What Retailers Need to Know About a Smarter Tomorrow
You may have a lot of questions about the smart products market:
- Is the smart technology market sustainable?
- When will smart devices become mainstream?
- Will the novelty of connected devices wear off?
- What’s next?
You know smart products are the hot sellers now, but what’s a novelty fad and what’s here to stay (and grow)?
The Sustainable Smart Products Market
The IoT market is the number 1 trend that will shape the customer experience in 2017. (Forbes.com). Brands can talk to customers all day and all night. And they can tailor ads to their needs more accurately than ever before.
In fact, the smart market is not only sustainable, it’s growing. Business Insider predicts there will be 24 billion IoT devices by 2020.
The crave for more data and more connection is only growing. This is true in almost every category across wearables, the home, appliances and cars.
Biggest Smart Device Growth Categories
Personal Health & Wearable Technology
Forbes.com predicts the wearable fitness market will be worth $34 billion by 2020. These provide customers with information about their health that nothing else can do. Smart watches and fitness trackers dominate this segment. Also growing in traction are wearable cameras and virtual and augmented reality headsets.
MarketsandMarkets.com predicts the smart home market will be worth 121.73 billion by 2022. Connected home products give customers something valuable: more time. Wi-Fi home automation provide invaluable convenience. This is only going to become more of an expectation and need rather than a luxury.
Business Insider predicts 10 million self-driving cars will be on the road by 2020. But smart car tech is about more than driving. This includes radios that connect to smartphones, smart GPS products and remote starters.
Toys are not far behind. Business Wire forecasts that the smart toy market will be worth 8.4 billion by 2020. Virtual and augmented reality is leading this market. But it also includes simpler toys like skateboards and talking speakers are also gaining attention.
Future-Proof Your Product Offerings
This is great news for us, but it doesn’t mean it’s time to rest on our laurels. Not all smart products are equal.
“Marketers need to understand that putting a chip on a product won’t suddenly make it ‘smart.’ It’s how you use that technology.” –Marketoonist.com
The limited resource now is not technology, it’s customer attention. Today, everyone has many devices connected to many products and apps. (See our previous blog on which apps sell!), And you have to compete with all those other products for their attention.
So How Do We Do That?
Create the Smart Customer Experience
“The biggest problem is that many new devices are simply adding to or improving upon a single capability instead of consolidating multiple capabilities into a single device.” –Techspot.com
More devices make things more complicated. That’s the opposite of the biggest selling point of smart products.
So far, IoT has been about data collection, monitoring and control. In the future, these connected devices will focus more on creating a unified network. (VentureBeat.com). When consumers had only one or two smart devices, it wasn’t as big of a problem to have a few disconnected devices. But as smart products grow and evolve, it’s more important that they work together.
Smart Devices for Smart Customers
The smart market continues to improve upon the benefits that are most important to customers: convenience, efficiency, security and functionality.
Doing so, it will continue to grow. Check out all our smart and connected products on www.petra.com.