The digital world is undoubtedly growing, but do you recognise the breathtaking pace in which the Internet of Things is taking over our lives?
With smart objects projected to increase from the 2 billion recorded in 2006 to 200 billion by 2020 (that’s 26 for every human on Earth) the Internet of Things is showing no signs of slowing down.
In simple terms, The Internet of Things relates to any device with an on/off switch to the Internet. This includes everything from mobiles and televisions to coffee makers, wearable devices and now even your fridge.
One only has to watch January’s Consumer Electronics Show in Las Vegas to see that connectivity is now at the heart of every modern innovation. The Polaroid Pop, 360 Smart Bed and Sensoria Smart Sock are all examples of extraordinary advances in today’s tech world showing how the Internet of Things is set to take centre stage for years to come.
This would not have been thinkable ten years ago, but now it promises much more than fancy products in John Lewis or Harrods. For example, the Internet of Things has made improvements to healthcare and in particular domiciliary care. It has vastly improved monitoring and communication with patients helping to build a digital footprint as they move through the health care facility.
You might be thinking “what does this mean for marketers?” The answer is big data. The recent developments in smart technology have provided the marketing world with a wealth of opportunity to further understand the consumer mindset. This increase in data might cause problems in terms of security, false positives and management but it essentially gives a much greater insight into the customer’s behavior, spending habits and choice criteria. The correct use of analysis will help strategies for consumer engagement, increasing loyalty, customer lifetime value and fundamentally provide a greater service to customers.