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How is IoT Changing the Market Dynamics?

The Internet of Things is all the rage these days. It is revolutioninzing the basic structure of the market and creating it anew. Be it the manufacturing sector or the supply chain and logistics area, IoT is here to stay for the long run. Mohar V, Co-founder and CEO, TECHVED elaborates on his perception of how IoT is changing the Market Dynamics.

The Internet world is gregariously facilitating things on the platter. The technological revolution is unvaryingly full of life! The changes in the market are ceaselessly depending on various dynamics. If you take a look at it in a fiscal perspective, the market would swerve for various reasons like supply, demand, price, quantity, and quality. Then we also have factors where the association and involvement of relevant stakeholders for a business model affect the market dynamics. 

Given the reliable pace of digital innovation, there is an emerging wave of Internet of Things (IoT) to drive a new era of change. With advance solutions and technologies such as mobile Edge Computing, ML, blockchain, and AI enterprise industry will soon be witnessing the second wave of Digital Transformation.”

Ganesh Jivani, Managing Director, Matrix.

Given the reliable pace of digital innovation, there is an emerging wave of Internet of Things (IoT) to drive a new era of change. With advance solutions and technologies such as mobile Edge Computing, ML, blockchain, and AI enterprise industry will soon be witnessing the second wave of Digital Transformation. Marketers have realized that there has been a huge collision on businesses through social networking along with the Traditional theories. It does not merely demonstrate the user’s online spending point in time, but also the money spent on online shopping to the amount of growth in online advertisements. The technological advancement IoT (Internet of Things) is the reason why people get connected to internet activities as an alternative to the old-school. 

What is IoT? 

It is a unified computing device that interacts with each other and transfers data to the end users. They are small digital technologies like sensors or chips that have UIDs (Unique Identification Numbers) that helps a user to track its location providing information on the move. These digital systems can be installed into devices like electric appliances, parcels, heavy or lightweight vehicles, even animals under scientific tests, smart cards like credit or debit cards, etc. In a very simple way, IoT allows marketers to transfer data with each other and provide more contexts on customer’s usage.

How is IoT Changing the Market Dynamics? 

There are factors that IoT brought a change in, and, it has made such an impact that all the business models changed along with it. There are a couple of factors which affect the market dynamics in this scenario. 

The first one is the Utilization of Assets. The measure revenue generated by asset utilization shows how efficiently a company is working. The functionality of the machines, power consumption, system errors, etc., is all handled by IoT and reduces manual assistance. Although this is just a basic example of IoT being used for asset utility, the productivity of employee can also be monitored.

One of the main reasons why IoT has made such a significant impact in the market dynamics is because of its use and management in supply chain and logistics. The companies made use of IoT to give the customer a view of their package delivery. Since, a customer knows the transport details, its condition, and how long it will take to arrive; there is a sense of satisfaction in the customer for the provided services. This is how the table turned in marketing, and everyone switched to online services. The provided information to both the customer and the service provider created a good relation and flourished in the market. Even the small scale marketers are trying to blend into the online supply chain system. “Customer is King” is an age-old business mantra on which market depends on. Customer experience is the most important factor in any business growth. The rise and fall of any marketing giant, brand, or local businesses are in the hands of customer. 

But, IoT doesn’t stop to just these basic principles. The marketers are innovating and exploring ideas to make growth and have a proper system of network and to reach out the right customer for their needs. 

With the use of IoT, marketers have been able to manage mobility, power savings, automation, remote services, industrial computers, and security & compliance. IoT is not just limited to external marketing activities but also for the advancement of a company itself. In general statistics, the predicted revenue only by the use of IoT is somewhere near 1 trillion dollars in the near future. The Internet of Things is taking us beyond connections and is becoming a part of our lifestyle.

Future of IoT

Tomorrow, we can expect marketers to sell more personalized devices like wrist watch for the alarm clock instead of mobile or clock itself. For example, the ‘Fit bit’ can help you set an alarm based on your fitness conditions into the mobile application, but a device can not ring an alarm on its own. And, we can expect the reverse happening in the near future. Let’s say a fitness freak left for the gym without taking his mobile and he has a busy day ahead, but he lost the track of his time. With the use of IoT, the person’s mobile can send the day’s schedule notification on a Fit bit as a reminder and save the day. 

We can save hit and run mishaps by the installation of IoT in all types of vehicles. For example, while you ride your bike to work and some rash driver rams into you but runs away, you will never be able to find out the culprit. But, the IoT sensors can detect the rash driver’s license plate and provide all the necessary information. Apart from providing information on the culprit, IoT will also send emergency signals to the closest family members; contact the nearest mobile ambulance and a lot more. IoT can be installed in anything and everything and will make our life much easier. 

Since IoT provides unfathomable data; marketers can sell direct offers and advertise the right content to the target audience. We can do the analysis of a particular field and make the project model with the massive data provided by IoT.

No words or quotes can ever describe the possibilities and the outcome of IoT unless you see it happening right in front of your eyes.

Authored By: Mohar V, Co-founder and CEO, TEHCVED.

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