Business Insider - a financial and business news website - predicts business spending on IoT solutions - web-enabled devices and platforms that collect, send and act on data acquired using embedded sensors, processors and communication hardware (think Alexa for everyday personal use, or RFID technology for your inventory) - will hit $6 trillion by 2021 underscoring its potential to improve customer experience in almost every industry.
With lots of fits and spasms in its growth due to fragmentation, potential data breaches, and security issues, the Internet of Things (IoT) has undeniably a promising future ahead and that is why we are seeing lots of investment and adoption in various industries including and most notably in your industry, home improvement.
So, what are you going to see more and more in the future when it comes to IoT and how will you need to incorporate what you see into your strategy for growth starting from …well, NOW?
• IoT will continue to expand, with more and more devices coming online every single day. The retail and industrial/supply chain industries will likely see the greatest growth. Forrester Research has predicted the IoT will become “the backbone” of customer value as it continues to grow. It is no surprise that retail is jumping aboard, hoping to harness the power of the IoT to connect with customers, grow their brands, and improve the customer journey in deeply personal ways.
• The trend from mobile-first to mobile-only will continue to grow, as mobile platforms will become the de facto management system for IoT devices.
• An increasing number of companies will begin to use the IoT for these more personalized marketing efforts. They’ll also get closer to finding the “how much is too much” balance when it comes to marketing.
• Companies will need to find a better, closer, cheaper way to process the huge influx of data being created through the IoT.
• Artificial intelligence (AI) and machine learning (including image recognition, Augmented Reality, and blockchain) will also become a necessity, as the amount of data created by the IoT will simply be too large for humans to manage.
Come to this session to learn how to embrace IoT to improve your business operations (efficiencies) and your customer journey (personalization, frictionless shopping, etc.).