“34 billion devices all set to be connected to the internet by 2020”, says a report. Yes! You heard it right. Internet of things, where your devices will be connected to the internet to collect, share, and use the information for better efficiency, slashing down your workload.
IoT can help us with a lot. You can know about your exhausting kitchen utilities and understand the needs of your consumers. But, is the scene going to be always glittery or will a black spot dull the shine? Let’s talk!
Data Collection and Personalization
Yes! Enhancement of the same is a sure thing and will be beneficial for many budding entrepreneurs and empire holders. Knowing the customer and his needs is of utmost importance when it comes to marketing or selling the product(s).
Data collection is one of the things that can help the marketers know about the latest trends and what their customers should be served with.
The process can be improved by the sensors placed inside. Technologies like smart eye contacts and smart sales techniques can tell whether the customer is full yet or can be served with more alluring dishes.
By loyalty programs, restaurant owners can collect the data of the customers and can get to know if the customer craves more food or not. (source)
But, all this leads to the rise of the irrefutable question of privacy. Would customers like to pass on all this information to make it beneficial for the company? With everything connected to the internet, the idea of saving one’s personal life seems blurred.
This is one of those areas that can seek the most out of Internet of things. With the help of Internet of Things, doctors can track their patients and can know if they are doing fine. Gadgets connected to the patients or say, Digital Health Advisors can help in tracking the patient’s overall health. (source) They can track their blood pressure, blood sugar level, and heartbeats, etc. The field seems to develop the most with the help of the technology. (source)
Marketing & the Trust Factor
Imagine you are the owner of a grocery store and can know when your customer might be in need of something. A good opportunity to get potential clients. Depending on the previous consumptions, you can know when your customers will be in need of a refill. Connected devices like wearables or on-shelf displays help the brand managers know about the products getting consumed and the rate they are getting consumed at. This can help to know the customer’s choices and increase business. Won’t it be a great business idea? (Source)
But now, think from a customer’s point of view. Would you be able to let so much of detailing pass on to someone just like that? Won’t you feel insecure and morally ahm, looted?
Are we ready?
IoT promises a digitally advanced future in a world where people want to enjoy without any hassle. Businesses want to mint profit on this. But the apprehensions it tags along are hard to look right through. The risk of businesses’ constant ‘want’ turning to a ‘need’ in no minute can be like eavesdropping into their customers’ lives. The worry is all about the way things are executed. The governing question is “Are we ready yet?”