Promise of the wise home

For decades, the Promise of the wise home has tantalized businesses seeking to capitalize on the dynamics of connected technologies in the house, calling and managing the needs of the occupant entirely without human interaction. Yes, the wise home is here to a certain extent, but experts forecast the truly interconnected smart home, where apparatus and appliances can talk to each other may still be a decade away. There are important issues like data security and interoperability between devices to tackle. The challenge until then for producers and service providers is the way to maximize the revenue potential from standalone, pointed appliances and apparatus employing smart home technologies that offer added-value to homeowners. Smart companies today understand that traditional versions of one-time sell through of goods, or standalone products which may not be monitored intelligently, provide minimum chance to create a connection with consumers and establish brand loyalty. They also realize that in today's market, their products can function as revenue generators with the data they gather based upon a homeowner's energy use, security connectivity and/or home entertainment tastes. One thing that will stay constant in the future of smart house technologies is that companies must be ready to create a special user experience through engaging content and social media. Using data accumulated by a product, more opportunities exist for businesses to craft messaging, plus deliver product and service information that's unique to the user's preferences, past purchasing habits and product utilization. Companies can provide access to social network-powered communities which generate positive experience feedback and share helpful tips and product recommendations. Even though smart house technology is in its infancy, one thing is now clear: consumers are more than happy to assign routine and repeated purchases of merchandise accessories for their machines. People today lead busy lives and allowing a dishwasher purchase more soap or a coffee maker order more legumes saves time.

Appliance can even complete the transaction without any human input by simply accessing account information. Although these types of behaviors will need some time to be fully adopted due to security concerns or pure discomfort, they can significantly increase the long list of conveniences provided by the smart home.
Products are being commoditized daily. Over the last decade, the-as-a-Service" version or subscription model has changed the way people buy everything from the music they listen to, the films and sporting events they watch at home as well as the apps they use on mobile devices.

It now seems consumers are willing to apply that same model when it comes to making smart home purchases. Rather than simply making a purchase and owning a device until it becomes obsolete or breaks down, they can elect to sign a monthly service agreement that provides for product use and updates as smart technology continues to evolve.

This business model provides Consumers with the connectivity and technologies they are growing to expect and provides services to make family life more secure and comfortable, while creating a predictable, monthly revenue stream for businesses.

In addition to the subscription Business model, highly disruptive organizations are altering their product management strategy, and finely parsing solutions like the base offering might be free, and a cross-sell/up-sell movement with new offers each month is continuously delivered to the user.

Product managers should shift from Long, drawn out BIG products with lots of features, to a milder “foundation" offering, parsing out attributes into “options" that may be up-sold later.

According to Research, the most sought-after smart appliances by consumers provide increased Energy efficiency and greater home security. Today's consumers want thermostats which not only regulate temperature in the house, but could also make energy purchases on their own when prices are lowest. They want security systems that can be monitored remotely and extend connected motion detectors, surveillance cameras, automatic door locks and other safety system components that produce a safer home. With any new technology, the growing pains of development can pose obstacles, which informed business people realize are opportunities. This is especially true around interconnectivity. Developing products that can drive technology to nearer interoperability between appliances, through improvements in hub devices or those that further the development of smart house homeowner recognition (voice, iris or face) can help businesses stand apart from their competitors.

Another issue that will probably Offer unique opportunities is transaction integration where businesses can create innovative payment experiences, particularly when purchases are initiated by multiple smart appliances and all of them can be managed in one location.

Although there are a variety of Emerging devices and companies that are using parts of these elements in their business models, it is not tough to envision a not-so-distant future.

Think about a subscription coffee service for example. By seizing on the possibilities generated through the integration of smart home technologies and improving on the current revenue model for a coffee machine, the future could bring us coffee machines that communicate with the user. From routine maintenance tips to updates about automatic ordering, your coffee machine could evolve to know your preferences in caffeine levels, how hot you like your drinks and even the exact time of day or year you prefer certain flavors.

These advancements are not limited to important brands in CPG and others are exploring opportunities to develop more meaningful relationships with their consumers by joining smart packaging solutions to smart home devices.

For example, what if your detergent's Packaging could speak into the washing machine? They can communicate about what sorts of materials are in a load, identify the right pour or amount of detergent and similar to the coffee machine, auto-replenish by ordering your go-to detergent when supplies are low. Well, then chances are endless.

Regardless, it’s important to note that while there can be vast opportunity in the wise home market, the user experience should always be at the center of it. While solutions like those we discussed may be crucial to “locking in" customer loyalty, we must also recognize that it can't exist without stellar customer experiences.

Big data and traditional blockchains like Bitcoin and Ethereum cannot accommodate this, but new protocols that are being examined this season such as Dxchain will have the ability to get this underway.
A radical transformation is occurring in the way that businesses are integrating smart technology into home Products that cater to the demands of their customers. With the growing Approval of smart appliances by consumers arrive heightened expectations for convenience and functionality.

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