We hear a lot of chatter about new ‘smart’ things—smart TVs, smart fridges, smart washers and dryers…But while there’s been a whole lot of talking, there hasn’t been nearly as much buying.
According to an infographic from MarketingWeek, consumers are skeptical about the cost of some smart technology and the role it will play in their lives.
Attitudes towards smart technology for the home aren’t all bad though. Of the consumers polled, smart lighting and smart thermostats were shown to be the most highly considered smart tech purchases.
Evident by the above data, energy efficiency products could be favored among smart tech products for two reasons. For one, it seems energy efficiency products are widely understood. Per Energy Star, 80 percent of U.S. consumers recognize and understand their label, collectively buying an estimated 300 million ENERGY STAR qualified products every year.
Consumers know that investments in smart products such as lighting can deliver energy savings that offer a nice return on their investment. This obviously makes the price, the biggest factor when researching a purchase, more justifiable.
In addition to price, energy efficiency products could be favored among smart tech products because of their ability to increase comfort and overall quality of life.
Take the company Nest, who was acquired by Google in February 2014 for $3.2 billion dollars, and their Smart Thermostat (pictured above) for example. Nest’s Smart Thermostat learns your schedule, programs itself and can be controlled from your phone. The combined convenience and additional savings factor—an un-programmed thermostat can waste 20% of your heating and cooling bill—aligns perfectly with consumer attitudes and buying.
While a company like Google’s intentions may be more data driven than savings centric, their investment in a smart tech company like Nest does speak volume. Energy efficiency products are the front runners in the growing smart tech market and should remain that way for some time.