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Technology is evolving at a faster pace than ever, and each change affects the consumer market in different ways. Every year, innovations are introduced that impact the market in ways some people never would have imagined.
Now that 2021 has come to a close, professionals in every industry are anticipating the tech innovations that will take the market by storm in the coming year. Below, eight members of Young Entrepreneur Council weigh in to share which tech innovations they believe will have the greatest impact on the market in 2022.
- Development Of AI
In my mind, it has to be the continued development of automation and artificial intelligence. This is relevant to consumers when it comes to customer service. We are seeing a gradual decrease in actual human beings manning customer service systems, with AI taking up the mantle instead. In the past, this could have been frustrating for users, but the rate AI is developing makes it so you often can’t even tell. Providing consumers with faster and easier ways to have their questions answered and their problems solved naturally makes the market easier to navigate. Also, from a business perspective, it means we can utilize our workforce in a more productive way. It’s only going to get easier for consumers to navigate the world of e-commerce moving forward, and that’s good news for everyone. – Nick Venditti, StitchGolf
- At-Home Medical Monitoring
I recently came across a brilliant invention where a baby crib was fitted with devices that monitored everything from a baby’s sleep pattern to its temperature. And parents will get updates on their phones that help them respond to the child fast. Such inventions are on the rise, and this means an unprecedented level of care for the vulnerable in our society. This doesn’t just benefit people who need such help, but it also benefits their family members and many others. In this way, we can expect to see great improvements in people’s quality of life. – Syed Balkhi, WPBeginner
- Expansion Of NFTs
Non-fungible tokens (NFTs) will play a major part. Whether you think it’s a bubble or not, this year is poised to have it expand. Companies operating in the visual space—whether product or service—have an opportunity to connect with a wider audience, in a field that’s wide open. It will absolutely change the landscape of who is having the conversation with a new demographic online and, subsequently, offline too. – Maryana Grinshpun, Mammoth Projects
- Usage Of QR Codes
QR codes have been around forever. But with Covid and the use of barcode menus in restaurants, for example, there’s a lot of new energy around them. Companies are starting to realize that they can use QR codes as an access point into their products or websites, and it’s really good for tracking as well. They may not be the most loved thing in the world, but everyone knows how to use them now. Over the current year, this kind of deployment and usage of QR codes will have a big impact on the market and is a good one for companies to capitalize on. – Cody Candee, Bounce
- Applications Of AR/VR
I am a big believer in augmented reality/virtual reality (AR/VR) technology and its power to transform e-commerce in the upcoming few years. Yes, we’ve heard of AR and VR for a while now, but according to market statistics, businesses worldwide are projected to leverage AR and VR more and more in the upcoming years with the industry growing to approximately $300 billion by 2024 alone. There’s a multitude of applications to AR and VR technology for an immersive experience in commerce, from virtual showrooms to 360 product catalogs to reducing returns with try-before-you-buy apps—you name it. – Daria Gonzalez, Wunderdogs
- Widespread RFID Technology
Radio-frequency identification (RFID) technology will become more widespread beyond supply chain management. Already, we’re seeing use cases in manufacturing (smart factories) and retail (pre- and post-sales), and those use cases will expand as the technology gets less expensive and more adaptable. Distribution, inventory management, fulfillment and a long list of other logistical uses will reduce the need for labor, increase productivity and lower costs. In addition, businesses and consumers will have access to more information about where products come from (complete tracking across the entire supply chain for authenticity), what’s in products (for accuracy) and more (for marketing). – Jonathan Prichard, MattressInsider.com
- Voice Search Technology
Voice search technology is one tech innovation that can have a great impact on the market for consumers in the coming year. People are already leveraging this technology to redefine the way they shop, send messages, look for information, etc. This percentage of customers using voice search is only going to increase and this will change the way businesses do their SEO. – Josh Kohlbach, Wholesale Suite
- Use Of Big Data
In 2022, big data will play a pivotal role in how business owners reach shoppers. We have all the tools we need to better understand our audience’s goals and pain points through data. As more people invest in this tech, we will see radical advancements that change how we reach and engage with existing customers and prospects. For example, big data makes it easy for business owners to develop accurate customer personas, which leads to enhanced personalization. Since the majority of shoppers want more personalized content and offers, it’s easy to see how this is advantageous to marketers and consumers across all industries. – Chris Christoff, MonsterInsights
