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As the world moves to the new normal post-COVID era, business leaders warmly welcome innovative technological solutions. Technology has become a must-have for achieving business growth, security, and long-term stability. From raw supply procurement and production to invoicing, payment processing, and logistics, technology has become a business enabler that’s here to stay.
Learn the latest business technology trends this 2023 when it comes to improving and sustaining operations, customer service, and more from industry experts as they share their valuable insights, observations, experiences, and recommendations below.
Web3 Technologies As Vehicles To Explore New Business Models
Enterprises can take advantage of the latest technology to explore new business models. Despite the crash of cryptocurrencies and the shutdown of some crypto exchanges in 2022, the future of blockchain technology is promising. The crypto dark age won’t be that long because investors won’t allow it. They will harness the power of Web3 to make this happen.
With the rise of Web3 or decentralized internet, Silicon Valley giants won’t be in control anymore. Decentralized autonomous organizations (DAOs), cryptocurrencies, blockchain, and non-fungible tokens (NFTs) provide tools online users can utilize for creating online spaces and implementing digital democracies.
Gartner predicted that blockchain-generated business value will rapidly reach USD$176 billion by 2025 and USD$3.1 trillion by 2030. Blockchain technology can help enterprises attain innovation and disruption. For this to happen, business leaders must understand the implications of exploiting this disruptive technology.
According to Jonathan Merry, the Co-founder and CEO of Crypto Monday, “Blockchain technology paves the way for decentralized finance (DeFi) in 2023. DeFi applications will enable people to borrow or lend assets without needing a bank. Investors can stake cryptocurrency using DeFi applications and trade digital currencies, financial assets, and smart contracts.”
“B2C and B2B companies can use NFTs to create membership clubs in physical and digital spaces. This makes influencer collaboration and co-marketing strategies a lot easier. Because of decentralized metaverse platforms, crypto and NFTs are becoming more secure than cash wallets. As a result, more individuals and businesses will collect and transact using NFTs.”, Garrett Smith, the Head of Local SEO of GMB Gorilla, said.
Digital Marketplaces As Business Marketing Tools
Technology is the perfect business marketing tool that allows businesses to create and utilize online platforms to reach their target audience. For instance, finance and investment firms can create a business website to share their opinions and insights online to attract potential clients. They can also create digital marketplaces to grow and reach more prospects.
Digital marketplaces will grow USD$350 million in gross merchandise value (GMV) by 2027. By creating digital marketplaces for B2B and B2C companies, consumers have a one-stop shop for everything they need. Enterprises aim to meet consumer demands when it comes to convenient shopping of items, solutions, and services they need, from retail items, bills payment, and booking vacation trips to healthcare, home repair services, and cybersecurity solutions.
Adam Garcia, Founder of Stock Dork, said, “One of the challenges new investors face is managing the stock market’s technical side. I created a one-stop experience and platform for in-depth stock market education. Aspiring and seasoned investors can visit our website for the best stock ideas, penny stocks, and investor education. Our mission is to teach investors the right way to build real wealth through stocks and other investments. We make stock trading straightforward, helping people make intelligent investment decisions.”
Digital marketplaces cover all types of businesses, from retail, e-commerce, and manufacturing to finance, healthcare, and service companies— it’s cross-industry domination.
“Property owners usually hire repairmen, such as plumbers, auto mechanics, and electricians from several companies. But not all companies offer good services. I experienced booking a repair company but wasn’t very happy with the service. That’s when I came up with a bright business idea using the power of technology. I created an online platform to allow property owners to connect and hire professional handymen to fix their homes, offices, vehicles, etc. We scrutinize every repair service business we include in our pool of professional companies to provide customers with digital hiring convenience and excellent options.” said Kevin Huang, the Founder and CEO of Ambient Home.
Software Programs And Apps As Engagement Drivers
Businesses have turned to technology to engage with customers and employees during the coronavirus (COVID-19) pandemic. Communication apps enhance customer and employee engagement, allowing businesses to establish brand awareness and retention and improve attrition and loyalty.
Simon Bacher, the co-founder of Simya Solutions and creator of Ling App, explained, “Mobile applications make an excellent engagement driver. E-commerce brands can integrate QR codes to launch promotions and seamless payment processing in mobile apps. Marketers can implement gamification tactics to make mobile marketing point-of-contact interactive and exciting.”
Driving customer and employee engagement involves embracing project management software, customer relationship management software, employee management software, and similar tools. These tech solutions ease business transactions, including product ordering, payment processing, and appointment setting. Utilizing the right tools also promote business legal compliance, especially upholding consumer privacy.
Ryan Stewart of Webris explained, “The past two years have been the tech solution discovery stage, in which companies started researching and adopting digital tools to automate marketing tasks and safeguard cybersecurity. In 2023, business leaders will begin centralizing all management software programs and applications. That way, they can quickly access real-time data for decision-making purposes. Companies can focus more on making their employees and customers happy by developing engagement and training programs.”
Outsourced Technology Services As Business Partners
The business competition will get tougher in 2023. Modern marketers must be equipped with business data analytics, reporting, and metrics monitoring software programs in their toolkits. Businesses can outsource tasks requiring sophisticated technology to improve their revenues next year. Partnering with tech and digital marketing companies can help speed up business processes and meet overall goals.
“Small businesses will grow in 2023 by launching scalable and affordable web design projects. They can work with reputable digital marketing agencies for web design and development, search engine optimization (SEO) services, e-commerce, and website maintenance. Using the latest technology, digital marketing agencies can make any business website look great on desktop and mobile devices.”, said Nat Miletic, the owner and CEO of Clio Websites.
“Enterprises will outsource IT management, customer service, and many administrative tasks. This strategy allows companies to concentrate on their core business tasks to keep up with the competition.”, Nunzio Ross, the CEO and Founder of Majesty Coffee explained.
Takeaways
Business technology matters in 2023 because most stakeholders rely on digital tools and solutions. Web3 technologies, centralized software programs, and mobile applications help companies embrace digital transformation. While some existing issues will worsen and new problems will arise, tech companies will continue to create tools, provide solutions, fill the gaps, and evolve to make business processes more efficient and dependable.
