Let’s explore the types of technologies that are worth investing to thrive in the business in 2020 and beyond.
1. Internet of Things (IoT) - The most enticing and useful technology around and continues to hold its place. Smart homes, wearables that are connected to the internet, connected automobiles, industrial internet, energy engagement, healthcare, agriculture, and every other device are connected to the internet. As per Gartner’s data around 20.4 billion devices will be connected to the internet by the end of 2020.
2. Blockchain Technology - It has been a decade where Blockchain technology has been growing and evolving. Its features like decentralization of currency, financial transactions, information storage using a decentralized database, eliminating the need for 3rd party vendors to verify transactions and many more have already attracted the attention of many industries.
3. Augmented and Virtual Reality - More than 15 industries are using AR and VR including Retail, Law and enforcement, manufacturing & logistics, healthcare and medicine, Film and entertainment, Real estate, etc. Building a proper virtual reality system while keeping up with market expectations, companies are considering partnering with experienced augmented reality app development companies with comprehensive engineering capabilities.
4. AI and Analytics - Any list of new technologies would not be complete without AI and VI. AI refers to the systems which have the capability of performing tasks like humans. Tasks like facial recognition, speech commands, affective computing, etc don’t require human intervention now. The use of data in analytics to derive the behavior and pattern has changed the dimension of AI. E-commerce and Defence verticals are using AI to its core.
5. Cybersecurity - Information/ data is highly valuable and an important aspect for every size and type of business verticals. A lack of focus on cybersecurity can be greatly damaging to a business.
Get on board at the early stages of the technology, positioning your business for success now and in the future. But every research you make requires you to answer 1 question: “What are you going to sell?”
So here are some business niche ideas for your business in 2020:-
1. Online Grocery and Foods - This greatest eCommerce startup idea served billions in the last five years and it will continue to serve more in the coming years. Over time, if you feel like your business is growing, you can also increase your services and products in the market. This is the best possible way you can gain the attention of customers for your brand and also gain revenue from the company.
2. Digital Health services - This service comprises eCommerce capabilities for patients and others to buy things that were previously sold in the office. More products that prevent health issues, including more education around health.
3. Online Customer Engagement Platform - Now people have plenty of choices for every product and service to choose from. So entrepreneurs and business owners always look for various customer engagement platforms to attract more customers. If you are ace in communicating and convincing customers then you can opt for this business idea. An online customer engagement platform offers various techniques to engage online retailers with customers. The important part is to answer queries of the user’s queries and concerns seamlessly.
4. Merchandising Platform - New eCommerce startups and sometimes old enterprises find it difficult to search for suppliers and vendors who can help them to grow their business. Generally, the wholesalers/ suppliers prefer to work with large companies/ retail stores with whom they can establish a longstanding relationship and whose brand is easily recognizable over yours. Here comes the need for a bridge that can connect these suppliers with the customers. Precisely, you won’t have to worry about dealing with their inventory.
5. Online Learning Platform - The market for online learning is still evolving and will continue to grow. Many students want to get out of the conventional way of learning. You have to choose whether it is academic, vocational, or other sub-niches to set up your business.