Samsung, Apple, Microsoft and Amazon. These are the companies we consistently monitor here at The Idea People for emerging tech trends and the onset of the Internet of Things (IoT). You might be thinking, "Amazon? But they are a retailer." Yes, you are right, but they consistently create new technology opportunities to provide their service in a seamless manner that integrates into your everyday life. They use forward-thinking technology to make our lives easier...to make purchasing life's necessities as quick and simple as possible. Genius.
Amazon is definitely a technology company with a retail face. In the last year, Amazon added over 30 million new customers, bringing their total customer base to over 240 million. Even with the increased price of their premium service, Amazon Prime, they saw an increase of nearly 53% in memberships. How does this online shopping giant continue to grow at such a rapid pace? Quite simply, they embrace and innovate with technology. And we devour it like the hungry tech humans we are.
From smart watch apps, to predictive shipping, to the voice-responsive and automated home phenom, Echo, Amazon has been leading the globe in the adoption of IoT technology. IoT is the connection of items to the Internet and collection of data from those items.
Amazon was one of the first retailers to launch an app made for smart watches. It allows users to search for items by voice and then place an order. We have been using and testing the Moto360 smart watch and find searching by voice is incredibly easy. Just the other day a specialty light bulb went out in our office. We grabbed the smart watch, tapped the Amazon logo, and said, "40 watt antique-finish light bulb." The bulb we needed was displayed and we quickly ordered it, all under 60 seconds.
Amazon uses IoT for predictive analysis to learn your shopping habits. They can review your shopping habits, the time you take making decisions, and actually predict what you will purchase and when you will need it. They use predictive shipping algorithms to actually send that item to a nearby warehouse before you actually click "buy now." In larger cities, they are now offering 2-hour delivery for specific items contained within this predictive shipping model.
Amazon beat all of the tech giants in bringing IoT into your living room. That's right, Amazon, a retailer beat companies like Samsung, Apple, LG, and Microsoft in delivering IoT devices to your home. The Amazon Echo does many things but foremost is a voice control for your smart home. You can also reorder previous Amazon purchases with just your voice. From asking what traffic is like in the morning, adding items to my grocery list, to turning on and off lights around the house. The Internet of Things fuels Echo’s amazing capabilities.
Amazon newest connected device is the Dash Button, which is a wi-fi enabled button. Here is one example of how this technology can be used. You have your Glad Dash Button placed in your pantry near your trash bags. You reach in and grab the last trash bag, then push the Dash Button, and two days later your new Glad trash bags have arrived. Genius.
If you look at all of Amazon’s services and uses of technology, there is one common denominator: Be There. Amazon is adding as many digital touch points to your physical world to be there when you need it. This is what we admire about Amazon’s use of technology. They build it around our lives
When your company looks into IoT and new technology, you need to ask yourself, "how will you integrate IoT into our customer’s everyday business lives to help them make more money and maximize resources?" There is the beginning of building a crystal ball of market opportunity for your product or service niche.
"It is about more than the technology. It is about how you personalize that technology and seamlessly integrate it into daily tasks for your customers. This is where rapid adoption happens," says Wesley Farnam, chief digital officer at The Idea People. "IoT is the next dot-com giant that is poised to change the course of businesses and marketplace opportunities on the web across the globe."
Learn more about the IoT services offered by The Idea People. What can IoT do for your business? What new services or profit centers can IoT open for your business?