6 Key Tech Trends Every Product Business Must Know (in 2023)
6 Key Tech Trends Every Product Business Must Know (in 2023)
Companies have to walk the extra mile to deliver customers a never-before-seen experience. It is the only way out to survive the cut-throat competition. So, irrespective of the size, industry vertical, services, or product, companies must fix their eyes on emerging technology trends to stay ahead of the competition and delight customers with awe-inspiring experiences.
In this post, I will focus only on product-based businesses.
The number of companies investing and implementing next-generation technologies has increased multifold in the past few years. And they are doing it right to improve their business efficiency and customer experience. Be it a small, medium, or large-sized company, without technology upgrades, you won’t be able to entice your end users.
If you’ve carefully analyzed the factors that impact the budget of companies, technology investment will top the list.
Growth of technology investments in a product business
Here are some of the technologies that are on the top of every CIO’s list.
The global technology industry is forecast to reach $5 trillion in 2021. If this prediction comes true, then it would represent a 4.2% growth rate. (Source:Financesonline.com)
Almost 9/10 companies look for technology to transform their operations, workforce efficiency, and customer experience.
With technology being the best bet to take the business to the next level, let’s throw light on the top 6 technologies that are widely used by small, medium, and large-sized companies.
Top 6 technology trends every product-based business owner must know (in 2023)
Here are the 6 technology trends every product-based business owner must know
1. Artificial Intelligence and Machine Learning
With many use cases across business verticals, Artificial Intelligence is one of the technologies companies would prefer to refrain from investing in.
The technology has everything a business needs, from simple automation to streamlining complex workflows and data-based decision-making. So, undoubtedly AI is taking every business by storm, and the trend is all set to continue over the next few years.
The deadly combination of AI and ML can transform how any product-based company functions.
With automated machine learning, businesses can set up automated programs to gain deep insights from in-store visits, shopping behaviors, etc., understand their preferences, and even customize the products the way customers want.
By leveraging AI and ML, any business can improve sales, in other words, more success.
2. Low-/No-Code Platforms
Cutting down costs on irrelevant and unnecessary spending is critical for the success of any company. Product-based businesses especially spend money on product development and testing.
As the delivery and deployment is completely based on the development time, companies rely heavily on the developers. Even a minor delay in the delivery irks customers and impacts the trust they have in the business.
To avoid such scenarios, companies have realized the benefits of low-code platforms. While companies with a small group of developers focus on low-code platforms, startups with one or two developers invest in no-code platforms, as even citizen developers can build applications rapidly and cost-effectively.
The plethora of benefits offered by emerging platforms has persuaded many business owners to invest in them. In the future, almost all companies will have either one of the platforms to develop products quickly and affordably.
3. 5G Launch and its impact
A lot was rumored about the launch of 5G networks since 2019. And, mostly it will be 2023 we will originally see the rollout of the new technology. 5G brings many advantages for businesses. With almost 90% of companies using mobile apps and networks to collect, receive and share data, the significance of 5G networks can’t be taken lightly.
The communication and data accessibility within the company will improve staggeringly, leading to an increased production rate and production of high-quality products, which will impact customers’ lives.
4. Internet of Things and its expansion
Data collection from different interfaces was once complicated and worrisome for most companies as everything was data-driven. To ensure success, companies were looking for a cost-effective yet high-performing solution. And in came the Internet of Things.
Ever since IoT entered the industry vertical, the way every business views data has completely changed. Most companies today use IoT devices and sensors to collect data from different interfaces and sources.
Despite the high performance and excellent benefits, IoT devices deliver, data security associated with these next-gen devices is still skeptical. Nevertheless, there are some rapid signs of progress concerning the safety of IoT devices, and soon, the technology will impact product-based businesses and their influence on customers.
5. Attribution technology
This is one of the trends every product development company should watch out for and adopt. If a common challenge impacts the sales of the product companies, it is the communication gap between the management, marketing, and sales teams.
This often leads to poor outcomes. However, with attribution technology, the marketing and management team can easily connect with sales and gain valuable insights to increase overall sales quickly and effectively.
The technology also contributes to the scaling up of operations and helps the sales, marketing, and management teams with actionable data, leading to informed decision-making when developing products.
6. Augmented and Virtual Reality
If there is one that most product-based businesses prefer to optimize and improve today, it is transforming customers’ in-store experiences. While many technologies transform customers’ performance inside the stores, the role played by Augmented and Virtual Reality technologies can’t be written off.
Both these technologies are powerful enough to change how a customer interacts and behaves inside a store.
The experience offered by the technologies almost entices the customers and prompts them to make quick and decisive actions, resulting in improved sales for companies.
So, AR and VR are strong contenders in the technology trends race, and product-based companies should consider them to improve their customer experience.
Why should you keep updated with technology trends
Ever since the companies faced the wrath of COVID impact, they have realized the significance of technology trends. Almost 90% of companies follow the trends to reinvent their business performance, efficiency, and customer experience.
With remote-based operations still in practice for many companies, they are seeing technology investments as the alternative to the shortage of human skills.
If you’re a product-based company, then it is a must you must consider the above-discussed technology trends for your business in 2023 to beat the brimming competition and transform your customers’ experiences.