Re-Inventing Modern Lifestyle With The Wheel Of Technology
The realms of physical and digital worlds continue to blend as innovation accelerates at a phenomenal pace. It's changing the way we live, and work, as well as the, established industries. People, corporations, and governments are interacting differently as a result of the emerging technologies, larger volumes of data, and newer efficient ways of gathering insights. Every day, we take technology for granted, whether it's sending us the latest news in a flash, brewing our coffee, or connecting us with a loved one halfway across the nation (or even the world).
People's perceptions of businesses, as well as their expectations of services, have shifted dramatically. Travel, work, shopping, entertainment, and communications are just a few of the domains that have seen a significant transformation in recent decades. It is difficult to pinpoint every aspect of technological disruption, however, the most impacted avenues today are:
User Experience: Every user expects a remarkable, simplistic, and incredible experience from every digital solution today. Indians, especially the young, are increasingly seeking to move towards hassle-free and convenient lifestyles with the help of on-demand services. The world is evolving so quickly that predicting what it will look like in 10 years is difficult. However, we can look at the present and upcoming technology to see where we're headed and what these changes could entail for us in the near future:
Virtual Reality: Virtual Reality (VR) is already making waves in the business sector, and it's likely to become more mainstream soon. Users are immersed in a digital environment that they may control and interact with as if it were the real world. It provides a completely new way to watch media, produce content, and engage in activities ranging from space exploration to everyday life. Education, transportation, manufacturing, combat training, E-Commerce, and a variety of other industries might all benefit from virtual reality. Consumers are more inclined to acquire items or services after using or seeing them through VR because of the immersive experience.
Augmented Reality: Industries are already using augmented reality (AR) to enhance the customer's perception of the actual environment. Pokemon Go is the clearest illustration of this since it allows users to view imaginary critters on their phones and then go out and hunt them down in the real world. The capacity to insert virtual things into a live environment is another interesting aspect of augmented reality technology. Ikea Place is an example of this, as it allows you to try out furniture in your house before purchasing it.
Artificial Intelligence: There's no denying that AI has enormous potential to improve our daily lives, as it has done since the first computer chess program to autonomous automobiles and intelligent personal assistants. AI is employed in a range of areas, including healthcare, where it drives genetic testing and computer vision; finance, where it aids risk assessment and fraud detection; and even education.
Metaverse: Everything in the actual world appears in avatars in a virtual world in the most basic version of the metaverse. People may utilize virtual reality headsets, reality glasses, and smart device applications to coexist, play, and work in the Metaverse, which is an unending and socially connected universe. Not only will the Metaverse feature these definitions, but it will also cover other facets of online life such as commerce and social networking outlets. Utilizing this method of communication will be far more authentic and faster than using the internet today.
Content Consumption: Media consumption is one of the most influenced parts of life by technology. The rapid move to mobile devices and bite-sized material has left a big mark on everything from live sports to our favourite TV and radio shows to articles we want to read. As Gen Z and Millennial entertainment preferences grow in popularity throughout the world, social and gaming activities compete for consumers' attention alongside the video. The rise in popularity of video material is neither a coincidence nor a fluke. Businesses rely on video marketing to enhance conversions since people like viewing videos. Over time, 40% to 120% surge in search interest for video streaming platforms. Brands are now shifting to Trans-media storytelling platforms through video and native in-app ads for higher user engagement.
Interconnectivity: When talking about a socially connected society, smartphones stands at the center of the ecosystem. As a communication device, smartphone technology has become a fascinating modern phenomenon. India will have 1 billion smartphone users by 2026 with rural areas driving the sale of internet-enabled phones according to a Deloitte study. Moreover, the smartphone market is expected to reach 1 billion smartphone users by 2026. Even if its users are unaware of it, cutting-edge technical breakthroughs and trends are being incorporated into various products and their lives. Taking better images or utilising the services of a digital assistant has become so commonplace that many people are unaware of the technology involved. The mobile phone has gone beyond its initial purpose as a phone (to actually talk to people) and has evolved into our pocket-sized link to the internet world.
Users' tastes, value proposition, and distribution strategies are all influenced by technology in general and the digital environment in particular. Humankind's fate is determined by technological innovation. Technology has transformed from simple early tools to today's smartphones, dictating the route of economic progress, and shaping societal norms and habits. While technology innovation is constant in our society and economy, periodically there will be innovations that will fundamentally disrupt the existing economic order and determine the future. Businesses need to adapt to the changing technological paradigms to not only stay afloat but also cater to the brimming edge of innovation.
The author is Co-Founder, Chief Growth Officer & Director, Mobavenue Media
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