We’re halfway through the third quarter and it’s giving us a glimpse of what the sales landscape is going to be. Having the foresight of the upcoming trends, prepares a business or an organization, allowing them to create strategies that can increase their market share and boost their revenues.
In this article, we will be discussing what the tech selling landscape will be in 2023. It includes tech sales and forecasts for the coming year.
Tech Trends that Will Change the Sales Landscape in 2023
Digital Transformation Will Be 2X Faster
Before Covid 19 happened, digital transformation was growing steadily, happening at different levels and phases. But when a worldwide lockdown was implemented, companies were forced to change and adapt immediately.
Those who have digitalized their processes thrived and took a rather mild hit. Those who were ready were able to adapt immediately and also survived. Unfortunately, those who didn’t take the strongest hit closed down. It was an eye-opener in all industries — digitalization is a must.
So it’s not a surprise that digital transformation will be twice faster in the post-pandemic era. According to the International Data Corporation (IDC), global spending on digital transformation will reach up to $6.8 billion by 2023. The report also added that 65 percent of the world’s GDP will be digitized in 2022.
AI Will Be More Ubiquitous
Artificial intelligence (AI) is already everywhere. But its presence will even increase in 2023 and beyond. According to a report from PwC, AI could contribute up to $15.7 trillion to the economy by 2030.
Furthermore, AI will make way for greater product variety as well as enhance personalization, attractiveness, and affordability. Because of this consumer demand will increase. Consequently, global economic gains are expected to increase by 45 percent.
Sectors that will greatly benefit from AI are:
- Technology and communication
- Entertainment
- Healthcare
- Finance
- Energy
- Manufacturing
- Transportation
- Retail and consumer
No matter what sector your business is in, understanding which of your products and services will provide the greatest opportunity for AI is critical in how you will move forward.
The Internet of Things (IoT)
Research conducted by the McKinsey Global Institute stated that the Internet of Things applications will be widespread in 10 years with an estimated global economic impact of up to $11 trillion by 2025. The report further revealed that ⅔ of the value will be generated in B2B settings and that business customers and consumers will likely capture more than 90 percent of the value created.
IoT will significantly impact the sales process in four major areas:
- Automation
The best example of how IoT impacts a business is Starbucks’ cashier-less cafe. People can just come and go to the store and get coffee. They don’t have to go to the cashier to pay but they are charged as they leave the place.
- Data and Analytics
Companies will have more access to real-time data. This will give businesses insight into which item to advertise and when. It will show them real-time trends and show them how to leverage them to boost their income.
- Product Incorporation
The most popular example is the introduction of QR codes to almost any item. They are unique and contain much more data than the bar code. Because of that, it has more uses than a bar code.
QR codes can be linked to videos or audio, so you can use them as a call-to-action to attract people to your product or service. It can connect you to online or offline media. You can even use it to direct people to your landing page.
- Consumer Analysis
One marketing technique that emerged when the IoT was introduced was geofencing. It is the technique of discovering nearby customers using their smartphone GPS. This allows you to design a plan based on the information from individuals in close vicinity.
But in order for this to happen, there are three areas B2B companies need to create:
- Interoperable systems using analytics
Companies need to deploy interoperable systems that integrate and customize analytical software. Doing so will help companies generate business insight and have a more accurate prediction of the economic landscape.
- Privacy and security
One of the benefits, when the IoT automates business processes, is reduced overhead costs. The same McKinsey research showed that IoT can help companies save up to $308 billion dollars annually.
The challenge, however, is how companies protect consumer data. Since the technology is new, it is also prone to attacks. So, businesses need to strengthen their security to avoid this.
- Right organization
Organizations are already facing different challenges. With the introduction of IoT, it can become even more challenging. Thus, if businesses want to benefit from this technology, they must be ready for it.
IT specialists need to have a deeper understanding of IoT because it will significantly disrupt business processes. Managers also must learn to interpret captured data for their decision-making.
The emergence of 5G Network
The 5G network is an essential component of IoT because it makes data transfer faster. Faster connections mean more people can go online anywhere in the world, even in remote areas. And the more people online, the bigger the market becomes.
As the market grows, there’s also a need to process data. Marketers should also be able to segment their customer data much faster than before, allowing for a more personalized experience.
The 5G network also brings advanced wireless networking which results in lower latency capabilities anywhere in the world. That means businesses can reach their market in real-time, minus the lags and poor video quality. The lightning speed can shorten the sales process not only in the tech selling landscape.
You will be able to get your message across your market as well because consumers will lessen their use of ad blockers. According to Hubspot, 36 percent of people use ad blockers because ads take a long time to load and it slows down loading time.
Increased Use of Chatbots for Customer Service Support
Chatbots based on advanced AI will become more popular together with IoT and the 5G network. These bots can improve not only your customer service support but also your revenue.
According to a report from Drift, 55 percent that use chatbots generated more high-quality leads. Furthermore, they have enhanced customer service support. And the result of that is an increase in sales. In fact, a survey revealed that 86 percent of customers are willing to pay 15 percent more for a better customer experience.
The use of chatbots also reduces overhead costs. One chatbot is equal to more than 10 humans. They can communicate with multiple users at the same time; thus, replacing human agents to deal with customers. That reduces operating hours, saves office space, and optimizes operational expenses.
Related: How to Create a Customer-centric Buying Experience
Introduction of Fog and Edge Computing
Fog computing can process and manage bigger data than cloud computing. Edge computing, on the other hand, ensures that the data is processed closer to the request — either in the user’s device or the local IoT.
Fog and edge computing go hand in hand. Even after the data is processed locally on the edge device, it can still be sent to a fog node for more centralized processing and analysis. Because of this, there will be less latency because data is processed in real-time.
Real-time processing leads to improved response time and a better user experience. It will also improve data security and privacy. Since data can be processed locally, there’s no need to send it to the cloud; thus, it’s more secure.
Conclusion
The tech selling landscape will surely be interesting in 2023 and beyond as technology becomes more sophisticated. If you want to leverage it to enhance your business, you need to be ready. That includes your manpower, your business processes, and your infrastructure. Otherwise, these changes won’t create an impact on your organization.
