How Entrepreneurs Can leverage The IoT Boom

How Entrepreneurs Can leverage The IoT Boom

This is a guest post by Vaishnavi Agrawal, who loves pursuing excellence through writing and has a passion for technology. She has successfully managed and run personal technology magazines and websites. She currently writes for intellipaat.com, a global training company that provides e-learning and professional certification training.

Gartner estimates that by 2020 there will be about 250 million connected cars in the world. Do you know the amount of money that will be invested in IoT technologies in this time frame 2016-2021? $6 billion.

Now just make a guess how much will that money generate revenue in 2025. You wouldn’t believe it when I say the amount is $13 trillion give or take.

Now no need to take the calculator in your hand as the return on investment is around 200 times on the capital invested. I need not say more about the huge market which the IoT will command in the future.

If you want to familiarize with this growing technology then Intellipaat provides IoT training which you might want to check out. On the other hand let’s see what things entrepreneurs should keep in mind in developing IoT solutions.

The solutions should support multiple devices.

Any solution that is incepted has to be compatible across multiple devices. Since people will typically have more than one device they will only accept that IoT technology that works well over rest of their devices.

Entrepreneurs should take this seriously and make future IoT devices compatible with each other.

Smooth user experience.

Metaphorically devices need to speak to each other in the IoT arena and for this to happen the connection between the devices should be strong.

Connecting to a new device should be as easy as tapping into the Smartphone like interface. These integrations should be as easy and smooth as possible. You may relate well to this if you are an avid smartphone user.

Do you connect to the wifi every time by detecting the network? If the authentication details are provided beforehand then the smartphone will automatically be connected to the wifi.

That’s how seamless the connectivity between the devices should be for the IoT technology to prosper which the entrepreneurs should bear deep in mind.

Systems that are user friendly.

No matter how complex the IoT systems may be working in the background, there should only be one user-friendly control center which can easily be worked around with.

Security should be paramount in designing such a system which both the upcoming and existing IoT firms and entrepreneurs should seriously consider. Because even a whiff of security lapse will scare all the customers.

Just like how stock prices fall, customer confidence in the IoT product will be eroded if security requirements are taken lightly.

In a report that released in October 2016 by the National Cyber Security Alliance and ESET, about half of the 15,000 consumers reported that cyber security concerns was the reason why they didn’t purchase an IoT device although the rest of them purchased the devices nevertheless.

Tech visionaries say that a system that complex is not viable to be used in general public. But similar concerns were raised when Internet was booming and its growth shut all the naysayers.

Can we imagine a world without Internet now? Is that even possible? Well that’s how IoT is poised to be relevant in the future.

IoT is disruptive in that it has the potential to connect seemingly innumerable devices. Cities all over the world need a huge change in their connectivity as their systems are very outdated. Entrepreneurs will have to ensure that IoT will transform the urban living for the general masses.

Retaining investor confidence.

No matter how great the opportunity is, it requires a strong conviction to bring an idea into a working organization and to make that organization a success there should be tremendous willpower.

Why I say this is because a field like IoT that has such an opportunity will have many startups vying for the market share and investors investing in such companies.

Entrepreneurs should be driven, inspired and well-informed about their game. So that venture capitalists, angel investors who have invested into the former’s company don’t lose hope on the company.

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Becoming an Online Merchant: 4 Tips to Find the Perfect Product to Sell

Becoming an Online Merchant: 4 Tips to Find the Perfect Product to Sell

E-commerce is a booming industry and will only continue to grow in the coming years. That’s why it’s not so surprising that there are plenty of people who want even just a small slice of the proverbial pie.

But whether or not you are looking to establish a full-blown online store or would simply want to supplement your income by buying and selling items on the side, you have to pick a product to sell that would, well, sell.

With the right marketing strategy, one can argue that anything and everything can be sold online. However, the real challenge is finding a product that is conducive to success. How do you find that product? Here are a few pointers.

Finding The Ideal Product to Sell

1. Target Hobbyists and Collectors

You’ll be surprised by just how much money hobbyists and collectors are willing to spend to fuel their passions.

If you have a knack for finding rare items, you’ll be a big hit with collectors. Whether they’re interested in action figures and toys, lapel pins, first edition books, stickers, sports cards, or even antique dinnerware. Just make sure that everything is legitimate.

Meanwhile, there is no shortage of hobbies on which people willingly invest their time and money.

Some of the more popular ones include biking, fishing, knitting and crocheting, calligraphy, model building (including radio-controlled vehicles), and handicrafts. Look for a leisure pursuit where you can act as the product-based solution and you’ll easily enamor yourself to these customers.

2. Something Hard to Find or Can’t be Bought Locally

There are some things that can be easily found in a local grocery store or a specialty shop — say gardening or baking supplies. But what about specialty foods, magician’s accessories, eco-friendly products, and fandom items?

Most likely, people will go online to find these. You can enlist the help of Google Trends and Google Keyword Tool to get a glimpse of what kinds of products people are searching for online and use the results as a guide to pick a niche product to sell.

You can also try to sell products that can’t be bought or difficult to procure locally, like Japanese Kitkats, the “three-story” alfajor Oreos, or Asian beauty products. The latter, in particular, is a good place to start since a lot of products are only available in select countries or regions but are available through wholesale Asian cosmetics websites. Do the hard work of sourcing these products (and offer them at reasonable prices) and see just how much your customers will love you.

3. Star with The Accessories Before The Big-Ticket Items

When people buy big-ticket items such as 4K TVs, high-end smartphones, and gaming laptops, they buy them only once. Their next purchase of these kinds of products will probably be in the next two to three years.

These are big investments, after all, and people are much more reluctant to spend huge amounts so often. However, accessories are much more common purchases and people are relatively more agreeable to spending more often on these items. Especially when they’re meant to increase the performance or ensure the longer life of the bigger product.

Think about HDMI cables and switchers for TVs, charging cables and power banks as well as cases and protectors for smartphones, and gaming accessories like a mouse, a keyboard, and a good pair of headphones.

If you already sell the big-ticket items, then it’s a wise decision to add the accessories to your online catalog. If you’ve yet to choose what to sell on your online shop and/or you have a limited capital, you should consider selling these kinds of accessories first.

4. Consumables Mean Customers That Keep Coming Back

Consumables mean that you will have a steady customer base and a rather reliable revenue stream. What’s more, when people need to order products from you regularly, it’s much easier to build a loyal customer base.

Think about specialty cooking ingredients (Himalayan pink salt, anyone?), supplies for arts and crafts, and even cosmetics. Just make sure you’re able to deliver each and every time, since you don’t know when your customers will run out of their stock or order in bulk in advance.

Of course, choosing which product to sell is just one part of a thriving online business, since you should also take into consideration the demand, potential competition, and reliable suppliers, among others. However, it’s also undeniable that finding a saleable item is a huge contributor to your business success. Good luck on your journey as an online entrepreneur!

If you're into ecommerce, you might be wondering what product to sell on your online store. Here are 4 great ideas that are sure to make you money and bring you loyal customers: #ecommerce #onlinestore #makemoneyonline #sidehustle