9 Practical Examples of How IT is Helping Businesses During the Recession

9 practical examples of how IT solutions recession-proof your business

1. Cybersecurity

Data privacy continues to be a major cause of concern as incidents of phishing and other threats are on the rise. Businesses must rely on new and innovative IT technologies to help them differentiate and ensure growth in the evolving marketplace. Businesses that lack effective security measures face the ever-looming risk of exposing themselves to data theft that would result in breaking the trust of their stakeholders, customers, and the marketplace. Now is the time for a new take on protecting your organization.

Read more: Safeguarding IT Infrastructure From Cyber Attacks – Best Practices 

2. Contactless shopping 

The COVID-19 led safety norms such as social distancing have pushed businesses to use technology to lower interaction between people, products, and infrastructure. Contactless shopping allows your customers to conduct entire transactions on their mobile devices without touching anything else. For those who prefer stepping out to shop, technology solutions can be integrated and implemented for contactless shopping.

Read more: How Retailers Can Revive Sales While Adhering To Social Distancing Norms 

3. Omnichannel for retailers

Innovative technology ensures that retailers have an omnichannel presence across all touchpoints. This means that they can go beyond brick-and-mortar locations to mobile browsing, social media, online marketplaces, and every online channel where the customer is inclined to browse. It helps retailers manage their tasks effortlessly while allowing customer engagement through a common quality service across various sales channels.

Read more: 6 Hot Technologies that Handhold Businesses Amid COVID-19 Impact 

4. E-commerce

E-commerce solutions enable centralized management of all the orders as well as the inventory of both the digital and brick-and-mortar stores. This technology can direct the order placed online to the nearest store for faster delivery providing enhanced customer satisfaction. Automatic updates of the inventory ensure better stock management across all the stores. It further assists in automatic stock replenishment.

View Infographic: The Truth About E-Commerce, 2017-2020 

5. Self-checkout systems

Secure cash handling machines and automated self-service checkouts are a huge success for retailers. Though initially it was used to reduce cost and for security reasons, now it has proved helpful in limiting staff contact with cash that is touched by other people, an essential technology in the current scenario.

6. Digital payments 

For businesses that do not have access to expensive, automated machines, contact with cash can be limited by digital payments for in-store transactions. Low-value payments can be made contactless with just a ‘tap.’

Read more: Trends Shaping Mobile Payments Market Worldwide 

7. Virtual trial rooms

Retailers can use several options available for customers who would like to see and experience the product before they make a purchase. Magic Mirror is one of those trends. it helps customers see what they would look like in different clothing styles by responding to their hand gestures and voice commands.

8. Chatbots

Based on machine learning, chatbots copy human conversations and react to written or spoken requests to deliver a service. Chatbots provide extensive customer assistance while your customers are shopping online. It allows you to provide customer support 24/7 leading to greater customer satisfaction. It keeps your customers engaged with interactive communication. Chatbots ensure that the buyer’s journey continues uninterrupted in the right direction. Since they are automated IT solutions, they allow your organization to handle several customers at the same time.

Read more: Capitalizing on AI Chatbots Will Redefine Your Business: Here’s How 

9. Robotics in logistics

Use of Robotics in your logistics will ensure that you accomplish the same amount of work with improved efficiency and less cost. Businesses need workforce capability while they adapt to changing environments. COVID-19 has forced a large number of the world’s working population to go on extended periods of sick leave which has resulted in an increased need for workers. However, robotics could eliminate such concerns as these technologies become more widely used, becoming increasingly affordable and available. It has the potential to create a limitless workforce that does not claim retirement benefits, paid time-off, and other additional aspects of costs associated with human workers.

International Finance Corporation reports that logistics companies (including 3PL players) have increasingly turned towards robotics and automation for surviving the coronavirus crisis. 

Read more: How Robotics in Logistics Helps Improve Supply Chain Efficiency