The Internet of Things Is Coming Home

The use of Internet of Things (IoT) technology in home furnishings and retail will see explosive growth, with new categories of products that tackle problems at home and in stores.

According to the National Retail Federation, about 75 billion IoT devices will be used by 2025. The NRF predicts in 2018 that “retailers will continue to explore ways to use IoT in the coming year for everything from keeping better tabs on their inventory to managing losses from theft and connecting with shoppers.”

At the International Home + Housewares Show in March David Rabie, CEO of Tovala, spoke at a keynote session that examined how smart product technology is changing the way customers interact with products for the home.

“Companies are solving problems such as helping someone who couldn’t cook well or someone who didn’t like to cook make great meals,” he said. “Now is the right time.” Tovala sells a Wi-Fi-connected steam oven ($199) that’s paired with a mail-order meal service.

Google is widely licensing its Alexa smart assistant tech, which combines cloud-based artificial intelligence with voice control, allowing companies to roll out smart home products like intelligent bathroom mirrors and thermostats. Additionally, fans, lights, window shades, door locks, and many other home devices are increasingly capable of control through smart home devices like Alexa, Google Home and Apple HomeKit. Internet-connected augmented reality (AR) apps will let customers view products in their home before they buy.

“Homes and devices are becoming smarter and smarter,” reports the 2018 Industry Trend Guide from Storis. “These product lines will be more prevalent in the home furnishings and appliance market in the near future, as items like our refrigerators tell us what food we are out of and mattresses tell us how to sleep better.”

One area organizations will need to address is how to work with the massive amounts of data IoT devices collect, finding new ways to analyze the information and make business decisions.

“Beyond the physical product capabilities … the consumer data captured by these devices is intriguing,” according to the guide. “How that data will be shared back to retailers and manufacturers is untapped and something to follow over the next year.”

For the latest information on how technology will shape the future of home furnishings, attend our NEXT Conference in Austin, Texas on 22-26 Sept.  Click here for details.