How Technology is Influencing Online Business
Innovation drives the future, and technology is the main
catalyst that fuels rapid evolution. High competition to capture profitable
markets have pushed entrepreneurs to invest huge sums in developing
technologies that baffle all alien life forms. Creative brains have given birth
to complex bots and algorithms that interact itself, track, monitor, and
analyse trillions of data, all with a persistent ambition to poke and probe the
customer, “all to grab their attention”.
In this article, we will take a succinct overview of how
few technologies will influence your online business. Let’s start small rather
delve straight to complex technical jargons.
#1 Hyper personalized
websites or eCommerce marketplaces
Fundamentally every business is the same regardless of
whether it’s offline or online. The biggest change is noted when people start
to leverage the unprecedented opportunity that technology accompanied. In a
broader sense, new technological advancements started to manifest itself by
simplifying people’s life. This main factor persuaded a bunch of tech savvy
minions to migrate to comprehensive displays where they stayed for hours,
exchanging information and interacting with other minions they find on the
platform. Enlightened with the realisation of this incremental shift, where a
high populous permeate from offline to online, it became an obligation for
businesses to reflect their values in the online realm.
#2 IoT – Continuous
coordination and collaboration
Internet of Things, a phrase that echoed in our ears for
past couple of years, and still we are not acquainted with. IoT is a network of
electronic peripherals that are interlinked to a common network, where they
share data and collaborate, to gradually learn individual systems and progress
along the experience curve to work as a single unit “a smart system”. The main
purpose of IoT will be to present a digital economy that enables smart homes,
smart offices, etc.
The importance of IoT in business can be highlighted with
a simple example, Consider your online business/ eCommerce store is selling
T-shirts. With IoT all devices in your office “Garage” will be able to stay
connected and share data with each other with a concordant view to make smart
decisions, thereby ensuring a seamless flow of operations. Here the system will
work as a single unit, learning the operational flow from one department to
another and will cognitively make prudent decisions in-case it finds any flaw
in the seamless operation. If the AI recognizes that the demand for a
particular lenin has gone up, then the system coordinates with the concerned
department and will discern the reason behind the increasing demand. Once the
reason is analyzed with data from the planning /forecasting department the AI
will make informed decision to source an order or will notify the reason behind
Read Also: The Technology Scene in 2017
#3 In app marketing the best way your lead gets incentivized
The great news is, in-app marketing is an amazing way to
keep continuous interaction with your customers. OHhh, forgot to mention the challenge.
Stats published on BuildFire.com says that out of 100 apps downloaded 33.3% of
them are only open once. Shocking information isn’t it. The main reason is that
a majority of them (app’s) become obsolete before they hit the market, and the
remaining failed to meet the customer expectation.
Most businesses use the strategy of incentivizing in app
traffic (usually done with virtual money). A hope to tickle with the curiosity,
and expecting that the prospect at one point will convert into paying customers.
Yes and No. No, because of your service, regardless of what is not adding value
to the user. Then there is a high probability that the user may leave when the
incentive gets over.
What when the answer is yes? As a user, he finds value in
your business and continues with the service. In most cases, the user finds
value with the continuous education and lead nurturing the organization rolls
out. So, by the time the incentive gets over he is well aware why he should not
send your app to the trash.
#4 Google semantics for
prioritising information based on the context
Semantics have paved way for business intelligence
systems, International Data Corporation (IDC) estimates that by 2020 the amount
of data produced from the point of sale system to sensors will reach 4.4
zettabytes. Which comprises a pile of structured and unstructured data. Data,
when analysed, gives indepth knowledge about the relationship each data points
have with one another, helping us glean compelling opportunities and obtain
business benefits. The application of semantics and meta knowledge in the field
of IoT has gained worldwide attention.
The future of business is driven by quality, and quality
is comprised of deviants. So, how do we evaluate and quantify the reasonings
behind an engagement? As a business how do we evaluate sentimental interactions
with our business? How could an aircraft manufacturer like Boeing find the
intangible reason behind a purchase? Beyond the huge markdown what motivated
the airline to consider them over their rival Airbus. Both businesses provide
state of the art cutting edge technologies.
With semantics, the entity will be able to deduce the
complexity of analysing individual behaviour and will be able to find the
reasoning behind a purchase. Semantics give meaning to the whole data
available, scrapping intuitions, giving it a clarity, which helps to make
precise informed decisions. The aircraft manufacturer can dig deep into data
and analyse which variant of their aeroplanes are more preferred my businesses
in that region. Why they preferred a 747 over a 737, Is the airline operating
long haul services to busy destinations, Have they mentioned any information
about their current load factor, How frequently customers mentioned their
experience flying in a 747, How customers respond to the airline’s services,
social mentions of the aircraft, etc.
What semantics does is, in its core, it will consider all
these factors and will use the available bits of information to canvas clarity.
With the internet revolution, even the manufacturer will be able to collect,
analyse, and suggest the airline, why a 747 will be much better for their
business than any other variants.
Technology has changed the way we administer business and
wade through our professional life. Don’t take my word for granted. Look around
you. You will be able to plot patterns reflecting a transformation, wondering
the penetration of technology into our personal lives. Technology is forcing us
to showcase an omnichannel presence, making it more mandatory for businesses to
keep up with the radical trends and customer shift (channel hopping). Every
business needs to incorporate a synergic approach to welcome technology that
can productively reduce the distance between organizational values and
customers. Once the values converge with the customer’s belief then a business
can claim that technology has been used to deliver a purpose.
Also Read: How Technology Will Enhance Our Personal Lives