IOT in Marketing: Current Applications and Future Opportunities

Abstract

In the past decade, Internet of Things (IoT) has significantly transformed the world we live in. Moreover, as more organizations and people augment their life with such interconnected digital devices, the way we communicate, transact and behave is bound to change considerably. In this chapter we discuss how IoT is being leveraged by organizations, which is expected to make formidable changes in marketing and allied activities. Further, the chapter focuses on how AI and IoT can together enhance their individual capabilities and synergize the potential benefits. The chapter presents various ways and instances in which organizations are using IoT systems and the developments underway. We share various examples of how companies are developing new products and solutions driven by IoT. The chapter also describe some of the pitfalls which may have hindered the growth of IoT adoption. Finally, we present a case-let discussing how a self-drive car rental company used IoT to enhance its services and reaped benefits for itself and its customers.