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But, it’s easier said than done. Over the past decade, we’ve seen spectacular flops,?like Microsoft’s Kin phone, which targeted the teen market, and more recently with the Facebook phone, called the HTC First.

But though business has slowed over the past few years due to the increase in competition, Ong is unfazed.

But when these costs filter down to consumers, it's likely to be low-income people who suffer the most because they are least able to change their spending patterns, Karp said.

But there’s evidence?that all?the?major tech giants are investing heavily in artificial intelligence to try and make digital assistants?do a whole lot more helpful. At least that is what Raj Singh, the founder and CEO of Menlo Park, Calif.-based Tempo AI, is seeing as?he works to build a smart calendar that automatically manages all aspects of your work and personal life.

But, he said, efforts should also be made to achieve a balance between warehouse capacity and demand volume, otherwise growth will not remain stable and sustainable.