the Economist Magazine has a fresh perspective on the value of the “Internet of things”

The Economist takes a different tact on describing the Internet of Things and the value-exchange between consumers and corporations. And, of course the view is from an economic perspective.

 

The old form of capitalism based on built-in obsolescence is giving way to a new one in which products get better after they are bought

 

The internet of things will bring makers closer to customers

“the biggest revolution will come in customer relations. Manufacturers are realising that the best way to sell their products is to forge personal relations with customers rather than to spend large sums on broad-brush marketing. So far, manufacturers have lost out to others in this new world. Retailers have made inroads through loyalty cards, which allow them to gather data on their customers in return for discounts or rewards. Amazon’s business model has been built around understanding shoppers’ interests and suggesting things they might want to buy. Google is exploiting its expertise in integrating user data into its products to move into new areas such as home maintenance (witness its Nest smart thermostats).”

 

 

Source: The Economist Magazine

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