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Open AccessArticle

Monetizing the IoT Revolution

Global Projects Center, School of Engineering, Stanford University, 473 Via Ortega, Stanford, CA 94305, USA
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Academic Editor: Wilson Ozuem
Sustainability 2021, 13(4), 2195; https://doi.org/10.3390/su13042195
Received: 31 December 2020 / Revised: 1 February 2021 / Accepted: 8 February 2021 / Published: 18 February 2021
(This article belongs to the Special Issue Sustainable Marketing, Branding and CSR in the Digital Economy)
Academics and businesses alike tend to fail at understanding how the IoT revolution is monetized. We outline three main categories of how IoT will impact business models: (a) improved customer matching and tracking of marketing returns, (b) individualized offers and pricing when consumer demand and price elasticities can be identified, and (c) smart device and usage monitoring that allows for outcome-based contracts and servitization. Data convergence creates context-based-intelligence, which enables a shift from using consumer profiles for targeted advertising to individualized offers and pricing. The required depth of both consumer data and understanding of context will require collaborative efforts between companies and blur the lines between industrial- and consumer-IoT applications. Outlining concerns for privacy and cybersecurity, we find that consumer demand for decision-simplicity and relevant content aligns with the business model of “free” services in return for data, despite consumer concerns relating to data collection. View Full-Text
Keywords: Internet of Things; business models; smart cities; big data; consumer data Internet of Things; business models; smart cities; big data; consumer data
MDPI and ACS Style

Donner, H.; Steep, M. Monetizing the IoT Revolution. Sustainability 2021, 13, 2195. https://doi.org/10.3390/su13042195

AMA Style

Donner H, Steep M. Monetizing the IoT Revolution. Sustainability. 2021; 13(4):2195. https://doi.org/10.3390/su13042195

Chicago/Turabian Style

Donner, Herman; Steep, Michael. 2021. "Monetizing the IoT Revolution" Sustainability 13, no. 4: 2195. https://doi.org/10.3390/su13042195

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Note that from the first issue of 2016, MDPI journals use article numbers instead of page numbers. See further details here.

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