Brain Powered Appliances No Longer Science Fiction

When consumers think of digitally enhanced items, the first things that come to mind are computers, tablets, and smartphones. Internet of Things creates a world where just about anything can be connected and can communicate through the internet.

The Internet of Things (IoT) is a system of interrelated computing devices, mechanical and digital machines, objects, animals or people that are provided with unique identifiers and the ability to transfer data over a network without requiring human-to-human or human-to-computer interaction. Whaa? IoT describes a future where everyday physical objects will be connected to the Internet and will be able to identify themselves to other devices. Simply put, any device, be it a phone, couch, computer, car, or sneaker – basically anything capable of connecting to the Internet – is a part of the IoT.

In 2015, there were an estimated 10 billion connected devices globally, and the impact of these connected smart devices on the global economy was estimated at close to $2 trillion. Connected devices are expected to increase to 75 billion units in the next five years adding close to $20 trillion to the global economy by 2020.

IoT will change consumers in terms of how they process information and how they carry out their day-to-day lives. Common devices like tables, lamps and the coffee machines will be connected to the internet. Consumers will now live, work and play around enchanted objects with the devices doing all working and thinking. Many everyday non-electronic household products will be given dynamic, social web intelligence via smart tags in combination with smart software and smartphones. This will change the way in which items are consumed and how users manage their time.

Advances in IoT technology will allow marketers to gain access to all kinds of new data streams. These devices, integrated into our lives, will give marketers access and insight into its customers like never before. Objects will automatically collect data and send the information back to the advertiser allowing for more personalization and customization to the consumer. This will provide unique opportunities for the marketer to listen to the user and respond to the needs and issues immediately. Also, it will give marketers the opportunity to monitor better their return on investment.

Screen Shot 2016-04-18 at 11.15.17 AMOne of the most highly visible and popular pieces of Internet of Things technology is the Nest, a smart thermostat that’s connected to the internet. The Nest learns your family’s routines and will automatically adjust the temperature based on when you’re home or away, awake or asleep, hot or cold, to make your house more efficient and help you save on heating and cooling bills. The mobile app allows you to edit schedules, change the temperature when you’re away from home, and even receive alerts when it looks like something has gone wrong with your heating or cooling system.

IoT offers endless opportunities for consumers and markets. Having electronics and sensors embedded in everyday non electronic household products gives marketers insights into consumer behavior. This new emergence in technology helps to expand the advertiser’s understanding of its target audience. This will enable a business to focus on its customer, allowing the marketer to provide a more personalized experience.

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