It’s no secret that the current business climate is heavily tech and digital-focused. With the rise of e-commerce, online payment platforms, digital marketing, and other online services, companies need a good grasp of technology and other digital tools in order to make headway into an already crowded market.
Proficiency with tech and other tools is crucial in order to get a small business up off the ground. Given the greater shift to online services during the pandemic, it’s clear that the online business model is going to be the status quo from now on. 87% of customers begin their product searches online, and it’s likely that that number will rise in the next years.
Entrepreneurs are innovators who should know how to work with trends, and tech proficiency should be part of every entrepreneur’s toolkit. Below, we’ve listed out 5 tech trends that every entrepreneur should know about in order to maximize the success of their business.
Voice Search
Digital marketing has been a part of pretty much every business’ marketing plan for over two decades now. As technology and the Internet have become more widespread, digital marketing strategies have changed alongside them. One of the most significant trends in digital marketing in the coming years will be voice marketing.
Voice search is the next big thing for consumers everywhere. With over 90 million smart speakers installed in the U.S. and voice search numbers climbing by the day, it’s clear that voice technology is going to play a huge part in consumers’ lives, and companies should work to accommodate that in their content marketing.
Online Marketplaces
Consumers are increasingly moving online, and a smart entrepreneur would make sure that their business is ready for that. 62.5% of global online spending occurred in online marketplaces in 2020, marking a 29% increase in merchandise sales.
It’s clear that consumers are hungry for the convenience and accessibility offered by online marketplaces. That means it’s high time for your business to move online, too. While this may sound daunting, moving online can have several benefits for entrepreneurs.
A good online marketplace can make it easier for consumers to complete the purchasing process. It also makes it easier for businesses to hire skilled staff from around the world to cater to customer needs.
Blockchain and Crypto
If you’ve been online at any point during the last decade, you’ll have seen the quick rise of blockchain and cryptocurrencies. While blockchain may seem difficult to figure out at first glance, an understanding of the technology can help entrepreneurs increase efficiency and security for their online businesses almost immediately.
This makes it particularly beneficial for businesses with a more global mindset. To take advantage of this, entrepreneurs planning to market their services worldwide should pay attention to top cryptocurrencies and exchanges to see what best fits their business. A grasp of the trends in the crypto market can make it easier to adopt and integrate these technologies into an existing business structure.
Chatbots
Good customer service is the foundation of a successful business, but not all businesses have the manpower for 24/7 service. Luckily, with the advent of chatbots, good customer service might be easier for even start-ups and smaller businesses to achieve.
Chatbot technology has grown in popularity because of its ability to increase sales and efficiency and improve response times to customer needs. Chatbots reduce service-related problems and help customers with common questions about services or products.
In addition to the above, well-designed chatbots can also increase ROI and motivate customers to complete the purchasing journey. And with even social media sites like Facebook offering chatbot development services, it’s easy enough for a savvy entrepreneur to take advantage of this technology.
Artificial Intelligence
Another development in technology that’s been taking the business world by storm in recent years is artificial intelligence. While AI may seem like the stuff of sci-fi, it’s got a huge, practical role to play in many internal and customer-facing processes.
AI technology can help lighten the workload for a smaller operation. With machine algorithms, it’s easier for smaller businesses to market more effectively and understand customer data more thoroughly. Utilizing AI to make sense of consumer purchasing patterns can often be the key to breaking into the market, making it a crucial tool for entrepreneurs in all industries.
What Tech Trends are you most excited about? Tell us in the comments below.
