The virtual greeter is an emerging technology that is most beneficial as a marketing tool for businesses. This technology would help improve profits by increasing sales and enhancing the customer retail experience.

People respond most effectively to sound and sight and the virtual greeter meets the desire by communicating to the eyes and ears of the consumers. It may seem a little spooky to see a projection of a virtual greeter speak as people walk by; however, it would peak the curiosity of consumers and create attention. The virtual greeter could inform consumers about opportunities and current sale promotions which would potentially result in increased sales.

The virtual greeter could also display the store’s products being worn, held or used by the virtual greeter to give consumers a sense of how the products would be reflected upon themselves. It would be like having a mannequin that can display many outfits to show consumers the different varieties and choices available before deciding to enter the store.

Source: http://www.theglobeandmail.com/globe-investor/retailers-revamp-with-a-high-tech-makeover/article2344042/

RFID Tracking System

An emerging technology called Radio-frequency identification (RFID) uses electromagnetic fields to transfer data from a tag that is attached to an object. This function would be ideal for any business that handles shipping and inventories.

There are many advantages for implementing RFID. It would help businesses count and keep track of their supplies and inventory. The RFID can scan the vicinity and identify what products and how many of those products there are. It could also detect misplaced products so that they can be placed in their correct area. It can help stabilize profits because it would greatly reduce the stolen goods expense for retailers. Thieves that steal products will rip off the tags but little do they know that they can be tracked down. RFID can scan all the products in the customer’s cart resulting in an increase flow of people at the checkout.

Source: http://en.wikipedia.org/wiki/Radio-frequency_identification

Another Dimension to Manufacturing

3D printing will disrupt and change the manufacturing industry. Just like printing a document from Microsoft word, three dimensional objects can be printed from AutoCAD using additive manufacturing. The 3D printer would construct the object layer by layer with precision and speed. 3D printing has been around for a few years, but has not been accessible. Just like the progression of computers, I predict that every home will own a 3D printer as the purchase cost decreases.

Businesses will be able to improve the quality of their products by developing intricate designs that manufacturing today couldn’t possibly do. They would be able to create products at the lowest economies of scale in the shortest amount of time. Research and development teams could also use it to create and research prototypes of ideas. New businesses will emerge in this industry and start developing product designs that can be sold to consumers. For example, a consumer can print the assembly parts of a chair within their own homes and then assemble it.

Source: http://en.wikipedia.org/wiki/3D_printing

Transact with a Mobile Wallet

As technology advances rapidly, home phones are becoming less popular as smart phones rise in popularity. A new feature called Near field communication (NFC) allows the convenience of making mobile payment transactions from the phone. I believe this disruptive technology will change how businesses will handle monetary transactions in the future.

Although it is still in the development stages, it has the potential to be more reliable and economically cheaperthan using paper cash or cards for payment. With the NFC mobile payment things like paper cash, business cheques, receipts, petty cash funds, bank reconciliation and employee embezzlement will drastically diminish. The cellphones could allow businesses to access their bank balances, statements and current transactions directly from their cellphones. Whereas if you just had a card, you wouldn't know what your balance would be until you received your bank statement in the mail or check the online banking on the internet.