The rapid development of technology in recent years has breathed new life into the e-commerce industry which has been accelerated by the domino effect of the Covid-19 pandemic and associated quarantines. With more and more people conducting their business and entertainment online now, companies are looking to the latest tech trends to help boost their income.
As new and emerging technologies transform online business by streamlining operations and enhancing customer service, companies are eager to use the tools available to them as they continually strive to get ahead of the competition, with
AI and cloud-based technology have proven to be major successes in boosting the revenues of online companies, whilst there has also been an important role for new media with online streaming capabilities, advanced digital payment methods, mobile app development, and use of data analytics.
The types of technology in use
AI technology
The use of AI is becoming an increasingly popular tool for online companies. Not only does the technology personalize its marketing strategy to suit the needs of specific customers or groups of customers, but it also provides automation to various tasks such as data warehousing and stock and supply chain management, thus streamlining business operations.
Cloud-based technology
Specialist tech companies provide cloud storage to online businesses to store all of their data on a remote server that is accessible by an internet connection. This tech provides businesses with a flexible and easy method of data storage that can be accessed from anywhere at any time. Without having to oversee complex forms of data storage, online businesses are able to concentrate on their day-to-day operations.
New media methods
The live streaming capabilities offered by exciting new media forms provide online businesses with real-time engagement with their audiences and have become an important way of reaching customers immediately to effectively showcase their wares. It is a technology that benefits a whole range of industries, from real estate showcasing properties to larger audiences simultaneously, and the healthcare industry liaising with their clients, to sports and physio training and most popularly in educational areas.
Mobile app development
The improvements in communication with clients and customers thanks to mobile app technology have also been a boon to online business. direct communication with clients and customers. Such direct two-way access enables businesses to increase their customer service appeal and therefore any revenues generated from their reputation.
Advanced digital payment methods
The ability to make digital transactions has become a major game-changer in the online business world, taking a large aspect of a company’s operation into more automated management. Digital payments to and from partners, suppliers, staff salaries, and customers allow for a more convenient, seamless, and secure method of transaction whilst maintaining a live data record of such payments.
Data Analytics
Big Data is big news for online businesses, using the aforementioned benefits of AI tech’s personalization tools to help companies analyze existing patterns in customer behavior to predict future patterns and to overall better understand where revenue generation will come from going forward. This ability to target specific customers is proving a sure-fire way for business to increase their income.
Michigan companies benefiting
Michigan in particular has positioned itself as a key player in the development of technology for online companies in a wide variety of fields. Microsoft, Google and Amazon have all made big investments in the state’s sector and there are a number of Unicorn companies operating out of the state. Detroit is also fast gathering a reputation as the ‘new Silicon Valley’ thanks to this trend.
There are an abundance of new and long-standing industries and companies in the MI state that are benefiting from this technology. Here is one example of a new industry and an example of a Michigan staple industry.
iGaming industry
Furthermore, the boom in iGaming over the past few years in the United States has influenced further investment in Michigan as companies look to build on huge revenues generated by the relaxation of laws in the state to broaden their customer base in the ways we have highlighted above.
One such player in this industry is Caesars Michigan established in 2021 which offers access to an exclusive online gaming experience with casino play and sportsbooks included. As one of only a handful of states where the Caesars platform is available, the increasing success of Michigan’s technology industry may have played a large part in becoming one of the chosen few to host a top-level online casino.
With enticing welcome bonuses, free play rewards, and a wide variety of tables, slots, and sports betting on offer to customers, Caesars and the iGaming industry, in general, use much of the new technology afforded to them. From AI and data analytics which personalizes the user experience to mobile app development and digital transactions that bring the casino industry into the modern world, this tech is playing a major role.
Motor industry
Detroit has its reputation as the heart of the American automotive industry thanks to Henry Ford and the large assembly line of motors. Now, the state’s motor industry is being driven by investment in AI technology with driverless vehicles in development whilst the state’s University is developing drone testing.
Hyundai is also benefiting from the state’s mobile app development companies with the likes of Detroit Labs able to deliver state-of-the-art and highly functioning mobile and web apps that keep increasing amounts of customers engaged with the companies they use.
The future of MI tech
Michigan itself boasts around 80,000 – 100,000 talented employees in technology cluster industries such as computer design, whilst the Cyber Range and electrical engineering industries are also huge. This has led many industry experts to predict not only more and more localized startups appearing with their expertise in technology to benefit online business, but also more of the world’s big tech giants joining Microsoft, Google, and Amazon in setting up hubs in the state.
The future of technology development in MI will depend on this happening, but thanks to the state’s reputation as a key player in the industry – harnessed by developments such as the Detroit Center for Innovation – there is no reason why it won’t.
