TOP 5 EMERGING TECHNOLOGIES TO ENHANCE YOUR BUSINESS FOR FUTURE

The business landscape has undergone massive transformation from bill-board advertising to websites to a new era of web3 introducing semantic web to users. We have seen time and again that those enterprises that have dissed the need for a change have perished in oblivion. Nokia is the best company that was averse to the changing trends leading to its ultimate closure. On that note, if you are running your own business, here are a few technologies that would keep you in the game.

1.Top Techs To Enhance Your Business

Artificial Intelligence(AI)

AI or Artificial Intelligence will shape the new world order in the business domain. 83% of the businesses are highly anticipating that ai will help significantly in decision making capabilities and speculate well in advance about consumer behavior as per different circumstances. Asian Paints has already done the same and eliminated the dependency on intermediaries to track consumer behavior and provide them with the right solution that they need. Their efforts paid them well where they could save 20% of their margins which significantly improved their expansion plans.

Geofencing

2022 witnessed massive mobile penetration that reached almost 6.64 billion people or nearly 80% to 90% of the global population using mobile phones. Such a massive adoption of mobile phones paved the way for a new marketing strategy to evolve known as geofencing. In this marketing technique, companies are creating digital environments within a specific geographical region to trigger marketing through RFIDs, WiFi, Cellular data. Their objective is to push specific text-based messages, email, social media or push notifications to trigger consumer behavior. Proper use of geo-fencing significantly improved the CTR or Click-Through-Rate enhancing the sales of businesses. 53% of the retailers straightway stopped at the respective store after receiving the ads on their mobile phones.

AR/VR

The merchandise industry incurred $428 billion in losses in 2022 due to RoW or Return to Warehouse triggered by customers. Such practices led to a 10.6% reduction in retail sales. However when arvr was introduced, the scenario completely changed. For example, Lacoste, a sportswear company used an application that uses AR/VR tech. As per the app, users can put their feet on a specific trigger point. Once they did that, the application would suggest the best pair of matching shoes. This improved the shopping experience of the customers. A report says that AR/VR has been very effective in reducing the returns which cause damage to the business. In 2022, the use of AR/VR has reduced 40% of the returns.

M-Commerce

6.44 billion people using mobile phones have paved the way for business to either evolve or perish in oblivion. Statista reports that by 2025 10% of all the US sales will be triggered by using mobile phones. In the wake of the need for omnichannel presence, those businesses which are not deploying smart applications that stimulate user experience will be falling behind in the competition. Top tech giants have already worked towards providing ease of payment options through ApplePay, Alipay, Amazon Pay, PayPal One Touch because they have anticipated sharp change in the consumer habits and businesses failing to understand these mobile trends and adapt accordingly will find it hard to survive when the dramatic change in consumer preference will arrive.

IoTs

Around $15 trillion on IoTs and with 10 billion IoT devices, those businesses which have failed to integrate IoTs in their modus operandi will be falling behind by miles from their competitors. Just think about the HVAC system that can automatically detect that the room is empty and switch off the system or the HVAC system which you can simply turn on from miles away using your phone. That’s just one aspect that manufacturing units will pay heed to. However IoTs will also have a major role to play when it comes to optimizing operations. The real-time data collection from the IoT devices can better help in understanding the consumer behavior and preferences. On top of this, IoTs when integrated with retail can also help in placing the products in the right corners and rolling targeted ad campaigns to maximize sales. In this way, it will increase customer experience by reducing the cost incurred to acquire such customers.

Conclusion

Digitization has pushed businesses to revamp their operational model and include technology at the forefront not just for automation but even for uplifting the customer experience. The above mentioned technologies will help businesses to adapt to the change and stay competitive in the changing business landscape.

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