Top 7 Ways IoT is Transforming Online Marketing in 2021 and Beyond
The amount of data generated by IoT is vast and that’s why marketers are leveraging this technology to create insights, predict customer behaviour, and know the users’ requirements. This article provides a few stats regarding how IoT is transforming online marketing and helping marketers to develop and personalize customer experience.
With more than 30 billion devices which are connected to the Internet of Things (IoT) today, there has been a significant change in the intersection model between real-life objects such as home appliances, gadgets, etc., and intelligent services. In short, IoT has been helping us live our life comfortably.
IoT in online marketing is a growing phenomenon, where, with the proper usage of IoT, marketing can be aligned with the taste, preferences and interests of the audience. IoT has been creating new habits which has changed the behavioural patterns of the target audience. For the online marketers to stay up in the game, it is important to adopt IoT at the earliest.
The modern and current IoT trends are driven by many technological advancements such as artificial intelligence, blockchain, edge computing, 5G, etc.
- The Internet of Things plays a huge role in enhancing the overall living standards through smartphones, e-health, learning solutions, etc.
- The top IoT trends have helped enterprises and entrepreneurs to manifest themselves through remote learning, smart supply chain, automation, logistics, etc.
Here are some of the statistics which prove the growing relevance of IoT:
- As per the Fortune Business Insights report, IoT technology held a crucial role in the ICT sector with a global valuation of US $190 billion. The report also claims that by the end of 2026, the global market value of IoT will be the US $1.1 Trillion. The report also predicts that the global market will expand at a CAGR rate of 24.7% throughout these years till 2026.
- Another study conducted by Research and Markets, stated that the global IoT market is projected to reach US $1 trillion by 2027, at a growing CAGR of 31.4%.
- As per the data collected by Statista, the total number of IoT-installed devices in 2020 was approximately 30 billion. In the next five years, there are predictions that it will rise to about 70 billion.
- As per market research done by Microsoft on IoT, almost 94% of the businesses by the end of 2021 will be seen using some form of IoT. Among the present adopters of IoT, 88% of them believe that IoT is critical to the business's overall success.
Ways IoT is Transforming Online Marketing
With IoT, people have found it easier to interact with each other regularly and access huge volumes of data online. As a result, IoT has had a huge impact on online marketing. Here are the top 7 ways of how IoT has taken upon itself to transform online marketing in 2021:
1. Real-Time Reporting
The reporting of real-time data for IoT provides a series of components that are used to store and analyse. IoT generates huge amounts of data that is easy to analyse using different predictive modelling methods.
2. Big Data
The concept of big data is surrounded by 3Vs, which are velocity, variety, and volume. With the help of big data, it has become easier to take robust decisions, as IoT devices can provide data with sensors. Accurate insights have been helping marketers to increase their opportunities and reduce their risks. Big data is directly proportional to bigger marketing.
3. Product Development
Due to IoT, there is an overall rise in office efficiency, better collaborations, etc. When experts are appointed for data interpretations, product development also becomes better, which thereby helps in knowing the precise requirements of the customers.
4. Customer Information
With the assistance of smart devices, marketers today can get deeper insights into the intricate details of the customers. The information about everyday lifestyle can be generated through a specified set of tools as the data is collected. Accessing the consumers' lifestyle data means that online marketers can know how services get utilized and make strategies accordingly.
To engage the audience, 'Personalization' is what can do wonders. IoT allows online marketers to collect data of different genres about the customer, which thereby helps them to connect with the target audience on a real-time basis.
6. Customer Satisfaction
In the current online marketing world, customers are considered the lifeline and soul of any business, hence making customer satisfaction the number #1 priority of every business.
With the help of IoT-connected devices, there is a better communication bond between consumers and marketers. In addition, sensors help in predicting the problems, which helps in improving customer satisfaction.
7. Search Engine Optimization
The SEO industry has seen rapid growth from $72 in 2018 to $79 billion in 2020. Multiple IoT devices have made rapid shifts in the SEO industry. Now the situation is such that a human search engine helps fuel the professionals of search engine optimization.
IoT has an exponential scope that has still not been tapped, and the future is very bright. Due to the increased usage of technologies such as smartphones, the availability of information has increased, which helps transform the industries.