5 Technology Trends for Retail and e-Commerce Business in 2019
Written by Hemendra Singh on December 23, 2018 | Updated on: July 17, 2019
It is Almost 2019, and merely implementing technological solutions to your business isn’t enough. True, even a few years back, just including tech appendages to your business and e-commerce app development company would mean a lot. Now on the other hand, with every emerging and prominent business heavily relying on technology, the need to stay at the frontline of dynamic tech up-gradation is a must.
Technology is an invention of a fast-paced world, its evolution could only be expected to be fast-paced. Not even a year passes by, and an entire lot of trending technologies are replaced with an entirely new lot. You fail to catch up on this switch, and it will start reflecting through your dropping ROI. Hence, every time you sit for a yearly strategy session, it is mandatory that you take into consideration the absolutely latest range of techs. This will keep your business optimum and ROI maximum.
The accompanying issue that comes with evolving technology is the evolving of related skill set. As you catch up on the cycle of continuous tech evolution, you will need employees who are able enough to cope up with this progress efficiently. Now recruiting new people is an option once in a while, but not always. For such scenarios, you must provide your employees with concrete training in the relevant subject.
Moving ahead towards a new year, it is time to check out the trending technologies that could change the entire game of your business.
Top Trends for Retail and e-Commerce Business in 2019
Efficient data management with Augmented Analysis
Social media channel has become the most important channel of marketing for any business. And for a marketing strategy to succeed and develop, information and relevant data on the target audience is a must. Till today these services were taken care of by the many social media analytical tools. Now they still will play their part but with a different spin.
Before we focus on what exactly augmented analysis is, let’s take a look at what problem do they solve. Agreed that data analysis is always beneficial to your business, but at the same time, it is a very hectic and complicated process. The many available analytical tools will simply provide you with raw data. This data in itself is not of much use to your business. It is the insight that you derive from this data that matters.
Now the development of the insight is where business’s struggle. Development of the insight includes a lot of difficult-to-implement processes such as – the collection of data, cleaning of data, analysis of data, generating insight and communicating the insight. Amidst the web of multiple complex procedures, the efficiency of your organization is lost.
Manual insights development is not just hassled inflicting to company but cost as well. Especially, when you are required to hire experts (data scientists and data analysts) at every step of the process, this is particularly where the augmented analysis will get you out of the pickle. Operating on advanced machine learning and artificial intelligence algorithms, augmented analysis will immensely help you directly generate insights from your data.
You will have maximum efficiency and precision at the minimum cost. The augmented analytics engine is guided with AI to automatically sort and filter your data, clean it, analyze it and develop actionable insights. With Insights your marketers will find directly applicable to your business. This has not only the potential to revolutionize your business but the entire data industry.
Digital twins – bringing physical and virtual closer
The digital twin has existed for a very long time, but only in concept or restricted usage. Thankfully enough, for the Internet of Things, which is a very much affordable application. Digital twin essentially establishes a concrete connection between the physical worlds. This connection is such elaborate, that one could ever hope for complete digital simulation of the real world.
In the simplest of terms, a digital twin is the complete digital representation of a physical process, product or service. This pairing provides the manufacturer with very high control over the real-life commodity. With this bridge between the physical and virtual world, the process like data analysis, process monitoring, and maintenance, will become extremely easy.
Further, with simulation possibilities, manufacturers will be able to detect product/service flaws way before they ever arise.
Digital twins bringing together, software analysis, machine learning, artificial intelligence, augmented reality and spatial networking, will help businesses profoundly enhance their product monitoring, maintenance, diagnosis, and prognosis. Finally, on the user end, a digital twin is an application that can in many cases, improve user experience as well.
Related Article: Why Magento e-commerce is the best platform in 2019
The real-time benefits of Edge computing
When it comes to the marketing of any business, the content emerges to be of primary concern. Edge computing fares particularly are well versed in providing solutions to the content-related matters. Edge computing is, in fact, one of the most apparent byproducts of the Internet Of Things.
In a traditional computing environment, the data created from a particular device had to be transferred to a central computing space.
With edge computing, however, the data can be processed near the place where they are generated. In terms of business benefit, this process of computing -being done closer to the edge of the network, the data computation takes place in real-time. These benefits prove tremendously useful across various industries such as telecommunication, finance, healthcare, and manufacturing.
Poor connectivity has been a significant threat to cloud computing. Edge computer on the other is not affected by poor connectivity, as the data is not needed to traverse across networks to a data cloud center for processing.
The trustworthy Blockchain
Trust, reliability, and transparency are a few critical factors that help excel in a business environment. Blockchains effectively enhance these very aspects of a business environment. It is a lot like Wikipedia, a digital diary, where a record of information is maintained.
This recorded is maintained and continuously updated by a community of users. A key factor to note about blockchains is that digital information is simply distributed and not copied.
Don & Alex Tapscott, authors of Blockchain Revolution (2016) defined it as, “The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”
Advanced emphasis on digital ethics and privacy
Ethics and privacy have been a significant aspect in question with the emergence of New media. It is said that with the world available at the fingertip, to everyone all the time, ethics and privacy gets undervalued. On occasions when that becomes the truth, user’s trust and experience with a business can hamper.
Autonomous Things, AI-Driven development, immersive user experience, specialized AI chips, smart spaces, and quantum computing are just a few means available to businesses to enhance ethics and privacy.
It is safe to assume that technological advances are stepping a notch up almost every other day. Some tech processes have been undergoing development for some time, whereas, few are under the pipeline.
Irrespective of the development stage of the technology, it is always in your benefit to stay updated on their progress and development. Cashing in on the technological advancements at the right time and before your competitor could mean a world to you.
My name is Hemendra Singh. I am Managing Director and co-founder of The NineHertz, a Mobile App Development Company. I am having a keen interest in the latest trends and technologies that are emerging in different domains. Being an entrepreneur in the field of IT sector, it becomes my responsibility to aid my audience with the knowledge of latest trends in the market.