27% of smart home owners value family/friends recommendations as key factor influencing purchase
New Parks Associates research finds recommendations from friends and family and online reviews are the top factors influencing consumer purchase of smart home devices. The research firm will explore channel strategies and innovations that leverage the smart home purchase process during the pre-conference workshop “Expanding the Smart Home Market” on May 21, ahead of its 23rd-annual CONNECTIONS™ Conference, May 21-23, San Francisco, California.
“Among smart home buyers, recommendations outweighed less expensive brands as an important brand feature,” said Dina Abdelrazik, Senior Analyst, Parks Associates. “Our research shows consumers value information they can trust, either from friends and family or online reviews. By comparison, only 16% of smart home buyers felt recommendations by a sales associate influenced their purchase decision.”
Industry leaders will participate in two special sessions in the workshop addressing channel strategies and future tech including the impact of voice control, data analytics, machine learning, sound recognition, and artificial intelligence, 5G/NB IoT.
“Channel Strategies for Smart Home Products,” Tuesday, May 21 at 9:15 a.m., features presentations from industry executives from key distribution channels for smart home products. Speakers address the key challenges around smart home product adoption, as well as new innovative business models and partnerships spurring new opportunities.
“Industry Roundtable: Future Tech Driving New Innovations,” Tuesday, May 21 at 1:15 p.m., addresses the impact of voice control, data analytics, machine learning, sound recognition, artificial intelligence, 5G/NB IoT, and other technologies on the future growth of the smart home.
“Retail has expanded to be the leading channel in all smart home product categories, overtaking service channels such as security, custom installers, and HVAC contractors,” Abdelrazik said. “However, the whole market for smart home solutions is expanding, so there are many areas of opportunity for all sales channels, including relatively new entrants such as builders and insurance companies. The key area of success in smart home strategies going forward is to offer solutions that will work easily and seamlessly with the varied mix of products already in the home.”
Speakers for both sessions include:
- Thar Casey, CEO, Amber Solutions, Inc.
- Jim Hunter, CTO, Delos
- Mitchell Klein, Executive Director, Z-Wave Alliance
- Joe Liu, CEO, Miotta
- Vaidhi Nathan, SVP Camera, AI / Analytics, IntelliVision Technologies Corp., a subsidiary of Nortek Security & Control
- Dave Palmer, Chief Operating Office, Everise
- Roel Peeters, CEO, Roost
CONNECTIONS™ sponsors include F-Secure, Alarm.com, Rapid Response Monitoring, Verisk, Amber, AmTrust Specialty Risk, Arlo, Audio Analytic, Ayla Networks, Bitdefender, Cirrent, Firedome, Johnson Controls, Lutron, Mnubo, Oaks Labs, PassiveBolt, Redpine Signals, Schlage, Support.com, Trusource Labs, ULE Alliance, Universal Electronics, Wi-Charge, Zigbee Alliance, Control4, Flo Technologies, Owlcam, Zen Ecosystems, HP, SAM Seamless Network, HelloTech, Inspire, and Alula. Connected Car Corner, by InstallerNet, features companies with specific solutions and technology for the connected car.
To request data or an interview, contact Sherrelle Lewis, sherrelle.lewis@parksassociates.com, 972-996-0214.
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