Using big data to boost sales revenue, the Absolut Internet of Things testing lab was set up at the vodka brand's global headquarters in Stockholm a few months ago. Joining forces with IOT agency SharpEnd, Absolut hopes to learn more about the needs of its target demographic while perfecting its product offering to be more immersive rather than purely indulgent.
The Absolut Internet of Things testing facility uses big data to analyze consumer purchasing patterns while predicting products that will appeal most to specific market groups. In addition to being a consumer insight tool, the testing lab also lets visitors experience conceptual ideas like a connected bottle that can control lighting or play music as well as cocktail kits that are app-connected to reveal a product's origins and history.
Connected Vodka Labs
The Absolut Internet of Things Testing Lab Explores How Data Can Boost Sales
Trend Themes
1. Iot-driven Sales - Using IoT to analyze consumer behavior and predict product demand can lead to increased sales revenue.
2. Immersive Product Offerings - Creating products that offer an immersive experience through IoT integration can differentiate a brand in the market.
3. Conceptual Prototyping - Testing and refining conceptual IoT ideas can lead to disruptive innovation opportunities for product design.
Industry Implications
1. Food and Beverage - Implementing IoT technology in food and beverage products can lead to more personalized offerings and increased sales revenue.
2. Marketing and Advertising - Using IoT data to create targeted marketing campaigns yields more effective results than broad-based advertising.
3. Consumer Electronics - Incorporating IoT technology into consumer electronics leads to a more immersive experience for users and provides opportunities for product differentiation.