The global health crisis saw the wide adoption of tech innovations after revenues went down since people stayed home to avoid the virus. These tech innovations allowed businesses to connect with their customers and increases productivity amid the economic slowdown.
Technology also allowed businesses to implement work-from-home arrangements to keep their employees safe. Additionally, technology allowed businesses to forecast trends that helped them stay ahead of their competition in the market. Here are some technologies that helped businesses in the middle of the health crisis.
Virtual Reality and Augmented Reality
Businesses started using virtual reality (VR) and augmented reality to stay relevant in the market. With people staying home, businesses had to find ways to connect with them. The situation was particularly challenging for the retail and real estate industries.
Retailers used the technologies to allow customers to check products before they purchased them. AR allowed customers of clothing brands to check apparel before they bought them. Customers can use an app that allows them to mix and match apparel in a virtual dressing room.
On the other hand, real estate companies started offering virtual tours of properties they offered in the market. This allowed them to take advantage of the increase in the demand for housing in the market after the US Federal Reserve lowered interest rates.
Aside from businesses, museums also used technology to give art patrons the chance to visit their exhibits. Tourist destinations also used AR to let people travel the world in the comfort of their homes.
5G Technology
To facilitate the connection with their customers, many businesses started to use 5G technology. The technology offered faster download and upload speeds. It also lowered latency, which reduced delays in the network. Network capacity also increased when using the technology.
Many industries benefitted from the use of the technology. It allowed businesses to take full advantage of the features offered by VR and AR. Faster connectivity and lower latency facilitated seamless connection when their customers explored their websites.
The technology also allowed new real estate apps to reach their full potential by facilitating the connection between property buyers and sellers. These apps made the work of real estate professionals easier since they allowed them to connect with property owners who wanted to sell their homes even if they were in different locations.
The technology also facilitated work-from-home arrangements since the situation saw an increased demand for bandwidth. It also allowed people to share data faster, which was necessary when they collaborated with colleagues staying in different locations.
Videoconferencing Software
The pandemic saw an increase in videoconferencing software to allow people to work with their colleagues. The software allowed them to organize and join meetings in the comfort of their homes. Many businesses also use the technology to provide virtual training for new employees.
The technology also opened opportunities for businesses to promote their products and services in the market. It allowed them to stream product launch events to their customers. Business organizations also used the technology to live-stream conferences and conventions for their members.
And as the pandemic continues to affect the country, more businesses and organizations will use the technology to hold virtual events for their market. Aside from ensuring the safety of participants, videoconferencing software also allowed businesses and organizations to reach more people across the country.
Cloud Technology
Aside from videoconferencing software, businesses also started adopting cloud technology to facilitate productivity among employees working from home. The technology allows people to share files with their colleagues, which is necessary for working from home. The situation increased demand for cloud services, which was challenging for cloud providers that did not expect it. Despite this, the cloud services industry remained resilient.
Many cloud service providers started upgrading their capabilities to meet the demand in the market. Even after the situation improved, demand for cloud services will continue since many companies continued work-from-home arrangements for their employees.
Artificial Intelligence
Artificial intelligence (AI) also saw wider usage when the pandemic started. The technology allowed businesses to forecast consumer trends to allow them to stay ahead of their competitors. It also helps businesses identify new purchasing patterns, which allows them to make the necessary preparations to avoid shortages in their inventory of products.
Using data from previous interactions with customers, the technology also allowed businesses to manage logistics by predicting consumer behavior. It also powered chatbots that businesses used to provide 24/7 customer service. Additionally, AI will help businesses prepare for changes that will happen in a post-pandemic market.
Businesses took advantage of the benefits offered by technology to stay afloat and grow in the middle of the health crisis.
