The venture capitalist Marc Andreessen once said that software is eating the world.
You don’t have to look very far to see that in action.
The ubiquity of smartphones and social networking apps, for example, has transformed how people keep in touch with family and friends.
Amazon and other e-commerce sites have revolutionized shopping.
Even in health care, digital technology has already started changing how consumers choose service providers.
The pace of change today is the slowest it’ll ever be.
As a business executive, you need to keep your pulse on emerging trends to avoid disappointing customers and falling behind competitors.
If you’re wondering which tech trends are quickly becoming a reality, here are four technologies that are already shaping consumer behavior—and what they mean for your business.
1. Smart devices offer consumers convenience and peace of mind
Connected devices stole the show at the 2017 Consumer Electronics Show (CES). From smart fridges to voice-activated trash cans, companies showed off futuristic gadgets that promise to make smart homes a reality.The connected device market is ready to take off, but how can companies stand out? According to Carley Knobloch, technical consultant at HGTV Smart Home, companies should focus on customer needs.“Consumers are voting again and again [through their purchases] for devices that offer peace of mind and anticipate their needs,” Knobloch explains to MediaVillage.
A recent study from Scripps Networks Interactive provides some clues on what consumers may be looking for and who the early adopters are. The research was conducted in the company’s insight community, Scripps Under One Roof, and found that safety and energy efficiency are two strong motivations behind smart home device purchases. For example, 75 percent of consumers said they bought a smart device to help keep their family safe and comfortable. Millennials, according to the study, are more likely to adopt smart home technology compared to Gen Xers and Boomers.
When it comes to connected devices, “thoughtful is the new smart,” says Knobloch. To launch hit products in this lucrative market, companies need to use consumer insight and inform their product roadmaps with feedback from customers.