The Internet of Things
We are living in the digital age, and technology continues to evolve. Augmented reality, robots, machine-to-machine, and autonomous vehicles; these are just some of the latest advancements that have been helping people make their lives easier.
Although these developments have their unique set of expertise, they all have one thing in common-- one of which is to remodel existing businesses and personal interactions positively. However, in order to achieve that, it's important that you familiarize yourself with the social, as well as economic changes of emerging technologies.
1. Big Data and IoT e-Commerce
Although most entrepreneurs still have a hard time 'visualizing' Big Data, unlike 3D printing and autonomous cars
, with the rise of IoT technology, this would probably affect the business industry the most. Big Data and machine learning algorithms are utilized to manage large volumes of information, and to provide better consumer-centric services. Aside from that, it also helps B2B (Business to Business) companies to operate more efficiently. With the continuous improvement of IoT technology over the next few years, marketers can expect Big Data and machine learning to transform even more. (IoT refers to the Internet of Things
, meaning the ever-growing network of physical objects that feature an IP address for internet connectivity.)
Additionally, as more and more electronic items are being linked through the IoT technology, this gives the consumer an opportunity to utilize this connection during purchase. To give you a better idea, try to imagine this kind of situation: You're looking in your refrigerator and you've discovered that you're low on a staple item.
How wonderful can it be if you can order that item online right at your refrigerator panel? This isn't that futuristic anymore, as Amazon has been capitalizing on this with their Dash Buttons
. The more our lives get connected with IoT, the bigger the chances that our way of living would also change, as we'll have the opportunity to automate routine tasks, such as buying daily supplies.
2. How Autonomous Vehicles Would Affect the Market
There's a reason autonomous cars are getting popular. For one, it promises the commuters that daily travel would be more comfortable and hassle-free. Not just that, it also claims that aside from increasing the productivity of the riders, it would also guarantee a safer environment. In the metropolis, hundreds of thousands of people commute to work everyday, and most of them drive cars.
The problem with this is that, driving a car limits your actions-- you won't be able to perform other tasks; unlike not having to drive at all. With driverless vehicles, you'll be able to multitask between working, answering phone calls, or doing something else. You can maximize your time of travel without the risk of getting involved in an accident.
This is probably why autonomous vehicles are considered as one of the fundamental innovations of the twentieth century. Sensors and beacons will work with IoT technology systems to help keep autonomous cars safer as they are integrated into existing traffic safety equipment like traffic cones
and other resources, but they will also help communicate and market to customers.
As for marketers, they can actually take advantage of cars marketing. One of which would be through sponsored drop-offs in order to get local shoppers. Driverless cars would work like how you can get placements on social media. Basically, an app would gather data by asking, “how many are traveling,” and “the reason for travel.” Depending on the reason, a “sponsored drop-off” would be suggested.
3. IoT and Customer Service
The main purpose of an Internet Marketing strategy is to connect information, devices, and even businesses and consumers to each other. This gives the opportunity of being able to improve the products and services real time.
Aside from that, IoT could also give marketers the information they need to provide better customer experience. This would balance marketing activities between customer retention and acquisition.
If you'll analyze this, you can say that it would have certain implications for the marketing functions in terms of service design, budgeting, operations, and even with advertising. This concept has been gaining attention in recent years, as a lot of professionals believe that it's a key strategy that could help a business succeed.
As we move towards the Internet of Things technology, marketers would have to learn to embrace the changes that are going to happen and use it to their advantage. Marketers should broaden their horizon and consider what IoT can do for them. Although it has some set of disadvantages, one can't deny the benefits it can offer if utilized properly.
It will be interesting to see how industries would continue to grow and change in order to meet the demands and needs of their consumers.
Chris Giarratana Copywriting
Chris Giarratana Copywriting has been working with businesses across the U.S. for over 13 years to help them make more money and grow their bottom line. When he is not helping businesses make more money, he enjoys spending time with his wife, hiking, and playing video games.