Trillion dollar data
The so-called ‘internet of things’ is forecast to be worth $14trn by 2020. Mindi Chahal looks at how marketers can make the most of this revolutionary technology. Imagine if everything consumers buy had an internet chip that could communicate with the manufacturer as well as with other objects in the owner’s home. The manufacturer would be able to understand exactly how people use its products and collect information beyond simple sales data.Called the ‘internet of things’, the idea is becoming a reality and brands including Nike, Diageo and LG are looking at how they can use the technology to get to know people better. Adidas, for example, has created miCoach, a ‘cell’ that fits into a sports shoe and syncs with an app to measure the user’s sports performance. Adidas director of interactive Simon Drabble says the brand is doing this because it wants its relationships with consumers to go beyond the initial sale.“It is not a single transactional relationship. It is about forming a longer-term partnership with our consumers and helping them along their journey. We go beyond the provision of sporting goods to providing that service.”Adidas was one of the first companies to use this technology, launching the miCoach range in 2006. It includes wearable electronics, coaching aids and digital platforms to improve the user’s sporting performance, showing how fast, how far and how intense their activity is, and provides detailed insight into their sport and how to improve.People can also compare themselves with other players and, in what the brand claims is a first, they can compare their skills with players in this season’s UEFA Champions League.Drabble believes that this is a major growth area for the future. “Demand for such solutions is growing globally and in many different ways. New markets are forming and technology is…
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