In recent years, the speed of technology development is so high that it can’t but affect the world of business and entrepreneurship. Digital banking, artificial intelligence, big data, and cloud storage: these and dozens of other innovations have changed every aspect of how any enterprise works, and never before have these changes happened so quickly.
Yes, technology has revolutionised the way we do business, allowing small businesses to level the playing field with larger organisations. Today, small businesses, along with well-known companies, use a range of affordable advanced tools to gain a competitive advantage in the market. What are these technologies and how do they help to develop business and entrepreneurship? Find the complete information below.
Nowadays, about 6.92 billion people use a smartphone in their daily life, which is 86.11% of the total population. They call, send messages, and benefit from Internet access and applications installed on the device. From a simple means of communication, the smartphone has become a multitasking tool.
For example, you need to book a 7 seater car hire in Liverpool. You launch your browser and search for suitable offers on the go. Also, you can download the car hire application, which will further speed up finding a suitable deal. But what benefits does the mobile environment bring to entrepreneurship?
So, electronic gadgets with the right financial management apps installed allow you to efficiently allocate resources, plan work processes, and manage your workforce. Also, you can create a website to present your product on the Internet. Thus, potential buyers will be able to choose what they need and place an order online. The possibilities of the mobile environment are so great that it would be foolish not to take advantage of them today.
Augmented Reality (AR)
Some people don’t yet consider augmented reality as a means of advertising. But this technology can find interesting applications in the retail or entertainment industry. The best use cases for augmented reality in retail involve integrating the customer experience with opportunities that go beyond physical reality.
An example is the “magic mirror” technology in Sephora and Charlotte Tilbury cosmetics stores. Augmented reality technology allows shoppers to try on the tone of lipstick or eyeshadow just by looking in the mirror. Changing makeup and looks using an AR mirror is effortless and creates a positive experience for shoppers. This means that customers will try to test as many product options as possible thus increasing the chances of purchase.
Virtual Reality (VR)
Virtual reality technology requires the use of a special headset – and this complicates its distribution. Yet, multiple businesses manage to effectively use VR to improve the quality of the customer experience. Among the leaders are the travel and automobile industries.
Virtual reality technology allows buyers to create their dream car and imagine themselves inside. At the same time, you can feel like driving the desired car at any convenient time, without taking out an insurance policy and enduring an annoying sales manager.
For automotive companies, a key advantage of VR is the ability to model cars based on customer preferences. For the travel industry, the value of virtual reality technology is quite clear. Why look at brochures when you can just put on a VR headset and “walk” along the beach or a bustling flea market at home?
Artificial intelligence (AI)
Virtual customer service technology is already quite common, and its popularity will grow as more people learn about it. By 2025, virtual assistants are predicted to handle 50% of all customer interactions.
We are used to turning to virtual assistants (Alexa, Google, or Siri) for recommendations through mobile devices, and even shopping through services like Amazon’s Alexa Voice Shopping. However, these technologies have great potential for offline businesses as well. Assistants can provide a personal service to customers, check the availability of goods and help in finding them on the shelves, as well as point the way to the right branch in a small store or shopping centre.
Today, customers expect businesses to anticipate their needs and identify/eliminate pain points based on the collective experience of the entire target audience. This means that the most effective companies implement programs to improve customer experience. They provide a continuous process of obtaining feedback from customers and employees, analysing content, and using the results to change and improve operations.
Such a program involves more than just identifying what customers like and dislike. It involves discovering the drivers and developing the best course of action to deliver a better experience for future customers and greater profitability for the business.
In general, innovation contributes to the development of entrepreneurship and business. New technologies appear every day, and following them allows you to succeed in any industry.