Consumer industries are facing once in a lifetime changes in the way they engage and interact with their customers and consumers.
Whether consumer products, retail, or wholesale, there are two broadly unifying trends. First, consumers have both heightened influence and increased expectations. Second, several largely untapped digital technologies have the potential to enable new capabilities to better satisfy customer needs. For the key consumer industries of agribusiness, consumer products, life sciences, retail, and wholesale, the Internet of Things (IoT) will enable many new opportunities. These industries have a shared goal and challenge: to be able to create and offer engaging end-consumer and/or customer experiences at scale. Part of the way that companies will achieve this goal and respond to this challenge is by developing digital transformation (DX) strategies. Such strategies enable new and potentially disruptive capabilities with a broad range of technologies. IoT — defined as a network of networks of uniquely identifiable endpoints (or "things") that communicate without human interaction using IP connectivity — is a foundational technology for DX. This IDC white paper examines current and future potential for IoT in the consumer industry. In addition, this white paper examines a set of IoT scenarios that are either available today or possible in the future.
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