The emerging technologies like Artificial Intelligence, Data-Driven Marketing, Augmented Reality and more are going to be the top priorities for Business owners in the New Year 2020.
Every business must adapt to the latest technology changes else they will lose the race. The old marketing methods and technologies may no longer work and attract consumers whereas keeping your business updated will help you sustain and thrive in the age of innovation.
Artificial Intelligence:
AI is going to be at the top of the global business industry in 2020. Artificial Intelligence will increase global GDP by 14% by 2030.
Reasons for us to adopt AI:
- It will allow us to obtain a competitive advantage
- It will help us to move into New Business
- Organizations using AI will enter our Market
- Incumbent competitors will use AI
- AI will be useful in cost reduction
- Customers and Suppliers will be looking for AI-driven products and offerings
Marketing Automation:
Marketing automation will use AI to automate ad buying to target a more specific audience leading to higher conversion rates and lower customer acquisition costs. The marketing automation tools can use hundreds of signals to improve the advertising experience and target customers according to lifestyle and behaviors.
Chatbots:
Chatbots use AI-based technology for instant messaging in real-time with customers.
Here are some interesting stats about chatbots:
- Chatbots will power 85% of customer service by 2020
- Chatbots can help you stay active for 24 hrs and entertain basic customer requests
- People prefer to chat more to enquire before they make up any decision
- Chatbots will help businesses save up to 8 Billion USD by 2020
Video Marketing:
Video Marketing is one of the most important marketing methods now and likely for the next 10 years or so.
Here are some stats that make it more powerful:
- 70% of the consumers happen to share brand videos (Source)
- Videos have improved conversion rates for as much as 72% of the businesses (Source)
- Watching a video makes 52% of the consumers more confident to make a buying decision
- If your website includes a video, it increases the probability of organic traffic by 50 times
Voice Search
The increasing use of voice search has made it the most important marketing strategy for every business.
50% of the searches will be voice by 2020. Adopting a voice strategy will not only create a unique customer experience but also build brand loyalty.
Social Media Stories
Increased use of social media stories will be seen whether it is Snapchat, Instagram, Facebook or YouTube.
The benefits of social media stories:
- Brand Awareness
- Constant Engagement
- Cost-Effectiveness
- Opportunity to reach a younger audience
AR and VR
Gartner predicts that by 2022, 70% of the businesses will be experimenting in immersive technologies.
AR will be exciting because of its grand sci-fi ideas whereas AR will be much more important as Marketing Standpoint.
Blockchain
A blockchain is a time-stamped series of immutable data records that is managed by a cluster of computers not owned by any single entity. Each of these blocks of data is secured and bound to each other using cryptographic principles.
