New tools and machines are continuously being developed. But, there are inventions that have created a massive impact on international industries. They’re called “exponential technologies,” and they’ve dramatically transformed how businesses are managed today.
When you attend an exponential technology seminar, you’ll learn that several trends have emerged in the last decade and reshaped the business landscape. Read on to find out how large corporations around the world use these digital innovations.
Social Media Marketing
Some of the leading social media platforms, like Facebook, YouTube, and Twitter, were actually launched before 2010. But, the significant increase in the number of users happened at the turn of the decade.
Since millions of people have accounts on various networking sites, entrepreneurs saw this as an opportunity to expand. It later gave rise to social media marketing. Companies took to Facebook, Twitter, YouTube, and other platforms to advertise their businesses and reach a wider audience.
To increase brand awareness, firms started collaborating with influencers. They’re people who’ve built a loyal following on social media. Their job is to publish content about the company and endorse it to their subscribers. The posts they make can be honest reviews, photos, or videos about various products and services offered by the business they partnered with.
Different platforms don’t have the same impact on people. According to recent studies, Instagram and YouTube are the most effective channels. These photo-sharing and video-publishing apps reach millions of users and various niche audiences.
The way people shop has been changed forever, thanks to e-commerce. This trend provided quite a lot of benefits, especially to consumers. First, they save time since they don’t have to go to the physical store to purchase goods. Also, a wider selection of items is offered to them. In fact, they can buy products on the Internet that aren’t available in their area.
E-commerce is also a game changer for retailers since it created fiercer competition between businesses. In a way, it even leveled the playing field for both small-time entrepreneurs and large companies.
Of course, well-known companies that have long established their brands still have an edge over new businesses. But, since it’s easier for consumers to compare goods and products from different suppliers, startups now have a bigger chance to compete against large retailers.
Among the many byproducts of artificial intelligence and data analytics, chatbots are computer programs that formulate real-time responses to a person’s message. Businesses use this tool to speak with their customers in place of a human sales assistant. This way, they can interact with their consumers 24/7.
When used strategically, chatbots can allow firms to gather information about the wants and needs of their clients. The data can be used to create more engaging campaigns for customers.
Chatbots also allow companies to earn more. Since less labor force for customer support is needed, they can allocate their funds to more investments.
These are just 3 of the digital advancements that have revolutionized businesses in the past decade. Attend an exponential technology conference in your locality to learn about other trends that you may want to incorporate in your company.