as well as growth opportunities .
Valley National Bank Tom Iadanza President
As we look ahead to 2025 , several key factors will have a major impact not only on the banking industry but on New Jersey ’ s economic landscape as well . But maybe the most important factor we need to consider is the election .
Historically , elections often bring a sense of uncertainty as consumers and businesses grapple with potential changes in policies , regulations , interest rates and taxes – all of which will have a profound impact on our economy at both the national and state levels .
Financial markets tend to react to political uncertainty with increased volatility and we ’ re seeing more consumer and business clients waiting on the sidelines until they have a clearer picture of the potential impacts of the next administration . While this volatility can influence everything from consumer confidence to corporate earnings , we ’ ve seen resiliency and cautious optimism from our clients , regardless of which party comes out on top .
Our role , as relationship bankers , remains unchanged . We continue to partner closely with our business clients to understand the sources of potential volatility , communicate the implications of this uncertainty and offer proactive solutions and services to help them navigate turbulent times .
The strength of our local and national economies is built on the foundations of a robust banking industry , resilient labor market and commitment to innovation and entrepreneurship . Regardless of the outcomes of the new administration , these fundamental factors ensure that our economy will remain strong in the coming months and will not only endure but thrive well into the coming year .
■ Information Technology
Continued From Page 19 unique offers based on their specific purchase behavior and history .
Grill-Goodman : The company also has an offering called ECHO on the horizon that will be able to connect Birdzi ’ s network of retailers and their customer data to translate customer behavior to CPG brands . Can you tell me more about that ? Raman : VISPER is purely for the retailer to grow shopper behavior . ECHO is a platform where I could essentially create an audience based on some rules . I could set up a journey which says , ‘ anybody who buys my Lemonade for the first time , send them a $ 2 off coupon so they can buy another bottle within the next two weeks .’ But it ’ s targeted to specific people based on specific behavior . It ’ s not just blasting everybody . The difference with the Echo platform is you can think of it this morning and execute it before noon .
Grill-Goodman : There ’ s historically been issues with retailers not wanting to share consumer data with CPG companies . How is ECHO helping to bridge that gap ? Raman : We ’ re essentially becoming the intermediary , we ’ re kind of like that in between layer . It masks the retailer ’ s data directly , because all the CPGs really interested in is understanding
behavior and targeting specific types of behavior . We ’ re essentially becoming that data security layer between the retailer ’ s first party data and the CPG .
Grill-Goodman : Before we part , what are your thoughts on running a technology company in New Jersey ? Raman : I think the ecosystem around here is pretty strong and exciting . I think the talent pool is great . You ’ ve got New York City , lots of people , lots of great companies based out of the city . I think there is a growing tech hub in the area . In our early days we certainly got a lot of access to resources through programs that were run by the NJ Economic Development Authority ( NJEDA ). I think the government is stepping up , trying to provide a lot of incentives for people to invest in New Jersey companies . It has worked out good for us .
Bridgewater , New Jersey-based Birdzi , a grocery retail solutions company , taps artificial intelligence for data-driven personalization .
Photo : Getty Images / iStockphoto / Funtap
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