Technology Driving Start-Ups towards the Growth Trajectory
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Whether you're a start-up entrepreneur or testing the waters before venturing into the market, technology can be your biggest asset in this journey. Especially in an economy like India where there is a huge pool of opportunities, even the government is pushing forward its ‘Start-Up India’ policy. And, the only way to succeed in the web of endless competition seems to be the optimal and sustainable use of technology.
Traditionally believed to increase the productivity for any start-up, most diligent entrepreneurs believe the emerging tech tools help to map the market trends and align their policies for sustained growth. Hence, it is critical both from the perspective of customer experience and brand image management that technology becomes the basis of any decision-making.
The Emerging Tech Trends in Up and Coming Businesses
From Internet-of-Things, artificial intelligence, blockchain to data analytics, the influence of technology in shaping growth trajectories for start-ups spans across sectors. One of the reasons for tilting the needle in favour of technology is rapidly changing customer behaviour. The millennials, today, are looking for instant gratification and shorter turnaround time. With such a huge young workforce, the demand-driven segment needs effective tools to meet the ever-increasing needs of the consumer.
Giving birth to endless opportunities, technology has enabled smartphone users to meet their needs with a single click. Although there's no dearth of online platforms providing numerous choices, the real winner will be the one that can retain a customer's interest. Because the interest span is shrinking, it's imminent that an entrepreneur invests in firstly understanding the market size and customer reactions to their product. Following well-focused research, CEOs can align their market strategy to expand their presence in the market. And what's enabling an entrepreneur in understanding and strategizing is technology.
A Case in Point
For nearly a decade now, online shopping has been making whirlwinds in the retail sector of a country such as India where traditional marketplace have been the go to for the population. This has been possible with transformational nature of data and technology which has in turn powered budding entrepreneurs to create big leaps in the retail space. Entrepreneurs in the retail tech space are eyeing for more than online presence, there is an emerging trend of transcending the boundaries by becoming omnichannel players.