Posted on November 2, 2018
When it comes to selling products on the Internet, the importance of the customer experience cannot be overstated. Customers who “feel good” about purchasing from your company may be willing to pay more for a product; at the same time, if another company offers a better online experience, you may lose that customer even if your competitor is charging twice the price. This reality makes “customer centricity” the name of the game.
Here’s where the Internet of Things (IoT) comes into play. This concept, which basically means any device with an on and off switch can be connected to the Internet, goes a long way toward bettering the customer experience. But the quality and smoothness of these experiences remain inconsistent, and with Gartner predicting that more than 26 billion devices will be connected by 2020, it becomes all the more important for companies to create a better and more consistent customer journey.
It is now possible to learn not only some basic facts about your typical multi-channel customer, such as where he works or that he likes discounts to deliver tailored content. IoT allows you to combine traditional feedback with real-time and actual-location data coming in through multiple connected devices to learn more about who that customer is and market more specifically – and contextually – to that person.
According to an Accenture report, 75% of consumers are more likely to buy from a company that recognizes them by name, makes recommendations based on past purchases, or knows their purchase history. By proactively reaching out in a targeted manner, companies can demonstrate how much they value their customers while also saving on resources.
For example, one of the industries gaining insight into data from IoT devices is insurance. Based on the idea of using data to make smarter decisions, the insurance industry can use IoT to monitor the safety habits of drivers; adjust premiums depending on when and where a car is driven; and reduce health insurance premiums if a smartwatch-wearing customer is engaging in health-promoting activities.
IoT is also changing the way information is gathered and used in health services. Again, smartwatches can be a key to allowing medical professionals to gather information from patients, using demographic data to determine health patterns in certain populations; and providing a warning if a patient has experienced an epileptic seizure, irregular heartbeat or other medical issue.
At Korcomptenz, we can help you navigate this rapidly developing marketplace to create a smoother, more impactful customer experience. We can work with your marketing and product development teams to learn more about how and where your products are being used. The IoT is putting a wealth of information at our fingertips, and whether you’re a start-up or seasoned manufacturer, we can help you use that information to respond directly to customer needs and win them over for the long-term. Request a consultation today!