How Emerging Technology Creates Business Opportunities
Modern technology is making a change in the business world with developments like robotics, chatbots, virtual reality, etc. Unfortunately, many businesses aren’t rapidly adapting to these developments. They fail to understand that adopting just one of these innovative developments will make a fast, apparent impact on their sales and income. Implementing technology as a business opportunity is a strategic approach high-growth businesses believe in.
We are dwelling in the epoch of entrepreneurship, and how it creates new jobs and produces new opportunities to transform infrastructure for better value of life and services. Let’s take a look at the latest technology that is creating business opportunities across the eCommerce landscape.
Latest Technology Creating Business Opportunities
Your potential customers will no longer need to fill out an order form or pick up the form. Instead, they will log in to an app and swiftly place their order. This can easily take place on Slack, WhatsApp, Facebook, or any other chat apps. This process will drastically reduce friction since people expend a whole lot of time on their devices today.
There are currently many economical online tools that will make it simple and easy for you to build chatbots. This includes Messenger chatbots like ChattyPeople, ChatFuel, and ManyChat. These can help to develop a powerful AI-driven chatbot even when you don’t have any programming experience.
Embracing automation software will help your business growth since you will no longer waste resources on menial but important tasks. Combined with Artificial Intelligence and machine learning, your business can start broadening the impact of the software’s potency. Practically speaking, automation tools can be incorporated with existing systems to speed things up, create the changes you need, or even re-order the products your enterprise relies on.
There are already a few online platforms e.g. Salesforce, Marketo, etc. that you can employ to automate most common business, sales, and management tasks. These systems integrate effortlessly with other software you are already using and fine-tune your operations. For instance, most businesses manage their stock using inventory management software to make inventory tracking easier and get access to business insights. Understand the benefits of inventory management software and other eCommerce technology to scale and grow your business.
Efficient Ecommerce Technology For Your Business
Onboarding any solution should go hand-in-hand with a well-thought-out strategy. Before implementing eCommerce technology, craft an integration strategy to determine the needs of your business and how to create smart data workflows across your supply chain.
Adding applications to your tech stack is a strategic exercise. Learn how to evaluate your tech stack before implementing new software and systems here.
Software-as-a-Service (SaaS) seems unappealing since its been existing for a long time. But the truth is, it’s still in its early stages and its possibilities haven’t yet been fully attained. This is definitely true in the small to medium-size business market. However, there are numerous tools being offered here at this moment that are fully aimed at small to medium-sized businesses – tools like EMERGE App.
In fact, those fast-growing businesses dealing with supply chain complexity and high volume sales leverage SaaS software to thrive and grow. Enter iPaaS (integration platform as a service). An iPaaS can simplify an organization’s overall system, helping brands scale and meet the increased data volume from different sales channels. It supports real-time integration with the goal of minimum disruption, providing customers with an enhanced overall experience.
Put simply, iPaaS is a platform to connect software applications through integration within the cloud. Not only that, but some iPaaS solutions like VL OMNI are able to apply business rules directly to workflows. Whether you sell on Shopify, marketplaces like Amazon or Walmart, social media channels – or anywhere in between, you need efficient data integration across your inventory and fulfillment network to ensure you stay stocked and profitable.
Learn how to connect disparate applications and channels to turn your business into an efficient, scalable commerce machine here.
Leading Developers claim a combination of Artificial Intelligence, machine learning, and NLP or Natural Language Processing can definitely disrupt your life with their drastic computational power. This technological innovation can fully grasp users’ patterns and behavior in milliseconds. It can also fix a lot of problems in an automated fashion. As the level of information companies have grown even bigger, it’s likely to become challenging for engineers to manage all this information, do something on it, and provide us with pertinent information.
Artificial Intelligence can help here because they’re capable of working like humans — only much more proficiently. This is why many professionals suspect that by 2021, automation due to AI-powered cognitive technology and intelligent software agents will create new jobs for 5% of Americans, place 11% of Americans at risk of losing their jobs, and will cost yet another 6% of Americans their jobs. Early adoption of this technology can help businesses in a wonderful fashion.
Augmented Reality and Virtual Reality
Augmented Reality (AR) is being focused on product visualization today. By using technology, businesses will find ways to use Augmented Reality to display their products in real-time. Succeed as Your own Boss reveals there are four major ways Augmented Reality will shape businesses. These are:
- Safety and rescue operations
- Urban exploration
- Shopping experiences
This is a development you need to keep an eye on. It began with Pokemon Go and now we are observing it in the form of Snapchat glasses and Oculus Rift Glasses. In a couple of years, our customers will check out our products in real-time in 3D for them to try them before they purchase them. This will have a significant, rapid impact on your business.
Internet of Things (IOTs)
The Internet of Things (IoTs) works with the internet to fill gaps between specialized sensors, networking, and real-world objects. This really is creating many new products and opportunities that we’d either never predicted or even dreamt of by now. Technology makes so you are in control of these operations and objects – including things like intelligent security alarms, car automation, smart home, and smart offices.
People who are adopting this have found good reasons for their devices to listen to, view, as well as smell the information in real-time. In fact, there are now approximately 11.4 billion of these gadgets in use all over the world today. These devices are seeming to be very valuable for seizing new opportunities, making investments and lowering the total cost of operations. Sooner or later, we’re likely to see more real-time actions growing through IoT platforms, networks, sensors, and data analysis techniques.
Written By: Raviraj Hegde, Vice President of Growth at EMERGE App.