There are many definitions of Internet of Things (IOT), but the essential point is that it enables the interconnection and interactions of different devices through the internet. IOT has been one of the biggest disruptors of the current decade.
Some examples of IOT applications are Connected Cars, Smart Homes, Smart Cities, Smart Parking, Industrial IOT applications and the list goes on.
IOT has four major components:
1. IOT Device
2. Communication Channel
4. Cloud Provider
IOT Devices can be wired or wireless sensors which could vary on a use case to use case basis. The fundamental design principle is to keep these devices robust, low-energy and low cost. Next is the communication channel, the mode in which devices connect to each other, to the gateway and cloud. These could be from Wifi, Xigbee, Bluetooth, Narrow Band and cellular networks.
5G in IOT will play a vital role since it offers wireless, low latency and high bandwidth as compared to 4G. This makes it a perfect partner for IOT applications. But the real power of IOT is unleashed when we add Marketing Technology to it. IOT enables Marketing Technology to reach customers and create a deeper impact by understanding their behavior.
This Hyper Localization and Hyper Personalization are the key to next generation applications, due to the nature of IOT devices being everywhere. Combining IOT, 5G & Marketing Technology can leverage this to a completely new level.
Lets assume you are at a mall and looking at a new apparel collection. A micro-location sensors will detect the time and your expressions to understand your preferences. On that basis it will recommend real time offers which will help upsell & cross sell other products like matching footwear, accessories etc. A real-time recommendation can be simply sent on your mobile phones through apps, sms, social media, chat apps, advertising screens etc. Such precise and targeted marketing will give better customer experience and in-turn increase sales.
Thus, Hyper Personalization with IOT and Marketing Technology will help create a cerebral connect between Humans and the Machines.