These 8 Technology Trends are revolutionising Small Business

8 Technology Trends that are Revolutionising?Small Business

You may be excused for thinking that small business has stood still in the past 2-3 years. Especially given the calamitous events of the recession, furloughing employees, cost of living crisis and the impending recession.

In fact the opposite has been true. The last few years have seen the development of Innovative new technologies, designed to revolutionise how Small-scale businesses perform their business operations.

These are providing new ways for small businesses to run their business operations and provide value to their customers. It’s a steep learning curve for some, but as technology continues to develop, businesses need to adapt to in order to serve their customers effectively.

Here are some of the technology trends that are revolutionising small business.

5G Integration

One of the most revolutionary technological advancements for business is the increasing availability of the 5th generation Internet (5G). 5G has the potential to provide remarkably faster Internet services in comparison to its predecessors.

Not only is 5G providing faster connectivity services; it’s also enhancing the usage of other revolutionary technologies. As many technologies require faster Internet, 5G is paving the way and make them an accessible option.

Many organisations are already leveraging the power of the Internet of things (IoT), Artificial Intelligence (AI), and smart devices. However, these require high-speed Internet for maximum utilisation and effectiveness. 5G is supporting these emerging technological trends and is expected to grow exponentially in 2022.

According to?research, IoT connectivity is expected to reach 14.6 billion connections by the end of 2022 (with 1.9 billion of these connections based on cellular IoT). This is expected to rise to 30.2 billion IoT connections by 2027 (with upto 5.5 billion of these connections based on cellular IoT). 5G is driving technology uptake and supporting other emerging and futuristic technologies like virtual and augmented reality.

Data Analytics

Data is rapidly becoming the most critical asset for every business either big or small, to make intelligible business decisions. Businesses are regularly using tools like Google Analytics and Facebook Insights to provide them with key customer data regarding income, age, gender, interest, and other relevant information. Marketers are able to create filters to extract only data which is relevant for their business.

Small businesses are having to learn how to collect data from their customers, and how to break this down into valuable insights to make smart decisions regarding their business operations.

Conversational Marketing

More and more small businesses are considering Conversational marketing for their business needs. For many this is being considered as essential to develop leads and to help convert their website visitors. One of the most human of characteristics is the need to discuss requirements with another person, not with a robot. One of the reasons for this is an expectation of a rapid and relevant response.

According to?Hubspot research,?90% of customers want an immediate response. This is something businesses can achieve with the help of chatbots. Small businesses are beginning to leverage AI chatbots to help answer customer queries in a more natural conversational manner.

Social Media Marketing

Social media marketing is certainly not be a new phenomenon for many businesses. It’s widespread use for business is expected to?continue to grow in the future. Small businesses are now beginning to invest more of their marketing efforts and capital into Digital Marketing.

With the availability of several social media platforms, with millions of active users with a variety of different interests; Small businesses are able to experiment with these digital channels to find their ideal customers. Leveraging a broad range of social mediums is helping small businesses reach massive audiences in ways unachievable (cost-effectively) with traditional marketing.

Small businesses are now also collaborating with influencers, especially with Audio-visual Digital Media Channels such as YouTube, TikTok, Facebook & Instagram Reels. This is helping them to increase their outreach and reach the audience of their influencers and social media celebrities.

Metaverse

The Metaverse is another emerging trend that is expected to revolutionise significant aspects of our lives. This blends futuristic technologies like Augmented Reality, Artificial Intelligence, and Virtual Reality. It’s expected that the Metaverse will provide new innovative and mind-blowing opportunities for businesses to advertise their products.

Some brands and businesses are already utilising the Metaverse for advertising. For instance,?NASCAR?debuted their customised virtual race cars in Jailbreak, a highly popular cops and robbers-style virtual experience that is free to play on the Roblox platform.

Remote Communication Tools

In the past couple of years, organisations have had to alter their way of communication due to the pandemic. As the result of having to limit face-to-face interactions, many businesses were forced to seek alternative modes of operation such as working from home and communicating through collaboration software like Zoom.?

Although the pandemic restrictions are now over, the use of these technologies has certainly not abated as small businesses have realised the cost savings and employee satisfaction benefits. Nevertheless, there is still a recognition of the need for face to face interaction. Hence the hybrid workforce combining the use of these digital tools with traditional meetings and communications is now emerging as the new normal for many small businesses.

Communications tools like Google Meet, Zoom, and Microsoft Teams are providing new opportunities for employees and entrepreneurs alike. Managers are able to more effectively communicate with and manage geographically disparate remote teams and almost anyone is able to cost-effectively and rapidly launch a small business and communicate with the wider world from the comfort of their own homes.

Advanced Cybersecurity

As more and more organisations transition towards digital media, it’s becoming crucial to make sure that their important data is protected. However, many businesses don't take cyber threats seriously. But according to some estimates, almost?61% of small-scale businesses?have faced a cyber-attack at least once.

As small businesses begin to recognise the threat to their important business and customer data, there is an expectation that they will take increased steps to address these constantly evolving threats and pay more attention to their cybersecurity needs. According to one estimate, the cybersecurity market will grow from?$8.5 billion in 2021 to $14.8 billion by 2025.

Evolution in E-Commerce

DeFi trends are driving e-commerce trends in which businesses use Web3 to raise their profile to a new level. DeFi refers to decentralized finance. It is associated with blockchains, cryptocurrencies, and non-fungible tokens (NFTs) - a whole new way to do business on blockchains.

DeFi removes the control banks and institutions have on money, financial products, and financial services, eliminating the fees they charge for using their services. Users hold funds in secure digital wallets and these can be transferred in seconds without requiring approval.

Business can be faster, cheaper, safer, and more transparent with technologies like P2P ledgers. The blockchain offers intelligent contracts that verify, guarantee, and enforce transactions. There are also digital coins or cryptocurrencies to attract a different type of consumer. The next-generation trending way to market products is through NFTs or uniquely created digital assets.

Thinking ahead

Technology plays a vital role in the growth and efficiency of small businesses, even if they don't keep up with enterprise-level companies. By adopting new technologies, small businesses will be able to potentially increase their income and efficiency and lower their expenses, to help them to grow faster.

At?Omni Communications, we are experienced at helping small business to transition their communications services towards the latest digital technologies. Whether you are a single-user business or a multi-site enterprise, we can provide you with a complete suite of communication services to assist you to increase your efficiency and revenues for your business. Visit our?website?to learn more about our services.