Commerce of Things

Monetizing the IoT for profit.

Overview

Brands around the world are just beginning to delve into the possibilities for monetizing connected devices in what is being termed the Commerce of Things (CoT)—the more lucrative and fascinating aspect of IoT. Within the CoT, the objects consumers own will have the potential to automatically make purchases for them based on their personal preferences and usage.

From wearables to household appliances and beyond, these connected devices will evolve into products-as-services that will save time and energy—making modern user’s lives appreciably better. Introducing these smart services to your physical products will change the way consumers interact with your brand every day and will create personalized experiences they will never forget.

"81% of industrial companies believe that adoption of the Internet of Things is the key to future success."

 
2016 Reality Check: Transforming Industrial Businesses with the Internet of Things

Models for monetization

Enhanced hardware

Connected hardware devices, such as smart home devices, are traditional products with the connectivity consumers want to be able to operate the device remotely—providing more convenience and personalization.

Services

Adding multiple tiers of payment plans and repeatable bundles for your services allow for more customization and higher customer engagement.

Data

If creating a hardware product or increasing payment plans isn’t right for your business, collecting specific, trackable data is another option. Selling back useful data to your customers or layering it into intelligent advertising can create a different personalized experience.

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Supportive Capabilities

Self-Service APIs

We build application programming interfaces (APIs) to help manufacturers, merchants and payment providers build the smart objects they want to provide to their customers.
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Subscription Models

We support usage-based billing, which enables consumption-based subscription models to be applied to a diverse range of products and services—bill by number of transactions, incidents or whatever measurable unit desired.
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Localized Payments

Offering a localized payment experience is a crucial component of keeping your global customers invested in your brand. Digital River supports 41 different payment methods and can display 108 currencies and 26 languages to make all of your customers feel at home on your site.

Microservices through the Power of APIs

Our modern cloud technologies deliver clients more agile capabilities to quickly respond to today's changing ecommerce environment. Digital River’s granular compute services are developed and deployed independently to reduce complexity and increased scalability.

Learn more about how our Commerce of Things solutions can benefit your business

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