Background: In his previous article Sridhar Narayanaswamy shared how a flexible approach to problem solving is vital for business owners. Here he shares his assessment of technology and business trends in 2020.

With the internet reaching the remotest corner of the world, new businesses have either threatened or even demolished conventional businesses. Who would have thought of booking a cab or ordering just one gulab jamun (Indian sweet) or sending money home with just a single click? Whenever we think there is nothing more to invent, a new pathbreaker steps in.

There is always a worry that new business trends may render many jobs redundant. I do not think so. New opportunities will arise around new inventions and whoever is quick to adopt, will survive.

Will 2020 be a quiet year with no new technology trends? Definitely not. I am not an astrologer to predict but being a techie, let me make a guess.

• Digital entertainment explosion

I think, there is going to be a sea-change in the way we watch entertainment programmes and movies.  Theatres will remain but will have to compete with OTT (over the top) channels delivered to our drawing room via the Internet. This is already happening, but the number of players is few and I expect an explosion.  Who knows, I may be able to watch a 3D movie in the comfort of my home rather than trekking to the theatre.

• 3D hologram projection technology in telecommunications

Perhaps, the 3D hologram projection, about which we hear much, may also come of age. Telecommunication companies may have to give up traditional methods in favour of new technology to stay in the market. Who knows, I may be able to see my son standing in front of me as a 3D image, when speaking with me, from the USA.

• Face recognition technology

Recently we launched Face Recognition Software especially for elders and realised that it has enormous potential.  Our software even detects the emotional feelings of the person and this was a big hit. Perhaps the face recognition technology, will be introduced for several purposes than what it is being used now.

Also read: How chatbots are helping in the digital age

• Rise of M-commerce

Already payments have become very quick and simple due to the introduction of several apps like Google Pay, PhonePe, PayTM and all.  Perhaps, these will become even more robust and reach a wider segment of the population. This will result in more M-Commerce business and therefore prompting more players to adopt to M-Commerce. Definitely, this will have an impact on Shopfront sales, who then will have to introduce new methods to attract shoppers.  Here, introduction of CRM combined with face recognition could play a major role. I will feel proud, if the shop sales executive recognises me by name, the moment I enter the store and hence likely to make a purchase.

There is always a worry that new business trends may render many jobs redundant. I do not think so. New opportunities will arise around new inventions and whoever is quick to adopt, will survive.

Let me also take this opportunity to thank GlobalLinker for being a shining light for the SMEs and to guide us in our business success so far. I wish GlobalLinker, the founders and all the members, a very happy new year and look forward to contribute more for our collective benefit.

Also read: New opportunities in the New Year!

Image source: shutterstock.com

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Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views, official policy or position of GlobalLinker.