The Smart Product Industry leverages ‘Internet of Things’ to bring automated products that are energy, cost and time saving, enabling users to have improved standards of safety and comfort and high-quality life experiences in both the home and workplace. The industry is seeing tremendous growth that should continue over the next several years.
The aim of the study was to understand more in depth about the Smart Product Industry, and opportunities in the industry. The study also aimed to find out the willingness of potential clients to use an online VR platform to market their products, as well as the market potential, preferences and pricing model for this service.
The study was conducted using secondary research and 20 in-depth telephone interviews. The respondents were marketing decision makers at companies involved in the manufacture, distribution or retail of consumer or commercial intelligent devices/ robots.
Most respondents thought that the concept was interesting and generally a good idea. Respondents found the platform innovative and unique in the context of a product aggregator, although many of the respondents wanted more information before they could give a definitive commitment, although they showed at least some interest in marketing on the platform. One major concern was the uncertainty of the cost – fees for the platform to host their products; and production and maintenance costs for producing and uploading content on the site. Other areas for concern include ‘user experience’ and ‘product mix being featured on the site’.
Based on the findings from this study, our client made a few key changes to their marketing strategy.
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