Digital Innovators: New Conduits of Commerce in the Internet of Things Era

The internet of things (IoT) is the internet’s third wave of development

The first wave was driven by the arrival of computers into the home, thus ushering in home connectivity. The second wave was characterised by the arrival of the smartphone. More recent breakthroughs in the cost of sensors, processing power and greater bandwidth with which to connect more internet-enabled things are creating ubiquitous connections.

The IoT concept is in its nascent stage of development

To put its development into context of another more recent phenomenon such as social media, this is the stage of development in which MySpace was attracting the earliest adopters in this burgeoning landscape.

Exponentially more connections inspire new forms of digital commerce

In time, the idea of a smartphone as a commerce device could be old news as commerce moves beyond simply portable consumer devices to include durable goods, such as refrigerators, washing machines or automobiles.