At the start of any business, entrepreneurs usually think about profit, growth, investment, how to survive amidst competition, and much more. Well, cutting-edge technology solutions are transforming business models and customer’s preferences. However, many business owners often overlook modern technology and how it will affect the business in the long run.
As a smart entrepreneur, you should not overlook technology and its effects on customers. Customer expectations are rising from brands; this is why companies adapt tech-driven solutions to meet the rising demand for tech-savvy customers. As we have seen, with technological advancements, the business has seen a tremendous shift in consumer behavior.
From mobile-friendly solutions to personalized experience to AR/VR solutions- modern solutions are making people’s lives easy and comfortable as it was never before. Today, a consumer expects an instant response and fast service from any brand. To fulfill consumer expectations, all businesses are implementing the latest solutions.
Today, tech-driven solutions such as smartphones, cloud sharing, chatbots, AI and ML, etc., are developing so fast that people become obsessed with them. This is why a company like Walmart alone spent over $10.5 billion on technology the previous year.
Tech-driven Solutions are Indeed Customer-friendly
The customer-centric approach is nothing new, but it is becoming very critical in today’s digital time. As we have mentioned earlier, the customer’s choices are evolving when it comes to choosing products. Today, they demand ease in everything, including product selection, payment transactions, after-sales service, and much more.
To meet these customers’ rising demands, brands are developing tech-driven solutions that make people’s experience with the brand hassle-free and foster customer loyalty and satisfaction, leading to more happy customers. Building tech-driven solutions in today’s digital world are changing quickly. New technology introduces each day, and brands need to roll out their models rapidly.
We are heading towards 2021 and certain tech-driven solutions that have made human’s life easy and are enough customer-friendly,
- Made communication easy (smartphones)
- Made advertising so easy (social media)
- Has made transactions easier (multiple payment options )
- Internet of Things (Industrial Revolution 4.0)
Technology and digitalization are some of the most prevailing megatrends that allow the business to expand their reach without any boundary and give access to customers everything instantly. Indeed, we are surely moving towards exciting times.
Everything is Online and Accessible to Smartphones
Technology is changing quickly, and the smartphone is one of the examples that has witnessed immense growth in recent years. From calling to emails to video calls to apps to make a payment- there is so much to do with smartphones. Indeed it’s making people’s lives easy and smart with time.
In the above graph published by Comnscore, smartphone’s penetration increases with each passing day. On the other hand, companies are taking advantage of this mindset and developing mobile-friendly solutions that are beneficial to customers and enable brands to drive more revenue and growth. You might have realized that the recent tech solutions have made it possible to lead more comfortable lives.
From accessing massive amounts of information on smartphones with the Internet’s help to get things delivered at home- undoubtedly, tech-driven solutions indeed enriched personal lifestyle and benefit customers. Researchers have found that smartphones are such game-changers that they are actually changing the way we work and behave.
Today, if we are stuck at any unknown-place and want to eat something, we don’t physically go and check each restaurant. Instead, we google food ordering app for restaurants and decide where to go or place an order.
New Communication Channels
Consumers are more connected than ever before. Especially instant messaging apps like WhatsApp, Facebook Messenger, hike, Instagram, etc., have become more popular among the young generation. Tech-driven solutions have introduced these platforms where people communicate with their brand digitally.
According to Sproutsocial, around 60% of consumers find it easy to interact with brands using social media. Earlier, a brand provided customer service through phone calls or emails, but that was not very effective. In today’s digital era, where people seek instant responses, social media platforms, and AI-based chatbots assist customers round the clock. It benefits the business as they can save customers operational costs and don’t let you damage brand reputation.
According to GlobalWebIndex, more than 54% of social media users have used social platforms to connect with bands and research products. With consumers becoming more connected through their smartphones, there is an increasing number of opportunities to engage with new and current customers.
One of the recent surveys conducted by Accenture, more than 84% of customers said that they prefer interacting through social media channels and chatbots rather than human service agents due to its round the clock assistance capability.
Integration of IoT and Cloud Technology
In today’s modern time, where everything relies on technology solutions, the Internet of Things, Cloud computing, BigData, Machine Learning, etc., are improving customer experience with the brand. By 2030, researchers have surveyed that there will be a massive shift towards automation in customer engagement.
Another research said that, by 2030, more than 67% of customer engagement between a brand and consumer using smart devices such as online sites, mobile, etc., rather than human customer agents.
IoT is not something new in this Internet era; from Alexa to various wearable devices such as smartwatches to everything through the cloud, things are getting smart and connected. With intelligent technologies such as Artificial Intelligence and Machine Learning, brands can now deliver a personalized experience to their users; it encourages buying and improves customer satisfaction.
Key Takeaways to Tech-driven Solutions
Indeed, tech-driven solutions have made the customer’s life easy and comfortable. Modern tech solutions have affected customer service experience in a positive way. Besides, businesses are taking advantage of these solutions and carry out activities to keep their customers happy. After all, a happy customer will buy products again.
In recent years, we have seen the growth of technology, its innovations, and its impact on consumer behavior. Smartphones, social media, tablets, etc., have made customers more connected than they were ever before. On the other hand, brands are trying to meet their expectations; after all, “Customer is King,” by fulfilling their expectations, they can reap many benefits.
Moreover, IoT and 5G are still infant, companies need to develop more customer-friendly solutions that bring customers closer to their business.