The tech business world is fast moving, and with the arrival of AI on the scene, that sense of an increasing rate of innovation is only going to accelerate. Staying abreast of the latest trends in consumer business tech today needn’t be unduly challenging, and you don’t need to start accepting invoices in cryptocurrencies to keep your finger on the pulse.
Below we’re looking at two key trends that we see going on to have a marked impact on this sector in 2023, and beyond. Both deal with the massive amounts of data in circulation today, and offer compelling strategies for turning it to your businesses’ advantage.
You may have noticed that the internet is a big place. In fact, some 2MB of data per person, per second are being created on it constantly. This is precisely why the internet is so powerful and useful both to individuals, and to society at large. But this does raise the question of discoverability.
How, when there are some 18 million web stores and platforms in business online today, are you ever going to find the place that’s right for you? One need only look to big tech giant Google, whose business is built around its search engine, to realize that cracking the answer to this question can be highly lucrative.
But there are situations where even search engines fall down. That is because they’re built on the back of SEO and page rankings, and are better at showing you the most popular instance of a topic, rather than the most accurate to your needs. Fortunately, we have recommendation engines to do this work.
Simply put, a recommendation engine is a website, app or platform that is focused on collecting, collating, ranking and recommending goods and services to their users. These can be found in evidence in many sectors. Take, for example, the world of online casinos. With some 20 thousands online casinos operating online today, prospective gamers can have a hard time knowing which one to pick. That’s where platforms such as CasinoBonusCA come in. Not only does this site bring together the best iGaming platforms in its regional focus on Canada, but it ensures that you get a competitive sign-up offer that’ll save you money by way of its affiliate relationships.
This is commonplace, and can be seen in evidence in insurance-focused recommendation engines and even travel ones. Suffice to say if you’re looking to put a specific good, service or product category under the microscope, these sites are your best port of call. And that’s without factoring in the very real savings they represent.
Artificial Intelligence of Things
Whereas the early years of the 2020s were consumed by buzz around NFTs and the metaverse, 2023 has been definitively focused on the arrival of high quality narrow AI like ChatGPT and Midjourney. The true impact of these technologies has yet to be felt, with every aspect of society due to be significantly altered by the efficiencies they represent.
Yet one needn’t wait to see a glimpse of this future – already, businesses are leveraging AI to supercharge and automate their workflows. LLMs – Large Language Models – like ChatGPT have already proven excellent at helping professionals clarify their thinking and refine their project road-maps.
One Twitter user, Jackson Greathouse Fall, even tasked ChatGPT with taking their initial $100 investment, and maximizing returns. It then promptly, in collaboration with Fall, developed a sustainable product business and began approaching relevant advertisers. While this was merely an experiment, it demonstrates the way in which AI is helping people fill in the blanks in their existing knowledge in order to deliver on their intended outcomes.
Another area where we’re likely to see AI take hold in eCommerce is with respect to chatbots. AI-assisted chatbots are nothing new of course – and they already provide businesses and customers alike with an efficient and direct means of fielding queries, but they have limitations. These limits are mostly to do with the relative sophistication of the AI behind the chatbot.
LLM-trained chatbots will be able to converse and manage much more sophisticated requests from customers without needing recourse to a live agent. This will save businesses thousands of dollars each year in labor, and frees up live agents to attend to only the most pressing or sensitive customer enquiries.