Top 10 Consumer Tech Trends in 2023
Since new technology has emerged in our daily lives and changed continuously, it is necessary to keep up with these latest trends in consumer tech across the globe. Let’s discover the top 10 consumer tech trends in 2023, which are thought to be developed rapidly in the future.
New ‘storm’ of AI
Several Artificial Intelligence (AI) tools such as ChatGPT have provided users with more accurate and efficient output. By decreasing costs and saving time, the application of AI has the potential to revolutionize many industries and basically change the way we live and work. In consumer businesses, AI customer service tools like chatbots or virtual assistants can interact with customers immediately to solve their frequent problems while freeing human resources to handle more complex tasks.
Another example is the use of AI in understanding customer insights like consumer tech of WinCommerce, a sub subsidiary of Vietnam's consumer goods giant Masan Group, has done with their retailed WinMart and WinMart+ branches. The logisitcs company named Supra has utilize WinCommerce’s supply chains by delivering WinEco vegetables to every WinCommerce’s supermarkets and minimarts within 24hrs fr om being picked up at their farms, to keep the freshness and nutrition at highest levels. Beside WinCommerce, Masan Group has also focused on high technology like AI and ML in their other businesses and ecosystems.
Development of tech-driven across healthcare
High technology now has not been isolated with other businesses anymore; in fact, it has become the innovative advantage for every company to grow. Even in specific and vital industries like healthcare, the various development of new healthcare technologies, fr om telehealth appointments to personal health tracking devices, allowed consumers to actively achieve their wellness.
Another aspect of hi-tech healthcare is solving mental crisis in modern lives when caring human emotion and relaxation in a more convenient way than going to see the doctors in person. More mobile healthcare applications, electronic health records, wearable devices, and AI-assisted diagnostic have been popular with patients worldwide.
Essentiality of cybersecurity
According to PurpleSec, a veteran owned and led cyber security company based in the U.S., the annual cost of cybersecurity has increased by 22.7% since 2021, with the average cost related to data breach in small businesses alone ranging from $120,000 to $1.24 million in 2023. Whether companies have invested their resources in securing infrastructure, network, applications, or Internet of Things (IoT) devices; staying aware of any latest threads is a must to against cyber-attacks in the future.
Therefore, cybersecurity has become crucial for new business sectors that adopt hi-tech like cloud storage and IoT in creating several wireless and digital platforms from communications to FinTech. In Vietnam, Mobicast (Wintel), the telecommunications company under Masan Group, has started to acquire customers via the consumer tech ecosystem of Masan WinCommerce’s loyalty program. By taking advantage of IoT, Mobicast has aimed at offering the use of mobile data and services, rather than traditional phone calls and SMS.
Customized technologies for customers
Customized technologies have revolutionized the way businesses cater to their customers' unique needs and preferences. By leveraging advanced data analytics and cutting-edge software solutions, companies can now offer personalized experiences like never before. With the help of customer data and insights, companies can create bespoke solutions that address specific pain points and deliver exceptional value. By embracing customized technologies, organizations can forge stronger connections with their customers, foster loyalty, and ultimately drive business growth in today's competitive landscape.
Masan Consumer, a subsidiary of Masan Group, has building its customer-centricity to new heights by establishing the first Customer Experience Center in Ho Chi Minh City, the most dynamic urban area in Vietnam. Customer Experience Centers in HCMC and other 4 provinces/cities are hoped to be a platform for real-time feedback, enabling Masan Consumer utilize consumer tech to gather valuable insights of Vietnamese customers and refine their FMCGs accordingly.
Metaverse for customers
Metaverse represents a virtual realm wh ere people can interact with each other and digital content in a shared space. Consumers, therefore, can immerse themselves in virtual environments, socialize, shop, work, and explore limitless possibilities. Whether it's gaming, virtual events, or e-commerce, consumers can engage with these technologies to enjoy a more connected, dynamic, and interactive digital world.
Social distancing due to COVID-19 pandemic was the period when metaverse had jumped to the new level when people had to communicate and do all transactions online. Vietnam was one of the countries that had overcome the pandemic with the least loss, including maintaining the necessities for nearly 100 populations. WinCommerce, owned by Masan Group, played a vital role in ensuring the smooth delivery of essential goods to Vietnamese consumers during that challenging time by utilizing consumer tech power. E-commerce in Vietnam has increased 25% in 2022, reached over US$ 20 billion, according to General Statistics Office. These impressive numbers have shown the high potentials of related e-commerce industries, including payment, banking, delivery and logistics to develop in the future.
By offering advanced features that never ever appeared before and cutting-edge technologies that redefine the driving experience, hi-tech cars have become the latest trend in the automotive industry. The most well-known brand like Tesla has offered exceptional features, including long-range capabilities, rapid acceleration, and advanced autopilot functionalities. With their sleek design and spacious interiors, Tesla cars provide a luxurious driving experience for their consumers.
Hi-tech cars have also been famous for their sustainability by being equipped with an extensive charging network, enabling convenient long-distance travel with no emissions. Thanks to fast charging innovation like Nyobolt, a UK based firm backed by Masan Group (Vietnam), using high tech from tungsten material in rechargeable battery for electric cars. Nyobolt's groundbreaking technology, featuring a 155-mile (250-kilometer) battery range, allows the company to offer a more agile and energy-efficient electric vehicle (EV) with reduced initial costs, lower ongoing expenses, and a diminished reliance on scarce raw materials. According to the company, a weight closer to one tonne than two, a 35kWh battery, and can be completely charged in less than six minutes, doubled faster than the current quickest-charging automobile in the market.
Together with the latest innovation, sustainable technology aims to minimize negative environmental impacts, conserve resources, and promote a sustainable future. It encompasses various fields such as energy, transportation, agriculture, and waste management, together with promoting community development.
In Vietnam, Masan High-Tech Materials (MHT), a subsidiary of Masan Group is a prime example of a company committing to sustainable development through their practices in Dai Tu, Thai Nguyen Province, Vietnam. Through their partnership with local communities, MHT focuses on responsible sourcing and production of high-tech materials, mostly tungsten, while minimizing the ecological impact. The company has invested in advanced technologies to achieve efficient manufacture with reducing energy consumption and promoting sustainable agriculture. Since the first days when tungsten-polymetallic Nui Phao Mine was exploited, MHT has planted dozen hectares of Acacia trees under the environmental restoration and rehabilitation program as the corporate efforts in minimizing the impacts of pollution from mining and mineral processing activities as well as absorbing carbon dioxide. In such an emerging economy like Vietnam, companies like MHT have been seen as outstanding examples in the manufacturing industry sector.
Data science in businesses
Nowadays, data science has played an important role in business, enabling companies to extract valuable insights from vast amounts of data then make quick and precise decisions. Focusing on data science techniques, businesses can understand their customer behaviors, optimize operations, and drive profitability. From predictive analytics to machine learning (ML) algorithms, the field has made preferable conditions for other departments like R&D and Marketing to offer the most suitable products and services to customers.
In Vietnam, WinCommerce, a retail company with more than 3,500 supermarkets and mini marts nationwide, has implemented the power of data science and consumer tech in its loyalty program named WIN membership. In just few minutes, a consumer can become WIN member and be served with a personalized customer journey. The loyalty program including customer data analysis, such as purchase history, preferences, shopping habits and demographics; therefore, WinCommerce can enhance their customer satisfaction, boost sales and retention. The number of WIN members has increased rapidly, reaching 5.7 million in July 2023, thanks to customized customer experiences in consumer tech platforms and exclusive promotion program like 20% off of every MEATDeli and WinEco purchases. WIN membership program also enables the company to monitor customer services by analyzing their feedbacks and handling issues in the quickest and most efficient way.
After ups and downs during the recent years, blockchain technology has gained appropriate attention and is thought to continue its rapid growth and transformation in 2023. Blockchain, often associated with cryptocurrencies like Bitcoin, refers to not only digital currencies, but also its application in various industries, including finance, supply chain management, healthcare, cybersecurity and governance. 2023 is likely to be a transitional year wh ere more people and businesses will move towards integrating Web3 technologies like blockchain to utilize their benefits.
Among them, Decentralized Finance (DeFi) involves holding money in a secure digital wallet or ledger through smart contracts rather than paying a specific charge or fee for using services from intermediaries. This innovative practice also improves transparency and trust between parties while eliminating any unnecessary costs and time. Additionally, blockchain and cryptocurrency payment systems can record and transaction in peer-to-peer networks and between companies with their customers. There will be a surge in the requirement of blockchain technology that can aid in building powerful applications to carry out secure transactions, develop enhanced advanced features like Know Your Customer (KYC).
Along with the rapid development of artificial intelligence, machine learning, and sensor technologies, robots are becoming increasingly capable of performing various tasks in the home. Robot vacuum cleaners, such as the popular Roomba series, have already gained widespread adoption. These devices navigate autonomously, efficiently cleaning floors and carpets. Consumers can anticipate even more advanced models that incorporate better mapping and object recognition capabilities, resulting in enhanced cleaning performance.
Another area of household robotics with significant prospects is virtual personal assistants with some popular brands like Amazon’s Alexa and Google Assistant. These devices offer voice-activated control over various tasks, from playing music to managing other smart home devices. Personal assistant robots will be upgraded to their better versions, integrating with advanced voice recognition, natural language processing, and better contextual understanding.
In modern lives, there has been the fact that more people are living alone, and the population is getting older, requiring attention and care from others. A robotic personal assistant can be used to provide emotional support, companionship and help them in some daily tasks. The robot’s engagement in their lives such as daily conversations, remind to take medication, or entertainment can enhance their health. As advancements continue, we may witness the introduction of other robot models, which are capable of empathetic responses and facial recognition, further enhancing their ability to interact and connect with humans.
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