Universal Scientific Industrial

For more than decades now IoT technologies have been looking for
an opportunity to capitalize on the dynamics of smart technology that is
smart homes, smart cities, and smart manufacturing, etc. 

• Opportunities related to interaction -the pain of development may cause obstacles to any new technology, and smart companies see it as an opportunity. When interconnection exists, these growing problems in stand-alone appliances can indeed become opportunities. Develop products that contribute to modern smart home and IoT solutions and improve the interconnectivity and operability that can connect multiple devices through advanced design, such as iris, voice, or facial recognition. Personalization is the undisputed kingly way among several other factors, one thing that remains the same in the future of smart home technology is that companies must be fully prepared to create unique customized user experiences through social media and content. By using the data collected by the product, companies can create more opportunities for themselves based on past buying habits and product usage to produce personalized messages and provide user-specific service and product information.
• Offer Safety and Savings – As per Simmons Research, consumers' most sought-after smart home appliances provide greater home security and enhanced energy efficiency. For example, consumers today want secure systems that offer inter-connected motion detectors which can be monitored remotely along with automated door locks, surveillance cameras, and other security system elements that create a safer and secure home. A price tag can't be put on the consumer's peace of mind.
• Programmed Commerce Generates Passive Income – Though smart home technology along with IoT is in its initial years, one thing is clear that consumers trust these technologies enough to delegate repeated and routine purchases to their smart home tech.  The impressive thing is smart home appliances can complete the entire transaction when a dishwasher requires soaps and a coffeemaker require more beans. It becomes easier and convenient without human interference by simply accessing the information of the account. However, this will need some time to be adopted due to the discomfort related to security concerns.
• Freemium Business Model – Along with the subscription business model, highly industry penetrative companies are changing their product management approach. For example, the home monitoring base station to take care of the safety and security of the home could be free. However, services such as smoke detection, burglar detection, carbon monoxide detection can be added as add-on.
• Sell Continued Value and Experience – Rather than owning a device till it breaks down or becomes obsolete, consumers can now sign a monthly/weekly/ yearly service agreement that provides them with product use, and upgrades as smart technology and IoT keeps growing. With the connectivity technology available, consumers are now expecting services that not only make their family life more safe and secure but also comfortable, and businesses can do this all while a predictable monthly revenue for the business.