The data in Parks Associates’ flagship Quantified Consumer study, Smart Home Buyer Journey tells the essential story of the impact of a tight economy on smart home industry KPIs, but it also shows how smart home players can provide consumers with more value through device bundling.
Bundles Deliver Better Value and Experiences
Households adopting smart home devices often buy multiple products to create a complete solution and/or to take advantage of the cost benefits of buying or installing multiple devices in a single instance. Bundles are a significant portion of consumer purchases, accounting for one-third of all sales. Most buyers (72%) report they purchased more than one device in the past year, with almost half of those opting for a bundle.
Surprisingly, 65% of bundle-buyers ended up acquiring devices they didn't initially plan to buy. The main motivation behind choosing bundles was the perception of good value, as the inclusion of additional devices made the bundle more attractive.
Whether it was the allure of discounted tech or the promise of multiple devices working together that causes shoppers to opt for bundles, buyers are glad they did. Although these devices were not initially intended for purchase, buyers become engaged and satisfied users once the devices are integrated into their homes. This aligns with the broader understanding that adopters realize the benefits of smart home devices once they have had a chance to use them. With reduced barriers in terms of cost and compatibility with other smart home devices, the ownership experience is favorable for bundle-buyers.
Bundles represent a larger shopping cart and additional revenue captured by the retailer, so the strategy clearly benefits the sellers and this new data confirms that the consumers benefit as well.
To see more data and analysis on this and other hot topics in the smart home space, you can get the full report here!
