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Analysis on the Opportunities of Glocalized AIoT Market, After The Pandemic

2020.5.28

AIoT, as an industry, is not only the go-to industry in recent times, but also has a great future ahead. With the advent of technology, smart devices have become the talk of the town. Voice assistants and voice controlled devices have made a niche in the market and everyone wants to own them.

The Internet of Things, provides opportunities to not only the users, but also to the manufacturers to experiment and bring out something that would amaze the world, with its usage. Tuya Smart is one such platform, which not only helps developers, but also OEMs, manufacturers, brands and retail chains to leverage it and create smart solutions. AI+IoT Business ConferenceAI+IoT Business Conference

Tuya Smart recently held its biggest online AI+IoT Business Conference, where top executives from Bluetooth SIG, Calex, Google Assistant, Havells, Indiegogo, Lenovo, Merkury, TCL and other organizations from more than 30 countries were present and discussed the global ecosystem in AIoT.

Themed on “IGNITE · The New Decade of AIoT Interconnectivity”, the conference was a three-day affair from 27th - 29th May, 2020. As a part of the conference, there was a roundtable, which was hosted by Jeff Immelt, Former Chairman and CEO of GE, Venture Partner of NEA, Chairman of Tuya US and Tuya Global Strategic Committee, with executives from the below mentioned companies:

•Merkury, Premier North American brand of Personal Electronic - Chaby Orfali

•UK’s leading independent supplier of lighting and electrical accessories, Status - Nicholas J Mcveigh

•Largest Indian FMEG (Fast Moving Electrical Goods) Conglomerate, Havells India Limited - Saurabh Goel

•Renowned Global Brand Lenovo - Yao Li

The topic of discussion was “Deciphering the Glocalized (globalized and localized) AIoT business” after the pandemic.

Well, a burning topic, the pandemic has actually taught us, both as individuals and organizations, on how to deal with the situation and improvise the offerings, accordingly.

The roundtable discussion had the following set of questions being asked to the esteemed executives: from the view on industry changes and opportunities in general, to the more vertical opinions from lighting, retailing, and also touch based on the topics of strategic development and partnerships plan during and after the pandemic.

The experienced executives from top global organizations, had a gala time discussing the above-mentioned points of discussion. Digging deep into the entire conversation, we can highlight the key takeaways, as below:

•Understand the needs of the consumer

•Try to solve a problem with the product, in the market

•Make life easy for the consumer, that’s the opportunities

•Bring in products, that are not that expensive on the pocket for mass acceptability

•Partner with an open and competitive platform like Tuya, to help you identify the challenges and bring on board the best to solve the issues

•Put yourself in the shoes of the consumer and check what works best

•Invest in technology, make it secure and find practical solutions that can solve the problem

•Stay afresh in the competition and be competitive enough to hold a position in the market

•Define your targets and then go forward to woo it with your offering

•Invest in smart infrastructure, make existing devices smarter by reinventing, increase B2B smart productivity

•Invest in making the consumer more knowledgable, by showcasing what technology has to offer in your products

•Spread across the category, don’t limit yourself to just one product. This will give confidence to both the consumer and the retailer

•Go for a one-stop solution framework with your technology partner. This not only helps you to scale up, but also offer more on the plate.

•Check whether the product is economically and aspirationally viable to invest in

•Give yourself challenges and try to achieve them via your R&D and other strategies

•Place your product right. Make it visible

•Keep on inventing. Connect a traditional device, digitalize it , and then smartify it with the use of intelligence. Reinvent the digital to make it grand

Well, lastly, coming to the impact of the pandemic and how could an organization deal with it and move forward, our experts had the following to say:

•Check for the new norm, amongst the consumers and the industry

•Invest in health and safety of the employees

•Adhere to the various guidelines, set by the respective governments

•Stay connected with your team, via the internet or various digital mediums

•Invest in challenges, like work from home for employees

•India is in a sweet spot, after the pandemic, in terms of opportunities

•Learn to live with the situation and adapt accordingly

•Make the communication easy and efficient

•Have a direct communication and a direct market for the users

•Look for online methods to see your product

The roundtable discussion was really an eye opener by our esteemed speakers, as they gave a global insight into the industry and how they were dealing with the current situation. The discussion broke a lot of myths and also instigated a lot into using the best and effective methods of staying relevant.

If you would love to hear them out, in first person, watch it below: AI+IoT Business Conference 2020 Online Roundtable hosted by Jeff Immelt

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