Businesses need to adopt digitalization in the same way consumers are embracing it. Around nine in ten people worldwide use smartphones and other web-enabled devices. Reaching these potential customers will be difficult without adopting digital technology. Businesses that refuse to embrace modern tech are practically setting themselves up for failure.
For many businesses, though, adopting modern technology cannot be just about the basics like using cloud storage and having an online presence. Competitors are already using more advanced technologies, and only getting started with elementary tech tools does not provide enough advantage to be competitive.
By now, most businesses are already expected to engage in online marketing, transact through an e-commerce store, and use online messaging and remote collaboration tools. It is time to level up and take advantage of new technologies that improve business outcomes. Here are three technologies small businesses should consider learning and using as soon as possible.
Containerization
Containerization is a form of software deployment that puts together an app’s code with the files and libraries the application requires to be executed on any infrastructure. It is essentially virtualization at the OS or app level that makes it possible to execute software in “containers,” which are isolated user spaces in any environment, both cloud and non-cloud. In other words, containerization allows applications to run independently, regardless of the environment. It affords businesses the flexibility and scalability they need to support growth and adapt to changes and challenges.
Containerization provides the benefits of consistency across environments, the efficient use of resources, isolation between applications, and portability. Additionally, it grants the advantage of better software version control, the convenience of rapid version rollbacks whenever issues are encountered, and more efficient IT resource utilization.
Many small business owners may not readily appreciate all of these, but the importance of using containerized apps becomes clear as a business grows, especially when it comes to e-commerce platforms, content management systems, communication and collaboration tools, and customer relationship management systems. Most of the apps businesses use will benefit from containerization, so adopting this technology is a no-brainer.
However, it is also important to note that containerization comes with new cybersecurity challenges. The new system can be tricky for organizations that are not yet familiar with it. As such, it is crucial to get properly acquainted with container security to ensure that the benefits of containerization are not spoiled by security issues. As IT systems move to the cloud, even small businesses must learn to be familiar with relevant technologies like containerization.
Blockchain
A 2022 Deloitte study says that around 75 percent of retail businesses plan to accept cryptocurrency payments in the next two years. Bitcoin and other crypto-related assets may still sound controversial until now, but they are inevitable. Cryptocurrency comes with several benefits for small businesses including faster and cheaper microtransactions, financial privacy, and reduced dependency on mainstream financial institutions and intermediaries. Refusing to use cryptocurrency can be a hurdle to competitiveness. The technology has flaws, but these are not difficult to overcome especially in light of the benefits that easily overwhelm the supposed weaknesses.
Blockchain is not just about cryptocurrency, however. The technology has other important applications in the business setting. Forward-thinking enterprises are expected to take advantage of the tech in various use cases.
For one, blockchain powers smart contracts that allow businesses to automate various processes. They can set self-executing contracts for payments or transactions in general. It can take away the need for a human attendant in every transaction without compromising the integrity of the transactions.
Blockchain smart contracts are also useful in supply chain management automation. It enables automated agreement execution, wherein predefined actions are automatically implemented after certain conditions are met. For example, once deliveries are completed, the pertinent documents are immediately processed and relevant records updated. This ensures precise supply chain actions that also come with the benefits of transparency, traceability, efficiency, and security. Additionally, it can mean reduced incidences of disputes and fraud. It supports process streamlining as well as compliance with regulations and internal policies.
Moreover, smart contracts support conditional escrow arrangements. Payments for orders can be reliably held in escrow until the buyer receives and verifies the products. There is no need to rely on a third-party escrow service provider since blockchain itself can facilitate the process in a secure and systematic manner.
AR, VR, and mixed-reality tech
Virtual reality (VR) and augmented reality (AR) have been around for several years but it seems they are failing to gain widespread adoption. Some think that they have been overly hyped and that they have already lost traction. However, some industry watchers continue to be optimistic about their prospects.
One study shows that the extended reality market (consisting of virtual reality, augmented reality, and mixed reality tech) will reach a market value of over $50.9 billion in 2026, a massive jump from its 2022 estimated value of $13.8 billion. The study shows that one of the major users of this technology is the retail market.
Small businesses can benefit from AR, VR, and mixed reality technology mainly by boosting customer experiences. It allows businesses to engage potential and existing customers better through interactive presentations and immersive imagery. For example, online stores can offer interactive presentations or virtual showrooms in their stores to allow customers to examine products from various angles, especially the product sizes or dimensions.
AR and VR tech are not limited to creating virtual showrooms available online. They can also be applied to conventional brick-and-mortar stores. For example, QR codes or NFC tags can be attached to products to allow customers to examine other versions/variants of the product or learn more details about them. Offline experiences can be connected to online or virtual reality experiences (like in the metaverse) with the help of AR, VR, and mixed-reality technologies.
Skeptics of these technologies may argue that not many small businesses have found notable success in embracing AR and VR and that these are more suitable for bigger enterprises. However, at the pace technology is advancing, it will not take too long for AR and VR to become commonplace. Smartphones used to be a luxury before, but they are now more commonly used than personal computers and TVs. These smartphones are the key devices for businesses to implement AR and VR interactions with their customers.
In summary
Advanced technologies are an inescapable part of the future. Getting stuck with the basics may no longer be enough to sustain a business in view of the aggressive ingenuity of competitors. Businesses that seek to be competitive should not fear new technologies. It is crucial to learn how to take advantage of new tech and build a culture of innovation and progressiveness. Trying out containerization, blockchain, and AR/VR tech is a good start for small businesses to develop an affinity with new technologies and the mindset of putting tech aids to good use to optimize business outcomes.
