We are already witnessing the significant contribution of Visual search engines, AI Chatbots, Voice Assistants, etc. in regular business. Undoubtedly their contribution and dependency will significantly grow in the coming years. However, the question is, what could be the significant business trends in 2024 for software consulting companies?
The worldwide e-retail revenue is expected to touch a whopping $4927 billion by 2021. Visualizing the upcoming trends will help leverage them to optimum potential. Envisioning them is imperative for generating a decent share of the expected e-retail growth.
Here are the top 7 trends that could play an influential role in growing your business to a remarkable market level
1. AI & Machine Learning will become more Dominant
We are handling tons and tons of data regularly. Comprehending them to develop and offer better products is a critical aspect best managed by Artificial Intelligence and Machine Learning.
Personalized recommendations developed with AI and Machine Learning will boost sales to a greater extent. Along with their powerful chatbots and CRM tools, they will share a more significant influence on the user’s shopping experience.
2. AR may become a Regular Practice
Augmented Reality allows a user to inspect an item without having to touch it physically. Thus, inspection and trial of a product become a fun experience for the users. More business customers will rely on it to avoid the hard work of physical assessment and trial.
For example, Customers of a clothing business can say goodbye to lining up in queues and checking up multiple hues of similar products to find their best match. The advanced levels of AR will witness vast popularity among the final consumers in the upcoming years. It will surely boost the conversion rates of online stores.
3. The more incredible speed with 5G
The internet strength of 5G, which may be commercialized anytime soon, is as swift as Wi-Fi. Contributing to more incredible speed will make a massive impact on the user’s experience. Also, creating opportunities for new technology, it’s the ultimate support for using our smartphones for a diverse range of activities.
Software consulting companies will witness a significant challenge to integrate complex features with lightning speed on digital platforms. As for now, already, 50% of users tap on alternatives when a website fails to launch within 2 seconds. Soon this tendency may reduce to a single second.
So, whatever a business is its digital platform will have to ensure lightning speed for simple to complex activities. With humans’ attention span already reduced than that of a goldfish, more incredible speed will offer an edge to your business.
4. Significant growth in Customization of products
“This looks amazing but doesn’t go with the interiors of my house! Do you have a similar product in another shade?” It’s a pretty common query raised by consumers moments after seeing a wonderful product.
With the commercialization of 3d printing, smart machines, etc. that allows quick modifications in multiple aspects and directions, it is finally feasible to allow advanced levels of Customization to the consumers. Big brands are already tapping into it to ensure zero loss of customers.
For example, Coca-Cola successfully ran a ‘Share a Coke’ campaign. In it, the cold drink giant used the most popular Aussies’ names to be attached to the brand offering a thrill to the locals. Similarly, Nike allows advanced levels of Customization on Nike Air shoes.
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5. Smart Alternatives to Delivery
Investing in drones and robots to deliver food, medicines, and parcels is an economical and quicker alternative to the traditional mode of delivery operations. In June 2019, an experiment conducted in Canada witnessed a 100% success rate for delivering medicines via drones.
Delivery via a crewless aerial vehicles like drones combined with smart sensors will witness a surge in 2024. However, it may get tricky to get reliable apps developed via software consulting companies that can offer real-time tracking of drones and robots.
6. New Options of Payment
With the latest technology comes new risks that pave the way for developing highly secure payment options. As for now, we have digital wallets and cards that are often used by us. However, for Swedes, that is not enough.
Thousands of Swedes have adopted a grained size chip under their skin to speed up lifestyle with easy identification and convenient payment facilities. The chip has been claimed to be resistant to hacking, although the idea is debatable.
Software consulting companies will witness an upsurge in demand for coming up with cheap, swift, and secured digital payments using cryptocurrency models. 2024 is bound to notice more secure payment options for users to avoid fraudulence.
7. The rise in the Sales of Sustainable Products
The present television ads of big fashion giants like Levi’s goes as: With each pair of jeans, you reuse eight plastic bottles! That’s not the end of it. You are witnessing several product ads that claim to be eco-friendly, save water, be completely biodegradable, etc.
It clearly shows the interest of consumers in eco-friendly products. Greater than 60% of users are interested in buying sustainable products. Thus, the sustainable products market will have a significant impact on the user’s choice.
2024 will see immense pressure over the business to show off its eco-friendly practices to ensure a wider audience reach. However, that does not mean the implementation of revolutionary changes.
You can switch to paper packaging over plastics, ditch paper bills over e-bills, etc. When taken for the environment, these simple steps leave a more significant impact on the target audience.
Final Words
Businesses need to prepare themselves for the shift in technology trends to avoid losing customers. In diverse forms, multiple aspects of AI, ML, and AR will dominate the latest trend globally.
Offering customization and lightning-speed performance of your business’s digital platform might require excellent services from software consulting companies in India. Shying away from the change may lead to an unimaginable loss for any business enterprise.
The worldwide e-retail revenue is expected to touch a whopping $4927 billion by 2021. Visualizing the upcoming trends will help leverage them to optimum potential. Envisioning them is imperative for generating a decent share of the expected e-retail growth.
Offering customization and lightning-speed performance of your business’s digital platform might require excellent services from software development companies in India. Shying away from the change may lead to an unimaginable loss for any business enterprise.
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Thanks for sharing a good article,it solved my current needs.
Great Article. Thank you so much for giving good information. it very useful to me
Quiet thoughtful. hopefully environment concern will rise more in the coming years.
Nice post to read! I agree 5G would be the ultimate support for the technology. Thanks for sharing Shefali!
Thank you for sharing your knowledge with us.