Modern technology is changing the way how we work and live today. And as a result, it’s changing the way businesses are run. These five modern technologies will revolutionize how we conduct business and how we market our products.
We can all agree that modern technologies have completely changed the way people used to do business before the Internet and modern computers. We now have easier and faster access to information, communication happens at a different pace, and there are lots of digital channels and platforms to reach various audiences.
Here we’re not going to talk about email, even though it is one of the technologies that revolutionized communication. Instead, we will focus on technologies that are closer to our current level of technological development.
Today’s businesses and entrepreneurs have access to a fantastic range of technologies. From mobile apps, online video content, artificial intelligence, the list goes on. But what’s the best way to use these new technologies to change the way you do business?
In this article, we’ll look at five of the modern technologies that have changed the way we work and do business.
1. eCommerce Platforms
In general terms, an eCommerce site or platform is a software application that allows business owners to sell their products or services online. But you don’t have to own or run an online business to know about eCommerce platforms. If you’ve ever shopped from Amazon, eBay, or Alibaba, then you browsed and used the features and opportunities provided by such an application.
This technology removed the limitations of brick-and-mortar stores and allowed retailers to extend in other areas, countries, and even continents. Nowadays, the market is highly globalized. This means that, with the right tools, you could be selling your products all over the world!
eCommerce is all about connecting businesses and customers. It’s about getting two different parties that don’t usually talk to each other to get to know each other.
There are many options if you are looking for a platform for your new eCommerce store. Some of them are better for your business than others, but each offers a unique set of features. In terms of cost, you’ll need to figure out how much your platform will cost you. This will depend on how advanced the system is. You’ll also need to decide whether you’d prefer to use an online store builder or a custom eCommerce platform. Both options offer advantages and disadvantages for different types of businesses.
Still, you need to know that the competition is fierce in most niches and the average conversion rate in an eCommerce store is somewhere between 2% and 3%. So, in today’s day and age, eCommerce alone won’t get you too far. However, it was one of the technologies that sparked our current way of life.
Related: Why do Businesses Use Mainframe Computers?
2. Software as a Service (SaaS)
One of the biggest trends in today’s business world is SaaS, or software as a service. This modern technology is an application hosted online and is available over the Internet. The term “cloud computing” is the provision of computer resources as a service over the Internet.
Software applications can be used as a downloadable package that needs to be installed on each computer or as a service (also known as SaaS). When used as a service, there is no need to install the software and you can access it from any device and any location. This is true because SaaS products are cloud-based and offer online access to all the features.
SaaS offers users a range of benefits, including lower costs and more convenient access. Businesses that adopt SaaS typically reduce expenses and increase revenue by eliminating the need to purchase application and host it on their own servers. A business owner can also reduce the risk of losing data by using a SaaS system. In addition, the use of SaaS can make it easier to manage multiple computers and different software systems, and it can help a business keep up with technology changes.
Related: How to Grow Your Early-Stage SaaS Startup
This made software more affordable since users now can pay a monthly or yearly submission and don’t have to buy the entire software package. Software is also more accessible given that you don’t have to solve conflicts with other pieces of software and most of the workload happens in the cloud and not on your device. A great example is Office 365, the cloud-based version of the MS Office Suite.
Another great example of Saas is Google Drive, Google Docs, and various eCommerce platforms like Shopify or BigCommerce (to name a few). Overall, most software applications have at least a Saas version if they are not entirely available in the cloud.
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3. Online Payment Platforms
Online payment platforms are online solutions to make paying for products and services more accessible, faster, and more secure than traditional payment methods. You can use them to create a virtual wallet, pay securely from your bank account, or receive funds through your credit card or PayPal.
We’re not talking just about online banking services (which are still extremely useful) but also platforms like PayPal, TransferWise, Google Pay, and more.
If you’re new to online payments, there’s nothing better than to check out a demo account. Sign up for a test payment method on the platform of your choice and make sure you can manage your money using the tool. Then, go back to the traditional platform and compare it with an online platform.
In combination with eCommerce platforms, online payment solutions completely opened the world for businesses of all sizes. Due to these technologies, we can now pay with a click and trust that the money will reach its destination quickly and safely.
Related: 5 Benefits of Chatbots in Customer Service
4. Digital Marketing
Digital marketing plays a huge role in driving sales and increasing profit, and it’s only getting better at targeting specific audiences. This is possible due to the latest data analysis technologies, artificial intelligence data processing, and the use of Big Data in understanding customers and markets.
Marketers use these tools to create a better user experience (UX) and attract new possible leads. In addition, the use of artificial intelligence and machine learning tools opened the door to personalization, which proved to be a fantastically effective way to drive more sales.
Personalization in marketing can happen at any level, starting with more friendly emails that are relevant to each user and continuing with the content and tools each user gets to see on the site (also known as the UX design). In fact, by customizing the UX design, marketers can also influence the site’s ranking in search engines.
We see this with large eCommerce and streaming platforms like Amazon or Netflix, where each users’ experience with the site is different. The algorithms behind each platform learn from each user’s preferences and past behaviors and make recommendations accordingly.
5. Intelligent Chatbots
Chatbots are taking the world by storm. They are now commonly used in businesses, education, marketing, customer service, and social media. Chatbots can be defined as a computer program that takes human speech and analyzes it for meaning. What makes these tools so useful is that they allow users to interact with them in natural, easy, and intuitive ways.
Chatbots can answer questions and provide you with the information you need. They’re a great way to automate your customer service. They have many uses, including providing information to users, providing customer service, and handling routine tasks for users. Chatbots can provide information via natural language processing (NLP). This is when the chatbot understands that the user has said a particular phrase and provides a response.
Customer support has a huge influence on how the brand is perceived by leads, customers, and even competitors. But this is not just for big brands; small and medium-sized businesses can also benefit from providing their customers with a highly-efficient customer relation service.
So, you can have intelligent chatbots that use AI-based technologies to greet new viewers, make recommendations for returning customers, take orders, and offer answers to frequently asked questions in a human-friendly manner (due to natural language processing).
In addition, chatbots help businesses provide support 24/7 without long waiting times. It’s also a great way to increase time-response and reduce personnel costs.
Wrap Up
The five technologies we mentioned above are the building blocks of every business’s success in today’s day and age. Combine eCommerce platforms with online payment solutions and Saas and you have the perfect start. Now, if you add effective digital marketing and real-time customer support, nothing can stand in your way!
