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 its action.
#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.