Technology Trends that Will Define the Startup Ecosystem
retailciooutlook

Technology Trends that Will Define the Startup Ecosystem

By: Retail CIO Outlook | Monday, January 28, 2019

Startup EcosystemAlthough year-on-year improvements are what make companies successful in the long run, firms cannot control many factors, say, whether revenue rises or not. The year 2018 established the startup ecosystem, and many technologies gained acceptance which helped industries to strategize and plan for the year ahead. Now, one knows what trends will thrive and what they should keep a lookout for in 2019.

• Address the real problems

Technological and digital revolution works hand in hand thereby catering to the needs of its audience. However, with the advent of new smartphones, industries are being fiercely competitive; technology is yet to solve many problems. The coming year will address issues like availability of water, or traffic congestions which can be scaled by the startup using the latest technologies. These areas need special attention as a significant disruption here by startups can be beneficial.

• Refining business tactics

Many blue-chip companies have become household names and have accustomed shopping from the comfort of their homes instead of visiting a market store. With the ongoing technology move, comfort beats the hassle of commuting, yet the leading giants in the online retail market still have gaps that need to be addressed digitally. The year 2019 will emphasize more on providing personalization of shopping experience by leveraging the technologies like AI, blockchain and machine learning (ML).

 

• Industry-specific startup

The generic solution can be built up using technology; however, there are huge investments in startups focusing on solving industry-specific challenges. Sectors like healthcare, retail, education, and biotechnology hold a lot of potentials. Startup entrepreneurs can invest in the healthcare sector and can focus on providing services to areas like telemedicine, healthcare supply chain, medical billing, and insurance.

Technology has already stepped in the educational institution with the digitization of the classrooms. The dissemination of information through an online medium is expected to increase with the startup expanding beyond just video lectures and making the assessment process more interactive.

Smart manufacturing and the adoption of technologies like IoT and robotics will witness a rise. Retail and distribution are ready to leverage technologies like blockchain in supply-chain management.

• Beyond the keyboard

Voice interfaces are gaining prominence and are entering different domains like banking, healthcare, and education. The voice assistants like Alexa, Siri and Google Home are molding the way brands, and customers are interacting. Voice notifications will keep the user aware of the things they are interested in, like sports or any event. Startups should dig in deeper if they want to cash in on the offerings of voice AI.

Startup culture has emerged as a strong contributing factor and motivator to the nation's economy by hosting an extremely energetic and niche work culture for the youth. The year 2019 is undoubtedly going to be a big year for startups with more innovative and fresh young minds coming up with new ideas and ventures.

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