Retail to be Hard Hit with New Cyber Changes?

Technology is advancing every day. There’s no doubt about it and the tech world is changing how we do many things.

11:27 26 February 2020

Businesses that operate online have especially noted the impact of tech. Any business that doesn’t keep up with the latest technology will fall behind, allowing their competitors to steal the edge on them. Below is a look at some of the developments in tech that experts have predicted for 2020.

Universal employment of 5G technology

The mobile revolution has already brought massive changes to the way people live, but the universal deployment of 5G will bring even more. A network that is 10 times faster than the fastest home and business broadband will help make everything safer, faster and more reliable.

5G technology will particularly help online e-commerce sites, as it will ensure customers have high-speed access to everything they have on offer, increasing demand. Similarly, as 5G is introduced, the popularity of gaming will continue to soar. Mobile gaming now generates more revenue than console gaming, with convenience and quality of games being huge factors in the shift. So, with the introduction of 5G, the future is bright for online businesses which specialise in gaming. Sites like Vegasslotsonline.com operate in real-time, with live games, and must be able to communicate quickly and efficiently with their customers as well as with any new online casino operators, so 5G is will play a huge role in improving their product.

New online casinos are all about offering a good user experience for their customers and poor tech can harm it. The better they can make it for the customer, the easier it will be to retain them. No customer wants to wait a long time just for a game to load.

More small and medium enterprises will come under the attack of cybercrime

There is more hacking and cybercrime these days and the attacks have targeted larger companies, but experts predict that the criminals will turn their attention to smaller businesses, whom they perceive as easy targets. Antivirus software isn’t having the impact it should and businesses will have to tighten up their security.

Cybersecurity is essential for online businesses and breaches of it can do untold damage. Businesses such as gambling operators have access to a lot of sensitive data, not to mention money. Security breaches could cost them huge amounts of money as well as infringe upon the privacy of their customers, whose accounts the hackers could access and from which they could steal data and on which they could run up debts.

Virtual and augmented realities will become more present in retail

Who remembers Pokémon and all the fun people had with that game? Well, experts are predicting that AR and VR, as well as big data, will be a bigger part of retail as (online) businesses’ customer base becomes more and more diverse. Consumers are taking a ‘digital first’ approach to shopping and “Personalised, connected and now” will be the conditions for businesses to meet if they want to serve their customers well.

Data will become more of a decision-making tool

Marketing is huge and a lot of businesses have already realised the importance of collecting data so that they can market products and services to their customers. A shift is thought to be coming, however, from data serving as a means for analysis to becoming a decision-making tool. In 2020, more businesses will leverage data and use it to guide their business decisions for even more success than before. Further down the line, they may also count upon data when choosing service providers and decide whether the provider’s own operating polices are ethical or contravene any laws. They may even use it to anticipate any disruptions in the supply chain.

The tech world is having a huge impact on the way people shop and online businesses will have to keep adapting to new developments in technology to serve their customers and stay competitive. This will mean keeping their customers secure online when they interact with their site, providing solid user experiences, automating certain parts of the business and making the most of data to make the right decisions for the business.