In recent years, the global market has been tremendously affected by various factors such as the pandemic, geopolitical conflicts, and resulting economic challenges but amid all, technologies have evolved a lot. This year will be no exception for such a boost. We expect to witness further innovation and development in 2023. Following are a few trends that will be prevalent this year:
5G: 5G is going to be the bedrock of faster and more intelligent processes and systems. With the ultra-fast 5G network, existing technologies like artificial intelligence (AI), internet of things (IoT), and augmented and virtual reality (AR/VR) are likely to witness a boost. The seamless connectivity will cause all processes to be managed remotely, enormous infrastructure to be monitored and automated, and more. As a result of this, businesses will be one step closer to creating coordinated and more efficient systems, reducing any mundane or repetitive tasks.
Sustainability: The modern consumer is fully aware of how industries and products affect the environment. Consumers as well as investors no longer want to be associated with brands that are bad for the environment. This has changed purchasing preferences and has presented a significant problem for businesses.
To be competitive in the market in 2023, businesses must concentrate on environmental, social, and governance (ESG) policies. They must assess the environmental impact of their operations, include ESG in their planning, and be accountable.
Customer experience: Every business is driven by their customers. Therefore, it is imperative that companies prioritise customer service and experience. Technological advancements eliminate hassles from and enhance customer experience. For instance, smart recommendation engines, online shopping portals, and online after-sales services, make the consumers’ shopping experience simple and comfortable. 3D and Virtual Reality (VR) have raised the bar for the customer experience, enabling immersive customer engagement and
virtual product testing using human avatars.
Advancements in customer services and experience will continue to dominate the market in 2023.
Artificial intelligence: AI has become a necessary component of our daily lives. While already significantly developed, there is no denying the fact that there is still a long way to go. For customer relationship management and other repetitive chores, AI offers insights into customer behaviour and maps a variety of operations. As a result, managers can design and analyse complex models and optimise the engagement of their human workforce.
The author is co-founder, CMO, CHRO & CLO, Addverb Technologies