What is the future of the Retail Industry?

What does the current market analysis show up?

How will the retail landscape look like adopting digital in the mainstream?

Is digital technology going to have an upper hand in the overall retail transformation that we will get to see?

Unlimited questions but we have prepared an articulate answer for you.

Today I am going to share with you some striking statistics that will enlighten you with the global market share of the retail industry in the coming years. AI-ML, IoT-powered retailing like social commerce, voice commerce, foot traffic monitoring all are going to shape the future of the retail industry.

 Know more about which trends are driving the retail industry and the challenges that most of the companies are going through.

AI or Artificial Intelligence has major applications in the manufacturing industry. Right from developing OEE (Overall Equipment Efficiency) to FPY (First Pass Yield) production, AI is transcending levels. In manufacturing operations, AI is transforming machinery maintenance, AI-ML-powered analytics based on data predicts how often hulls of ships should be cleaned for maximum efficiency leading to huge cost savings in transportation, etc. For example, some companies use AI for evaluating component images during ongoing production lines that help to spot deviations from the standard in real-time.AI innovations are helping to expand uptime while focussing on quality, and efficient production, process, and the overall output. Let’s see the top 10 AI innovations in the manufacturing industry that are attracting manufacturing companies across the globe.

1. Robotic Plasma Cutters

The AI-driven robotic arm is assisting in the plasma cutting process and eliminates the requirement of the human labor force. Plasma cutting is a significant part of the manufacturing process and it was considered as one of the biggest technology wonders at the time of the industrial revolution. Traditionally it involves huge human labor but AI innovation is allowing to replace this with the cutting-edge robot arm simplifying cutting and assembling processes. It is considered now a remarkable AI innovation in the manufacturing segment.

2. MV Error Detection

AI-driven  MV (Machine Vision)is helping manufacturing with error detection. The technology of Machine Vision frameworks allows manufacturers to digitalize quality control processes in the front & back finish of creation lines. Machine Vision mistake location further allows to recognizing error while expanding a value-based creation of the products concerned.

3. AI-IoT Sensors

AI-IoT-based sensors are a leading AI innovation in the manufacturing sector. IoT (Internet-of-Things)sensors help to assemble information throughout the manufacturing processes at varied phases. All this information serves for continuous advancements and prescient support to manufacturers across levels. IoT sensors backed by Artificial Intelligence are an innovative name, too, in the manufacturing industry.

4. 5G Digital Connectivity

Though 5G (just like IoT) is not a complete AI-based manufacturing technology, it is helping the industry alongside AI for smart Connectivity. Companies offering 5G connectivity have not yet reached the farthest connectivity levels for buyers but proving to be a great support for assembling offices.5G  facilitates a high-speed data transmission bringing in more connectivity potential where AI-powered tools capture those data and process, analyze them helping manufacturing owners with better decision-making ability.

5. 3D Printing

 3D Printing has come out as one of the latest AI innovations in the manufacturing sector. Also referred to as an added substance fabricating,3 D printing is a notable digital device for specialists. The technology is helping manufacturers to create just specific parts or items in a singular form, as solitary pieces. This is allowing for a better arrangement and efficiency in the ecosystem. This is also considered one of the major AI-powered digital innovations in manufacturing the world over.

6. Video Surveillance Cameras

AI-powered video surveillance cameras are considered a boon towards managing security in the manufacturing industry. The very technology helps to manufacture businesses to cope with the higher costs involved for live security personnel ensuring safety and security. Workplaces, factories, logistics, and several areas that need constant vigilance and monitoring are not possible to be done manually. So, AI innovation in the form of advanced video surveillance technology, cameras, is helping organizations to carry out security features in a seamless manner.

7. E-Tail Supply Chain Model

AI-based automation at varied points, warehouses, procurement facilities, is helping the logistics in the manufacturing sector for efficient and productive ­­­­­­­­­­­­­ end-to-end processes and deliveries. This has created a new model, the e-tail supply chain model that connects, integrates inventory, and varied other logistics stakeholders ensuring improved supply-chain management overall.

8. Visual Inspection Tool

AI-enabled automated visual inspection tool is another landmark AI innovation in the manufacturing sector. Businesses are leveraging this AI capability to a great extent as it can detect flaws that are too small which humans cannot see with the naked eye. Products with microscopic flaws can be detected by AI-enabled cameras that are highly powered and sensitive than human eyes. The overall system can recognize even the smallest defects, flaws in products, mark them and send timely alerts to the concerned department.

9. AI-ML Inventory Management Solutions

Manufacturing businesses take into cognizance this aspect of AI intervention in the sector. Inefficient inventory management leads to greater overhead costs that are detrimental to any business involved. AI-ML-powered inventory management digital solutions help to manage the entire process effectively increasing productivity and efficiency. Manufacturers can manage inventories seamlessly based on demand and supply meters.

10. AI-Enabled Robots

 AI-enabled robots are replacing humans for risky transactions and lifting heavy equipment required frequently. Thus, AI is more than just a digital method to optimize automated processes. Remotely controlled  AI-enabled robots can do varied tasks that are beyond human capacity.   It enhances the traceability, flexibility aspects enabling successful operations in the ecosystem.

Wrapping Note

Want to know what is the future of AI in the manufacturing industry? As per Fortune Business Insights, AI (Artificial Intelligence) in the manufacturing market is geared for a massive USD 9.89 Billion by the year 2027! This is self-explanatory of the beneficial use cases of AI and how the technology is transforming the industry with magnificent innovations and inventions bringing positive outcomes!

We know during the entire manufacturing process, you deal with several challenges, right from raw materials to the process of production, from testing to marketing, and then for delivery. AI can help you in eliminating mundane tasks and bring productivity in multiple areas – Connect to our experts to know more.

If you are a retail entrepreneur, you must be knowing very well the significance of trends in your sector, and how it shapes the business eco-space. New trends come with every new year that hugely impact retail businesses across the globe. In 2020 as well as 2021, the trends saw a massive shift in consumer behavior, their fondness for online shopping, immense growth in e-commerce, social commerce, AR shopping experiences, influencer marketing, etc. The pandemic has only accelerated some trends like a surge in grocery platforms, retail media outlets overall enhancing online shoppers worldwide. Continuing the trend of writing about the trends, let’s discuss top innovative retail industry trends that will dominate in 2022 and beyond as well!

Important Stats

• By 2040, over 95% of total purchases are expected to be done on e-commerce platforms (NASDAQ)
• There exist over 2 B digital shoppers/buyers around the world (Statista)
• In 2023,  22% of the total retail sales globally are expected to be carried online mode  (Statista)
• Almost 51% of online shoppers do purchases using their smartphones (Finances Online)
• By 2025, half of B2B revenue is expected to be generated by e-commerce (Episerver)

Stats Main Source –  Influencer Marketing Hub

1. Online Stores in Offline Spaces

The trend has picked momentum over the past few years. Digital brands sell their products online while delivering tangibility to the whole customer experience. This means, online buyers can choose products online and can go to pick them in the brand’s physical retail store or in-store. Shoppers greatly benefit from this real-time interaction with the product they want to purchase. Several D2C brands, digital natives such as Casper, Glossier started their online retail but later on expanded to physical availability, too. As per sources, the digitally native retail companies/brands might open 850 physical/in-stores in the coming five years.

2. Rising Social Commerce

Social media platforms have become a big rage amongst people of all ages across geographies. Different social channels are offering shoppers to shop online in a seamless manner. No need to click a third-party website for shopping, but as a user, you can directly purchase from social channels via their apps or sites. Shops are present on social media channels like Facebook, Instagram apps, or sites, and while you can browse your accounts you can see your favorite products displayed by varied shopping brands, e-commerce shops.  E-Sellers can create their labels decorated with attractive banners, colors, buttons,  images, that can be accessed from specific social channels. They have a big scope to reach a larger global audience, too. In 2020, just as the trend picked up like how TikTok and Shopify collaborated, how Facebook allowed shops to sell their products, similarly 2022 is going to see again. Social Commerce sales in the US are estimated to rise by 35% with the current year-end.

3. Enhanced Influencer Marketing

Earlier, Influencer marketing meant just eye-catching captions, creative selfies, and product shots that used to be heavily edited. This year onward (2021), we are seeing how brands are collaborating with influencers and influencer content with the raw and real aesthetic appeal are tending now and will last beyond 2022 as well. Audiences love the original appeal of the brands and not an artificial coating and edited stuff. They want the real, authentic voice that brands project for their products. Influencer content that works as edutainment(education+entertainment) for the ultimate user experience, is allowing brands to fetch greater user engagement and ROI. Video happens to be the next big thing when brick-and-mortar retail stores are still to restart massively like the earlier phase. Consumers, shoppers love to see the product digitally and feel the experience. Videos on IGTV, Reels, Live Streaming, etc. are the ways influencer marketing is becoming the retail trend for 2022 also.

4. Value-Added Supply Chain

Supply- Chain forms a significant part of the retail chain. Digital technology and tools like AI-ML, IoT, Robotics are already helping the wing with added value. For example, automated warehouses with varied robots handling goods, doing the routine work there, autonomous robots, and drones for last-mile delivery are yet to become popular but may pick up during 2022 and beyond in full swing. Besides,  retailers can make smart decisions using process automation that will lead to greater value- service. Adopting IoT(Internet-of-Things), RFID devices, help to track, trace product, and this allows retailers to access authentic real-time data. Digital tools like AI-ML Predictive Analytics help to understand KPIs thoroughly. Automating documentation at all the stages of the supply chain helps to lower costs and increase efficiency and productivity. This is going to be the major trend in the coming years.

5. Voice Commerce and Digital Chatbots

Shoppers, users, b2b or b2c customers, all are benefitting from digital chatbots and smart speakers. Amazon Echo, Google Home, and other voice-technology-enabled smart speakers have entered the homes of online shoppers. As of now, 20 percent of owners of smart speakers use voice technology/voice commerce for searching, researching products they buy, shopping activities and tracking deliveries, etc. This trend is expected to grow to 52 percent in the coming 4 years. It is estimated that the global market of smart speakers could reach beyond 35.5 billion USD by 2025. Furthermore, retailers are focusing on meeting customers where they are. This is leading to the increased use of AI-ML-enabled digital chatbots and virtual assistants. The trend is going to stay in 2022, too.

Technology Will be the Key Driver

Trends become the trends when technology intervenes. Ideally speaking, in the era of digital transformation across industries, the retail industry is way ahead in terms of technology adoption and adapting to the changing demands, and ever-changing consumer behavior. While e-commerce is increasing its foothold, the essence of brick-and-mortar retail stores will always charm the audience. It is about amalgamating the two, the omnichannel strategy as well, that will enhance the core of retailing and trends ensuing in the year 2022, and beyond!

Telemedicine is empowering the healthcare industry to a new dimension. The real-time interaction between doctor and patient is increasing the trust quotient of this digitally-enabled system. The convergence of digital technology, video conferencing, smartphones, mobile apps is making the process of telemedicine a convenient, affordable, and time-saving regimen for healthcare providers as well as their patients. The number of people using telemedicine is only showing an upper trend steadily over the years, and over half of the total U.S.hospitals having at least one telemedicine program as of now. As per Allied Market Research, by 2030, the telemedicine market size is estimated to grow at an impressive $431.82 billion globally, at a CAGR of 25.9% (source- GlobeNewswire). As telemedicine consists of three types, we are discussing only one specific type in today’s blog –  About the Real-Time interactive Telemedicine.

What is Real-Time Interactive Telemedicine

Healthcare services that can be provided to patients over virtual mode via devices like smartphones/mobile apps and have video calling features, texting features via messaging apps,  SMS, are described to be Real-Time Interactive Telemedicine.

The feature of interactive care within the gamut of telemedicine is the telecommunication between patients and respective healthcare providers and there occurs the real-time interaction. This method incorporates a live audio/video session, that involves discussing and transferring patients’ data while the session is still on between clinicians and patients. So, we can understand that real-time interactive telemedicine is very much similar to that one used in-person/physical visits to the clinics. The only difference here is the virtual mode but the benefits are more as compared to the in-person visits.

Applied Areas

1. Follow check-ups, once the  patients are discharged from hospitals

2. Mental health treatments like dementia, Neuropsychology

3. Pharmaceutical Advices

4. Remote Nursing Consultations

5. Post-Injury Rehabilitation Treatments

TeleNeuroPsychology

A significant use case of the real-time interactive telemedicine type is teleNeuropsychology. For a patient with a cognitive disorder or suspected to have one, a timely and convenient neuropsychological consultation, assessment can be done over the phone only, over mobile phone on video calls, direct talks between the doctor and the patient. Techniques that comply with a standard evaluation process are effectively implemented that leads to a genuine and fair assessment of the specific patient using video technology. A study has found out that this type of telemedicine service proves to be a very feasible and reliable alternative to conventional in-person consultations and assessments of patients’ cognitive behavior and neuro-psychology.

Telepharmacy

This mode of telemedicine service helps patients to get a smoother medication facility when it is not possible to visit a pharmacy, real-time virtual consultation gives them pharmaceutical advice. This facilitates thorough monitoring of patients concerning their medication part, and see if they require any in-between medical advice over the phone.

Telenursing

Telenursing means utilizing digital technologies for communication to provide nursing service on a remote basis.  Medical consultation can be delivered over mobile app-based video calls, or simply over message medium like Whatsapp, telenursing is being considered as a boon to the healthcare fraternity. Nurses do the diagnosis, monitoring of health symptoms and conditions using video calls mostly which are empowered by the advanced AI-ML-based digital technologies. Especially in the rural areas where people have limited healthcare facilities, they leverage this type of telemedicine for their treatment which requires a long-form of monitoring, consultation, and the entire treatment process.

Telerehabilitation

Telerehabilitation is considered a major technology boon empowered by telemedicine capabilities. The very telemedicine service utilizes digital technologies for communicating and performing clinical assessments for patients. Telerehabilitation is the adequate and most refined way today to conduct therapies for rehabilitation patients. This process involves strong visual elements, the latest technology-powered video conferences, webcams, etc. which are usually used for assisting in the communication of symptoms as well as clinical progress.

Conclusion

Telemedicine is rapidly increasing its reach to every nook and corner of the cities, countries, globally. Digitally-enabled video conferencing services, virtual consultations on video calls, mobile calls, will continue to play a significant role in telemedicine services and healthcare practices. All that requires is a digitally-capabled ecosystem and mutual collaboration between healthcare providers and their patients hailing from across the world.

How telemedicine can empower your healthcare business to the next level? Connect with us and get started right away!

The retail industry is constantly innovating because it is primarily ruled by consumers’ ever-changing behavior. When it comes to adopting new technologies or integrating within existing systems certain models, the result is an entirely new incarnation of the older version. Despite intermittent challenges, retail has seen a spurt in business over the years. In 2019, the global retail sales had reached $26.29 trillion, while in 2020 the global retail e-commerce increased by 27.6%, a massive $4.280 trillion (source: e-marketer, 2021). Today, advancements in technology have created greater avenues and innovations in the retail industry. We will see what are the latest innovations within the industry that were not existing till a few years back but are creating waves in modern times.

1. Facial Recognition Technology

Facial Recognition in retail has the capability of scanning multiple reference points on a particular person/shopper’s face. Just like each person has unique fingerprints, similarly, this technology helps create unique ‘faceprints’. This way, the technology identifies their unique attributes via respective ‘face prints’ whenever they enter shopping avenues. Like, until the advent of this technology, retailers could identify customers using loyalty cards, for example, at the point of sales only. But today, using facial technology, they can know beforehand the information about people when they come in-store. This way, they can deliver to them a personalized shopping experience.

The technology helps in-

• Identify requirement in advance
• Know customers’ spending
• Distinguish high-value shoppers
• Loss prevention as it decreases shop-lifting

2. Geo-Location Technologies – GPS, IPS, and IoT

Another innovative addition is the location tech, the geo-location technologies like IoT, GPS, IPS,  that are greatly helping retail in-stores today. These location-based technologies help to boost customer relations with intensely personalized communications leading to satisfactory business outcomes. They allow customers to select and order right on their mobile phones, and when they reach the store, they can get their purchases right there (staff waiting for them with those purchases). Customers receive them, try them ( apparel, for example) before finally buying the stuff. So, the tech allows staff to be alert as their customers enter the store. Combined with data analytics, the very location tech helps retailers to identify trends in specific geographical areas. This enables them to expand, position their stores in the proximity areas. Customers can navigate easily and find the exact shop they want to visit.

3. Robotic Store-Assistants

Autonomous delivery robots, or robotic store assistants, are finding rapid inroads towards the retail segment. Yes, robots have started interacting with customers in retail stores. This innovation has caught the eye of the entire industry such that in the global robotics market, which is expected to reach 87 billion USD by the year 2025(source: BCG), half of the share might go to the retail market only. These robots helping b2c and b2b retail business both. In the supply chain, these robots, who are laced with inbuilt 3D scanners, can check stock, can identify errors, if any, in pricing, as well as locate items that are misplaced. This facilitates retail businesses to optimize store layouts and processes (based on the data gathered by robots) leading to enhance customer experience. Further, they help customers navigate through stores and connect them to human staff members over video-conferences in case of emergency.

4. Augmented Shopping

Phygital is the newest version of retail innovations. Augmented Reality (AR), and Virtual Reality(VR) are some of the recent digital technologies that have come as an innovative inclusion within the retail ecosystem. As per one survey report, 61%  of US adults feel that AR has greatly influenced their decision to choose where to shop. It works both the ways, live in-store retail experience, as well as online app-based and smartphone-camera based live in-store experience. For instance, this innovative retail technology is allowing customers to try outfits in an apparel store standing before the ‘magic mirror’ or the ‘smart mirror’. No need to go to trial rooms now. Similarly, the very augmented shopping allows retail app allows shoppers to access products from a shop’s inventory and, view them live, on their mobile phones, and try items virtually. For this, they have to install the very shop’s app to capitalize on the augmented shopping experience. Customers don’t have to physically try on outfits they want to buy, just superimposing items and sharing images with friends on social media, all these things are immensely helping gain a superb customer experience.

5. Cashierless Check-Out Stores

This is the latest entry to the innovations in retail and can be understood from Amazon’s ‘Just Walk Out Sytem’ on Amazon Go retail stores.COVID-19 has further given an impetus to this retail innovation because the entire concept entails a touch-free shopping system. Customers can now walk out of a store after purchasing their stuff, and those items are automatically scanned, and the amount would be debited from their respective accounts while checking out. So, this retail innovation talks about the contactless, Cashierless, automated self-checkout options. As per a report by McKinsey, the very innovative, IoT-enabled retail checkout system, or, Cashierless stores, can help retail businesses to save from $150billion up to  $380 billion every year, by the year 2025. How? Because 75% requirement for cashier-staff will be reduced by the automated check-out system.

6. Voice Commerce

Voice Commerce is one of the most favorite and usable retail innovative technologies ever as of now.APPLE’s product called SIRI or AMAZON’s ALEXA, Google Assistant, all are enabled with voice technology. This voice-enabled technology allows users to give voice commands for retail shopping searches, price comparisons, product searches, etc. over smart speakers, and not just smartphones or mobile phones. As per a survey, nearly 60 million people own at least one smart speaker system in their homes. And as per forecasts by Juniper Research, voice commerce technology will grow beyond 80 billion USD, by the year 2023.

7. AI-Powered Product Recommendation

Retail innovation is incomplete if we don’t mention the massive inclusion of Artificial Intelligence in varied domains. AI-powered chatbots, conversational bots can now directly converse with businesses, customers and facilitate a seamless customer experience. As per Servion Global Solutions, AI will empower 95% of customer interactions by the year 2025. Currently, retail is being powered with product recommendations, Scan & Go Shopping, Facial-Recognition, Voice Commerce, all are using massive AI capabilities for their unique functionalities.

Conclusion

Thus, technological advancements have always triggered innovations in the retail industry from time to time. Adopting digital tools and technologies, retail has always been upbeat about the latest innovations that would empower them with massive capabilities to soar in the market. Physical in-stores, digital space as well as Phygital are the apt words that can describe the way retail is existing today.

Interested to know, how innovations in retail can empower your business?Contact our Experts.

If you are a small-business owner in India, you understand the importance of massive support that Fintech is giving you more than anyone else! Fintechs provide companies, irrespective of small, medium, or big, with all those services that a typical financial service provider cannot, such as digital lending, instant seed capital,  apt financial advice, digital financial solutions, digital transactions, etc. Fintech is all about innovation, as well as huge transformation in financial services. The industry owes greater chunks of all these transformed aspects to the one and only ‘digital transformation’ in the financial sector. Why Fintech is leading in India for digital transformation? Why not other industries are equally adopting it? Because of the dire urgency, financial services encompass all the other industries while it is not vice versa. You can say, necessity is not only now the mother of invention, but also the mother of adoption. The conventional financial services industry wore a traditional outlook, but, the current pandemic has redefined its entire structure. It has powerfully accelerated a drastic shift by essentializing a massive transition from the physical form to digital form. This has required the Fintech industry in India to rise above par by empowering businesses with digitalization drives. Worth mentioning, this drastic shift can be greatly attributed to consumer behaviors that are rapidly changing, emerging newer patterns dictated by cashless & contactless operations, and so on. Let’s get into a deeper analysis of the fact why Fintech in India is leading for digital transformation :

Fintech Digitalized Landscape

In India, the Fintech industry is divided into four major categories,i.e., Payments, Wealthtech, Insuretech, and Lending segments. With the outbreak of COVID-19, the fintech sector has come out as the most significant lending and transaction platform, reshaping the traditional model of banking services and customer’s end-to-end journey. Not only the banking sector but all other segments that the Fintech industry in India covers under its wing. Fintech or Financial Technology allows digitalization of the business operations, improvement in production capabilities,employee-efficiency as well as resource management, to name a few. It guarantees an enhanced customer experience, as the role of AI-ML predictive analytics is immense for retrieving behavioral insights thus allowing a better decision-making process and transparency in the system.No  industries match this quantum of digital transformation other than Fintech is doing in India.

As per Adroit Market Research, the Global Fintech market is expected to hit a huge $460 billion by the year 2025. As per another published report prepared by  BCG and FICCI, the Fintech industry in India will touch a huge 150-160 billion USD by the year 2025, as well. You can now estimate the development quotient of the Fintech industry in India if compared with the global estimate!

Fintech replaces Legacy Lending Models

If you are a Start-Up, SMB, or SME in India, you are now aware of the limitations of the legacy financial systems and how Fintech is proving to be a cost-effective model for you! For example, traditional lending models. They are so inefficient as they are not scalable, and, would rather pose a barrier for you to access finance. Contrarily, the Fintech model allows you to cut down on your costs due to the lean operating model. And, Fintech is just accelerating the pace of digital transformation making operations smooth, seamless, paperless, automated in the ecosystem. However, anywhere in the world including India, transitioning from a legacy system to a digital ecosystem is not a walk in the park. For example, instead of going for a cloud-based lending mechanism, think of an alternative. Building an API architecture to seamlessly integrate with legacy systems, and then provide some sustainable, scalable digital model to facilitate an optimized lending solution. This would be an apt idea. So this amounts to one of the big reasons why Fintech is leading in India for digital transformation across industries.

Digital Fintech Platform for Varied Channels

As described earlier, the present COVID crisis has only triggered the growth of Fintech solutions in India. There’s a greater rise in the adoption of the digital platform during the pandemic; there’s been a spike in the demand for digital payment platforms, digital wallets, credit cards, etc. In short, the pandemic has revolutionized the pattern of digital payments in India. People are alert for their lives, preferring financial transactions contactless and online mode. So, if you are SMEs or StartUps, going for leveraging the massive scope of Fintech Solutions can fetch you greater returns, like, digital lending, is an easy way to avail of loans.No hassle, No tension.

Data Analytics for Operational Efficiency

Fintech Industry in India is faster than other industries for digital transformation because people need money, and loans for business and personal needs, too. And, these people hail from just any industry. The present platforms for digital lending are equipped with innovative digital tools and features, viz. Video-based KYC & personal identity, Social security basis for KYC, all these can be utilized by the account aggregators who can quickly access required customer data and get their consent as well. Not only this, Predictive analytics, data analytics help understand customer portfolio thus enabling loan processing an efficient task. Fintech in collaboration with Big Data Analytics can get useful insights into prospective customer’s credit history. Their preferences are also extracted out of the analytics and fraud detection becomes easy.

The Final Take

The fact that Fintech Industry in India is leading for digital transformation, we can also notice how other industries are also following a similar trajectory. For instance, the healthcare industry is adopting digital transformation introducing telemedicine, remote patient monitoring. Moreover, in some way or the other, every industry is adopting digital mode wherever possible. With the rise of consumer awareness, many SMEs and businesses are looking for adopting Fintech Solutions to accelerate their financial operations, and digital transformation is the straight way to that goal. Fintech has opened up an easy and transparent digital ecosystem through user-friendly applications and solutions.No doubt, digital transformation in the finance sector is very crucial to thriving in this competitive world. This makes Fintech the most charming Industry for digital transformation in India.

Whether you are a Startup, SMB, or Financial Institution looking to tap and scale into digital transformation, Connect to our experts and get started!

Digital Transformation is the transformation of industries using ace digital technologies like AI, ML, Blockchain, Robotics, IoT, Clouds, etc., and integrating them with their respective structures, as per specific company requirements. New platforms and applications are integrated to fetch that ultimate seamless experience for the end-users and customers. The fintech industry does not take much time for a complete digital transformation/makeover as compared to other industries like retail, healthcare, or education. The reason is that financial services are mostly dealing with structured, quantitative data that facilitate easier digitizing and automating of varied processes involved. Fintech brings innovation, transformation in all sorts of financial services. The massive surge in demand for mobile apps, digital payment systems such as cashless, e-wallet, mobile-banking, chatbots handling customer financial inquiries, all have led to the rapid shift in consumers’ demand and preferences. Whereas if we compare the quantum of digital drive in other aforementioned industries, it is not as fast as that in the fintech. Rather, fintech has some inevitable roles within the integrated functioning of other industries like retail , education or healthcare.

State of Digital Transformation for Key Industries

1. Retail

The Retail global digital transformation market stood at 143.55 billion USD in the year 2020. It is expected to touch 388.51 billion USD by the year 2026 (source – Mordor Intelligence report).

In the retail industry, digital transformation covers three major aspects –

• Customer- Experience
• Supply-Chain
• Enterprise-Agility

As per PWC’s study, just one bad experience would cause  32% of customers to stop interacting with a brand. According to  Business Insider, due to a shift in consumer behavior and several other challenges, the retail industry saw  70% failure of digital transformation projects in the year 2017. On the other hand, Gartner says that  77% of retailers would like to consider adopting AI while 87% indicated that Robotics for warehouses will be the top use case by 2021.

2. Education

COVID-19 has changed the face of the education industry. The learning and development have taken a complete digital makeover. However, the digital transformation process has not been a smoother and easy one for the industry. Widespread virtual mode of learning, teaching with no access to real-life libraries, have created a frustration-led environment for teachers, educators, students, staff, and the entire industry. In fact, students are unwilling to pay the whole fees, and higher education seeing partial refunding of fees, too. This is just an example of several challenges in the sector where digital transformation is facing tough to take-off.

As per GPE report–

• Due to the pandemic effect, 126 million children have been cut-off from their schools in lower-income countries.
• GPE supporting partner countries by US$500million on the sector as a response to the pandemic crisis. Digital means remain the viable options, too!

3. Healthcare

This year, a significant revelation in healthcare has been about consumers’ priorities –better and convenient access to all the healthcare services, and, more price transparency.

One notable impact of technology in the healthcare sector is the scope of digital transformation as follows-

• Telemedicine
• AI-enabled medical devices
• Blockchain-Electronic health records
• Web and mobile apps and solutions
• Streamlining physicians’ jobs
• Improvement of patients’ outcomes
• Optimization of systems
• Reduced cost operations
• Low human-error

Medtech firms having specific consumer-focused products & services are likely to create a foothold post-pandemic. Moreover, as per the recent 9^th annual Industry Pulse survey, the valuable insights from 185 healthcare leaders for  2021, 32.2% said that retail companies, the big tech will greatly impact the current business models deployed by the healthcare industry.AI and ML were the preferred choices of the healthcare industry respondents while  RPA was the highest chorus among them for ‘NO’. Once the pandemic effect abates, it’s expected that there’d be a greater level of demand for testing equipment as well as online pharmacy use. Contrarily, the demand for elective procedures that are hospital-based and shifting to outpatient settings, will see a permanent lower side. As per Digital Authority Partners insights, the US healthcare market is going to see $5.7 trillion in national health spending by the year 2026.

How Fintech is Shaping Other Industries

The Healthcare industry is though undergoing a slow pace of digital transformation, the role of fintech within its business models is unparalleled. Fintech serves this industry by revitalizing and modernizing healthcare networks as it brings some improved, digitally oriented, financial service-models into the very sector! Several fintech solutions such as digital payments, do simplify varied payment processes for patients, as well as processing volumes of healthcare-related data on a much faster scale and speed. The retail industry is equally impacted by fintech, viz. role of digital capabilities like websites and mobile applications are mostly catering to the payment stream because customers are preferring digital payment modes and carry digital wallets in their mobiles 24*7. So, we can see the ubiquity of fintech in almost every industry as finance as a service plays a major integrated role.

Why Fintech is leading in Digital Transformation?

• High Investment from all businesses
• Fastest digital adoption
• Diversified projects at pilot and advanced level in Innovation

As per a recent IBM study, engaging unique customers with smarter experiences anytime and anywhere is the need of the hour. A massive 84% of customers consider the overall experience provided by a company is as valuable as its products and services. Hence, to meet this kind of rising customer-expectations, a company needs to digitally transform all the lines of customer services for delivering a better-unified experience. Not just customer-centric approaches but companies need to intensify approaches towards smooth relations between business partners and employees.

Conclusion

Fintech is impacting industries such as retail, education, and healthcare where consumers want convenient transaction solutions in every financial interaction within the structured systems. As per the Global Fintech Adoption Index, before the pandemic, fintech was doubling every two years. The industry grew from 16 percent in 2015 to a striking 64 percent in 2019. The reason behind this growth is not just the fintech’s agility but it has become an essential survival tool for businesses across the industries , especially from 2020 onward. Acting as a core enabler for the fast migration to digital payment, it has become a mandatory part of everyone’s life – consumers and businesses, alike. While 2020 was merely about survival, 2021 and beyond will see convenience, structured inclusion as well as sustainability factors leading to the adoption of financial technologies.

Whether you belong to FinTech or any other Industry, digital transformation is here to stay and evolve into new dimensions. Connect us to explore the new possibilities for your Industry.

Broadcast Media are an indispensable part of mass media. Earlier, the broadcast media would mean electronic media, viz., television and radio, whose job was to transmit content in audio and video formats to the mass audience.  They gradually took their position alongside an already existing print media, together forming a powerful combination to be later termed as traditional media.

The journey of broadcast media did not end here. A massive digital wave was about to explode. The consequence is what we see today – a convergence of broadcast media and digital media! Digital technology acts as a solid foundation where the present media industry stands. Thus, today when we speak about  broadcast media, we mean television (digital & analogue), internet media (podcasts, blogs, websites), radio, online streaming (Netflix, Amazon, Prime, Hotstar, Voot, Disney Hotstar).The industry is actively adopting Cloud based technologies like Over-The-Top (OTT) Services, thereby enhancing their business models and workflows to the tune of modern demand-supply chain. As per STATISTA’s report, the number of users in the OTT Video segment is expected to rise to 2,923.6million by 2025.

 Technologies like Augmented Reality, Virtual reality, Artificial Intelligence, Deep Learning, Voice-control devices are determining the way broadcast media are disseminating information today. Lets’ analyze how modern technologies are influencing broadcast media as a whole –

The NextGen TV – ATSC 3.0 Technology

ATS-3.0 is the broadcasting next generation technology, the newest version of Advanced Television Systems Committee (ATSC) inc. standards .It helps define how television signals are really broadcast as well as interpreted. It is an up- gradation of the Over-The-Air (OTA) or antenna based TV system and along with an internet access provides high definition interactive experience to users. We can watch broadcast videos not only on TV but even on our mobile phones, tablets, and in cars as well! Android compatible devices like Sony, Samsung and LG are already adopting this new ATS-3.0 model in the TV world .The latest news on this technology is from OKLAHOMA CITY (OKC) in the US, where five TV stations have announced the deployment of ATS-3.0 technology .Earlier, the  deployments  took place in Austin ,Texas. ABC, NBC, FOX are the names we can connect with so easily! They are a part of media giants like Hearst, Sinclair, Nexstar and the likes, who are incorporating the NextGen TV ATS-3.0 technology.

Augmented Reality Graphics (AR-GFX)

Augmented Reality Graphics (AR-GFX) is one of the hottest trends going on in broadcast media. Broadcasters are now creating Virtual Environments where Virtual Objects do appear as if they are actually present in the studio!

Virtual Sets, Elections-telecast, News-telecast, e-Sports, all kinds of live broadcasts are following the real time data integration using AR graphics tools & technology. Television broadcasters, live streamers, now use AR based real-time 3D broadcast graphic solutions that work for enhancing creativity and simplifying production workflow.

     Key benefits of AR-GFX are –

• Connecting content to the environments.
• Dramatic reduction of the entire production cost.
• No more hassles due to Chroma keys and lighting set up because AR graphics are a modern substitutes for the hard sets!
• Telling a complex story in a very visual way is the underlying attraction here.
• Enhancing storytelling & presenting styles where presenters and graphics- objects interact in a way that facilitates visual engagement and memorable experience for audience.

Be it the 2020 Presidential debates in the US, the IPL matches in the UAE, or the just concluded Roland Garros Grand Slam tournament, their live streaming wouldn’t be possible without an appropriate application of the Augmented Reality Graphics models or AR GFX tools in the broadcast media.

The Virtual CLOUD Technology

Well, can we deny that Broadcasting & Information Technology (IT) are almost twins? Don’t they both deal with communication and information? To be lucid, broadcast media have already started using the IT enabled technology called CLOUD .Cloud Service Providers (CSPs) such as Amazon Web Services (AWS), Rackspace, and Microsoft Azure are providing public & private types of Cloud services. Internet connection is mandatory to avail of this service. Wi-fi or mobile data services are enabling radio consumers to listen on smart phones or connected devices like smart speakers instead of the real radios. How Exciting!

Various mass media conglomerates are transitioning to the Cloud technology so that they have a seamless experience while generating, sharing and syndicating content as well as managing cost and time, both.

Over-The-Top (OTT) Technology

Broadcast industry has undergone a revolutionary change with the arrival of OTT . Advanced picture quality, an instant time- to- air provision and reaching audiences across all the channels of digital communication, OTT has given a complete makeover to the broadcast media.

How OTT works?

It is a novel way of delivering content –TV or film or music – over the internet. It does not require a traditional cable-system or any satellite based pay-tv service. In order to access to an OTT content, we just have to have an internet connection and a compatible device like Mobile phone, PC or Smart TV. Once we download the OTT apps, we can start streaming our favorite videos and audios .No hassle of downloading media files!

How can we resist the live streaming of our favorite artists and bands when live concerts are a big No in the pandemic? Billboard rankers are tweeting their itinerary of live streaming and fans are getting crazier than ever before!

Artificial Intelligence

Robot Reporters are arriving (or already arrived?), and journalist fraternity are fearing competitions from AI-enabled robots .Hang on, they are existing to the confines of newsrooms, just to accelerate the production process. Of-course, they cannot have the knack of reporting live where human intelligence only counts.

AI is helping journalists in analyzing data and detecting trends emanating from multiple sources of information .Reuters agency has NEWS TRACER. Then, Associated Press has NEWSWHIP. All these are the AI-based tools which detect trends on social media platforms like Twitter, Facebook, Linkedin, Pinterest thereby facilitating timely production of content.

The paradigm shift in the consumer viewing habits has triggered the inevitable adoption of modern technologies by the broadcast media. Moreover, in the current scenario when we are confined to our homes, we need flexibility and personal control over what we want to see, what we want to hear, be it a music video or breaking news, we want control in our hands. Certainly, digital technologies are fulfilling our ever growing demands of the quality content and broadcast media are serving as the genuine service providers to us!

Willing to explore what is possible with Digital and Media. Contact us

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Are you a travel lover? A travel vlogger? A globetrotter? Or, just a simple person who loves vacationing with family or friends, to take a break from routine life? What’s so common with you all? Well, a chorus could be – “How to beat the pandemic blues!” The very chorus that resonates the whole world today. Not even the President of United States is immune to this devil virus, CORONA virus. No doubt, everyone is wishing him a sooner recovery but how to recover from the massive losses incurred so far globally, in terms of life and property!?  Fingers crossed!

The pandemic due to COVID-19 has caused major disruptions in the global economy. Another recession, economy slowdown, rapid rise in unemployment, and what not! There’s been an abrupt halt in international travel, severely impacting the tourism industry. Greater chunks of government revenue, foreign exchange earnings, employment source, depend on tourism sector. Travel & tourism, being a vital lifeline for revenues worldwide, ironically, battling for survival! The industry is struggling to cope up the repercussions but as you all know, there is a silver lining to every dark cloud in the sky. The significant catch is the change in customer behavior that amounts to the overall revamping process of industry. Technology plays a pivotal role here, again.

Robotics Technology

Social distancing has become a new normal today and people are religiously following the DOs and DONTs under the Corona advisory. People are reluctant to travel and their perception of holidaying and recreation has totally upended, a complete halt. When humans fall, machines arise. The Travel & Tourism industry is shifting focus to recovery and deploying robots everywhere – airport, hotel, restaurants, tourist places, etc. The motto is   minimizing human-to-human contact and bolstering people’s confidence. But how?

The Robotics technology is propelling self-service methods, travel-agents use them for pre-screening process, text-based chatbots & robotic assistants in front desk are serving the needs of travelers thus reducing queue sizes. Right from acting as a concierge, to greeting guests and providing information from time to time, robots are seen all around in hotels, restaurants, airports.

For instance, if you happen to visit New Sheraton, Los Angeles, robots will enthrall you with their unique service. Wayfinder, the friendly robot will guide you to find out direction, say, steakhouse, swimming pool, room, wherever you want to go. The Luggage robot/Tug robot will carry your luggage duly locked for security reason, you just have to use a 4-digit code to unlock and get it to your room! Rom Service robot will bring food to your room, a genuine room service, and you can even give tips to them!

So, where did you get chance to break the protocol of social distancing? Robotics technology is all set to revive tourism the world over.

Virtual Reality

Have you planned your next trip? Because now you can experience locations on your itinerary right from your home using Virtual Reality tools. You can have an immersive experience by virtually travelling your hotels, restaurants, landmarks, and even the sightseeing activities! These 360 tours or VR tours you can experience via your smartphones or web browsers using In-Consumer gears. This way, you can plan your vacation, trips using technology without any human intervention. You are indeed using virtual tools to experience the real world!

Virtual & Contactless Payments

In the wake of pandemic, you’d definitely vouch for the contactless payment where you don’t need to carry cash, debit card or a credit card, rather your smart mobile phone is smart enough to do the payments for your travel. Yes, you are carrying a Mobile wallet with you. MPOS, P2P are a few digital payment modes that give you an entire seamless experience. No more frets!

Internet- of- Things (IoT)

The unprecedented constraints on aviation due to pandemic has led to a complete chaos in the travel & tourism sector. However, airlines are resuming operations while keeping safety measures intact. The Internet-of-Things technology has emerged as an exciting savior which calls for interconnecting daily devices via internet. IOT based HVAC systems combat airborne transmission of viruses in the airport thus protecting you from any probable infection.

Do you know how Abu-Dhabi International Airport is using motion based elevators where you can just wave your hand to point your destination floor? That makes you pretty safe because distance between you and your fellow passenger is being maintained.

Way-finding apps such as WISEFLY will alert you if you come close to any other person nearby, thus, helping you maintain social distance.

The robot Wayfinder that served you a while ago in New Sheraton, Los Angeles (courtesy the Robotics Technology paragraph above), did follow an IoT technology sensor based doors to lead you to your room.

Biometric-Recognition Technology

Again, in Dubai International Airport, ‘Smart Tunnel’ uses facial recognition as an identification tool. You get a single digital ID which can determine your unique identity, travel – detail & biometrics. Thus, you don’t have to carry physical documents, only one biometric travel token through all touch-points is what you require! Touchless technology is here to stay!

AI & Big Data

Connie is the AI-powered robot deployed by Hilton hotels. It uses Artificial Intelligence & Speech Recognition to speak to tourists seeking information. Then you have SAM, your intelligent travel – chatbot, guiding you every minute predicting weather or traffics or any sightseeing opportunities you should not miss! Thus, no need of a tourist guide.

Big Data & Predictive Analysis technology is helping the industry analyzing current business performance, viz. hotel business using Big Data for revenue management purpose to anticipate future demand levels.

According to a recent BCG- Consumer Sentiment Survey report (respondents from USA, Canada, France, Germany, UK, Italy, China) 54 per cent said they would prioritize social distancing as a major precaution while going on trips. Even United Nations’ World Tourism Organization has recently released a set of global guidelines to resume tourism and emphasized the role of technology as a major transforming tool for the industry. Thus, prioritizing people’s sentiments, the industry has to adopt technology as a major reviving weapon to resurrect itself, as well as restore tourists’ confidence to restart their journey to destinations that they had once dreamt of, before the global crisis started.

If you are a startup or company engaged into travel industry who would like to understand how to capitalize technology, Speak to us today!

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According to WHO, Coronavirus disease (COVID-19) is an infectious disease caused by a newly discovered coronavirus. The COVID-19 virus spreads primarily through close contact.

Technology is acting as a boon in this situation. With the growing advancements in this field, we can see how it is helping in the healthcare sector and yet how this same technology is helping us stay connected with people worldwide. People are socially distancing one another yet are closely connected to various virtual platforms. We will not try to alleviate this situation by saying that this outbreak is bringing us close, but let’s not forget every situation has a silver lining

1.Work from Home

After taking technology for granted all these years, we are forced to address the technology and the digital platform for what it is meant to. People continue to work at home and are helping save an economic meltdown. According to a survey by Workhuman, only a third of people in the United States worked remotely before the pandemic. But now almost all businesses, meetings are carried out virtually on a digital platform. Companies that relied on manual work are forced to do things digitally. Digital platforms are allowing companies to carry out most of their work online in a seamless manner.  It was imperative to transform our workplaces digitally. But not anymore.

2.Education Sector/ Remote Learning

This outbreak also shut down various schools and colleges across the world, thus hampering the education of students. This is giving e-learning platforms a perfect chance to flourish. The concept of remote learning was known but was not widely used until now. Many universities have decided to adopt an online curriculum to support continuity. Students and teachers are forced to adopt the new technologies and tools required for learning. This transition into digital education is disruptive and it has the capability to make education easy for the coming years.

3.Telehealth

Doctors are encouraging the use of telemedicine widely across the world. This kind of technology can be proved useful for people in the current situation as it would curb human to human contact.

4.Technology/Automation

Technologies like AI and ML are helping us detect the spread of this epidemic. There are several interactive mapping platforms that collect data from various sources and provide us with time to time updates. They display a dashboard that is used to provide an understanding of the current situation. New tech is being rolled out for easy detection across various countries so that the infection can be contained. Along with this, the COVID-19 genome is being sequenced to produce a potential vaccine.

5.Virtual Events

To avoid the human congregation, event organizers are switching to a digital platform. This digital platform waives the limit to the crowd and allows numerous people to attend the same event at the same time throughout the world.

Companies across the world are adopting digitalization to support their business. It is important that firms adhere to this digital platform and practice these approaches to have business continuity in times of crisis and thus keep up with the pace of the world.