The digital age has created countless opportunities for entrepreneurs and innovators to bring disruptive services to the mass market and make billions in the process. Progress won’t falter anytime soon, and now might be the perfect time for you to create your own tech startupperhaps inspired by our latest round of ideas in a fast-moving age of cashless finance, artificial intelligence and virtual reality.
Fintech – Cashless payment services
The term “fintech” is not new and has existed since the introduction of the first credit card. A combination of “finance” and “technology,” fintech encompasses anything that uses technology to improve financial infrastructure. Recent fintech innovations are focused on making payment services completely cashless through phone-based apps like Apple Pay, cryptocurrencies and virtual wallets. They are used by customers everywhere and especially at online focused retail businesses like Amazon, online entertainment services like Interac Casinosand even taxi companies like Uber, which now accept Paypal payments.
Fintech is growing at such an unprecedented rate that there are now over 40 fintech companies valued at over $1 billion, collectively accounting for $154 billion, according to a report by CBInsights. Backed by venture capitalists, an innovative fintech with a high ceiling can be an extremely lucrative venture.
A major reason for this growth is the fact that most, if not all, established banking institutions are willing to adopt and invest in fintech because it allows them to adapt and stay relevant with technological innovations.
Besides banking, cashless payment services are now heavily used in cryptocurrencies and blockchains, insurance sector, investments and savings and standard payment services.
AI assistants for retail
Have you ever wondered why chats on websites respond to your requests so quickly? Chances are you’re talking to an AI-driven chat bot that mimics the in-store customer experience, only much faster while also being more accessible, eliminating the need for things like opening and closing times.
According to Juniper Research, conversational commerce, ie chatbots, will account for $145 billion of all commerce sales by 2025.
AI assistants are in high demand among businesses today because of their ability to hyper-personalize the customers’ shopping experience. With skills like deep learning, AI machines can quickly learn a shopper’s shopping habits to tailor the shopping experience to each customer. AI assistants can recommend products that customers might be interested in based on their past purchases, increasing the likelihood of repeat purchases.
As AI assistants become smarter, their processes will become faster and can therefore result in a more enjoyable experience for consumers. The scope of AI assistants goes beyond website chatbots. Now developers are developing AI assistants that can be integrated with social media platforms like WhatsApp and Facebook Messenger to make the shopping experience even more convenient for consumers.
Certified online learning
As classroom learning has moved online since the beginning of the pandemic, companies and other institutions have been forced to transition the way they train their employees to the virtual world as well.
Certified online learning courses are more flexible than the standard classroom environment and offer their users the opportunity to gain qualifications without sacrificing their personal or professional life.
As expected, certified online learning has seen exponential growth since 2020, with many companies turning to outsourcing to develop their own courses for employees, meaning that a tech startup specializing in the development of certified online -Courses focused, which could prove to be a lucrative offer.
As big as the pharmaceutical industry is, it’s lagging badly behind the fact that it’s now starting to develop on-demand pharmacies. According to a report by Daffodil, the global online pharmacy market is expected to grow to $128 billion by 2023.
A tech startup in this industry could focus on logistical improvements for the pharma market, such as: B. Implementing efficient doorstep delivery of medicines to meet consumer needs for on-demand businesses.
Additionally, tech startups could prioritize developing more effective communication channels for patients medical professionals like online face-to-face appointments or online chat bots, rather than being constrained by burgeoning waiting lists or high doctor fees.
Similarly, businesses are aware of their consumers’ need for convenience and a simplified customer experience. When combined with a subscription-based payment system, customers are more likely to stay with a company because a subscription is much easier than paying manually every time they interact with the company.
Companies are beginning to build their business model around logistic solutions such as delivery services with subscription service. Harry’s, a shaving service for men, for example, delivers beard care products directly to its customers’ front doors at different prices per month.
There is an opportunity for tech startups to find a niche product that can prioritize logistical solutions based on a subscription model.
VR and Metaverse
It’s really a new frontier, it’s hard to predict what the outcome of Metaverse will be, but it could prove to be a very lucrative business for early adopters to get into the market. Meta (formerly Facebook) creates a virtual environment in which employees of a company can interact with each other, which can be accessed via virtual reality glasses.
Roblox takes the metaverse in a different direction, focusing on accumulating its wealth by creating a massive virtual world with a functioning in-game economy that can reward loyal players and community members.
Everything from marketing companies to museums, real estate and even dating can have a VR angle. So there are opportunities here beyond what you see in Google’s new metaverse.
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