The U.S. market for do-it-yourself yard and garden care is worth nearly $37 billion a year, and is growing at a steady pace. Led by millennials—soon to be the largest spending group in America—and a renewed interest in homegrown food, this burgeoning marketplace is ripe for IoT innovation. Modern green thumbs are more averse to using pesticides and other ‘non-natural’ garden aids than their predecessors, especially when it comes to growing their own food. And most casual gardeners, representing the bulk of consumers, often don’t have the time or energy needed to constantly maintain their investment. They either hire a gardener or tend to the garden when they can, risking loss. These market factors—green thinking and casual gardening—plus other industry drivers dovetail perfectly with what IoT can offer.
The American toy industry is worth more than $22 billion annually, and virtually every sub-segment is ripe for IoT innovation. The demand for smart toys is there, thanks to a combination of tech savvy households, Hollywood creations, youth consumer trends, and the prevalence of smart appliances and devices (Amazon Echo). The current generation of children is accustomed to—and expects—‘intelligent’ playthings. This shift in expectations has caused a steep decline in some traditional toys (such as model trains), and forced others (such as dolls) to adapt. The good news is this paradigm shift isn’t simply tech for tech’s sake—smart toys offer significant benefits beyond being, well, toys. And that can enhance your bottom line.
One of the most lucrative business models commonly is known as the razor and razor blades. In a nutshell, you can sell one-off razors but why not have repeat customers with the blades? You can see this applied today in everything from printers (ever wonder why printers are inexpensive or even free?) to vehicles (a dealer does not necessarily need to sell a lot of cars to remain profitable). Which brings us to IoT and your operations.