AI, ML & IOT driving growth of furniture industry (FAKE BLOG)

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Generated: 9/6/2021
AI, ML & IOT driving growth of furniture industry

We’ve looked carefully at the numbers, and it’s not pretty. Over the last 12 months, furniture retailers have struggled with sales growth of just 0.45 per cent.

What caused this decline in sales?

This is where IT drives growth and it needs to be considered as part of the wider market.

Our findings show that a key factor has been the rise of the Internet of Things (IoT) and the related ‘Internet of Things for Retailers’ (IoTR). Over the last three years we have seen an explosion of IoT devices, with a corresponding fall in the number of people using IoT to interact with their devices. The market growth in that space over the past few years has been phenomenal.

Data suggests it is a technology that will be the driving force behind growth in this market for many years to come. The rise in mobile, internet and social media use in the last decade has driven a growth in IoT use. According to Cisco, in 2017:

94% of the Internet of Things is going to be connected by 2020.

As a result, the volume of IoT devices on the market doubled in 2016, and by March of this year, the total number of devices was more than doubled.

And with that growth came growth in sales of connected products.

According to the Internet of Things Report published by Strategy Analytics, in 2016, devices and sensors accounted for $8.7bn of sales and in 2017, IoT devices and sensors only account for $18.5bn of the total market.

But this is not just about the numbers, as the growth of IoT sales has been accompanied by a dramatic decline in the number of people using IoT to interact with their devices.

That’s according to the findings of the new IoT report by Strategy Analytics, which found that this year, just 2% of people are using IoT devices to interact with their devices when shopping online.

The IoT report, which surveyed 20,000 people across 18 countries, looked at how people are using various IoT products and devices to interact with their everyday lives. Around 4% of devices are being used in the home, around 22% are being used on the job, and about 31% are being used in healthcare. Around 11% of devices are being used in their cars or in their garages and about 10% are being used on other smart home devices and for other uses.

This represents a substantial decline over last year, which saw more than six times as many people using devices in the home, on the job, and in healthcare.

And this drop in people using IoT to interact with their devices has coincided with a drop in sales volumes.

That is according to Strategy Analytics, which said:

“In the early days of the IoT, more people were connecting IoT devices to their daily lives than would have liked and it took people a long time to figure out how to use that data”, says Peter Lee, head of IoT at Strategy Analytics. He said the “most pressing issue” with IoT is that “millions of people are still using IoT without being connected”.

I’m going to take a quick detour into the world of retail, because this is what we are really talking about here. As retailers have looked out of control at some of the fundamental changes required to compete in the digital age, many have started thinking about the future of retail in terms of digital technologies.

I suspect that within the next 12 months we will see a rapid rise in sales volumes and the level of activity in retail from the IoT — IoT retailers have been playing a key role in driving growth in the furniture space for many years.

But with so many other factors at play, it’s not surprising that when we looked at the statistics of furniture sales it didn’t take us too far in to consider the full picture of what was going on.

So how much of a factor has IoT been in retail sales?

Over the next 12 months, we suggest that the IoT will have a material effect on the furniture industry.

We have looked at how the IoT is changing digital interactions inside furniture retailers, and the evidence suggests that it is providing a great opportunity for growth.

“It’s not just IoT but, increasingly, it’s IoT-driven interaction and interactions that are driving growth,” says Stuart Cottrell, head of retail analytics.

In our research we’ve looked at how retailers interact with their customers in the world of IoT and have found some interesting findings.

The first is that IoT devices are making up almost a quarter of online store visits. That’s not a surprise — people have always spent more time on the internet buying goods than they have on the physical store floor. But what that means is that IoT devices are allowing retailers to track, monitor and sell a product to the customer more closely than before.

And as retailers have had to focus on tracking and monitoring consumers more closely, the use of IoT devices has become even more significant. It’s almost as if IoT devices are driving the growth of IoT interaction in the retail space.

The study also looks at the number of interactions with IoT devices by different age groups.

Here again what the study shows is that IoT devices are being used to interact with consumers in much the same way today as they were in the previous decade. That is, in the previous decade, the number of interactions between home and home IoT devices and a consumer’s home was much higher than it is today.

In the past three years, the number of online retail interactions has increased by 30%. In the past year, though, the number of IoT interactions increased by 60%. So IoT devices are now the driving factor behind the growth of online retail shopping, and IoT interaction is certainly part of the reason for that.

It is worth noting that this study shows that older people are most likely to have made more online retail purchases in the past year than they were in 2003 as a direct result of using IoT devices.

That said, the data demonstrates that the age group between 35 and 54 are the most likely to have made an online retail purchase. The most likely age group to have made online retail purchases using IoT devices is the age group between 18 and 24.

Why might this be the case? The study suggests there are a number of reasons, but the most obvious one is that younger adults have bought more cars over the last few years, and they are buying more electronics.

We can only speculate why those differences might be making online shopping more attractive to those different age groups.

So, as this study suggests, IoT and IoT-driven interaction is a key driver in the growth of online retail shopping. But even with the rise in online retail sales, the data shows that there is a very significant decline in the number of people using IoT in the retail sector.

That’s a concern that we will probably look at during our analysis of IoT in manufacturing.

So what does this mean for the furniture industry?

Of course what is most important here is the growth of IoT in retail, and retail sales.

But it’s also important to consider what it could mean for the furniture industry.

So here’s what we’re going to look at.

Firstly it’s clear that the IoT has been driving growth in the furniture sector and it’s a trend that will continue over the next decade.

But that raises the question — is it a driver we can trust?

Can we take IoT outside of the retail space and say it’s a driver in the furniture industry?

That brings us to the next point — it’s a very different market to the technology industry.

The technology industry, for example, has benefited from technology and technology adoption has been driven by the Internet and the cloud and many companies have taken this as the norm.

The furniture industry has the opposite problem.

The furniture industry has invested a lot of money in technology to try to reduce manual tasks and increase the level of automation in the supply chain. But as a result of this, it has found itself trapped in a rigid supply chain that can’t move to new markets.

To address this, the furniture industry has relied on a large proportion of its staff working in other industries, which has been a costly option.

But the furniture sector is now seeing this situation changing, as they’re working with new technologies like AI, IoT and robotics. And they’re starting to bring that technology back into the supply chain.

We’re seeing this at an early stage and, when we look at these early stages, they often don’t turn to positive for the furniture industry, in terms of returns, but also in terms of the return on investment they are making in a new technology.

And when we do analyse other industries this is likely — we’re starting to see other industries moving in this same direction.

So when we look at the early stages in the furniture industry, what do we see?

Firstly, we see a very different style of supply chain management, for example, the way that robots are now used in warehouse work to improve efficiency and reduce levels of human error.

That’s not really seen elsewhere in the retail industry, where a rigid supply chain is the norm.

But it’s happening in other industries, as well.

We see a growing movement as we look at other technologies and industries, where people are starting to see technology being used in a way that is not necessarily dictated by

Garett MacGowan

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