Disruptive Technologies and Business Innovation: IoT in Perspective E-Book
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- Herausgeber: Bentham Science Publishers
- Kategorie: Fachliteratur
- Sprache: Englisch
This book explores the transformative impact of the Internet of Things (IoT) on business innovation and marketing strategies. It delves into how IoT is disrupting traditional approaches and creating new opportunities for businesses to thrive in a rapidly evolving technological landscape.
The book begins by introducing IoT in marketing and its role in shaping modern business practices. It discusses how IoT is revolutionizing key aspects of the marketing mix, including product development, pricing strategies, promotion, and distribution channels. Readers will gain insights into how IoT integrates with marketing strategies to enhance customer experiences and improve decision-making through data-driven approaches.
The book also examines IoT's role in market research and highlights its transformative potential in specialized industries, such as smart manufacturing for fashion firms. By providing practical applications and real-world examples, this guide serves as an essential resource for professionals, researchers, and students seeking to understand IoT's role in business innovation.
Readership
Researchers, business students and marketing professionals.
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Seitenzahl: 274
Veröffentlichungsjahr: 2024
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PREFACE
In contemporary times, a widespread recognition of the significance of the Internet of Things (IoT) is evident among various stakeholders, including advertisers, marketers, and customers. The editors seek to enhance the knowledge of marketers and customers regarding IoT technology in order to optimize the utilization of data and customer-related information obtained from various web-connected devices. The book demonstrates the ways in which the IoT enriches the customer experience, supports the volume of data acquired through interconnected devices, and expands the range of analytics. The book presents a diverse array of marketing opportunities, encompassing enhanced sales strategies for existing products and services, the provision of highly tailored client experiences, and the possibility for innovation in the form of new products, services, research, and pricing. The IoT provides organizations with the ability to obtain real-time visibility into the actual functioning of their systems, hence enabling them to gain valuable information pertaining to many aspects, such as machine performance and marketing operations. The book endeavors to examine multiple facets of utilizing the Internet of Things for marketing purposes, delineate significant challenges, and provide possible remedies. Marketers have the opportunity to leverage the vast potential of the Internet of Things (IoT) in the future. Nevertheless, the current body of literature pertaining to marketing strategies for the IoT remains limited in scope and depth (Riyas et al., 2023). The book demonstrates the ways in which IoT is facilitating the growth of businesses and enhancing the attractiveness of their products and services to consumers. IoT facilitates global corporate connectivity and data sharing.
List of Contributors
Internet of Things in Marketing: An Introduction
Mohammed Majeed1,*,Vijaya Kittu Manda2,Sulemana Ibrahim1,Esther Asiedu3Abstract
The Internet of Things (IoT) has evolved into a worldwide infrastructure that facilitates advanced services through the interconnection of diverse entities, both tangible and intangible, utilizing information system technology. This study is an analysis of the impact of Internet of Things (IoT) technology on business and marketing. The study provides a comprehensive examination of IoT technology, encompassing important aspects, operational domains, and many applications within the realms of business and marketing. Companies globally are increasingly directing their attention towards the Internet of Things (IoT) due to its capacity to provide remarkable growth prospects rather than being influenced just by the prevailing buzz surrounding it. This chapter presents an introductory overview of the impact of the Internet of Things (IoT) on marketing and business domains.
INTRODUCTION
Numerous firms are currently engaged in the development of technologies that possess the capability to autonomously interact with customer support systems and promptly deliver feedback to clients. According to Britt (2021), the integration of the Internet of Things (IoT) is causing significant changes in the realm of business, particularly in the domains of production and product creation. With the assistance of the ongoing epidemic, firms are currently able to enhance and ensure improved customer experiences that prioritize safety. The Internet of Things (IoT) technology is being utilized on a global scale, finding applications in various sectors like product flow monitoring, supply chain management, building automation, healthcare systems, and security infrastructure (Sharma & Gupta, 2021). In addition to product quality, clients in thetourism andhospitality
industry also prioritize the technology employed in their experiences. From the standpoint of IoT customers, several key aspects come into consideration, including security, the provision of smart services encompassing various domains such as homes, buildings, cities, health, transportation, and industry, and the impact on healthcare and the potential for innovation (Lee, 2019). The Internet of Things (IoT) has been successfully used across various industries, including cities, hospitality, tourism, healthcare, and transportation. The tourism and hospitality industry is characterized by its interconnectedness with many sectors, owing to its wide range of activities encompassing various services, including transportation and museums (Li, 2021). According to Sharma and Gupta (2021), the Internet of Things (IoT) has the potential to make significant contributions to the field of tourism, particularly in the areas of personalization and enhancing the overall tourist experience. The concept of the Internet of Things (IoT) pertains to the interconnection of things and systems, establishing a networked relationship between these entities and human users. This chapter presents the concept of the Internet of Things (IoT) and connected things as a progressive advancement in technological development. According to Batat (2022), this technology has the capability to convert both basic and intricate everyday items into interconnected objects, enabling a comprehensive understanding of consumers and facilitating the provision of personalized and seamless customer experiences across online and offline channels. These technologies facilitate the implementation of applications and services across various domains, including but not limited to medicine, wellness, home automation, agriculture, the manufacturing sector, transport, logistics, and ready-to-wear. The initial section of this chapter examines the relationship between interconnected devices and the Internet of Things (IoT). Subsequently, an examination of the effects of these technologies on customer experience and consumer behavior is provided. According to Ivanov et al. (2017), subsequent to this, firms have the potential to revolutionize their interactions with customers through the utilization of the Internet of Things (IoT) and connected objects. This presents many prospects, advantages, and obstacles.
The integration of Internet of Things (IoT) technology in the realms of business and marketing is of utmost importance, encompassing both the operational and customer-facing aspects. This integration facilitates the development of intelligent goods and the implementation of targeted marketing campaigns to engage with customers effectively. The provision of IoT support by companies has the potential to generate value, facilitate strategic decision-making, foster innovation, enhance design processes, and ensure the security of customer service. In the context of consumer behavior, it is noteworthy that the Internet of Things (IoT) exerts a significant impact on individuals' inclinations to acquire products. The current body of research concerning the impact of the Internet of Things (IoT) on business and marketing is still relatively limited. However, this presents promising prospects for future studies, particularly in investigating the interplay between IoT and business model innovation, framework development, dark side behavior, demand service, customer preference, marketer behavior, adoption of new-age technology, conceptual understanding, network dynamics, and big data analysis. The Internet of Things (IoT) technology facilitates the integration of individuals, processes, data, and other objects into a cohesive network, resulting in the generation of valuable insights that can be translated into tangible actions. This capability has the potential to generate novel experiences and possibilities for entrepreneurs and business professionals (Ivanov et al., 2017). The current potential presented by technology is unparalleled since it allows for engagement with a staggering number of 4.5 billion internet users. The aforementioned circumstances offer many opportunities for enterprises to devise novel business strategies in order to expand their market presence (Lee, 2019). This chapter presents an introductory overview of the impact of the Internet of Things (IoT) on marketing and business domains.
This chapter aims to address a research gap in the existing literature by providing a comprehensive analysis of the relationship between the Internet of Things (IoT) and critical domains within the realms of business and marketing. Furthermore, this chapter elucidates how the amalgamation of these factors might foster the formulation of more robust marketing tactics, along with its ramifications on the realm of the company. The findings of this chapter indicate the necessity for future research endeavors that are more extensive and thorough in order to go deeper into the subject matter and examine the rate at which technology is advancing.
Literature
Internet of Things (IoTs)
The inception of the Internet of Things (IoT) was first documented in 1999, as noted by Marek and Woźniczka (2017). The technology in question has significantly contributed to the development of a communication framework that facilitates connectivity between diverse devices. This has resulted in the establishment of methods of communication that are not just between individuals but also amongst organizations and multiple systems (Abdel-Basset et al., 2019). Furthermore, it enables the acquisition of data from several devices and facilitates their storage. The Internet of Things (IoT) significantly contributes to enhancing operational efficiency as a result of its exceptional capacity to gather extensive amounts of data (Song & Li, 2020). The Internet is a significant innovation that is extensively utilized by individuals across diverse businesses (Nasereddin & Faqir, 2019). The primary aim of this initiative is to disseminate knowledge and enhance global communication across diverse disciplines (Nasereddin & Faqir, 2019). The phrase “Internet of Things” serves as a comprehensive term that includes all applications pertaining to the expansion of the Internet and the web into the realm of tangible entities. The extension is achieved by employing spatially distributed devices that possess embedded identification, sensing, and actuation capabilities (Miorandi et al., 2012). In more accessible terms, the Internet of Things (IoT) refers to a worldwide network of interconnected machines and gadgets that have the ability to communicate and interact with one another through web applications (Marek & Woźniczka, 2017). The network's interconnected items not only gather data from their surroundings but also utilize established internet protocols to offer services for information transmission, analysis, applications, and communication.
Internet of Things in Marketing
The focus of this chapter is to review literature on the different uses of the Internet of Things (IoT) within the field of marketing. Specifically, it examines how IoT can be utilized to customize content and establish a data-driven marketing framework. These applications enable marketers to create distinct experiences that bridge the gap between the digital and physical realms, foster stronger connections with consumers, and deliver highly contextual and personalized messages. This comprehensive reference book encompasses essential subjects, including corporate image, social networking sites, and website building. It is particularly well-suited for individuals involved in business ownership, management, marketing, research, academia, professional practice, teaching, and learning. The Internet of Things (IoT) not only retrieves publicly shared information from platforms such as social media but also gathers data pertaining to individuals' daily routines and activities. The range of IoT-enabled gadgets that will be employed by the average consumer encompasses various categories, including coffee makers, thermostats, home automation systems, and wearable devices such as smartwatches. These devices play a crucial role in the daily lives of consumers, encompassing activities from waking up in the morning to going to bed at night. The availability of lifestyle trend data empowers digital marketers to gain insights into the utilization patterns of specific products or services, including the timing, frequency, and motivations behind their usage. Experiential marketing has contributed to a more pragmatic and hands-on approach to the concept of experience, with a focus on creating meaningful and memorable experiences for consumers. This approach involves engaging consumers in direct interaction with the firm and its offerings from the standpoint of experience marketing, according to Batat (2019a). In the context of the increasing commoditization of goods and services, the significance of customer experiences has emerged as a pivotal factor for enterprises in maintaining a competitive edge. An experience is manifested when a corporation deliberately employs services as the platform and goods as the supporting elements and actively involves clients in a manner that generates a noteworthy occurrence. Commodities possess the quality of fungibility, goods exhibit tangibility, services demonstrate intangibility, and experiences elicit memorability. Furthermore, Moradi and Badrinarayanan (2021) demonstrate that marketing and communication actions play a significant role in shaping consuming experiences. These experiences are influenced by the strategies and programs undertaken by enterprises to develop captivating experiential products, hence captivating and delighting their customers. Within this context, it is evident that there exist four prominent marketing and communication methods that are specifically designed to foster the creation of immersive experiences. These strategies include consumer engagement, theming, narrative, and sensory marketing. Consumer engagement involves a substantial human element that pertains to the relationship between the consumer and the organization. The establishment and development of this connection can occur and progress throughout the entirety of the customer's experience, whether it is in a physical location or a digital environment.
The integration of the Internet of Things (IoT) and social media platforms has the potential to significantly enhance marketing channels and tools. Currently, organizations are utilizing social media platforms as a means to gather feedback pertaining to their products and services (Ray, 2018). According to Caro and Sadr (2019), the convergence of Internet of Things (IoT) technologies with social media platforms has the potential to create a digital environment that facilitates a more intimate relationship between a firm and its target audience. Furthermore, the potential for expanding the client base is heightened when personal data is shared (Vermesan & Friess, 2014). In general, it is anticipated that IoT technologies may assume a crucial role within the framework of integrated marketing communications (IMC) and bring about a fundamental restructuring of commercial communication systems.
The attainment of profitability in various businesses is contingent upon customer happiness, as it facilitates the reduction of operational expenses and the augmentation of profits (Choi, 2019). Customer satisfaction is the ultimate outcome of assessment protocols. The feedback of customer evaluation of the service supplied is ultimately determined by the psychological satisfaction derived from meeting consumer expectations (Faqir, 2019). According to Mostafa et al. (2019), when customers' initial expectations are fulfilled or surpassed, they are more likely to experience a sense of satisfaction. In order to maintain client satisfaction and happiness, a significant number of firms endeavor to comprehend the needs and desires of their customers (Nasereddin & Faqir, 2019). Marketers have the ability to utilize customer behavior data in order to enhance customer experiences and optimize the arrangement and presentation of products, particularly within a retail setting. The objective of achieving real-time engagement may be significant, but it is crucial to emphasize that real-time optimization, extending beyond the confines of message context, holds even greater significance, particularly in domains beyond the narrow scope of marketing. The attainment of customer satisfaction extends beyond the mere process of purchasing and resolving concerns. The establishment of trust in data utilization is crucial for harnessing the full potential of the Internet of Things (IoT) in marketing. The true efficacy of IoT in marketing rests in marketers' capacity to think innovatively and enhance customer experiences on a larger scale, irrespective of touch points or phases within the customer life cycle.
The Internet of Things (IoT) has emerged as a pivotal tool for augmenting various facets of marketing research. According to Pauget and Dammak (2019), the utilization of Internet of Things (IoT) technology can provide marketing managers with enhanced technical capabilities, enabling them to effectively strategize and execute comprehensive marketing research initiatives. To ensure the successful completion of this research, it is important to take into account a multitude of aspects (Ray, 2018). One example of the utilization of convenience as a strategic marketing tactic is its role as a prominent characteristic of customer experience and overall brand perception. By leveraging IoT platforms for marketing research, marketing managers are able to develop a positive rapport with consumers through effective approaches and communication strategies. According to Allhoff and Henschke (2018), the incorporation of Internet of Things (IoT) capabilities, including Machine-to-Machine (M2M) communication, automation, and big data, can effectively expedite the process of marketing managers in recognizing potential marketing prospects and accurately dividing the marketplace into distinct segments. The Internet of Things (IoT) has made significant advancements in the field of marketing automation. Traditionally, the process of manually gathering and collecting data requires substantial time and patience. However, the integration of IoT has revolutionized data management, making it a more efficient and streamlined task. Moreover, the data presented offers both the necessary and sufficient information required to effectively execute automated programs, hence minimizing the workload for marketers. In former generations, marketers were burdened with the arduous task of independently collecting, compiling, and constructing databases. However, they have now been relieved of these excessive duties. The contemporary landscape of marketing has seen significant transformations in comparison to previous decades. It may be argued that the emergence of the Internet of Things (IoT) has fundamentally altered the role and understanding of marketers, providing a novel interpretation of this professional designation (Tudor et al., 2021). Hence, the interaction between the consumer and the organization holds significant importance. The successful execution of a comprehensive and inclusive marketing strategy poses a significant obstacle for organizations seeking to both acquire and retain customers, all the while distinguishing themselves within a fiercely competitive market. The current difficult circumstances push organizations to transition their emphasis from a conventional marketing method to a more experienced marketing approach that prioritizes the client and their discernible and imperceptible requirements (Moradi et al., 2017). The utilization of the Internet of Things (IoT) in operational contexts yields customer-centric data that can effectively contribute to providing product assistance for consumers of smart devices. The organization has the capacity to offer both requested and unsolicited advice or recommendations to consumers regarding the optimal utilization of the refrigerator, with a focus on the energy economy. Furthermore, the company can offer assistance to customers regarding the optimal temperature for preserving stored products in the refrigerator for extended periods of time, leveraging the wealth of detailed information accessible via the Internet (Tariq et al., 2020). Furthermore, in the event that the contents kept within the refrigerator exceed its designated capacity, it might potentially impact the overall functionality of the appliance. In such cases, the company has the ability to provide guidance and notifications to the customer regarding this matter. In addition, users have the option to seek assistance from the company (Tariq et al., 2020) for guidance pertaining to the installation or functionality of any feature. The provision of product assistance, whether solicited or unsolicited, is expected to enhance the overall customer experience and increase customer satisfaction levels. According to Pauget and Dammak (2019), the Internet of Things (IoTs) has the potential to serve as a basis for customer-centric marketing. The utilization of Internet of Things (IoT) devices has been observed to mitigate the inconvenience associated with the advertisement process. This is due to the inherent flexibility offered by these technologies, allowing the target audience to conveniently access product or brand-related information according to their individual preferences and choices (Moradi & Badrinarayanan, 2021).
There is a growing trend among consumers to exhibit an increasing inclination toward embracing mobile and wearable applications during the purchasing process. The phenomenon described is of great interest to businesses, as it enables them to gather data on consumer behavior, including purchasing habits and demographic characteristics such as age, gender, and social position (Madakam et al., 2015). This will additionally assist firms in cultivating qualitative and quantitative databases that have the potential to enhance the processes of product development, supply chain management, advertising tactics, and marketing research. It is imperative for organizations to prioritize the potential of IoT platforms in order to actively pursue customer insights that are based on location. Market segmentation is a fundamental element of marketing research, encompassing several components such as market intelligence, industry trends, data analysis, SWOT analysis, and PEST analysis (Pauget & Dammak, 2019).
The utilization of the Internet of Things (IoT) allows marketers to provide personalized and contextually relevant messages to consumers. This is exemplified by the integration of digital billboards in physical environments, where smartphones or other digital devices facilitate interactive engagements. In the retail sector, marketers are progressively turning their attention toward the Internet of Things (IoT) within the purchasing environment.
The data accessible via these Internet of Things (IoT) goods encompasses a variety of information, such as customer profiles that include demographic and geographic details, consumer preferences, utility patterns, product usage timing, and frequency of use categorized as heavy or light. Therefore, the data may possess either organized or unstructured characteristics, and its extensive magnitude presents challenges in comprehending and interpreting it (Tariq et al., 2020). Furthermore, the data exhibits real-time characteristics and possesses inherent uncertainty in capturing past trends. Consequently, it is deemed unsuitable for immediate analysis and necessitates storage and subsequent examination after a designated period of time. Nevertheless, if the data is preserved and managed in an appropriate manner, there is a possibility that it can serve as a viable alternative to customer market research surveys, offering cost-effectiveness. Upon recognizing the significance of customer-driven data obtained from Internet of Things (IoT) devices, corporations might proceed to analyze said data in order to derive marketing consequences. Marketing encompasses a broader scope than solely the data-driven marketing context associated with the Internet of Things. The Internet of Things (IoT) empowers marketers to cultivate distinct encounters that connect the digital and physical realms. This is particularly evident when they venture beyond conventional tailored messages and explore innovative approaches. Currently, the majority of Internet of Things (IoT) initiatives primarily focus on enhancing efficiency and streamlining operations, with objectives that have limited direct impact on consumer satisfaction and engagement.
