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Point Of Sale Financing Strategies For The Entrepreneurial Challenged in 2021



The role of technology in business cannot be overestimated. Modern technologies provide numerous opportunities for online businesses and considerably improve user experience. Keeping up with advanced technology you can fight off fierce competition, retain current users, attract new ones, increase revenue, and so on. All in all, the importance of technology in business is obvious. Oleh Sadykow, a co-founder at DeviQA – a leading automated software testing company, shared his thoughts on the technologies you need to implement to develop your online business.


Mobile technologies


Global trends demonstrate that mobile devices have become the main technology used to search, check, book, and buy goods and services. So it is evident that mobile optimization must be of primary importance for you. Thus, you can meet your customers’ expectations and needs as well as significantly improve search engine rankings as mobile-friendliness has a great impact on the ranking algorithm.



However, it is better to go to even greater lengths and not only make your site mobile-friendly but also create a mobile application. Therefore, you can attract new customers, improve brand visibility and awareness, boost sales, and get new marketing, promotion, and conversion opportunities.



eWallet technologies


As was mentioned, most users prefer to use their mobile devices, and when it comes to a positive shopping experience, it is important to provide speed, simplicity, security, and convenience. Mobile users must be provided with a reliable and secure way to make a payment without having to re-enter personal and financial information each and every time. That is why digital wallets are the best option to optimize the customer buying process.


The most well-known and commonly implemented digital wallets are Amazon Pay, Google Wallet, PayPal One Touch, Apple Pay, Android Pay, MasterPass, etc.



AR and VR


The onrush of AR and VR technologies has provided whole new opportunities for online businesses to thrive. Product visualization seems to be one of the leading global trends. It helps to solve the main problem of online shopping that is a lack of tactile information and the impossibility to evaluate all product characteristics. Augmented reality and virtual reality change the way buyers can assess products as they have an opportunity to experience them virtually before they purchase them.


Related: Augmented Reality in Ecommerce: How Does it Work?


Big data


As your online business develops, it has to store and process vast amounts of information. The best way to optimize this process is to implement big data technology. In such a way, you will be able to collect and analyze big data effectively. Having valuable insights as for your customer behavior patterns and market tendencies, you can adjust your business strategy correspondingly and let your business grow.



Machine learning and Artificial Intelligence


AI and ML technologies provide fantastic development opportunities for businesses. They can be used for data mining, outcome prediction, user experience personalization, process automation, real-time assistance, price optimization, etc.


So due to the essential and relevant patterns and tendencies revealing your online business can automate various business processes, improve customer service, make accurate predictions and right decisions, draw up effective marketing strategies and advertising campaigns.


So widely used today, chatbots and virtual assistants also work on the ground of AI and ML technologies.


A chatbot is a software app that imitates real human communication in a written or spoken form. With this technology, online businesses can save time and reduce costs by automating customer support and providing customer service 24/7. Moreover, chatbots generate leads, collect prior information about clients, and redirect them to the information they are interested in.


It is also worth mentioning that AI and ML also have made a great contribution into your app quality as they are also used in test automation.


Cloud computing


Cloud computing can be defined as the delivery of various services like data storage, servers, networking, and software via the Internet.


Cloud computing provides users with an opportunity to access their data and use applications wherever they have an internet connection. Taking into account modern, fast-paced lifestyles and ever-changing business conditions and needs, it is essential to receive information right at the moment it is needed, whether you use a computer, tablet, or smartphone. This is exactly the opportunity that cloud computing offers. Cloud technologies help store files, back them up in case of crash or hacker attacks, retrieve them on demand, share and synchronize data across devices. The advantages of cloud computing are countless. Cloud technologies help businesses save time, money, and effort by enhancing productivity, optimizing cooperation, and promoting innovation.


Blockchain technology


Blockchain is a technology of transaction keeping on a distributed, decentralized, public ledger. Blockchain technologies are all about greater transparency, better security, increased efficiency, and improved traceability. E-commerce businesses particularly benefit from blockchain development. Using this technology, they receive excellent opportunities for user experience improvement, effective supply chain tracking and monitoring, transparency in the marketplace, convenient and secure payment, costs reduction, etc.


Conclusion


Now, as you are aware of how technology helps business growth and know the answers to questions “How have technological innovations helped small businesses?” and


“Why is technology important in business?”, you can take drastic actions and get to your online business optimization using the above-mentioned technologies that can considerably boost your development. Do not postpone it and take advantage of modern technologies right now.


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