The Internet of Things (IoT) grows by the minute. With 5G enabled in more areas and people owning smartphones capable of acting as mini computers, there are more opportunities than ever before to connect devices to the cloud.
How Do Companies Benefit from IoT?
In a survey by Ericsson, researchers found 92% of executives feel 5G opens the door to new technologies. By the end of 2022, about 29 billion devices will connect to the IoT. Companies benefit with more streamlined processes and by automating repetitive tasks.
If you aren’t already honed into the IoT and how to tap into the powerful resources provided, you should be. How can your company benefit most from the technology moving forward?
1. Improve Customer Relationship Management (CRM)
How well does your brand relate to your customers? The better you understand your audience, the more in tune you’ll be with what they need and how to provide it. CRM software gives you an opportunity to never forget a big event.
You can remind customers automatically when it’s time to reorder. Use tracking software to ping them with a special deal or coupon when they are within so many feet of your store’s entrance.
2. Prevent Theft
If you own a brick-and-mortar store, you may have run into some issues with theft. Adding sensors to your high priced items can help prevent customers and employees from leaving without paying for merchandise.
Some stores, such as Amazon Fresh, have turned to smart shopping carts. As soon as you place the item in your cart, the court senses it via the barcode and tracks what you’re buying. At Amazon, you don’t even have to check out.
You just toss the item in, an app calculates what you owe and whatever card you have on file gets the charge. Often, customers prefer such contactless payment systems in the age of pandemics and social distancing.
3. Personalize Interactions
Using IoT lets you personalize interactions with your audience. For example, your customers download an app and input their name. You also have access to the cloud and your internal database showing what they purchased last time they shopped with you.
When you send them a notification, you can pull on the data and suggest something they might like to purchase from your new stock. Greet them by name. Remind them of upcoming anniversaries or birthdays. Be their personal digital shopper.
4. Skyrocket Sales
If you want to make your sales rise, you should consider how to tap into the power of mobile devices. Researchers estimate there are approximately 6.648 billion smartphone users globally.
Have you noticed that people tend to be engaged with their phones most of the day? They check their email, hop on social media and interact with apps. You have an opportunity to reach them like never before by sending out an SMS message or utilizing an app to engage them.
You can also use IoT to showcase how products act with the real world. Use the camera on a phone to show what a virtual object looks like in that spot for an augmented reality (AR) experience.
IKEA uses AR to help people envision a piece of furniture in their home. Point the camera at a blank wall and see how to position it and if it fits there.
5. Secure Your Data
Some companies hesitate to put too much data on the cloud and hook into the IoT. However, if you go with a third-party service provider, the security will likely be a lot more stringent than what you can afford in-house.
Most companies with an IT department have numerous costs involved. You can hire a company to handle the work for you and they’ll install the latest security software on all their machines for all their clients.
IoT Will Continue to Grow
As more and more people work and play online, the IoT will continue its upward trajectory. Expect nearly every aspect of what you do on your smartphone to connect to the internet in some way in the future.
While you can’t predict every type of device and way the IoT might change business, you can be sure it will. Prepare now by watching what your competitors are doing. Pay attention to the technologies most likely to affect your industry.
Eleanor is editor of Designerly Magazine. Eleanor was the creative director and occasional blog writer at a prominent digital marketing agency before becoming her own boss in 2018. She lives in Philadelphia with her husband and dog, Bear.
