Hyper-Connected Commerce

6 Ways the Internet of Things Is Changing Business

If you operate a tech company, chances are you're completely enthralled by the Internet of Things. The idea of physical objects interacting and communicating with humans through the Internet is impressive to say the least. But even if you're not running a tech company, the Internet of Things might actually enhance your business in the coming years. Here's how.

1. Energy savings. If you're looking to improve your bottom line, smart devices offer excellent energy-saving opportunities to lower your electricity bill. For example, you can install a smart thermostat in your office that automatically adjusts to create the right heating and cooling temperatures and shuts off when it's not needed to conserve energy. You can also purchase smart appliances for your break room or even smart lighting options that allow you to adjust office lighting levels from your smartphone.
2. The global office. New technologies make it less and less necessary to work in a traditional office setting. With a number of devices to connect you to co-workers across the globe and capable of downloading data in milliseconds, the Internet of Things is creating a more connected workforce. Devices such as smart watches, ear buds and cars make it possible to work anywhere—though sometimes that means you're never off the job.
3. New advertising opportunities. As more and more things go digital a new wave of advertising and marketing opportunities will arise. Google, for example, just landed a patent for "pay-per-gaze" technologies that it could implement after Google Glass gains a large enough customer base. And business owners can expect to see much of the same as wearable tech becomes more popular. 
4. More customer engagement. Now that everyone has a smartphone, most businesses have turned to social media to engage and help build relationships with customers. But the Internet of Things promises to take that connection to the next level. Now that watches, Crockpots and glasses can connect to the Internet, business should expect to see higher levels of customer engagement and be prepared for more transparency.
5. Increased online shopping. It may be time to revamp your website with a great online shopping platform. In recent years, online shopping has become more popular. In fact, a study by UPS found that 70 percent of customers prefer to shop their favorite retailer online. As more devices become connected, business owners are likely to see an even greater rise in ecommerce.
6. Customized data. The Internet of Things won't just give consumers access to more information. Through greater connectivity, businesses should also be able to compile a lot of customer data, such as shopping or lifestyle habits. This means you might be able to offer customized deals or promotions to people you know are interested in your products or services.