Why It's Smart to Make Connected Appliances Smart
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Transcript of Why It's Smart to Make Connected Appliances Smart
IN THE ERA OF SMART HOMES AND INTERNET OF THINGS (IOT),connected appliances are not a new idea. In fact, the first announcement of an
"Internet refrigerator" dates as far back as 1999. Even today, many brands in this market havebeen having difficulty connecting with today's consumers.
SO THE QUESTION BRANDS MUST ANSWER IS:
How do you create added valuethrough smart appliances?
SMART
CONNECTED VS. SMARTAPPLIANCES APPLIANCES
Can alert the user to changes andinformation, but ultimately relies on the
decision-making of the owner
Utilize an internet connection
Remote access through devices
May include smart appliance functions
By learning about the users and their behavior,these appliances can react to certainsituations on their own
Enhanced features & functionality
Adapt to user habits
May be connected to the internet
APPLIANCES ARE
SMART WHEN...REFRIGERATORS
OVENS
Check for expiration dates Suggest recipes based on
what's available
Send shopping liststo grocery stores forauto-fulfillment
Sync with the fridgeon a recipe and
preheat in preparation
Cook the perfect mealusing image recognition Automatically schedule repairswhen issues are detected
MILKEGGSJUICE
DISHWASHERSAdjust the temperature based
on materials being washedShare information onhow much energy isbeing consumed
Stop operations whenissues are detected
CLOTHES WASHERS/DRYERSSet wash settings based on
the fabrics in the cycle
Recommend new detergentswith a coupon
Stop the drying processwhen clothes are dry
IOT IN THE HOMEPRESENTS HUGE OPPORTUNITIES
GENERATED
IN REVENUEIN 2014
$79.4B
WORTH
BY 2025
$200-350B OF U.S.
CONSUMERS HAVEAN INTEREST
65%
THE SMARTAPPLIANCE MARKET
IS EXPECTEDTO GROW ATA CAGR OF
BETWEEN 2015AND 2020
15.4%
ESTIMATED SHARE OF SMART APPLIANCES SHIPMENTS BY 2020
ASIA PACIFIC
68%AMERICAS
16%
EUROPE
12%
MIDDLE EAST& AFRICA
4%
CREATING VALUETHROUGH SMART APPLIANCES
WHAT BRANDSCAN DELIVER
Meaningful features & capabilitiesthat speak to consumer needs
An integratedecosystem ofappliances anddevices
Strategic partnershipson unique customer-focusedservices
Enhanced customerrelationships through
data and analytics
Centralizede-commerce
opportunities
Trustworthy products thatreliably deliver benefits
HOW CONSUMERS
CAN BENEFIT
Significant timesavings through
chore automation
Assistance indecision-makingthrough data and
analytics
Special offersand incentivesthrough usage
information
Immersive brandexperience that
solves needs
Trusted partnershipsand exposure to
new products andservices
THE GREATEST IMPACT TO CONSUMERS?
CHORE AUTOMATION.
1. Gather data on daily usage patterns
2. Determine household preferences
3. Begin scheduling own work routines
THE HOW
THE WHY
Reduced human workload17%
100
7-9%
Hours saved per yearin the typical household
Households in advancedeconomies that could adopt
smart appliances by 2025
SOURCES"AHAM's Industry Data & Research." AHAM. Association of Home Appliance Manufacturers,
<http://www.aham.org/>.
"2016 Global Mobile Consumer Survey: US Edition." Deloitte.<https://www2.deloitte.com/>.
"Smart Home Market." MarketsandMarkets.<http://www.marketsandmarkets.com/>.
"Mckinsey: IoT in the Home Worth $200 Billion to $350 Billion In 2025." SMAhome.<http://mysmahome.com/>.
"Smart Major Home Appliances Share by Region 2014-2020." Statista.<https://www.statista.com/statistics/424142/smart-appliances-market-segmentation-by-region/>
"Opportunities and Challenges in the Smart Appliances Market." Market Research. N.p., n.d. Web.<http://blog.marketresearch.com/opportunities-and-challenges-in-the-smart-appliances-market>.
"Smart Homes and the Internet of Things." Atlantic Council. <https://otalliance.org/>.
"Less than 5% of U.S. broadband households own a smart appliance." Parks Associates.<http://www.parksassociates.com/blog/article/pr-07202016>
TO GET CONSUMERS TO ADOPTSMART APPLIANCES...
BRANDS HAVESIGNIFICANT CHALLENGES
OPPORTUNITYIS KNOCKING...
BUT
CONSUMER AWARENESSMany still don't understand what smart
appliances are
PRICEIt doesn't make financial sense for
consumers – they don't see the value
SECURITY/PRIVACYRecorded daily data and worries of hacking
raise concerns
ECOSYSTEMThe lack of seamless app and device
integrations are a barrier
40%
<5%
18%
18-35
OF CUSTOMERS ARE WILLINGto share data in exchange for incentives
Of U.S. broadband householdsOWN A SMART APPLIANCE
OF CONSUMERS PLAN TO BUYa smart appliance in the next 12 months
AGE OF CONSUMERS MOST LIKELYto adopt smart appliances