According to Statista Research, revenue in the Smart Home market is projected to reach $25 billion in the US, with an annual growth rate (CAGR 2020-2024) of 16.9%, resulting in a projected market volume of near $50 billion in 2024.
With household penetration estimated by Statista at 18.5% in 2020, and expected to hit 52.4% by 2024, the Smart Products that power Smart Homes are also generating massive amounts of data that can be leveraged by the manufacturers and marketers of these products for monitoring, maintenance, software upgrades, connected field service and more.
An Israeli-US company, Copilot, this week announced it has launched a new CX Trend system that can detect potential drops in customer satisfaction ratings and reviews on two eCommerce platforms – Amazon and Walmart – two of the largest in the world. The company, which has developed and continues to enhance their automated customer experience platform designed for consumer electronics, said in their announcement it is the only company in the IoT space to measure interaction with customers at this granular and dynamic level.
Copilot enables companies to collect usage data from their smart products to study consumer behaviors and gain insights on what frustrates users and what retains them. With this data, companies can automatically engage with end-users through meaningful, contextual messages to reduce product returns, improve online ratings, and increase users’ lifetime value.
“Our mission is to help consumer brands shift the focus from transactional experience to ownership experience,” says Co-CEO Zvi Frank. “Consumer goods companies, which were traditionally focused on the point of sale are now looking into building a post-sale relationship with their customers. IoT products contain valuable usage information and communication channels (Mobile App, Email, Voice) which open up endless opportunities for building a personalized experience for their customers.”
The company also highlighted the surge of interest in online commerce, brought on by COVID-19, and indicated that the value of “early warnings” and the ability to react has grown as a result.
“With COVID-19 negatively impacting the sales of CE products and appliances, with a reported 1/4 of US consumers planning to spend less in this industry, Copilot’s newest program is a way to mitigate these challenges,” the company said. “The new rollout includes free analysis for any technology company looking to gain a deeper understanding of their product usage and customer satisfaction, ultimately creating much better customer service by this data.
"Brands which are quick to embrace IoT data to communicate with their customers will lead the next generation of Consumer Products" Says Tsiki Naftaly, co-CEO
Juhi Fadia is an engineer, analyst, researcher and writer covering advanced and emerging technologies.Edited by
Maurice Nagle
