With every year there have been incremental improvements and 2023 might be the year they come together to paint a better picture of what technology trends in business to keep in step with. The creation of new devices, software, and business processes that continue to rise will definitely benefit us all as the IoT (Internet of Things) and BaaS (Banking as a Service) sectors have been directly seen to improve our current ways of doing business. However new variables have been added in the mix and AI (Artificial Intelligence) seems to be catching up and surpassing its expectations.
Despite the retail industry mostly being built on a brick-and-mortar foundation, it’s been one of the most to embrace new technology in a way to push forward for better service and pricing. Many big-name retailers like Walgreens and Walmart have even gone further to pioneer self-serving tech so as to enhance the customer experience. Retailers have been making strides to find ways to better serve their customers, and even some South African brands like Boxer are pushing the envelope, despite being recognized as a goods provider to low-income groups. They have been moving towards a more digital presence with an app where consumers can get all info, Boxer Specials, and competitions. They also have a YouTube channel where one can watch their current TV ads. More tech advances are going to be applied in many industries in South Africa and beyond and here are the top 10 technology trends for 2023 that you need to keep your eyes on.
Digital Payments
COVID pushed us toward less physical interaction, and businesses were forced to develop business processes that allow people to still make purchases from home. Delivery services and digital payment solutions came into play and allowed consumers more autonomy and choice. And this will become more popular, especially in developing countries, as banking services are also working to develop multiple payment methods, such as the integration of third-party service providers in BaaS as well as NFC payments like Apple Pay, Samsung Pay, and more. For small business owners, cashless payment options like Apple Pay help eliminate the majority of human errors and maintain the security of your business. Going cashless offers consumers improved physical security, a reduction in withdrawals, and the ease of leaving their wallets at home.
IoT
Faster internet and lighter-better hardware will usher in enhancements to business in IoT as the availability of 5G and faster wifi technology, partnered with blockchain technology will make for easier order tracking. Faster 6G technology is still in the works, but there is doubt if it will be unveiled this year. It will also allow a more connected world and cross-selling with different service providers coming together to improve their offerings. Smart contracts and distributed ledgers will make this possible and can even be seen in Pick n Pay Group’s partnership with the MrD app or with how US retailers like Walmart have developed Walmart Plus.
Subscription Based Services
More companies in the production space are also moving towards offering additional services on a subscription-based model. Apple was one of the pioneers of this wave in offering Added services through Apple care which went forward to bundle in other services across the whole ecosystem. Companies like BMW have also been making the moves towards this by adopting microtransactions on their premium car features such as heated seats for around $18 per month.
Web3
In the evolution of Web 3 technologies, Blockchain will become more of a staple and will enter the business framework by allowing more transparency and trust. This, in turn, will cause massive disruptions in many industries, particularly finance as middlemen in industries like insurance and banking might start to seem like a repetition.
Digital Identity
Blockchain technology also might see more applications in managing our physical and digital identity as the world moves more towards e-passports and digital Identity cards. In Germany application of this is being seen in a partnership between BMW and the government in the use of a blockchain-based driver’s license with an aim to reduce identity fraud.
AI
Artificial Intelligence will be an essential part of developing business processes and enhancements of birth repetitive tasks and development of more complex ones as well. AI’s unique ability to learn and improve itself will prove useful in inventory management, order, and supply chain processes and in the delivery of products and services to the consumer. No-code AI has seen a massive spike in interest and will soon be used in multiple sectors for service or product efficiency as well as for customer relationship management.
Metaverse Technologies
Metaverse and metaverse-related services will become more popular and big brands will jump on this opportunity as seen with Nike for Nikeland and music shows being held virtually. 2023 seems like the year where more will be done to improve virtual workspaces and encourage collaboration without having to be physically located in the same place. This seems to be the push as Gartner Predicts 25% of People Will Spend At Least One Hour Per Day in the Metaverse by 2026
AR & VR
Augmented Reality and Virtual Reality will be more useful in going forwards and these will continue to grow service and product sectors and Risk Reduction. Employees and Customers can engage with different types of training experiences within VR and AR environments to make mistakes without any real-world consequences. An example would be Accenture, which has developed a Virtual workspace they call the Nth floor where employees can work on HR related issues without having to be in the physical building.
Sustainable Energy
Sustainable Energy will be the push for 2023 as rolling blackouts have hampered businesses and pushed overheads for most industries to near breaking points. As such traditional energy channels are not capable of serving the growing population and business community. Solar and Wind tech have been identified as good alternatives to consider and investments in these are set to increase in 2023.
Quantum Computing
Quantum computing, which uses subatomic particles to create new ways of processing and storing information, is a technological leap that’s expected to bring us computers capable of operating a trillion times more quickly than the fastest traditional processors available today. The development of this technology has been pushed into overdrive as developments in this will to some degree equate to industry and political dominance as countries like China, Russia and USA as well as companies like Volswagen, Amazon and Google have been pouring massive investment in these.
