Gartner predicts that startups born in the digital era will be instrumental in killing off tech giants. So huge is the effect of digital revolution in the startup community. With 3D printing, wearable tech and the Internet of Things heading for a race, the future symposium will reflect AR, VR, and Real time data collection to be of substantial need for the survival of any startup.
Digital transformation has changed the way enterprises do business today. Without the adoption of new age tech and platform-based business models, innovation and renovation, startups will foresee a challenging endeavor to scale up their growth aspect, and this will gradually transit them into the ‘no profit zone,’ ultimately culminating into an untimely shutdown of the venture.
Here are 6 major effects that the digital era has had on startups:
The Virtual Reality Experience
Virtual Reality has come and gone several times in the past but its real use as a business opportunity that can create a difference is being realized only now. VR can make things a lot faster and convenient. For instance, VR has created a new set of market for healthcare startups in the technology that is vastly used in surgery, neuroscience, imaging, mental health, and several more aspects. If not for VR, the gaming industry probably wouldn’t be where it is today. Creation of virtual reality games is an upcoming opportunity for tech-savvy entrepreneurs. VR has also made possible simulation solutions that are flexible and affordable which has given a new lease of light to engineering today. Apart from these, there are endless possibilities to explore for edu-preneurs with VR.
Improved Consumer Engagement Experiences
Customers will now get to know a brand more personally. VR and AR, when implemented properly, can help consumers experience how a product or service works better. For instance, something as simple as creating a 3-D advertisement with the suggestion of using 3-D glasses can transform the way the consumer remembers your product. Today, startups or vintage brands are considering 3-D technology for virtual reality marketing. Now, model creation through VR can enable startups to get early feedbacks from customers allowing them to save a lot of time and money. Adventure based business startups can now use virtual reality to give customers a taste of what they can expect if they visit their attractions. Hospitality startups who own resorts or campgrounds that offers things like zip lining or white water rafting, can have virtual reality versions of those activities.
Increased possibility of a Virtual Office
Firstly, from a strictly financial standpoint, having a brick and mortar office is expensive. ‘Virtual offices’ allow for a lot more flexibility. Secondly, virtual offices are a green approach to business, a very appealing aspect for startups to present before their investors and customers. Thirdly, it acts as an impressive employee perk. As long as your employees are getting the job done, available during crucial times, or working a certain number of hours per week, you might be able to let them choose their own hours for work – increasing the window for a happy employee strength.
Digital Analytics accelerating early growth
Improved service level performance and supplier management, better order fulfillment and product management helps in maximizing customer experience, increasing brand loyalty and prospects of growth early on. Without digital analytics, these concepts might not have existed in the first place. For instance, for ecommerce startups like Amazon or Flipkart, analytics allows them to predict their ability to meet customer demands, which often include on time delivery, manage peak hours, by understanding the impact of traffic patterns and average delivery times for each supplier in major locations of the cities. Analyzing supplier performance helps identify which of their many suppliers will give the highest probability of success for any given orders based on location, which increases their order fulfillment.
Transformed Marketing Strategy for Products/Services
Digital media has been one of the biggest equalizers in the industry for startups. The medium to drive customers through digital medium for marketing campaigns, events, launches and offers have changed completely. Due to the advent of technology, tracking tools, landing pages, pop-ups, and even product images can be assessed for their effectiveness with tweaks being made to ensure maximum results. Even the positioning of products on the website are measured to identify the best location to help drive engagement and sales.
Augmented the comfort of starting a business
Digitization of processes have allowed industry to achieve better control of their credit facilities, reduce fees and speed up the application process, enabling them to grow transaction volumes without the requirement for additional credit. It has ideally boosted connectivity between established businesses and new entrepreneurs, facilitated global reach of the Indian companies, increased the ease of establishing a company and executing ideas.
Virtual reality and the entire digital aspect have created new industry for emerging startups. With its ability to improve just about anything, starting businesses with new age technology is a necessity today! India has been advocating the digital change through its digital India campaign for a long time now. Startups have already started to reap the essential benefits of the same. The future will foresee a new series of startups cropping up to give shape to the digital needs and tech services – which will formidably increase the growth for startups community in the longer run.