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The Connected Consumer

Posted by: pjeanty

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A Leading company executive said that we are going to witness more change in the next 10 years than what we have witnessed in the last 50 years. 

The primary change is the connected consumer, be it through a smartphone or through a wireless broadband or a Bluetooth device in a telematics device in a car.  The term has been used often but very few yet realize the real change that the Connected Consumer can bring to existing business models of various industries, from banking to healthcare.

Governments across the globe are investing in Intelligent Transportation Systems which will derive more data to pass onto consumers. 

The connected consumer on the social network is making traditional survey a passing reality.  It is much easier to do surveys on social networks today than normal door to door survey. 

So the way of doing business definitely has changed and all technology is focused into leveraging this connectivity to transition to a NEW ORDER and adoptable new Business Models. 

Technology innovations in the coming years will be more focused on how to leverage the connectivity of the consumer.  With 4G guaranteeing speeds of 20 MB, the internet of all things becomes a reality. 

It is just not the wireless monitors worn on the body, it is embedded telematics in the car in systems like Ford Sync, which provide voice controlled options to send messages, make calls and several other voice operated commands, powered by Nuance Communications. 

Services like Onstar, Toyota Entune, Ford Sync are revolutionizing the industry by making the mobile consumer more connected with the environment.  Location based services are offering you location based deals and services. 

This brings into picture a whole class of applications that can be leveraged.  No wonder most of these companies are projecting 10-20 times exponential growth in their revenues.

It is just not the mobile consumer, but the normal consumer has many more choices and options to handle business than earlier.  Speed and connectivity are blurring the lines for many industries already.

 Companies ranging from Google to Microsoft are entering the automotive applications areas whereas carriers are not behind. They apart from carrying the entire connected traffic are offering their own services to leverage telematics growth. 

Smartphones today have a 35% penetration rate in USA but will slowly move to 100%. 

In BRIC countries, penetration rates have risen from single digits to double digits in just under a year and are speedily moving up.  CAGR for penetration is very high in these countries. 

Anyone who fails to understand this change will likely be left behind.