Internet of Things (IoT) is a scenario where normal physical things, including living beings, are embedded with microprocessors so that it is possible for people to interact with them over the Internet.
This is expected to change our lives beyond imagination by the next decade as virtual things make their way into our normal life.
IoT will provide huge opportunities for companies selling services and products. This environment will encourage buying and using of more products, which are more personalized for customers. All our belongings will get connected, allowing them to be interactive.
What many people are not now aware is that IoT has already made its way into our lives through products, such as lamps, connected cars, thermostats, to name a few. All these can be monitored by us from remote locations.
IoT has also enabled development of smart products. Smart products keep tabs on themselves and inform customers about how they have been produced. This has been made possible through embedded sensors, which lets smart products give us comprehensive information about themselves.
The other advantage of IoT is that it not only makes consumers lives more convenient, but also enables creation of digital media. Thus, consumers can directly interact with smart products without the need for intervention of marketers. This gives marketers the advantage of creating databases of consumer relationships as they can get access to information about their clients from their products.
Going forward, marketers can understand buying habits of their customers, their preferences, real-time analytics, among others, allowing them to provide personalized offers to their customers. This would help them in improving relations with their customers, with whom they can, therefore, build long-term relations.
This will dramatically shift the way sellers and buyers interact with each other. For instance, when a consumer buys a product, the marketers can provide them with value-added services by providing important information and suggestions.
It would now also be possible for customers to get product information, operation manuals, information about customer care services, etc. directly from the products they buy from the marketer. This information will also be personalized which will allow the product to know what your needs exactly are.
In addition, IoT will also let people save money from the information provided by the products. It also helps them in planning their tasks accordingly.
If they are healthcare devices, they help you monitor blood pressure, cholesterol levels, calories you consumed, and so on.
In the case of household appliances, such as microwave ovens, refrigerators or thermostats, they can be automated to perform according to the requirements of users.