Forward-thinking brands are using IoT in innovative ways. IoT devices can offer timely, relevant, data-driven engagement to consumers and manufacturers alike. By 2020, there will be over 26 billion connected devices, and the IoT market will be worth $151 billion, per Gartner.
The retail industry is ready to adopt the futuristic technology, according to a study by Research Now and Qualtrics. A global survey of 1,700 executives across multiple retail segments found that 96 percent are ready to make the changes needed to adopt IoT. Sixty-seven percent have already implemented IoT capabilities in some form. In-store tracking is a popular use for retailers, with 35 percent saying that they currently have the ability to know when specific customers are in the their stores.
In fact, IoT has found a special place with retailers interacting with consumers on-location. Home Depot’s mobile app assists customers in locating items throughout the store. Other retailers, like Macy’s and Rite-Aid use beacons to offer deals timed with a consumer’s location and activity.
“We just see a great upside in using beacons to enrich the one-to-one experience with our customers,” said Gerard Babbits, Rite-Aid’s senior director of digital marketing.
Inanimate objects in our daily lives are getting smarter by the day—the Smart Home Market will be worth $121.73 billion by 2022, according to Markets and Markets.
Amazon Dash Wands and buttons allow customers to instantly order everyday products. The Amazon Echo learns new skills on a regular basis, which is beneficial to voice search. Patrón paired with the Echo smart speaker to deliver over 150 cocktail recipes.
Gartner predicts that by 2020, 250 million cars will be connected to the internet. Tesla vehicles receive upgrades through IoT and send data back to the manufacturer for analysis.
Over half (51 percent) of the world’s top marketers believe IoT will revolutionize the marketing landscape by 2020, per Marketo.
Is your brand connecting to IoT?