Tag: Artificial Intelligence

10 Emerging Trends in Healthcare App Development

Posted on by Ajay Sahoo

The healthcare sector has witnessed a significant development in recent years in terms of technology. During the COVID-19 pandemic the world learned that the medical industry needs healthcare app to evolve technologically to provide adequate care to all healthcare users.

Although there has been a significant increase in healthcare technologies, it’s more important to implement these technologies to make it accessible to the masses.

The development of mobile apps for the healthcare sector still continues to be crucial for industry’s revolution in 2024.

In this blog we are going to explore the emerging trends in healthcare that will revolutionize the way businesses provide healthcare facilities.

Healthcare app development services need to implement these trends to cater to the changing demands of the healthcare sector.

Top Healthcare App Market Trends in 2024

  • The global healthcare analytics market size was valued at USD 35.3 billion as of 2022.
  • The expected CAGR or Compound Annual Growth Rate of healthcare is over 21% from 2023 to 2030.
  • The largest market share of healthcare was held by life science companies which accounted for 46.5%.
  • The healthcare industry is expected to register the fastest growth rate at the rate of 26% per year.
  • The global telemedicine market was an estimated $104.44 billion in 2021.
  • The telemedicine market is projected to rise to $272.76 billion in 2027.
  • It is expected to grow at the compound annual growth rate (CAGR) of 20.7% over the year 2023-2028.

Let’s Explore the Top 10 Trends in Healthcare Application Development in 2023-2024.

10 Emerging Trends in Healthcare App Development

1. Machine Learning (ML) and Artificial Intelligence (AI):

Machine learning and Artificial Intelligence are revolutionizing healthcare app development which provides features such as predictive analytics, personalized treatment plans, and data-driven decision-making.

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ML algorithms analyze vast datasets to identify patterns and make predictions.

On the other hand, AI-powered apps are enhancing diagnostics, automating administrative tasks, and providing intelligent virtual health assistants.

2. Internet of Things (IoT):

The internet of things plays a pivotal role in healthcare, connecting devices to gather real-time data.

IoT-enabled healthcare apps facilitate remote patient monitoring, improve medication adherence, as well as streamline hospital operations.

Starting from smart wearable to connected medical devices, IoT enhances data accuracy which allows healthcare providers to make informed decisions and deliver personalized care.

3. Remote Patient Monitoring (RPM):

Remote patient monitoring (RPM) is a game-changer in healthcare app development.

The process involves the use of technology to collect and transmit patient data to healthcare professionals, therefore allowing for continuous monitoring of vital signs and health metrics.

RPM enhances patient engagement which enables proactive intervention and is particularly valuable for managing chronic conditions.

4. Wearable Devices:

Wearable devices have become an integral part of healthcare app development which is providing users with real-time health data.

These devices, including smartwatches and fitness trackers seamlessly integrate with various healthcare apps to monitor physical activity, sleep patterns and vital signs.

These wearable devices empower individuals to take control of their health and provide valuable insights for healthcare professionals.

5. Augmented Reality (AR) and Virtual Reality (VR):

AR and VR technologies are transforming healthcare app experiences. Especially in the field of surgery such as in surgical planning, AR can assist with detailed 3D models which enhances precision.

VR finds applications in medical training simulations and immersive therapy experiences.

It can help improve diagnostics, enhance training and contribute to a more interactive and engaging patient experience.

6. Chatbot:

Chatbots are becoming necessary in healthcare apps which offer immediate assistance and information to users.

It can be programmed to schedule appointments, set reminders, and offer basic medical advice. It can enhance patient engagement and reduce administrative workload to ensure time communication between patients and healthcare providers.

7. Patient-Generated Health Data (PGHD):

Patient-generated health data is generated after collecting data from patients outside the traditional healthcare settings.

These apps leverage PGHD to derive a comprehensive view of the patient’s health.

This data includes information from wearables, tracking devices, and various surveys thereby creating a personalized treatment plan and improving clinical decision making.

8. Telemedicine:

Telemedicine has witnessed exponential growth with healthcare apps facilitating virtual consultations and remote healthcare services.

Technologies such as video conferencing, secure messaging, and remote diagnostics provide patients to access medical care from the comfort of their homes.

It increases healthcare accessibility in the remotest areas and makes the work of healthcare facilities much simpler.

9. Cloud Computing:

Cloud computing is the primary enabler for healthcare app development, which provides secure storage and efficient data processing.

Cloud-based healthcare apps enable seamless access to medical records, collaborative care, and real-time updates.

Cloud computing enhances data security, accessibility and overall system performance.

10. Big Data:

Big Data analytics is reshaping healthcare by processing a vast amount of information to extract valuable insights.

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In healthcare app development, Big Data is typically used in large scale applications such as population health management, predictive modeling, and personalized medicine.

It enables healthcare professionals to identify trends, make data-driven decisions and improve patient outcomes.

Conclusion

As we embark on the journey of healthcare digitization in 2024, these trends promise to shape the future where technology enhances accessibility.

It improves patient outcomes and revolutionizes the way we perceive and engage with healthcare facilities.

Embark on the healthcare journey of 2024, these trends promise to shape a future where technology enhances accessibility, improves patient outcomes, and revolutionizes the way we perceive and engage with healthcare.

Developers and healthcare professionals alike must embrace these trends to build a more connected, efficient, and patient-centric healthcare ecosystem.

The future of healthcare app is bright, and the potential for positive impact on global health is limitless.

11 Emerging Trends in Fintech Application Development in 2024

Posted on by Anurag Pattnaik

Fintech application development solutions and digitization of transactions has been a common phenomenon in the recent past years.

However, the prominence of mobile-based payments and transactions has become mainstream.

According to a recent survey the global count of smartphone users in 2023 has crossed 7 billion which accounts for nearly 89% of the total global population that own smartphones.

This increase in the usage of smartphones with the advent of financial applications has driven the fintech industry to new heights.

Today’s modern fintech applications leverage emerging mobile technology to empower banking and financial services.

In this blog post we are going to discover the top emerging trends in the fintech industry in 2024.

Top Fintech Stats and Insights

  1. As of 2023, the fintech space is worth $180 billion.
  2. There are approximately 30,000 fintech startups in the world.
  3. Visa is the largest fintech company with a valuation of almost half a trillion USD.
  4. It is expected that the fintech industry will reach a valuation of $490 billion by 2028, which is growing at a CAGR of 16.8%.
  5. Nearly 25+ fintech companies have passed the $10 billion ‘Decacorn’ mark.
  6. 90% of Chinese citizens use fintech banking, payment and financial management solutions.
  7. S. personal loan agreements using fintech have increased by 33%.
  8. As of 2023 nearly 75% of the US population was using digital banking.

Top 10 Emerging Trends in Fintech App Development

  1. Artificial Intelligence:

Artificial Intelligence (AI) is a revolutionizing technology and its application can be seen in fintech as well.

According to the World Bank, innovations like AI have enabled nearly 1.2 billion unbanked people to access financial services.

AI and machine learning algorithms can enable Fintech companies to support financial transactions like banking and money lending and can decide who can access these lending features in an unbiased option basis.

Data-driven business models, using AI and ML, can be implemented in various financial sectors.

Today, these applications have the ability to analyze vast datasets, predict market trends and personalize user experience.

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The AI-powered algorithms enhance fraud detection, risk management, and investment strategies which provide users with more accurate and timely insights.

  1. Biometric Authentication:

Security is of paramount importance in the world of finance. Biometric authentication methods such as fingerprint recognition, facial recognition and iris scanning are gaining wide-scale popularity.

Biometric scanning is the latest in Fintech app development; face, fingerprint, and voice scanning are some of the most unique elements of each individual for banking authentication.

We can already see many fintech companies leveraging these authentication systems already available on smartphones to ensure that their customer data is safe and remains un-hackable.

  1. Neobanking:

Neobanks, or digital-only banks are disrupting the way traditional banks work. These app-based platforms offer a wide range of financial services without having any physical branch.

Neobanks works completely online which uses advanced IT technologies such as blockchain. This enables them to provide services 24/7 with speed and efficiency.

As these online banks don’t have a physical branch, the regional differences don’t affect the cost of the services provided. Moreover, there is no need for the Neobank institutes to spend any extra money on labor or rent.

These digital-only banks offer a range of financial services and are characterized by their user-friendly interfaces, lower charges and their focus on customer-experiences.

  1. Microservices:

Another way to improve fintech offerings is through micro services. They provide great value which enables them to expand their popularity faster.

This category of Fintech is known as Small Form Factor (SFF) server architecture. These micro servers can host small-scale applications which do not require full-services of a traditional large enterprise.

Each of these micro services are managed in a micro server which is designed to reduce the size, power consumption and costs while maintaining high-scale power and security of the fintech mobile app development.

The micro-services architecture is transforming fintech app development by breaking down complex apps into modular and independently deployable services.

This approach enhances scalability, flexibility and the speed of the development.

  1. Embedded Finance:

Embedded finance is all about integrating financial services seamlessly into one non-financial application platform. It has already gained a massive ecosystem. And It is estimated that it is likely to expand by 40% next year.

The trend is fostering financial inclusion and convenience for the users. Users can now access banking, payments and investment features in the application they use daily.

Using embedded finance, companies are expecting to boost customer experience and revenue by providing comprehensive offerings throughout the customer journey.

Various industries who are adopting embedded finance are banking, credit, investing, payment processing, loans and insurance.

  1. Gamification App Development:

Gamification of fintech apps is all about bringing an element of fun and engagement to financial applications.

Fintech apps are now integrating game-like features to motivate users to save more, invest strategically and for creating general awareness of reaching financial goals and various app features through interactive challenges and rewards.

  1. Blockchain:

Blockchain technology is reshaping the financial industry by providing secure, transparent and decentralized systems.

Blockchain is utilized for securing the transactions, using smart contracts and cryptocurrency applications. This further offers increased efficiency and reduced costs.

  1. Chatbots:

Chatbots are powered by Natural Language Processing (NLP) which has become an integral part of fintech customer services.

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They provide instant assistance, answer queries proactively as well guide new users through various features of the application.

Chatbots will soon become the norm in enhancing user engagement and making transactions more efficient.

  1. Voice Commands:

Voice-activated financial applications are gaining a wide popularity which allow users to perform various transactions, check balances and receive financial insights using voice commands.

This trend enhances accessibility and convenience for users who use fintech apps on the go.

  1. Autonomous Finance:

Autonomous finance leverages AI and automation to manage users’ various financial affairs seamlessly.

From automated budgeting and investing to personalized financial advice, autonomous finance enables users to achieve their financial goals with minimal manual intervention.

  1. Robotic Process Automation (RPA):

Robotic Process Automation of RPA is all about streamlining back-office processes in a fintech by automating various repetitive tasks.

This further reduces errors and improves operational efficiency.

This enables the financial institutions to allocate resources more strategically and enhance overall productivity.

Conclusion

These ever evolving trends in fintech app development are reshaping the way we interact with and manage our finances.

Starting from the integration of AI and Blockchain to the rise of neobanking and embedded finance, business industries should look after these trends to thrive in this market.

As developers and financial institutions embrace these innovations, users can anticipate more of such personalized, secure and efficient financial experiences in the years to come.

Advancement In Ai Its Impact On Mobile App Development

Posted on by Ciaran Stone

For many years now, artificial intelligence (AI) and machine learning (ML) technologies continue to make their presence felt in the app development world and create more tailored and audience-specific user experiences for users. While these technologies are making apps smarter and more intuitive, they continue to evolve with mobile app projects’ usage.

Today both AI and ML technologies are having significant implications on delivering sophisticated and tailored user experience. The use of automated mobile app UI testing tools to detect flaws in the app flow based upon inputs about user journey is an excellent example of how AI penetrated app development tools. From intelligent chatbots to recommendation engines to the intuitive search function, these technologies add value to app projects in several ways.

The vast majority of industries across all niches now understand that artificial intelligence and machine learning remain vital technologies to make their apps and digital footprints smarter and more optimized for the target audience. But keeping pace with the rapid advancements and trends with AI and ML technologies remains the biggest challenge. It is equally a challenge and opportunity to face the rapid evolution of these technologies and their roles in delivering sophisticated user experience.

The evolving landscape of AI and ML technologies can be best experienced by how virtual assistants and chatbots are growing stronger and more capable. Today for any app to deliver user expectations through in-app content offerings or features based upon user contexts, these intelligent technologies are relied upon. They transformed the way users are addressed with relevant content and features by apps in real-time.

This is why from retail and mobile commerce apps to the entertainment and media streaming apps to the mobile games to enterprise apps, almost all major app niches now rely on intuitive and intelligent capabilities offered by these two technologies. Mobile apps have been at the very front row of this massive revolution facilitated by these two technologies.

Let’s have a quick look at the key facets and contexts of mobile apps where these two technologies made the most significant impact.

Intuitive Mobile Search Engines

The increasing use of voice search and voice interactions across apps offers a clear testimony of how artificial intelligence (AI) and machine learning (ML) technologies are being used to understand voice commands and trigger actions based upon user intents.

Smarter User Authentication

Thanks to these technologies, you no longer need to authenticate yourself with transitional passwords and authentication data. The intelligent face recognition technology can detect the actual user irrespective of your appearance or gait difference.

Smart Camera apps

Some of the most significant advances with AI and ML technologies happened through smart camera apps. An intelligent camera can detect a subject within the screen frame and differentiate objects, faces, food, nature, fireworks, water and accordingly can adjust the settings for best output.

With the help of Artificial intelligence and machine learning, detecting faces and optimizing the image with enhanced effects is now possible. Some camera apps can even see food ingredients and decipher the calories in food platter.

Smart Speaker Systems

Intelligent voice-controlled assistants such as Amazon Alexa are now helping us complete actions with little effort by making simple voice commands. Alexa voice assistant offering excellent compatibility with all kinds of digital interfaces and smart home gadgets is inspiring a whole array of IoT mobile apps to use such intelligent and intuitive interactions.

Thanks to these advanced voice interfaces, users can make interactions more seamlessly with apps than ever before. Thanks to Natural Language Processing (NLP) technology, a subset of AI technology now voice interfaces are becoming more intuitive and user optimized than ever before. By advancing Alexa already established, Google Home is now facilitating context-driven computing triggered by voice commands.

These innovative speaker systems and intelligent voice interfaces are slowly pushing AI into mobile apps to make interactions more intuitive, real-time, and contextual. For example, both Alexa and Google Home can fetching the mobile app data through simple voice commands and operate apps just the same way.

Real-Time language Translation

Intelligent translation apps powered by AI and ML technologies can offer wonderful help to users in foreign countries and in different contexts where language help is crucial to get things done.

The best thing about the AI and ML-based translation apps is that they can equip the smartphone device to carry out the translation tasks without relying on the internet.

Emotional Recognition

The ability to recognize emotions through user inputs and facial expressions captured by the camera is the latest AI technology that can do wonder for mobile app projects. By incorporating AI and ML technologies, now apps can detect the emotional contour and mood of the users and accordingly can provide content and allow interactions.

This has serious implications for the mobile app development industry, with many promises unfolding to make every day digital interactions smarter and more intuitive. AI-powered apps can now differentiate moods and different expressions based upon image inputs and captured voice intonations. On top of that, the AI-powered analytics engine based upon user history and other data-driven inputs can easily detect the emotional state of the mind of users. Accordingly, it can help users with content and interactions.

Conclusion

From using intelligent face recognition to capturing the pronunciation differences in voice commands, from smart recommendation engines to context-aware chariots, AI and ML technologies have penetrated the mobile apps in a never-before manner. The advances made by these two technologies will continue to make the app experience better and richer.

The Future of Web Development at the Crossroad of Technologies

Posted on by Anurag Pattnaik

As we are all in the middle of 2021, one arena that has continuously shown progress, newer web developments, and innovation as never before is technology.

And one important arm of technology that is showing its prowess in web development.

Web development, over the years, has become an indispensable ingredient in the success of any organization.

It acts as a window to your business. Trends have been observed heavily this year and the next year shall witness more to come.

Knowing trends and keeping abreast of what is happening around is highly significant for web development.

Statistics like the number of visitors who stopped visiting the site because of bad design, who had a bad user experience, who got converted into customers because of smart design etc. are important numbers that can guide you to a better business tomorrow.

“Web development is the work involved in developing a Web site for the Internet or an intranet. Web development can range from developing a simple single static page of plain text to complex Web-based Internet applications, electronic businesses, and social network services”.  – Wikipedia

The top web development trends that could rule in 2021 and beyond:

PWA  (Progressive Web Application)

Progressive Web Apps, as the name suggests, are bearing the flag of the future in the web development world.

PWA offers cutting-edge functionalities that support interactive mode, responsive action, offline way of working, app-like functions, and offer good quality web applications.

This technology is apt at revolutionizing client experience big time.

PWA also has been a top favorite of organizations that are in look of a mobile-first approach..

Voice-Enabled Ecommerce Applications

Voice-related functionalities like voice enabling, voice search engine optimization, voice commerce is on a rise.

As the bridge between technology and humans is getting closer, such functionalities are rising in demand. It has already shown its presence in 2020 and shall show more in 2021 with increasing areas getting positively affected.

Smart speakers, voice recognition, eCommerce through voice technology are some of the key technologies that are ruling the market.

Such features when clubbed with web applications/websites are enhancing the business front.

Integration of With AI (Artificial Intelligence)

Artificial Intelligence (AI) has been doing great rounds with web development all through these years and the coming year shall show more.

A variety of solutions are being integrated seamlessly through AI and ML related algorithms.

These technologies are assisting organizations in automating processes and thereby offering great web development techniques.

Web development is leveraging AI through novel features like supervised learning, unsupervised learning, and reinforced learning.

AI is of great help to the varied number of industries, owing to its fatal blend of humans and machines.

AI-based equipment and machines like facial identification, pattern identification, etc. are all set to lessen daily errors, boost productivity, speed, and agility.

Chatbots and their New Experience

Chatbots have been replacing the human interface when the websites talk to their customers.

The year saw increased usage of chatbots and how well organizations are now realizing the importance of chatbots.

Till now, its usage has been restricted but now the coming year shall see a generous use of this functionality.

As chatbots use the blend of voice/speech recognition technique and cognitive intelligence, replacing human support on websites with chatbots has become more fruitful.

The bots collect the questions coming from visitors, analyze them, and come up with appropriate answers. If not possible, chatbots pass it on to the respective authorities for the solution.

This increases the speed at which queries are resolved, leading to higher customer satisfaction.

Internet of Things (IoT)

A big name today, IoT has been spreading its usefulness all over. On a personal and professional front, IoT has been instrumental in getting smoothly involved without day to day technologies.

In the world of the web, IoT is primarily involved in facilitating web tools to track data from IoT-based smart devices.

IoT has also been actively helping in the web development process by integrating smoothly with other technologies like wearables, cloud-based devices, serverless technologies. It assists web development in rendering websites speedily.

Dark Mode Websites

The world is going more towards a dark mode-themed UI. It does give a classy touch, is safe and easy for eyes, and makes other elements pop out.

The dark theme makes the other characteristics get focused more, with an increased contrast ratio. It reduced the strain that other designs have on the eyes.

The newer lot of web development is going in for a dark theme since they are better for OLED screens, save electricity, and have a long span of life.

They look good too and enhance the visibility pattern of other accent colors.

Push Notifications for Both Mobile & Web App

Push notifications have been a normal important feature in a mobile app. But now they are getting used in web development now.

Push Notification

It helps in notifying users whenever there is new content present barring the need to checking emails or browsing sites.

It is almost as same as popups, but the difference is that it can come to you at any point of time, even if you are not on a website.

The user can be kept engrossed without much to do. This feature comes up with a higher clicking rate and gives better results than normal routine marketing efforts.

AR/VR Giving New Experience

Artificial Intelligence (AR) and Virtual Reality (VR) have never seen back. All these years, there has been constant progress in implementing AR/VR technology into web development.

The level of customer satisfaction that has been achieved with this technology has encouraged web development projects to integrate AR/VR into its framework.

There are many ways AR and VR can help websites/apps function in a better manner. Real-time performance can be created with which the customers can get satisfied.

Not only on mobile devices, but this can also be felt on laptops and desktops too.

Conclusion

For a prosperous future of web app developments, businesses will have to work with technology and data firms.

As well the social media platforms will need to ensure the information is always safeguarded for the transaction to take place.

For more digitally-driven insights, explore our guide to getting started with big data analytics and business intelligence for small businesses – or talk to our expert.

 

Rise Of Technology Usage In The Response To Post COVID19 Crisis

Posted on by Ajay Sahoo

The Covid-19 pandemic is a really difficult time for all. It has triggered a panic button all over the world as a medical emergency, disrupting the global economy and hitting businesses hard in the area of operation and survival.

The consequences such as social distancing, lockdowns, low production/demand, lack of labor, and a high degree of uncertainty, have questioned their continuity.

But digital technology has helped pandemic hit businesses to keep up and running like least affected.

Thankfully, many tech companies are promptly offering next-level digital technology to keep their businesses operational even amidst the crisis.

As the need for digital infrastructure has grown for businesses during this emergency, solutions like custom app development and cloud computing have proven beyond useful.

A Reality Check for Businesses

From retail, healthcare, and finance industries to grocery, apparel, and salon, every industry has to quickly adapt to the new situation; to serve their customers safely and fast.

They have to consider options of virtual contacts, eCommerce tools, and technologies to respond to this crisis-ridden situation in a better way. These drastic changes in business sectors are long-term.

Pandemic and Contribution of Tech Stacks

Businesses are left with no option but to digitize all or some part of their activities to protect customers and employees put under travel restrictions due to the pandemic.

Some of the tech stacks have already confirmed that they are getting a record number of requests for the implementation of remote work and digital services across multiple domains.

Again, shopper behaviors and ways of interactions have changed considerably, and the demand for digital technology is likely to continue in the future.

Nearly around 75% of shoppers are using digital platforms for the first time.

Web and mobile app development companies have to make sure that the approaching businesses are digital-ready and don’t miss a single customer in this unstable condition.

Recent data from McKinsey (Source: Covid-19 US Digital Sentiment Survey) shows the accelerated rate of digital adoption among US businesses and customers in different industries.

Web application development

mobile application development

(Source – mckinsey.com)

Challenges and Digital Adoption in the Press

The Covid-19 pandemic has thrown many challenges at businesses – the most important being the company management and financial stability, thus making business resiliency and continuity their ultimate priority.

There are a few other areas where businesses are facing challenges such as reducing operation costs, maintaining data security, etc.

Digital technology helps pandemics have a low impact on businesses by taking their eCommerce development to the cloud platform and automating the whole business from supply chain to sales management.

Digital Transformation to Address Pain Points

Digital technology is a savior for businesses in the pre-Covid19 and post Covid19 era. It is not just a good to have a feature – but a necessity for companies to weather the effects of the pandemic.

And as businesses now come to consult with tech companies more and more, they are seen struggling in the following areas:

  • Deploying remote staff
  • Reaching out to customers virtually
  • Remote access to business activities and details
  • Adding to agility and competence
  • Stay safe against new cybersecurity related issues
  • Cutting down operational costs and improving supply chain activity

While businesses are undergoing organizational, cultural, and social change, tech companies have been providing the required support to help them cope up with it gradually.

Restructured Traditional Business Model

Empowering businesses digitally is not all about facilitating remote access; they will have to be available 24/7 online taking/processing orders and addressing issues that employees are facing on the personal/professional front.

Digital technology has successfully removed in-person client meetings and customers are no doubt experiencing an increased speed of response in the digital framework.

Companies are now able to build excellent virtual customer contacts that could be easily shifted to core business activity post-crisis.

The insecurity triggered by the Covid-19 crisis is encouraging businesses to review their IT infrastructure and make sure that they work on the limitations there to work remotely.

Businesses are now more versatile in the area of decision making and seen enjoying new customer engagements and conversations than before.

Effect of Digital Transformation

Digital transformation is the key to overcoming the pandemic and helping businesses get robust and resilient for the future.

To start with, many companies have sped up the adoption of digital technology and tools that will quickly connect with their workers, clients, and partners safely, without making huge investments.

New-age digital solutions like SaaS, Cloud, Data Security, and Automation have come together to make businesses pandemic-proof.

Digital Implementation in Full Glory

With work from home now becoming a standard, the importance of cloud service has grown more.

And so far, you may have seen many businesses move to comprehensive WFH mode without any disturbance – thanks in real life to SaaS and cloud solutions providers, which are offering cost-effective packages.

Hundreds of custom app developments have been carried out to connect home bound businesses to collaborative/management tools for their continuity.

Similarly, web and mobile app development companies continue working remotely and writing codes in cloud-based secure environments.

Some of them even include built-in and cloud-managed features such as AI-backed applications for greater functionality during this pandemic.

BCP is no longer a tick-in-the-box habit, rather has become a strategic strength for businesses. When facing supply chain issues during lockdowns, they have started to gain the ability to find raw supply chain data in real-time.

Businesses now use AI and other advanced technologies like IoT, blockchain, 5G coverage, and edge computing to finely balance operating costs, creating a solid supply chain worldwide and turning unimaginable into the projected.

They have reached the goal of building better, smarter supply chains by integrating both data and technology.

It helps them to escape the current pandemic effect as well as unexpected events in the future.

Conclusion

Distributed staff, virtual contact facilities, Artificial Intelligence, and machine learning, data, and analytics: 

  • all of them are part of the coveted digital world
  • already exploited by the businesses in different ways
  • and to variable degrees during this pandemic.

In the post-crisis phase, they are likely to expand faster.

Are you feeling the heat of the Covid-19 pandemic and looking to overcome it with technology? Let’s discuss! 

I am sure our tech experts and full stack developers can guide you in the right path.

The Growth of Artificial Intelligence in Ecommerce

Posted on by Mandakinee

Technology combined with eCommerce has taken the world by storm even prior to the Covid-19 crisis. Customer satisfaction, brand recognition, and the effectiveness of the sales procedures are the pillars on which the e-Commerce industry thrives. With technology increasingly infiltrating the e-commerce market, retailers are on the lookout for innovative ways to improve these aspects with newer features to automate processes and stay ahead of the curve.

All this reckoned with, the integration of AI proved to be a game-changer for eCommerce and retail platforms, thus shaping retail digitization.

The below graph indicates Statista’s estimates of retail sales to amount to nearly $30 trillion by 2023. Nasdaq estimates 95% of purchases by E-commerce to be facilitated by 2040.

Retail-ecommerce-sales(Source – indatalabs.com)

The implementation of Artificial Intelligence in eCommerce can change business functions with demand forecasting and big data based on behavior, product, and, action. The usage of AI in the eCommerce industry brings a set of unique perks to most retailers. Not only does it provide the luxury of shopping but also reduces costs and strengthens the top line and bottom line of the organization.

Recommendation Systems

Ecommerce application development companies offer intuitive web and mobile apps simplifying online ordering for retail customers. They integrate AI that gathers data based on user’s interests that also drive the rate of up-selling. Amazon is the best example that offers a customized web page to millions of users. Amazon’s recommendation engine is well-known for the use of AI in e-commerce to generate suggestions.

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Another industry magnate, Netflix, saves $1 billion a year, thanks to AI-powered systems that deliver 75% of content to users through targeted and customized recommendations. These technologies are built on top of big data.

Consumers can also receive non-trivial recommendations aligned to their current location. All in all, AI keeps track of your previous shopping habits and makes intelligent suggestions for similar items that you’ll enjoy just as much.

Definitely, the growth of Artificial Intelligence in the eCommerce industry has increased productivity with fully automated data processing to ease lives.

Chatbots in eCommerce

In 2020, nearly 77% of the most successful businesses generated leads through chatbots.

ChatbotChatbots are algorithm-based customer service tools built to enhance customer experience.

According to a study conducted by Bain & Company, businesses that connect and communicate with customers service requests on social media cite a 20% to 40% increase in revenue from those consumers.

Chatbots, which replace human workers, help to make more productive use of the resource by giving them more opportunities to contribute.  High user rating and recommendation, increased sales, and user retention spiked the integration of chatbots in the eCommerce space. Reduction in shopping cart abandonment curbed lengthy checkout procedures. This factor was seen as a major reason for success in retaining customers.

For example, Agromall, a Philippines-based eCommerce store sells consumer goods. Their bot makes it easier to extract key information, delivery details, and talk to a support agent.

The bot was designed with two main objectives in mind:

  • To streamline the sales process.
  • Customers can chat with an agency at any point of the sales process, which will enhance the live chat and service experience.

Argomall’s store bot uses Google’s Site Search API for customers to enter keywords like “Sony TV” and other products.

The results?

After its launch, Agromall generated a whopping 23x increase in ROI, thanks to its chatbots that is the major driving tool for sales and customer service.

Chatbots have made their mark with exponential growth in revenue due to their automated order placement and personalized search results. People who use messaging apps to connect with brands are 53% more likely to shop with a company they can contact.

AR and VR Transforming Ecommerce

Retailers are aiming to create intuitive and friendly shopping experiences by combining current e-commerce stores with immersive technology like Augmented Reality and Virtual Reality (AR/VR). These innovations have revolutionized the e-commerce industry and altered the way companies operate.

The “try before you buy” phrase has earned its reputation in the eCommerce world. All thanks to the AR & VR Technology that possesses the ability to visualize a product of your choice.

How can the power of AR and VR change the future of shopping?

AR and VR can enable customers to visit interactive showrooms and experience products. Customers get to make informed purchase decisions by simply scanning a product through a Smartphone and viewing a list of products available on numerous eCommerce platforms. It lets you flip through retail stores and flipping through product descriptions and dimensions.

AR and VR in Ecommerce
(Source – ecommercegermany.com)

Some of the greatest eCommerce companies are leveraging virtual reality to create incredible experiences and gain a competitive advantage.

Customers are more likely to purchase from brands that use immersive technology to market themselves, according to a recent survey.

On the other hand, retailers can now create virtual versions and take complete control of the exact replica of their physical store. Designing and modifying an online marketplace according to the fluctuating customer trends and product preferences is what the future looks like.

Building an immersive environment capable of simulating real-life is perhaps one of the greatest advantages AR and VR bring to the e-commerce industry.

I’ve worked with the team at Andolasoft on multiple websites. They are professional, responsive, & easy to work with. I’ve had great experiences & would recommend their services to anyone.

Ruthie Miller, Sr. Mktg. Specialist

Salesforce, Houston, Texas

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AR and VR can allow consumers to immerse themselves further into the e-commerce experience, enabling the opportunity for rapid growth and increased sales, irrespective of a 360-degree video catalog delivery or simply an interactive digital experience.

AI Integrated Ecommerce App Development

Some of the greatest eCommerce app developments enable custom-made solutions using AI to make the right inquiry to the users. Customer analysis, climatic conditions in a specific location, and historical data from previous records can all be used to forecast sales for eCommerce customers.

With SaaS in full swing, it’s critical to hire eCommerce developers who can evaluate and automate a large number of customer interactions and processes on a daily basis. The stress on ever-increasing demands of automation challenges in web and mobile app development companies has had a huge impact on online shopping performance. The demand to hire eCommerce developers with a focus on end-to-end solutions increases the stress of offering a significant increment in user fulfillment.

That being said, automated eCommerce development translates into conveying the right message at the right time to the right set of customers.

AI-driven solutions can piece together a variety of insights to automate eCommerce developments for easing the lives of users. Making informed decisions in a matter of seconds is what AI in eCommerce stands for.

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