Recently, the field of business intelligence has advanced impressively with a lot of emerging trends, providing marketers with useful insights, especially from operational data stored in transactional systems.
From personalized customer experience to the integration of artificial intelligence, the top five emerging trends in the business that you should know include:
1. Cashless commerce
Undoubtedly, businesses have adopted cashless transactions in the form of debit and credit cards. This is one of the emerging trends takin the world by storm, since As of 2016, 75% of American consumers preferred credit or debit cards as the payment mode.
To date, businesses allow their clients to use peer-to-peer payment apps such as PayPal, Venmo, and digital wallets like Apple Pay, Google Pay, and in-app payments systems like Uber and Lyft.
As a result, businesses have eased shopping for their customers. The customers don’t have to queue to make payments. Instead, they use their smartphones to make transactions. With many shoppers like going cashless, businesses have taken that advantage to attract more clients.
2. Artificial intelligence
Artificial intelligence (AI) is a science that aims to make use of machines to execute human intelligence duties. Currently, most businesses have integrated the use of AI, while others haven’t. This gap creates a world of difference in business growth and development since AI, with the help of machines, helps master the human brain’s complications.
With this, chatbots have become more popular, with most brands using this AI-powered method to offer personalized service to their customers. The use of technology has helped reform how human intelligence interacts with business analytics and data, resulting in enhanced accuracy and efficiency.
3. Automation
Most businesses are using science to do most human tasks, meaning automation has replaced human labor. Today, robots and machines that work without human interference are taking the world of business by storm.
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Even though machines are expensive, their work is worth it. Compared to humans, they have better productivity, accuracy, and efficiency outputs. And that’s why businesses have seen it wise to merge human intelligence with artificial intelligence in their analytics.
4. Data quality management
As a new trend, data management aims to convert raw data into meaningful inferences through machines’ help. The use of machines strives to help improve data quality and efficiency in the analytics. So, data quality management is a process that merges technology, right personnel, and organizational culture to produce accurate and useful data. Remember, data plays a crucial role in decision-making. If it’s not complete, consistent, and accurate, it can demolish the organization’s value and exhaust the profit.
With that, data quality management helps supervise plans, policies, and programs to increase and control the quality value of organizations’ data and information. In Data management business card is also an important aspect, IDGod is one of the best online Business ID card makers.
5. Influencer marketing
Unlike storytelling and celebrity endorsement, influencer marketing uses specialists in the niche to grow brand awareness for a product through word-of-mouth marketing strategy. That means influencer marketing uses real experts other than machines or celebrities.
However, celebrities help promote product or brand awareness; they lack the authenticity of micro-influencers. And that’s why any business that uses micro-influencers for marketing their products or services is likely to win more customers. This is because the target audience believes that influencers have more knowledge about what they are advocating than celebrities.
6. Personalization of customer experience
Undoubtfully, personalized customer experience is one of the greatest ways to retain clients. This is because most clients prefer engaging in a business with a vendor(s) who offer customized services.
Some of the personalized customer services are loyalty programs for the client’s participation, rewarding returning customers with customized product offers and discounts. Most brands are taking advantage of personalized customer experiences to attract and retain clients, resulting in maximized sales. Don’t wait, take advantage of these emerging trends to take your business to the nest level.
