The Internet of Things (IoT) is the new buzzword for connecting devices to the Internet in order to increase their functionality and user-friendliness. It’s estimated that by 2020, there will be 50 billion Internet-connected devices. “Smart home technology is catching on because it is literally changing the way we live in our homes,” said Sean Blankenship, chief marketing officer for Coldwell Banker. Coldwell Banker recently surveyed homeowners with smart products to find out exactly how:
- 45 percent said smart products save them money ($1,100 a year on average)
- 57 percent said smart products save them time (30 minutes a day on average)
- 87 percent said smart products make their lives easier
We know, based on Coldwell Banker’s findings, that there are millions of satisfied smart product users in the marketplace. We also know there’s a wealth of smart products – what began with smartphones and smart TVs has quickly spread to smart ovens, smart refrigerators and smart HVAC systems. Why then is overall interest in smart products down 15 percent? As John Feland, CEO and founder of Argus Insights, suggests: We’re running out of early adopters.
Tech-savvy homeowners have already jumped on the smart products bandwagon. Other consumers – like first-time home buyers and baby boomers – still don’t understand the technology or think the product is right for them. These homeowners will want smart products when they understand that they are more than a shiny new toy; that the latest and greatest also comes with significant mental, physical and financial benefits. As Feland says, “Novelty drives the first surge; utility drives the second.”