Question

Business has moved very quickly from bricks and mortar to clicks and bricks. What is the next innovation for this environment? Can the Internet of things (IOT) bring about a massive change, or will this idea be a stepping stone to something bigger and better?

Answer 1

The business has moved from bricks and mortar shops to online mode where in consumer prefers to sit at home and order products of their interest. The next level of innovation will be automatic ordering of items required and supply to people. Example: There are household items which get consumed every day. The inventory level will be tracked and as soon as items reach less than norm, the auto ordering will happen to nearby store for delivery. Similarly, the use of big data will help to track the consumer liking and disliking which will help in ease of shopping.

I feel Internet of things (IOT) can bring about a massive change. There has been lot of evolution and in past 20 years, the technology has evolved to a great extent predominantly due to IOT. There are lot of opportunities around and we will see the changes every day. Example: Amazon Echo is launched which can work on voice instruction and is connected to world through internet. Thus, it has changed the consumer experience.

Similarly, many new things are getting introduced for consumer delight every now and then.