Business owners are always analyzing how technology, consumer, and market is changing over time. Change is inevitable. Consequently, the only option to embrace change is to fit in. Leading businesses are using intelligence analysis to determine what consumers would like to buy. This has enabled them to keep up with the developing technology, compete favorably in the developing world, meet costumers need, and attract new consumers. The following are emerging trends in intelligence tools being used to skillfully grow a business in 2020.
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Artificial Intelligence is no longer witnessed in science fiction movies and books but in real life. The society is rapidly acknowledging use of AI services. Moreover, brands have started engaging with consumers using AI. According to Linked In, AI specialist positions are among the most rapid job titles in 2020. Visible applications of AI include Chatbots, self-driving cars, and smart assist. Uber, one of the most thriving company in the world in transportation and delivery sector launched a self-driving car for its consumers. This enables the company stay ahead of its competitors and emerging trends.
Personalization of the Customer Experience
According to business analytics, personalizing customer experience is essential in retaining them. Customers prefer to conduct businesses with companies that personalize their experience. Large companies have been watching this trend and some of them have started offering personalized customer services. For instance, McDonald Corp acquired a Dynamic Yield machine that generate suggestions to their e-commerce shoppers. Starbucks also came up with a loyalty program to reward frequent customers with personalized offers and discounts.
Companies have graduated from celebrity endorsement to influencer marketing. Consequently, they locate products in their niche and use them to spread their product awareness. This is more effective rather than using celebrities because celebrities connect their fame with the products they endorse but they are not specialists in the same. Pura Vida Bracelets is a company that has succeeded via use of micro-influencers. Through it they were able to attain over 1.5 million followers in Instagram. As a result the company is in a position to access more consumers than their competitors who do not use influencers.
Market and Consumer Intelligence
Consumer and market intelligence is attained through use of platforms that deliver contextual insights. They reveal the emerging trends in your niche, help you understand your market competitors and enable you connect with consumers. An ideal market and consumer intelligence plat form is NetBase Quid. Consulting their services enables you distinguish between non-essential and critical business issues, identify trends that matter to your consumers and identify new opportunities for your business investment. They have been offering similar services to renowned companies such as McCANN, Lloyds Bank and Cuisinart.
Augmented reality and virtual reality
Augmented Reality and Virtual Reality are among the greatest technology advances being used by brands to interact with customers. Recently, people are adopting remote technology. Therefore, is a company adopts AR or VR is likely to attract more consumers than one that does not. Real estate is one company that has already adopted Virtual Reality as a strategy for realtors to market properties. Companies such as RoOomy are offering VR services to enable real estate agents offer remote real estate tours. Training programs and gaming brands are also using AR and VR to promote their services.
In order to succeed in business you have to keep up with emerging trends so as you can upgrade your services. If you fail to upgrade you are likely to lose your current consumers and eventually start encountering losses. To get knowledge of the current business emerging trends you can use market and consumer intelligence platforms. This will enable you compete relatively in the business field as well as surpass your competitors.