You can be on Entrepreneur’s cover!

The Importance of Marrying IoT to Consumer Products for Ease of Life Untangling Connectivity: How IoT in consumer products helping users simplify their lives

By Manan Parikh

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Shutterstock

With the number of connected things poised to cross the 125-billion mark by 2030 from nearly 27 billion in 2017, the impact of the Internet of Things (IoT) on consumer products has moved from hype to reality now. While smartphones continue to rule the roost as ultimate IoT devices, a variety of smart home devices such as Google Nest and personal fitness devices like Fitbit bands have captured people's attention all over the globe. More and more IoT-enabled home appliances, sensors, and network devices are being launched every day which intend to bring a certain "ease of life' to consumers. According to a report by Gartner, the consumer sector is the largest user of connected things, accounting for nearly two-thirds of the overall applications in use. Going ahead, rapid innovations in the IoT space will continue to revolutionise consumer products and electronic devices and improve the health and lifestyle of consumers.

Internet of Things

As the Internet of Things devices become mainstream, consumers are increasingly looking for IoT experiences that help ease their day-to-day lives through personalization, updates with new features and usage monitoring. This way, IoT can significantly enhance energy efficiency, security, health, education and many other aspects of a customer's life. Even as companies are leveraging IoT to create new products and service offerings, customers expect these devices and services to adjust and refine their capabilities based on real-world context and specific use cases. Moreover, with most IoT devices able to connect with relevant locations and customer support in an instant, it brings a certain peace of mind to the customer. Businesses are also gathering usage data and patterns from their IoT products to analyze service efficiency and improve customer experiences.

The Indian Perspective

While India was a little late to join the IoT bandwagon when compared to other developed economies of the world, the government aims to create an IoT industry in the country of $15 billion by 2020.[3] The IoT revolution is set to sweep all sectors of Indian business, with its impact already showing tangible benefits in several cases. Take, for example, the facilitation of card payments for small retailers and at customer's premises through a portable card payment processor. To enable this, a leading network service provider used its IoT SIMs to help establish nationwide reach. This payment solution centres on a piece of hardware which can accept the card and its password, and is linked to a smartphone through Bluetooth. Retailers can download the payment solution's application on their smartphones, and when the cards are swiped the point of purchase, payment details are sent via the IoT SIM. This not only brings the convenience of e-payments to customer's home but also enables businesses to expand their reach to underserviced areas.

The Reach

IoT is not just bringing the ease of life to the customer's home - it is also helping them become comfortable and connected when they are travelling. Connected devices are helping travellers find the nearest bus stop or parking lot, optimize their routes and locate the must-visit places during their visits. Some IoT devices are also helping solve the problems with connectivity when travelling abroad by providing virtual WiFi hotspots wherever they are. Such innovations imbibe the spirit of IoT as they facilitate the solution of a problem faced by a substantial consumer-base through seamless connectivity and security.

IoT allows companies to interact with their customers in a way which was not imaginable only a few years ago. With consumer product market being the most susceptible to external factors, where trends and preferences change in the blink of an eye, businesses are taking advantage of IoT to gain a better insight of user behaviour through data to deliver unparalleled customer experiences. With further innovations in IoT forthcoming, there is little doubt that consumers will be the biggest beneficiaries of the ease-of-life they bring.

Manan Parikh

Co-Founder and CEO of Tripper

Business News

Mark Zuckerberg Says This CEO Is the 'Taylor Swift' of Tech

Meta's CEO posed with Nvidia CEO Jensen Huang on Instagram Wednesday.

Side Hustle

This Mom Started a Side Hustle After a 'Shocking' Realization in the Toy Aisle. Her Product Was in Macy's Within the Year — Seeing Nearly $350,000 in Sales.

Elenor Mak, now founder of Jilly Bing, didn't plan to start a business — but the search for a doll that looked like her daughter inspired her to do just that.

Growing a Business

To Achieve Sustainable Success, You Need to Stop Focusing on Disruption. Here's Why — and What You Must Focus on Instead.

Instead of zeroing in solely on disruptive innovation, embrace a pragmatic approach to innovation, recognizing and leveraging the potential within ongoing industry shifts.

Real Estate

3 Emerging Trends Shaping the Future of Real Estate

These three innovations are reshaping the real estate industry — discover tips for effectively covering these trends.

Thought Leaders

How To Improve Your Soft Skills and Emotional Intelligence in 7 Easy Steps

Using these simple but effective approaches will help a person in their business, life and relationships.

Business News

Sam Bankman-Fried Sentenced to 25 Years in Prison for Multibillion-Dollar Crypto Fraud

Southern District of New York Judge Lewis Kaplan said that the loss amount to the victims of Bankman-Fried's crimes surpassed $550 million.