Emerging Technologies Predictions for 2023
The trends for 2023 belong to three fast-moving areas, all of which currently have a lack of grounding, but if you fail to dip a toe in the water, or even take the plunge, you may find yourself left behind in a couple of years.
The technology trends I see happening in 2023 will mean nothing to you if you need things “perfect” – however, if you take a “get it good enough” approach, these trends could provide new ways of working and new ways of getting closer to your customers. Putting it another way, we need to be in the mindset of experimentation, or “launch and learn”. In fact, this often means creating a wider cultural shift in attitude and approach to change and innovation, throughout the organisation – from the CxO level down.
For another thing, to take advantage and stay ahead, don’t just look at your sector. Customers are everywhere (including internal and external to your organisation) – we need to look at the technology trends below and think about how they can make better experiences regardless of sector, and whoever that customer is.
Many organisations are looking to test the water now and establish a winning position in the mid-term future.
Prediction 1: NFTs to go beyond collectibles
In 2023, I expect companies and customers to change their views on NFTs. Right now, these are often perceived as nothing more than an expensive JPEG with no real purpose. So, what will change the general perception?
First, NFTs will be used as a proof of ownership tied to actual, physical items. For example, when buying a car or a pair of shoes, customers will also get their hands on an NFT (which is, of course unique) that serve as proof of ownership. But an NFT can also be displayed publicly, collected, used to unlock special websites or services, or serve as a proof of authenticity in the case of goods that are commonly counterfeited, such as sneakers. In 2023, I think NFTs will be used for events such as concerts or conferences – at first as a ticket at the entrance and then as a pass card, and possibly also as a proof of attendance.
The uses cases above are not based on a hunch or far-off ideas – we know that Starbucks is planning the launch of their new Web 3 loyalty program “Odyssey.” Even if only a fraction of the millions of people already enrolled in their existing loyalty program get onboard, that will be a lot of new customers adopting Web 3/NFTs. This move will potentially put Starbucks ahead of the game, and at the same time provide an convenient way for consumers to get a taste of the Web 3/NFT era, along with their coffee.
Prediction 2: Composable commerce (CRM platforms) will gain traction
Judging by the recent experiences with our clients, I expect the composable commerce trend to gain a lot of traction in 2023. Right now, many companies are still using monolith e-commerce platforms as an “convenient” solution that they’ve been subscribing to for years.
In 2023, more forward-looking businesses will start to shift towards platforms with composable architectures. Such an approach allows for plugging new components into their systems right when a next game-changing technology hits the market – without being vendor-locked and consequently overpaying.
I expect more companies to go “headless” from the start. This way, people working on their platforms don’t need to spend time learning all the ins and outs, and can begin working on content right away. A standardised webinar from one of the headless providers is enough training to make them more than ready.
Prediction 3: Metaverse possibilities to expand
2022 was used to educate and raise awareness – 2023 should see a huge growth in interest in the metaverse. According to Capgemini Research Institute findings, nine in ten consumers are curious about it.
In the corporate environment metaverse will soon be used for onboarding new employees, training, and improving customer experiences. The possibilities here are limitless. Allied Bank for example is already using Minecraft to teach people about financial literacy and more companies will soon follow with similar experiences. We already know that younger gen consumers feel quite at home on such platforms and may well wish to continue their finance journey here.
Are you ready to test the water?
During the Web 1.0 era, many retailers were sitting on the sidelines, trying to decide on their approach and letting other companies grow to immense sizes. We are encouraging clients to get in and start experimenting because if they don't, they’ll be letting someone else dictate the rules and dominate the market. This applies not only to the metaverse, but also to other trends described above.
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