The world keeps on becoming a better place for everyone, and start-ups in Australia are also feeling the impact as technology keeps on gifting them with ways to excel in their areas of expertise. While we saw big changes in 2019 with major discoveries and tech inventions, things have improved even more at only two months into 2020. Take a look at some of the biggest trends that seem to be taking over the Australian start-up pool so far:
1. The use of AI
Late last year, AI trends really took the world by storm, and prominent firms and tech-savvy individuals predicted that they would become major in 2020. True to that, artificial-intelligence trends are the biggest ones that we've seen so far with almost every business -- no matter how small -- trying to incorporate them. Below are some AI trends being used by start-ups in the region:
Now a highly diversified and essential marketing tool for most budding entrepreneurs, social media is where you can attract masses to become new clients. Still, the process can prove to be quite hectic as it requires you to always be online and respond to all clients. In a bid to up their social-media game, most Australian start-ups are now embracing the use of chatbots to get in the conversation. Things are now way easier as you can now be online 24/7 and at the same time attend to your other business activities. Besides social media, websites can also integrate chatbots to provide 24/7 customer support. This new feature helps cut costs because you no longer have to hire customer-care consultants, who can't always be available around the clock either.
According to Forbes, even UBank's online banking system in Australia has started using AI-based chatbots to provide more customer support for processing home loans.
2. Blockchain and Cryptocurrencies
Last year, block chains and cryptocurrencies were the talk of the town. Now this year, they've become even bigger thanks to their penetration into various industries. Start-ups in Australia are fast embracing the block chain to reach out to their clients who use this technology as a mode of payment. Another reason why the blockchain is popular among budding entrepreneurs is that it allows them to offer a more highly secure customer experience since all the relevant information between them and the consumers remains unaltered.
According to Martec's reports, these are some of the top contenders in Australian blockchain companies:
- DigitalX, a blockchain payment-solutions company
- Power Ledger, offering peer-to-peer electricity sharing
- Data61, sponsored by Australia's peak science organisation
- ANZ and Westpac used the blockchain to broker commercial-property deals.
- The University of Sydney's project, Red Belly Blockchain, handles international payments.
- bron.tech, offering greater control over how third parties share their personal data
3. Remote Operations
Remote operations are on the verge of exploding as myriads of business start-ups continue to embrace them. That fact comes as no surprise because they make business operations cheaper and much smoother. For instance, hiring a freelance workforce cuts the cost of having to pay for a work premise and licenses. It also reduces government interference, enabling you to mark milestones from the comfort of your homes. You can work at your own pace, and you have no extra labour costs of having to hire supervisors or managers as you can operate your business via live chats, telephone calls or texts. Nevertheless, that does not mean that start-ups who have already set up business premises cannot benefit because with tools and Australian apps like JobVibe, many Aussie start-ups can now connect using software programs to converse with your partners, colleagues and employees in real time.
4. Digital payment
In a bid to keep up with the technology, most small businesses are now joining the cashless transition by incorporating apps such as PayPal, Apple Pay, Google Wallet and many others. Aussie start-ups can now enjoy their own mode of digital payment known as Airwallex, which allows fast, cheap and secure cross-border and regional transactions. That not only makes them appealing to clients by offering more payment options, but it also safeguards customers from overcharging. All in all, systems like these reduce your bookkeeping stress.
Even though we are not halfway through the year, the above trends are but a tip of the iceberg of what is to come. Expect to see the "Internet of Things," also known as the "IoT," continue to expand as well. Nevertheless, there is no doubt that all these advancements have made things much more stress-free for both the customers and the business owners.
We look forward to seeing more exciting, start-up boosting trends making their way to the top because they help improve the market for the entire Australian economy.
If you'd like to learn more about how to incorporate some of these trends into your business, then contact our team here at EyeOnBooks. We offer bookkeeping services, financial-reporting management and assistance for complete ATO compliance.