6 Ways the Internet of Things Has Affected Businesses
IoT is making its way into just about everything.
The Internet of Things (IoT) is making a big impact on businesses. The number of devices in 2016 will jump 30 percent to 6.4 billion and will double to 13.5 billion by the year 2020. The Internet of Things is a phrase that refers to smart gadgets that are all connected to a safe network. Your smartphone, television, and refrigerator may all be accessed through your tablet.
Technology has changed the way businesses advertise and operate. Here are six ways in which technology has changed business.
Desktop and laptop computers are slowly being replaced by mobile devices. Mobile has become so important that Google changed its algorithms to feature websites that are mobile ready. Every part of your business can be handled with mobile solutions if you use a smartphone or tablet. Back end processes, content marketing, customer relations, and sales enabling can be access through mobile applications.
Marketers are turning to Generation Y (Millennials) who are using their mobile devices to search for local businesses, shop, and share their experience with their friends and family. They like to share everything with complete strangers. This has changed the way that marketers target prospects.
Cloud computing services allows small and large businesses to move some or all of their data to a third-party server via the internet. Not only has this increased the demand for data packages but it's also increased on-demand media and mobility as a response to crashes, downtime, or lost data. This allows small businesses to access their data that would otherwise be costly for them to access in the past. It also levels the playing field when it comes to keeping up with large corporations and enterprises.
Increased Customer Segmentation
Thanks to the flow of data through the Internet of Things, it's easier to attract the customers you're looking for. Analytics software allow you to expand your target market by segmenting them into groups in order to attract their attention and increase sales. Some of these services can tell you where your visitors are located, what browser they're using, how they access your website, how long they stayed on your site, and what made them decide to leave.
More advanced services allow you to refine that data so you can implement the right approach to increase conversions. An affiliate bootcamp program can help you target this age group while making most of your money through affiliates.
Technology has made it easier to stay in touch with family and friends. Whether it's communicating with colleagues and employees via video conference software, or sending promotional email newsletters to customers, the increase of technology has combined with communication services to allow you to send information in real time.
Decreased Costs & Increased Functionality
Two things are needed to create a buyer's market when it comes to providing software solutions. The hardware and software solutions make it easier to afford the most elaborate marketing campaigns. You should also hire individuals who are knowledgeable with entrepreneurship and technology. A backend inventory system can turn your a small business into a billion-dollar company. The best thing about these solutions is that they're affordable and easy enough to use so you don't need to hire outsiders to learn how to use them.
Changing Customer Base
As previously mentioned, marketers are targeting Millennials. This generation represents half of the American workforce. By 2020, they'll hit peak affluence where they'll have the most money to spend but make the fewest financial obligations.
They're more important than Baby Boomers, are willing to shop, and live in the moment. This generation was raised on digital technology and understand the Internet of Things. Though they're not the most technically-savvy generation, they're the driving force for businesses to tech-savvy as well.
The rise of social media has made the world feel smaller. Users can connect to anyone around the world without financial obligations, geographic obstacles, or social status. Some users are turning to social media to rant or rave about a business. It's the reason why more businesses are worrying about their online reputation. They have hired social media managers and customer support reps who look out for any bad reviews and take the steps to reach a solution.