Don’t underestimate the impact of disruptive tech. The pace of change means that no industry is safe from potential disruption, and marketers will need to be ready to respond. Here are five takeaways on disruptive technologies that are likely to impact our daily lives, and equally, on how brands and marketers are doing their jobs in the future.
In the words of John Straw, author of iDisrupted, “we’ve seen more acceleration in disruptive tech in last few years than in the previous 20.”
Technology is transforming the way consumers conduct their daily lives, and everyone from independent retailers to blue-chip companies are feeling the impact of disruptive forces in their respective industries.
The impact of disruptive tech and startups should not be underestimated. A case in point: as of this writing, the market capitalization of the Ford Motor Co. is $55.4 billion. In contrast, the market capitalization of Uber, who have dramatically disrupted personal transport in recent years, has recently been reported to exceed $50 billion.
It’s worth noting also that the company are continuing on a phenomenal growth trajectory with no sign of of slowing. UberRUSH, a personal courier and delivery service, announced in October, will further increase the efficiency of the Uber network (and disrupting further established digitally orientated couriers such as Deliveroo, DineIn, City Pantry, and GrubHub). In fact, Uber CEO Travis Kalanick has spoke of how one day the typical commuter may become an Uber courier, as the network expands and adoption becomes more widespread.
Uber’s movement in personal transport and courier services is one of the most notable examples of the impact of disruptive enterprise. However, there are few, if any, industries that are not prone to disruption, due to the current pace of technological advancement.
Here are five disruptive technologies that will probably make a large impact on their respective industries, and also the future of marketing, in the not so distant future.
1. Artificial Intelligence
According to Moore’s Law the processing power of modern computers doubles every two years. In the next few years, this may have some striking consequences in the field of artificial intelligence, for a number of technology companies.
https://www.youtube.com/watch?v=GSqPrlQ5rfwGoogle, for example, is investing in image recognition technology, no doubt with a view to enhancing features on video publishing platform YouTube. As the video above shows, the results are already quite impressive (yes, that is the computer recognizing ‘mountain unicycling’). In this scenario, the technology could go a long way in helping video-sharing platforms monetize contextualized videos.
It doesn’t take a great leap of the imagination to see how such technology could quickly become relevant for marketers. The application quickly goes beyond image recognition – artificial intelligence and machine learning have made headlines recently for being one of the areas which will transform marketing in the coming years. As quoted in The Drum:
“Look at a large advertiser such as Tesco, a brand like this has the potential to interact with millions of current and potential customers every day. Tesco has an extremely wide brand appeal and can serve products to a vast spectrum of society. If there are 60 million people in the UK and Tesco has 20 potential opportunities to interact with each individual a week that means there are 1.2 billion possible interactions at stake.
It is impossible for a human marketer or even a large team to perfectly calculate and place specific ads that appeal to those individuals’ specific wants based on their previous purchasing or browsing history. However, AI and machine learning does have the mechanical capacity to make this possible.”
When you consider that many major technology players, most notably Apple, have been making some significant purchases in the AI field recently, it’s clear how AI developments could significantly disrupt the digital marketing in the not so distant future.
2. 3D Printing & Material Science
3D printing has been touted as a game-changer in the tech world for some time, but it’s only recently that we’ve started to see a greater application of the technology. Rafal Tomasiak, CEO of 3D printer company Zortrax, believes that it is in business, rather than consumer use, where 3D printing will really make its mark:
“I think that most small and medium-sized companies that have not started using 3D printing will definitely start to do so,” Tomasiak told the BBC. “The future is the medical sector, which is using it more and more, and I think that is where 3D printers will be most useful — saving lives and treating patients.”
Further enhancing the 3D printing cause, Amazon have also unveiled a 3D printing store that brings the virtues of Amazon marketplace to independent 3D printers and 3D printing designers around the world. For a number of products such as phone covers, to jewellery, to toys or memorabilia, and many others, there is potential here to significantly disrupt the market.
Where 3D printing will make the largest impact is in reducing the delay is which a part of product that being designed takes before it can be built into a working prototype. By bridging the gap between design and product, it enhances the ability for product developers to incorporate user feedback into their designs, iterate, and refine their product to a greater extent than previously.
As for real-time implications of 3D printing in various industries, how about 3D printed chocolate, or 3D printed sports shoes? You can easily envisage how the technology could transform certain industries.
3. Advanced Robotics
Advanced robotics is an exciting new field which will see increasingly sophisticated robotics across a number of industries. Here’s an example of how far the technology has come:
If a robot can make a paper snowflake, think what other possibilities are just beyond the horizon.
According to IEEE Spectrum, there are a number of areas where advanced robotics may create disruption within consumer tech, from consumer drones to cloud robotics.
Alongside 3D printing, there is huge potential for new designs and products (medical implants based on a seahorse’s tail for a start), and there is every chance we will see robotic technology making an impact on the consumer tech and gadgets markets.
4. Virtual Reality
Judging by the increasing buzz around VR tech at technology conventions such as CES in recent years, virtual, or augmented reality products are fast becoming a reality (no pun intended).
Holotech for example, is all but ready for market, and much of the speculation at the moment is about the practical application of the technology. Certainly, there is an increasing about of investment in companies developing the technology.
Magic Leap, a U.S.-based startup, have just raised $827 million in a recent funding round. Here’s a video demonstrating the potential of their tech in action:
Microsoft Hololens and Oculus Rift (acquired by Facebook for $2 billion in 2014) show that the technology has not escaped the attention of Silicon Valley tech firms.
The technology could have a significant impact on next generation experiential marketing. In the travel sector, for example, companies could create immersive VR experiences to give people a sense of the places or holidays they are interesting in buying.
If VR tech continues on its current trajectory, then it may not be long before we see brands using the technology to create immersive experiences as part of their marketing mix.
5. Internet Of Things
Last but certainly not least, the so-called Internet of Things has opened a realm of possibility around connected devices. The most notable example, Nest, offers home automation, such as WiFi enabled thermostats and smoke detectors. Nest was acquired by Google in late 2014 for $3.2 billion and the company have been steadily growing the operation ever since, with the first Nest store opening in December.
Amazon has also made a move in the space, launching AWS IoT in October this year. AWS IoT will provide a managed cloud platform that allows devices to securely interact with one another.
For marketers, the Internet of Things could mean a greater integration of offline experiences with the world of digital. With big data, marketers are building increasingly detailed personas of consumers’ online behaviors, and the internet of Things could see previously “unconnected” parts of our lives – filling up the fridge, or going to the gym for example – integrating with our online lives.
An app that warns us when we’re running out of milk? Or warning when we’re over-indulging on snacks perhaps? The possibilities of these new moments are frankly limitless.
Capitalizing On New Marketing Opportunities
All of the above technologies have the potential to offer new opportunities for marketers. With recent developments such as ad blocking on iOS9 (a recent study revealed that a massive 63 percent of U.S. millennials, and 15 percent of the overall British population are using ad blockers) there is a genuine need for marketers to diversify the channels, platforms, and technologies they are utilizing.
Ultimately, disruption is nothing to be afraid of, but marketers should ensure they are ready to capitalize on any opportunities that come their way.
What technologies do you think will disrupt the future of marketing?