There is no doubt that technology has changed the way we communicate and the way we shop, but smart technologies are starting to become a major part of the way we live as more and more household products become connected with smart technologies. In the same way that smartphones have had an impact on how we stay connected, soon our furniture and appliances will be connected as well.
Nearly three quarters of American adults own a smartphone, and over two thirds of US households have high speed internet connections according to Pew Research Center. The iPhone alone has more than 75 million users in the US.
While the number of smartphone users and internet users may not come as too much of a surprise, you might be surprised by just how many of the products we find in our home are now connected to our smartphones. The most popular item in the house connected to the smartphone is the TV. Whether you are using the smartphone as a remote to change the channel, to record a show at home when you are at work, or to stream video off the internet, TVs offer far and away the most smart features of any product in the home. 65% of households with TVs have at least one TV that is connected to the internet.
After TVs, home security systems come next in connectivity, allowing you to monitor your home from your office, a ballgame, or even when your on vacation thousands of miles away. Next comes audio systems which may use bluetooth technology to play music from your phone or stream music from Pandora or other popular apps.
The other most popular connected products are garage doors, indoor lights, thermostats, locks on doors, outside lights, detectors (such as smoke or carbon monoxide), and kitchen appliances.
The reasoning behind owning connected devices varies. When it comes to TV and audio, certainly convenience plays a major factor in why consumers would want a connected product. For home security and smoke detectors it less about convenience and more about safety. In the case of a connected thermostat the goal might be cost savings. But of course the most important thing to look at regardless of what product you are considering connecting is that it's just fun!
According to HGTV, almost half of all consumers find it extremely important to have products in their home that utilize smart technologies, and over half of all homeowners would consider making their home a smart home in order to increase its value and make it more appealing to potential buyers. It should also come as no surprise that Millennials are 10 times more likely to make a smart home improvement than any other generation.
Despite the popularity of being connected, the furniture industry has lagged behind in integrating smart technologies into their products. However, by offering smart technologies furniture companies have a lot to gain. Over half of consumers under the age of 50, and nearly 3 in 10 consumers over the age of 50, would be interested in a couch that offers a smartphone docking station so that they can charge their phones while watching TV. Over a third of consumers regardless of age would appreciate a couch that has integrated reading lights. For those under the age of 50, one third would like a couch with integrated speakers, and a little more than a quarter would like bluetooth connectivity so that they can control motion features from their smartphone or tablet.
There is no doubt that technology is changing how we live our lives. While many companies have been focusing a lot on eCommerce and social media, it is also important that they look beyond marketing and expand technology into the products themselves.
Whether you are looking to integrate smart technologies into your current products, or you are a new start-up that just invented pants with a smartphone controlled fly, it is important that you have the funds to not only develop your product, but to keep up with increased sales volume. While many companies look for SBA loans or investors, with accounts receivable factoring you can get the cash flow you need without taking on any new debt or giving up any portion of your company. Call DSA Factors today at 773-248-9000 and find out just how easy it can be to get the funds you need to grow your business.