25Jun

Posted: 25 Jun 2019 Contributor: Therese Palmere

How Can IoT Help You Improve the Customer Experience?

IoT

First off, what is IoT? IoT is the “internet of things,” which is a digital network that extends the capabilities of the internet to devices and everyday objects so they can communicate and interact with one another. IoT connects computers, sensors, smartphones, lights, TVs, wearables, and more. This seamless connectivity gives users the freedom to access, monitor, and control these devices remotely. IoT-enabled gadgets can be calibrated to a specific standard or you can change the settings based on your current preferences. Basically, IoT gives you the power to control any internet connected device from anywhere.

In this blog post, we’ll go over how IoT can improve the customer experience and how it’s impacting business.

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Understanding IoT for Business

On a user level, IoT allows you to control your devices remotely from anywhere. For businesses, IoT can help with data sharing, inventory management, security, and increased efficiency and productivity. Because IoT is all about connectivity, it gives business execs and workers access to the information they need, when they need it, wherever they need it.

Data Sharing

Think about how much easier it is to put away the groceries when your partner knows where you like everything stored and how to store each item. Now think about how much easier it would be if all your employees knew where to find all of your company’s policies and procedures and had the ability to pull records for clients at a moment’s notice. Data sharing is no doubt IoT’s most attractive feature because it allows you to share the information you want with whomever you desire across any device. Currently, 82% of enterprises share information from their IoT solutions with employees in real-time or near real-time. With seamless data sharing, IoT can help improve customer experience by giving your team the internal support they need to better assist your customers. When cross-communication isn’t a problem, your team can spend more time focused on helping your customers clarify their confusion and addressing their needs.

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Inventory Management

One of the most applicable IoT technology trends out today is with radio frequency identification tags (RFIDs). Each of these tags has their own unique digital footprint with encoded data that will show your team information about a specific item, such as its color, weight, model, type, or even batch numbers. Not only does this make inventory for your team a lot easier to track, but can also improve customer experience with updated information on the availability of products. An example of inventory management with IoT can be seen through Coca-Cola and their vending machines. Derek Myers, Group Director, Channel Strategy and Management, says that “the move to cloud computing demonstrated that new technology needs a new approach to security, and IoT is no exception. There are definitely some specific areas of concern with IoT, like reviewing products from non-IT vendors and monitoring for suspicious activity in non-IT environments, but some of the main activities in securing IoT systems are managing devices and securing data across networks.” This is just one real-world example that shows how IoT can improve customer experience.

Security

Digital security is of the utmost importance for users. In a world where identity theft and hacking have run amok, it’s important for users to know that their personal information is safe in your hands and on your website. Although there are some risks, IoT ultimately provides a safer digital environment to host information. Because of how IoT works, the expanded reach of internet connectivity gives businesses the ability to monitor things in real-time. So when something seems fishy, your team can respond immediately. In addition, IoT also allows companies to use biometric sensors and IDs for verification, making the identification process a lot more reliable. When your IoT in customer service is backed by layers of digital security, your users will know their information is safe and can rest easy.

Productivity and Efficiency

IoT makes sharing information and collecting data ridiculously easy for businesses. This seamless digital landscape empowers workers to make the most of their time by providing them with the tools and knowledge they need to succeed. IoT also makes it easy for your team to identify issues when they arise because they are monitoring your system in real-time. This helps boost productivity and efficiency because IoT empowers your team to take a proactive approach instead of a reactive one.

The Relationship Between IoT and Marketing

IoT will be able to give your marketing team next-level data analytics. You will be able to track your audience’s user behavior and purchase patterns, thus helping you create more contextualized and personalized marketing content. Marketers could refer to industry news informing them of topics like video marketing tips and predictions for 2019, but IoT devices will allow them to learn the trends even before they are published by a video marketing agency. IoT devices will be able to work alongside your team, letting you know that a user may have vested interest in your products and services even before they act. This gives your team the opportunity to start the interaction and guide consumers down your sales funnel.

As Jerelle Gainey of HubSpot says, “these insights and the ability to accurately attribute every interaction throughout the customer journey will be groundbreaking.”

IoT Stats You NEED to Know for 2020

To further supplement your confidence in IoT, we’ve compiled some stats that we think will help you better understand how IoT can help improve the customer experience:

  1. 127 new IoT devices are connected to the internet every second.
  2. Consumer electronics will account for 63% of all installed IoT units by 2020.
  3. The number of cellular IoT connections is expected to reach 3.5 billion by 2023.
  4. Business investment will account for more than 50% of the overall IoT spend by 2020.
  5. The main revenue driver for 54% of enterprise IoT projects is cost savings.
  6. According to enterprise executives, the U.S. leads in deploying IoT in operations at full scale.
  7. 84% of organizations that have adopted IoT have experienced an IoT-related security breach.
  8. The global Healthcare IoT market will be worth $158 billion by 2022.
  9. The global IoT in Education market size is expected to grow to $11.3 billion by 2023.
  10.  The IoT in Banking and Financial Services market size is expected to grow to $2.03B by 2023.

Hopefully these stats have shown you how the IoT customer experience could benefit your audience and your business.

Key Takeaways

As IoT expands into more areas of the corporate world, it’s important to understand how to leverage this technology to grow your business. For many eCommerce businesses, this means providing the best customer experience possible to their audience. Let’s take a look at the key takeaways from this post one more time so you can make that happen:

  • The internet of things is a digital network that extends the capabilities of the internet to devices and everyday objects so they can communicate and interact with one another.
  • IoT allows you to share information seamlessly across a digital network among your coworkers and colleagues, empowering them to spend more of their time problem solving for customers.
  • RFIDs enabled by IoT technology can help improve your inventory management systems and tracking to provide customers with the most updated count of available products.
  • Security backed by IoT systems ensures users their personal and banking information is safe in your hands.
  • Your team’s productivity and efficiency will increase as a result of how easily accessible data and information is, further driving business and improving the overall customer experience.

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