Article | June 16, 2021
With the world changing so drastically around us, every trend seems to be optimizing itself to adapt to the changes. To leverage your business, it is essential to stay up to date with the market trends. From increasing productivity to updating yourself with the latest marketing technology trends, every minute thing counts to keep the business going forward in 2021.
Even if your present business marketing ideas are working sufficiently for you, they may not in the future. And this is because the marketing technology trends change exorbitantly with time. Over 68% of businesses have increased their investments for increased productivity.
Why should your business care about being updated about the latest marketing technology trends?
● To create competitive advantages
● Build ever-lasting relationships with consumers
● Cater to multiple services on demand.
● Deliver profitable business outcomes.
The outcomes of staying up to date with the latest marketing technology trends are exceptional. According to experts, businesses can see their profits rise at 20 to 30 percent if they incorporate the newest marketing trends.
Now that we know the benefits that businesses can reap by staying updated on marketing technologies. Here are some of them that you must adopt in 2021.
Latest Marketing Technology Trends
Artificial Intelligence (AI)
Implementing, analyzing, and utilizing real-time intelligence to create artificial intelligence is a wonder created by scientists. From the assistance of robots in wars to medical fields, AI has come a long way from just solving mathematical algorithms. So imagine how impressive it will be when AI is implemented in marketing.
It has been estimated that the AI in marketing technology trends will reach a whopping $190 billion industry by 2025. When consumers get what they want with minimal effort, the AI has delivered what it has promised. And this is precisely why you should incorporate AI in your marketing business.
The best example of AI marketing success is the FashionAI store by Alibaba in Hong Kong. By utilizing intelligent garment tags, smart mirrors, and omnichannel integration, the FashionAI store gave the customers a ‘never like before’ experience. 44% of the customers gave positive feedback.
AR, VR, XR
Augmented reality, Virtual Reality, and Extended reality play vital roles in the latest marketing technology trends. Stimulators are known to provide an exhilarating experience to users in the gaming world. So imagine what a memorable experience they will provide to the consumers when implemented in marketing. The pandemic has made people shop maximum with their fingertips, but there is still reluctance when buying the bigger things.
For example, buying furniture or buying a house still needs a physical check. Well, this is where AR, VR, and XR have played significant roles. Ikea has been exemplary in implementing these latest market technology trends. Ikea allows customers to scan the space and place the chosen piece of furniture there. The spacing and dimensions are said to be 98% accurate. Thus, customers can buy the product post total satisfaction.
Implementing such interactive features in the marketing departments assures total customer satisfaction. And a satisfied customer has proven to be a 99% recurring customer.
Voice search is one of the latest marketing technology trends that marketing giants have already implemented. The voice assistants of Google, Apple, Amazon, and Windows account for their 50% marketing success. Not only does this provide a personalized approach, but it also assists in maintaining sustainability.
For example, suppose, a person shops a specific item through Alexa. In that case, the entire process of placing the product in the cart, making payment, and tracking the shipment till it is delivered is notified by Alexa. Even after delivering the item, Alexa is trained to ask about the product after a while. Thus, even if the buyer was not satisfied with the product, he could tell Alexa about it. This enhances the shopping experience. This implies that even if the customer was unsatisfied with a particular product, he would return to shop with Alexa again.
The popularity of Voice Search has defined the term that your sales graph will see decline if you do not introduce this as one of your marketing strategies.
With the increase in the demand and supply chain of products/ services, customers need solutions to their queries in a minimum time window. Technically, a human can't be present all the time and answer error-free. Also, it leads to a generous amount of investment in the staffing department.
All this can be avoided, and customers can invariably be satisfied if you introduce chatbots - one of the most successful marketing technology trends to provide solutions to queries. Chatbots have also proved to enhance the shopping experience. Chatbots can be implemented with the suitable algorithms of AI and ML. The chatbots are designed to generate quick responses to the issues raised, thus saving time and making a satisfied customer.
According to a Salesforce survey, 69% of US customers prefer to get assistance and their questions answered via a chatbot.
Improved Data Analytics
When your business has enormous customer data ranging from personal front to behavioral patterns, you must make the proper use of it for marketing campaigns. Appropriate use of data should be the most implemented marketing technology trend in 2021.
A business has access to personal information, choices, geographical locations, and customer data. This information can be used for email marketing campaigns, virtual assistants, and everything else to provide a personalized experience to the user. Gift vouchers for birthdays and reminders for anniversary gifts are perfect examples of making the correct use of data for marketing.
Netflix is the best example for usage for data analytics in the right direction. The personal recommendations based on the viewing of the user is a hit strategy. 80% of the viewers watch the recommendations given by Netflix.
The emerging-marketing technology trends are going to require speed and reliability. For example, the website pages need to load faster, videos should not buffer but play seamlessly, and chatbots and AI features should work effortlessly for a flawless customer experience. And this all is possible if 5G technology is implemented in the services.
The European countries have major goals in implementing the 5G in all possible domains. They have a plan to cover rails and roads to give people uninterrupted coverage while traveling.
Once the fifth generation of mobile technology is in action, Google plans to remove all the sites that are not mobile-friendly.
Billions of dollars have already been spent to build the 5G infrastructure; thus the implementation can happen in no time. However, the internet experience that 5G is promising is sure to gain momentum in businesses.
Businesses need to implement these marketing technology trends to keep the graph of profits and sales soaring high. Even if your current marketing techniques prove profitable, there are high chances that times may turn, and you will have to implement the latest marketing technology trends.
There will be various emerging marketing trends that will keep on making businesses attain and retain their customers. What matters is, you should know which one of them or a combination, fits your business the best.
Frequently Asked Questions
What are the latest technologies in the market?
Artificial Intelligence (AI), Virtual Reality (VR), Augmented Reality (AR), Machine Learning (ML), 5G, and Blockchain are some of the latest technologies available in the market.
How will technology help your business?
Technology will ensure that you are updated with the latest marketing trends. It also helps in making profitable investments with the assurance of maintaining quality. In addition, using the newest technology reduces costs, expands the business, and increases productivity at the same time.
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"text": "Technology will ensure that you are updated with the latest marketing trends. It also helps in making profitable investments with the assurance of maintaining quality. In addition, using the newest technology reduces costs, expands the business, and increases productivity at the same time."
Article | August 18, 2020
A 2019 report on the State of Remote Work concluded that “remote work is here to stay.” The survey of nearly 2,500 remote workers found that an overwhelming 99% said they wanted to work from home, at least some of the time, for the remainder of their careers. And that was long before any “shelter in place” order from any government official.
Article | January 4, 2021
2020 has been an unprecedented year where we have seen more downs than ups. COVID-19 has impacted every aspect of our lives. But when it comes to digitisation and Artificial Intelligence, we have seen some impactful developments and achievements. As we approach the end of 2020, it is worth to look back at these AI stories to highlight the truths and discuss what it means for AI future direction.
The Great Truth:
Artificial intelligence played a crucial role in the detection and fight against COVID-19.
Indeed, we have seen the emergence of the use of AI at hospitals to evaluate chest CT scans. With the use of deep learning and image recognition, COVID patients were diagnosed thus enabling the medical team to follow the necessary protocols. Another application was the triage of COVID-19. Once a patient has been diagnosed with COVID, AI has been used to predict the likely severity of the illness so the medical staff can prioritize resources and treatments.
COVID has highlighted the need to deploy intelligent autonomous agents. As a result, we have seen both robots used at hospitals to diagnose COVID-19 patients and drones deployed to monitor if the public is adhering to social distancing rules.
Another major AI contribution in the fight against COVID-19 is in the area of vaccine and drug discovery. Moderna’s vaccine that has been approved by US Food and Drugs Administration has used machine learning to optimise mRNA sequencing.
The above is a proof that AI can make great contribution to mankind if it is used for “good”.
The Glowing Truths:
Some impressive AI results have been achieved. However, to leap forward a holistic and sustainable approach is needed.
2020 has seen some great AI achievements and leaps forward. The first example is Deepmind’s AlphaFold. The model scored highest at the Critical Assessment of Structure Prediction competition. The algorithm takes genetic information as inputs and outputs a three-dimensional structure. The model has impressively addressed a 50-year-old challenge of figuring out want shapes proteins fold into known as the “protein folding problem”.
While Deepmind’s AlphaFold is a great achievement, it is noted by some scientists that it is unclear how the model will work with more real-world complex proteins. Thus, more work is needed in this area.
The second example is OpenAI’s GPT3. The model is a very large network composed of 96 layers and 175 billion parameters. The model has shown impressive results for several tasks such as NLP questions & answering and generating code.
However, it is noted that the model does not have any kind of reasoning and does not understand what it is generating. Furthermore, its large size makes it very expensive. It is also unsustainable carbon footprint wise; its training is equivalent to driving a car to the moon and back.
While both AlphaFold and GPT3 models are both impressive achievements, there are some philosophical challenges/ questions that need to be addressed/ answered. The first question is about games/ simulated worlds vs. real world examples. Most often algorithms/models succeed in simulated world but fail in real world as the environment is more complex. How can we close the gap? How can we make the AI models succeed with complex tasks? I guess the first step is to apply AI to a real-world example with varied complexity levels.
The second question is about the structure and the size of AI models. Do models have to be big? Can we come up with a new generation of algorithms/ models that are smaller is size and have more efficient computations? Well to answer this question we have to take a pause on deeplearning and explore new venues.
The Gross Truths:
Ethics and bias remain the main drawbacks of Artificial Intelligence.
Over the last year, we had several prominent examples of AI ethics and bias issues. The first example relates to facial recognition: after several calls against mass surveillance, racial profiling and bias, and in light of Black Lives Matter movement starting in the United States, several tech companies such as Microsoft banned the police from using its facial recognition technology.
The second example relates to the use of an algorithm to predict exam results during COVID-19 period: after accusations and protests that the controversial algorithm was biased against students from poorer backgrounds, the United Kingdom government was forced to ditch the algorithm.
In the absence of regulations and tightened frameworks, ethics and bias will continue to be the main concerns surrounding the use of artificial intelligence.
Looking into the future, AI adoption will continue to accelerate, and we will probably see more breakthroughs achieved by only if we start looking at the subject in a holistic and sustainable view. Focusing models on real world problems and reducing the models carbon footprint will be a major step forward. We need to move away from thinking that “more” is always “more”. Sometimes “more” is “less”.
Article | February 24, 2020
With fraud losses accounting for about 3% of the nation’s overall health care spending each year, pharmacy benefit management firms would be wise to seize the opportunity to battle endemic fraud, waste, and abuse (FWA). The upside can be significant, according to the National Health Care Anti-Fraud Association, which estimates annual losses at $68 billion nationally. While the savings are potentially huge, identifying instances of FWA hiding in the massive data volumes generated by prescribing, dispensing, and covering medicines is no easy feat.