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Customer Behavior leading to Disruptive trends

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As the world is reaping the benefits of the fourth industrial revolution, disruptive technology is also evolving into it finest stage. The advancement pace is at all-time high, a shift in the consumer behavior, likings are some of the factors influencing in the development of new technology.

Biohacking, a breakthrough in Bio-Technology

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Biohacking, also termed as DIY Biology is a simple to complex life style adjustments and improvements in your health and wellbeing. It ranges from a quick weight loss to heightening the brain function. In a simpler terms Biohacking is a practice of changing your chemistry and your bodily properties with the help of science and self-experimentation to gain much better energy and enhance the body and its functions.

Many of us might not have heard the term Biohacking by the term itself but I’m sure many of us would have seen Twitter CEO Jack Dorsey lauding the benefits of an 11-point lifestyle plan. Also you might have heard of NASA employee Josiah Zayner using Gene editing technology CRISPR.

No doubt the people are becoming more health conscious than ever and are implementing many methods to prevent diseases. This ‘new industry’ is gaining momentum in fact touching all spheres of life and business i.e., in sports, medicine, life science etc.

Let’s imagine the impact on Biohacking on the society once people starts witnessing its benefits, the level of cognitive function increases, productivity will be enhanced, social life will improve as the people experience more energy and good mood. Also companies start evolve to develop new or enhanced products to serve this market. The human biology enhancement market estimated to grow to US$ 2.3 billion by 2025.

There are many ethical discussion around this biohacking and using this with a cautionary note is of utmost essential. Conducting these biohacks in an unconditional way is subject to legal implications as well.

Voice Technology, a next evolution of human-machine interaction

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As more and more customers are adopting to the new technology to comfort him in the best possible way, new products and services are developed to cater to his requirements. One such comforting yet an innovative product is the smart speakers using the voice technology Apple’s Siri, Amazon’s Alexa and Google’s Assistant are one such examples of voice technology. This technology enables a three way interaction between people, services and devices and has drastically changed the mode of communication of consumers with the computer devices.

It is the next phylogenesis of human-machine interaction and it is due to the advancement in the Artificial intelligence, Internet of Things, Cloud computing and data collection.

Coming into the business sense, a latest report by Strategy Analytics 28.2 million units have been sold in Q1, 2020 and 8.2% higher than Q1 2019. Also nearly 50 million people uses these smart speakers in the US alone. According to experts, 50% of the online searches will be through voice search.

Above data gives us a clear picture of the Voice technology market and how people, society are inclined to reap the benefits.

Well, there is an argument over our security and privacy matters which seeks an immediate attention. Further development in this technology for privacy and security matters are recommended.

Electrification, Autonomous mobility

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A World with a mission in reducing the carbon footprint, CO2 reduction and also a greener environment has proliferated the Electric Vehicles (EVs) market. In 2019, EV market has globally manifolded their sales to a record level. Europe and US, mainly have gone extensively in adopting the EV environment and creating an awareness in its countries.

A huge funding in the R&D for developing autonomous vehicles (AVs) made by the names of Tesla and Google parent company Alphabet. Other global automotive companies are also not behind in developing the AVs and Amazon, a major e-biz is experimenting on autonomous package delivery services which will certainly revolutionize the delivery service industry.

It is speculated that two very different business models will emerge and co-exist along with the traditional car makers and mobility service providers. A major technological advancement along with the enhanced battery life and total cost on the ownership are speculated to shift the customer buying choices to electric vehicles.

IoRT (Internet of Robotics Things), a modern gismo with Embodied Cognition

Though the robots are already in service for many automation purpose in industry and other sectors, an integration of Robotics and Internet of Things is making an entrance which collectively called as IoRT (Internet of Robotic Things). IOT is an interconnected network of many physical devices all around the world with internet connected sensors which provides data collection and sharing. Artificial intelligence (AI) is ramped up to the robotics system enabling interpret, evaluate and performing decision functions which can be comparable to the human way of tasks processing. Coalescing robotics and AI by sensor technology is called as ‘Embodied Cognition’.

Also do peek into my other article- Robotics- A Business Perspective, provides an insight about the evolution of robotics and the way business is getting shaped in the global market.

Conscious consumerism and Ethical lifestyle

It is quite evident that recently the consumer likeliness are shifting into a more well-being products rather than on some luxury products. They have started to understand there part in the overall ecological system and how it is impacting the environment. Plant based foods, free plastic produce, organic farming, natural fabric clothes are some of the examples the consumers are interested in. They are more inclined towards the products with ethical and sustainable practices increasing the demand for the sustainable products.

Another major trend shift is towards having less or no meat products, drinking less alcohol and are de-aligning themselves from leather products. To cater to this new consumer shift/likings, companies are equipped with offering myriad of products. May be this trend is in its infancy stage but in future a growing awareness will certainly increase the demand of these products.

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