Fully understand the current state of the smart home market with this chart...
| | | New Chart and Data: Internet of Things |
| Why Facebook should take a page from Amazon's playbook in the smart home… Companies across the tech space, including giants like Facebook and Amazon, are trying to convince consumers to purchase smart speakers and smart home connected devices. New survey data from Consumers International and the Internet Society offers insight into how consumers around the world are approaching the decision to buy such devices.
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| Suitability and affordability are the most important factors, selected by 86% and 84% of consumers, respectively. Companies can satisfy these factors by designing useful devices — bearing in mind consumer preferences or even trying to anticipate them — and pricing their products at a palatable level, which in turn ties into the next most important factor, brand trust (80%). Amazon provides a model on how to implement these factors: When it launched its Alexa devices, it met an unexpressed demand for smart speakers, something that consumers didn't know they wanted until Alexa hit the market. The e-commerce giant also priced the devices low enough to sell well. Amazon is likely selling Alexa devices at a loss, however, which is an untenable strategy for companies that aren't equipped to use connected devices as a loss leader. Visible information on privacy bona fides is relatively less important in consumers' decisions. Sixty-seven percent of respondents cited security labels as a factor they would consider when making a purchase decision. While a significant portion, it puts it toward the bottom of the list of important factors. A UK legislator recently proposed creating such a labeling system to verify which security standards internet-connected devices meet. These proposed rules likely won't drive up sales, though they could effect positive change by forcing designers to build security protocols into their devices that will make them safer in the long run.
Facebook's Portal video-calling device can illustrate the survey's principles in action — and explain...
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