Smart products are the future; back in 2013 the market was worth $33 billion, by 2018, research predicts that this will more than double in size and the smart product industry will be worth a whopping $71 billion! If you want to be at the forefront of this revolution then here are 7 things you need to know about smart product manufacturing.
1. Smart products give you smart feedback
Any successful company knows the value of customer feedback. The traditional method to obtain the golden data is slow in comparison with the speed and efficiency of feedback through smart products. Manufacturers are able to monitor exactly how their products are used in real time through the sensors and mechanisms connected to the internet within the product. Manufacturers suddenly have incredible access to a constant stream of up to date insights.
2. Get smart about product development
The old model of capitalism saw manufactures creating their products with built-in obsolescence to ensure that the cycle of consumerism continued. Smart tech is revolutionising this concept. Products are actually able to improve not decline.
Take Tesla for example, they discovered quickly that some of their cars were under performing and struggling with uphill starts. They didn’t have to recall the cars or out their customers at any inconvenience, instead the released a software update through the internet.
Instead of products becoming old and out-dated, smart tech now allows manufactures to actually upgrade them. The product can become better over time instead of degrading.
3. Your product is not immune to the smart revolution
The way things are going, smart tech knows no limitations. As the price of fitting microchips and sensors decreases it is becoming more common in products you wouldn’t have even imagined a few years ago. Everything is fair game; from designer handbags veriying their own authenticity to washing powder and fizzy drinks tracking how and when they are being used.
We are creating an ‘internet of things,’ our products can connect with us and each other to create a better user experience. By 2015 we are expected to have 1 trillion devises connected to the cloud so don’t assume that your business isn’t suitable. Soon if you are offline you will be past your sell by date.
4. Create a From birth to disposal – be smart
With smart technology, manufactures have the opportunity to really follow the lifetime of their products and track their use throughout. Your product can actually communicate with the consumer, telling them the best way to use, look after and even dispose at the end of its life span. This ensures they get the most after their product and encourages customer loyalty and satisfaction.
5. Tailored smart products
Companies like Amazon have been able to dominate the market because of its diligent customer tracking. They monitor what people view and buy and then create a profile on the individual that allows them to share exactly what the customer is likely to want.
Adding smart tech to the actual products becomes a cheaper and more efficient way to survey your consumer and get real time results. This knowledge cannot only be used to improve products and tailor future products but also to inform a marketing campaign so that you are targeting the right consumers with the right products at the right time.
6. A new age in smart competition
Integrating smart tech does not cost the earth which means that smaller manufacturers can compete with big retailers like never before. What matters more than the size of the company is the innovation of the idea.
There are now tennis racquets that have sensors in them so they can send data to your phone giving you advice on how to improve your game – the racquet has effectively become the coach! Lights are being manufactured as security devises, activating alarms when sensing fire or intruders. Agricultural equipment can now feedback data about the soil and the weather to help the farmer make the best educated choices with their crops.
All of these incredible consumer focused ideas are not dependent on financial backing so the competition landscape of the future is set to change and the domination of big business could be potentially over, if not completely at least somewhat diluted.
7. Knowledge is power
Tech revolutions occur when the consumer’s see their lives genuinely enriched. To ensure that you stay ahead of this current culture shift then there is one thing you absolutely must invest in; the right brains for the job!
Having smart tech and manufacturing experts in your corner enables you to make the cutting edge adaptations to your products that will make them not just smart but progressive.
Here at Nexus we love helping entrepreneurs with grand ideas see their dreams come true and support them to reach their goals. We provide product design and smart solutions for start-ups through the design and build process, helping you get it to the consumer. We also offer continuous support afterwards to maximise your investment. For more information of how we can help you, fill out our contact form on our website.