We live in a technological age where businesses need to embrace the apparatus available to them if they want to survive. In fact, it’s not just about taking advantage of the opportunities technological advancements offer but staying on top of these developments if you’re going to get ahead in this world by staying ahead of competition.
It’s enough to take a look at booming industries that are entirely reliant on technological advancements. Take the iGaming industry, for instance. No doubt a sector that thrives on innovation and forward-thinking technologies.
From online casinos and specialized software providers to affiliate sites, you’ll soon discover there are a few things you can learn if you take a leaf out of their book. And if you’d like to do a quick online search to confirm this, getting started with new NZ online casinos would be a good idea.
If you want you are running an online business, be it an eCommerce portal or an iGaming website here are some of the technological innovations you need to be aware of if you want your business to thrive in 2022 and beyond:
Artificial Intelligence (AI)
While most of us have probably heard the term artificial intelligence (AI), we may not know the extent of its power. Anyone wanting to improve overall customer experience and see this reflected in more conversions, AI is something you’ll definitely want to embrace. AI tools including voice-based shopping, chatbots and visual searches are just some of the things you should be exploring for the future of your business.
Most of us have dealt with a chatbot at some point. Chatbots are one of the most significant AI developments as they have enabled businesses to address some of the most common issues without the need for human intervention, which has an implication for increasing sales.
Moreover, with more and more people using smart technology with innovations such as Siri on the iPhone and Amazon’s Alexa, the advent of voice-based shopping was a bit of a no-brainer.
Incorporating voice shopping for your online business certainly plays a massive role in improving customer experience, as it allows people to inquire about products, check an item’s availability, place orders and calculate prices using the technology on their smartphones.
Augmented Reality (AR)
Augmented Reality (AR) can be defined as a visual or audio overlay on the physical world that utilizes a smart display to provide contextualized digital information that augments a user’s real-world view. The blending of our physical world with a more virtual landscape opens us with a wealth of opportunities for businesses that are willing to explore.
There are many practical ways in which AR is changing the business landscape and how the technology can be used to boost your operations through innovative marketing campaigns. Examples of AR in practice include AR-enabled smart glasses, which can help warehouse workers organize orders more effectively or help electrical workers make very precise repairs.
AR provides a great opportunity to bring information to the point of action in a seamless and unobtrusive manner. Virtual showrooms are another concept that is gaining traction in retail circles as these allow customers to browse a range of products without the need for a backdrop.
Even if you haven’t heard of it, the chances are you are already involved with the Metaverse seeing as everyone has some form of social media account these days. The Metaverse refers to the literal amalgamation between our real life and our digital presence.
Whether in reference to gaming pursuits or virtual economic activity fueled by cryptocurrency, the Metaverse is where it all happens. The Metaverse is constantly expanding. It may have started in the world of gaming but now shows signs of moving towards a future where it encompasses social interactions, entertainment, advertising and our purchasing activities.
An easy way to look at it is to think of various aspects of our daily lives where we operate in the physical world now taking place more digitally. In terms of the impact of the Metaverse on business, the expansion of this digital reality calls for businesses to have a strong presence online by providing more immersive experiences, collaborative spaces and products.
Blockchain is nothing new, but the fact that there has been more mainstream adoption of this technology is important for business. With the increased prominence of the Metaverse, the significance of Blockchain is set to continue in the coming years.
Blockchain technology allows businesses to operate in a more secure, structured and decentralized way when it comes to tracking transactions and activity across devices. It essentially provides a secure ledger which is great in terms of protecting customer data and identity information.
It is estimated that the business spending on Blockchain solutions will reach USD 19 million by the year 2024. So, if you haven’t invested, it may be time to get a move on.
Regardless of the nature of your business, it is a good idea to start getting to grips with this technology, especially because of its connection to the Metaverse with the rise of NFTs. Whether you are dealing with legal contracts or have an interest in iGaming, Blockchain has the potential to have positive implications for business operations and will likely be seen as essential for customer security in years to come.
On a related note, we expect that there will be greater emphasis on privacy and security, such as greater movement onto the Blockchain. With so much of people’s time being spent in the digital realm, in addition to the opportunities, there are huge vulnerabilities when it comes to privacy and security.
Businesses will now need to look into ways to protect their customers from data leaks and cyber-attacks. Failure to do so will limit the business’s credibility in the eyes of the consumer who will opt for the provider most likely to protect their interests.
However, with tools such as Blockchain technology and AI available, there is no reason why businesses can’t make progress in the area of privacy and security. Predictive analytics and pattern recognition can be used to identify suspicious behavior in the early stages and allow businesses to take action to tackle data breaches before they escalate.
Utilizing the advanced security benefits of modern technological innovations will also make it possible to analyze behavioral patterns and stop cyber criminals in their tracks before irreversible damage is done.