In the past few years, humanity has achieved a significant number of advanced technology solutions bound to transform the human and the business landscape. Today, business tactics have been changed, from marketing to advertising to promotion to connect with consumers- everything is changed. Credit goes to modern technology solutions that let business owners expand their business reach without any geolocation limit.
Some of the tech-driven solutions are already in use, empowering businesses with the ability to connect with their customers in real-time and expand their offerings. The 21st generation not only uses their smartphones to make a call, but it has become an integral part of their day-to-day life.
In the above diagram, you can see from social media to email to advertisements, brands using technology to connect with their audience. From surfing websites to order food to make payments, modern technology solutions have drastically transformed individuals’ lives.
Besides, organizations also embrace innovative technologies into their operations, especially when it comes to promoting products and services. Tech-driven solutions are changing the world of the online market and shaping the way GenZ connects with brands. These major transformations open new doors for entrepreneurs and streamline operations.
The way businesses are implementing technology depends on their business type and nature. If you really want to empower your business, you need to implement modern tech solutions that improve the overall business process and add value.
The Fourth Industrial Revolution
Technology continues to evolve so as customer’s relations with brands. Modern technology continues to evolve with time and affects every facet of our daily lives, but most importantly, it has drastically changed the way we do business.
The creation of all the smart and internet-based technology we use is often considered the fourth industrial revolution. The mounting rate at which technology is developing, using, and adapting is so quick, as a business owner, whether you are ready or not, you must embrace them to stay ahead in the competitive curve.
If you look at the last decade, today, we have come so far, and some of the major changes will leave you in shock such as,
- Social media platforms used to promote products and connect with consumers
- Mobile phones are primarily being used to perform everything. ( from ordering to paying bills to everything )
- Small and medium scale businesses leverage cloud-based solutions for growth
- The birth of app and website to connect with a larger audience
- Existence of omnichannel marketing
Front the above points; you can see how technology has literally changed everything the way business operates. The 4th industrial revolution, also called industry 4.0, enables business owners to transform their model with ease. A decade ago, the word “customization” was limited to business owners, but today it is a buzzword.
From sending personalized messages to product recommendations to customized product design, tech-driven solutions have made it possible for even small scale businesses to enhance the customer experience.
Digitization and its Influence on Business
Digitization is no more a buzzword when it comes to defining the business process, or we talk about an individual’s attitude towards approaching any products or services. People are going digital, as business models are. More and more brands are going digital, as smartphone applications, cloud sharings, and other multiple tools allow them to get things done without any error in less time.
According to Gartner, the majority of companies have adopted digital approaches and transforming their models. Irrespective of business size and type, digitization is everywhere, and it’s making people’s lives easier as it was never before. Below are some major implications that have changed human behavior and business models:
- Shift to smartphones
- The necessity of omnichannel and support
- Rise of personalized marketing approach
- Smooth checkout process
- Improved security
Above are the significant eras where technology played a critical role. Hence, it is hard to argue with the benefits that technology brings to the business. Regardless of your business’s size and nature, tech innovations have transformed business models and enabled the business to boost its income and presence in this digital era.
Now let’s discuss major innovations that have made users’ life easy, and are they impactful enough? Let’s check it out.
# The Major Shift to Mobile
There has been a significant rise in eCommerce and online delivery business over the past decade. Even people appreciate this business model with open hands as it saves their time and offers comfort. Now people can get everything at their doorstep using a couple of clicks.
Businesses have understood this and shifted their business to mobile so that people can easily access products and services from anywhere. Moreover, increasing usage of smartphones and wide access to the Internet are the major reasons that drive massive growth in online business. More than 50% of the internet traffic comes from a mobile device as people become excessively use smartphones to fulfill their daily needs.
Not only eCommerce but online delivery businesses such as food, grocery, medicine, and other essential products have changed the entire market scenario. Hence, it is no wonder that the online food delivery market will soon reach $200B. Food entrepreneurs are deploying online ordering software for restaurants as it enables them to connect with customers and boost their profitability compared to dine-in.
If you fail to provide a mobile-oriented experience in today’s digital time, you will certainly lose potential customers and lots of money on the table. Thus, brands today equip themselves with mobile-friendly technology to attract maximum eyeballs. Moreover, advanced technology like the Internet of Things(IoT) helps brands understand customer’s preferences to deliver a personalized experience.
# Necessity of Omnichannel Presence
No doubt, a strong customer base is the backbone of any business. If customers are treated wisely, it will automatically add value to your business and foster customer loyalty. As we have said above, the customer’s preferences keep evolving with time; today, they demand digital solutions to fulfill their needs.
More than 90% of customers expect smooth interactions with brands across multiple channels and devices; it highlights the importance of omnichannel presence today; ‘s business environment. It means businesses have to use the right technology at the fight time to reach out to customers.
Here are some ways and technologies that work well to connect with customers and explains the importance of omnichannel
- Video chats
- Websites and apps
- Social media presence
- Screen sharing
- Personalized messages
- E-signature technologies to enhance security
The points mentioned above are the most relevant trends impacting most of the businesses at the moment. From marketing to sending them a personalized newsletter to data security to creating a marketing plan- technology is everywhere and creating a tangible impact on business and its operations.
You may think that using modern technology tools is too expensive; however, they are not. The impact of tech-driven solutions on businesses has been commonly sensed in today’s environment. Modern technology is intertwined within a customer’s preferences, and usage of it in business gives tremendous benefits to end-users as well as enterprise. Overall, we can say that tech-driven solutions are impactful and nurturing the customer’s relationships with brands.