Internet of Things (IoT): from Everyday Items to Conduits of Digital Commerce

  • ID: 4042689
  • Report
  • 48 pages
  • Euromonitor International
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Digital commerce is no longer restricted to computers, tablets and mobile phones. There are now a plethora of things, including connected cars, consumer appliances, smart clothing, smartwatches, other fashion accessories and sensors, all with the potential to disrupt commerce. These connected things could become an important tool for brand strategists, brand marketers and merchants looking to bridge the physical and online worlds of commerce.

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Internet of Things (IoT): From Everyday Items to Conduits of Digital Commerce

Introduction
Emergence of a Digitally Connected Consumer
Emergence of a digitally connected consumer
Iot-Inspired Commerce Initiatives
Iot-inspired commerce initiatives
Markets Most Primed for Connected Commerce
Appendix
appendix
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Digital commerce is no longer restricted to computers, tablets and mobile phones. There are now a plethora of things, including connected cars, consumer appliances, smart clothing, smartwatches, other fashion accessories and sensors, all with the potential to disrupt commerce. These connected things could become an important tool for brand strategists, brand marketers and merchants looking to bridge the physical and online worlds of commerce.

Smartphones will serve as the hub to the “internet of things” (IoT)

Over time the connectivity derived from the smartphone has become less about the device itself and more about the mobility of the internet and the other devices, things and sensors that can connect to this network. In this internet-connected world with a plethora of interconnected things, smartphones serve as the hub for this network.

Consumers are starting to turn to things when executing commerce

From a ring on the consumer’s finger to the refrigerator in the kitchen, players across the ecosystem are exploring ways to embed what once seemed like futuristic commerce applications into everyday items.

Amazon emerges as an early leader in IoT commerce

The world’s largest online retailer offers products such as Amazon Dash and its related platform for efficient replenishment. It is also developing one the most prominent voices (Alexa) that many consumers will dictate orders to during this next generation of connected commerce.

A variety of future commerce applications are possible in an IoT world

The “internet of things” has the ability to alter commerce in a variety of ways, including the potential to create new touchpoints between consumers and manufacturers as well as the possibility to provide even more granular data upon which to build better brand experiences.

Series of barriers will hold back connected commerce uptake

The gap between the current offerings in the IoT ecosystem and the potential for life-altering use cases provides ample opportunities for developers, manufacturers and retailers willing to try and fail is beginning to narrow. Nevertheless, these opportunities will not be capitalised upon without overcoming a series of obstacles, including addressing consumer privacy concerns, the long replacement cycles of durable goods, the standardisation of operating platforms and low digital commerce spend, in general.
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