Question

IN 200 WORDS OR MORE

What is information technology use for in order to identify market trends and opportunities. Give example

Answer 1

There is a huge role of information technology in identifying market trends and opportunities. Some of them are mentioned below:

1. Social media analytics: One can take advantage of Facebook, Twitter, Pinterest etc. to know and understand the upcoming trends. Facebook feeds, user comments, likes and dislikes of a particular upcoming product can be analyzed to understand how the product will perform in the market when launched. Sentiment analysis can be performed in order to understand if more number of people are talking good or bad about the product.
2. Machine learning/Artificial intelligence: Machine learning and artificial intelligence can be leveraged in order to figure out customer needs. This is specially applicable in online shopping portals. If a product is liked by many customers and has good reviews, that product is definitely going to be a trendsetter.
3. Augmented reality/Virtual reality: Augmented reality can help the customers to figure out how they would look in a particular spectacle or dress even when the spectacle or dress is not physically available with them. This technology can give a great benefit to the customers since they can try any dresses virtually simply by choosing the image from the app and then they can order it. A certain type of dress can be an upcoming trend and the user can simply take advantage of the technology in order to see how he or she would look like in that dress even before buying it.