Innovative Technologies that will Shape Consumer Expectations

by zyla courtney i am a bloger

We live in remarkably exciting times. The energy revolution is causing giant automakers like General Motors and Ford to re-think human mobility; privately funded space exploration companies like SpaceX and Blue Origin are developing vital infrastructures that will support future space travel; blockchain technology is causing once centralized industries to become decentralized and transparent.

As a result of so much technological change, consumer expectations are bound to change as well. Just think, it wasn’t long ago when consumers would have balked at the notion of using an ecommerce store to buy household items, or of canceling their cable subscription in favor of a television streaming service like Netflix.

Due to changing consumer expectations, business leaders must prepare their organizations for change as well. Think of this article as a primer on the most innovative technologies that are poised to change consumer expectations in meaningful ways. Use the expected changes outlined herein to prepare your organization for new demands from prospects and customers.

Blockchain

You’ve heard of cryptocurrencies like Bitcoin and Litecoin, but did you know that the underlying technology that makes cryptocurrencies possible is potentially just as, if not more, disruptive than cryptocurrencies.

Take Nano Vision as an example; the organization is using a health blockchain to provide scientists and curious laypeople with access to a decentralized, secure, and transparent platform to share and analyze health data. In so doing, the organization is helping to end a reality in which scientists are forced to contend with siloed data and inaccessible patients as they fight to cure deadly diseases.

Thanks to Nano Vision, patients are given a financial incentive to provide their molecular data to researchers through blockchain technology. In turn, researchers can access this (and other data) via a distributed network, meaning that more smart people will have access to more health data than ever before.

Nano Vision layers in machine learning, meaning that soon artificial intelligence will be able to aid researchers in finding breakthroughs by combing through the large datasets that exist on the Nano Vision network. Just think, Nano Vision could help researchers to save the nearly 8 million people who die from cancer each year.

Voice assistants

According to data cited in TechCrunch, over 50 percent of homes in the United States will feature at least one voice assistant device by 2020. Brands like Amazon, Apple, Google, and even Sonos are scrambling to offer consumers access to voice assistants embedded in smart speakers, televisions, and home appliances.

As a result of voice technology, consumers will begin interacting with brands in new ways as well. Whereas in past years consumers relied on text search to discover new products and brands, consumers will now rely on the recommendations and results offered by voice- based technology.

Consumers will likely value the convenience of being able to find products in seconds, and may also revere brand name products less. Afterall, all products look the same when there is no screen to interact with and no logos to see.

A study conducted by McKinsey found that the importance brands is still strong but in a different way. Today, shoppers are constantly shopping around; as a result, brands must make it to what the report’s authors call the “initial consideration set” in order to have a shot of being chosen by a consumer. This trend will likely continue in the coming years are a handful of companies bring voice-powered assistants to people’s homes.

Automation

According to a study conducted by the consulting firm PwC, nearly 40 percent of all jobs in the United States could be automated in the coming fifteen years. While some jobs may not be automated, like graphic designers or web developers who build the about us template for major outlets, factory workers will likely be replaced by automated technology in the near future.

An expose in the New Yorker highlighted just how quickly companies are embracing automation technology to reduce costs and create efficiencies. Amazon recently purchased the robotics company, Kiva, for almost $800 million to introduce a fleet of automated robots into their warehouses. Similarly, the same article reported that companies like Target are partnering with Symbotic to create warehouses that require only a small handful of people to operate smoothly.

But automation won’t just impact businesses on the B2B side; it is already changing the way consumers interact with their world. Auto companies like General Motors, Tesla, and Volvo have all introduced vehicles with some level of self-driving functionality. And Chevrolet recently announced that they would begin production of a fully self-driving car just next year.

Conclusion

Technology will soon change consumer expectations in dramatic ways. Thanks to technologies like blockchain, automation, and machine-learning, consumers will expect brands provide increasingly transparent, convenient, and accessible products and services.

What technological advancements are you most excited to witness? Let us know by leaving a comment below. 

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Created on Mar 21st 2018 11:12. Viewed 633 times.

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