Turning IoT Into Revenue

Press enter to search
Close search
Open Menu

Turning IoT Into Revenue

By Andreas Knoor - 01/26/2017
There’s a channel transformation at hand—known as the Internet of Things (IoT)—and its rapid rise is challenging C-suite retail marketers that are tasked with delivering seamless omnichannel brand experiences. Research firm Gartner estimates that by 2020, over 20 billion connected IoT things will be in use across a range of industries, and consulting firm McKinsey & Company estimates the economic impact of those IoT things will be between $3.9 and $11.1 billion annually through 2025. That growing diversity of customer touchpoints presents a tremendous business opportunity for retailers if they’re prepared to reap the benefits.
 
At the heart of the matter is how to deliver quality, personalized content to customers across all channels. The IoT—whether services or devices—requires a continuous stream of fresh content in order to connect with customers. That proliferation of channels and content can wreak havoc on marketing organizations that lack the necessary tools to support it. What’s needed is a more agile method of content delivery that delivers content wherever it is needed to satisfy customer expectations, influence buying behavior, and boost commerce revenues.
 
Delivering Content-as-a-Service
Content-as-a-Service (CaaS) is a disrupting trend that offers a great opportunity for retailers to target and personalize information for their customers. It gives marketers the ability to deliver content to and from any IoT channel—wearables, smart devices, digital signage, etc.—and present it instantly in the optimized format designed for each.
 
CaaS allows marketers to easily influence customer buying behavior by customizing experiences based on location and IoT device. For example, when coupling a mobile app with digital signage, marketers can offer location-based content through digital signage in the form of promotions, discounts, or services as each customer moves through a store, bank, hotel, sports venue. Digital billboard signage can  be used to drive in-store traffic by notifying customers of store proximity based on their location, and offering special product promotions to draw them in. CaaS offers a more holistic approach to omnichannel retail marketing, and when executed properly can have a big payoff for forward-thinking marketers.
 
Creating multiple revenue streams
CaaS provides marketers with endless possibilities for how to turn digital content into new revenue streams. Marketers can instantly drive customer engagements and upsell services by offering shoppers relevant and engaging content across any channel, whether website, mobile device, app, or IoT thing.
·         E-tailers can pull content from third-party websites or manufacturers to their own digital stores
·         Kitchen stores can guide location-based app users to bridal shower registry items while in-store, and offer point-of-sale discounts via digital signage for other items of interest based on persona
·         Advertisers can deliver targeted content in the form of text or video to smart devices
 
CaaS promises to inspire a host of new marketing strategies and IoT lines of business that deliver completely connected end-to-end customer experiences. The possibilities for turning content into revenues are truly endless. Ecommerce marketers that have the right tools will secure a competitive advantage by meeting customer demands for omnichannel interactivity.


Andreas Knoor is COO and digital strategist for e-Spirit and he can be reached at [email protected].