By now you’ve heard of the Internet of Things, or IoT. Its role in business seems to only grow, so if you haven’t heard by now, IoT is revolutionizing the way every market is looking at the internet. The best part about its growing impact is IoT’s ability to span every industry and revolutionize every market.
What Makes the IoT so Versatile for Business?
So, how is IoT revolutionizing the business world? It’s doing it through the ability to create application communication. That means machines and applications that used to stand alone are now able to work together by sharing information.
That’s all well and good, but how do these machines communicate with each other? They are doing it through the use of APIs. The Application Programming Language system helps create a connection between applications and machines, so they can work together via the internet. That might sound a bit convoluted, but it’s a set structure that has an overwhelming potential for any business innovation in any market.
The Future of APIs and Business
APIs aren’t going anywhere, and as a matter of fact, businesses are using APIs more and more. Since they can create communication pathways between independent applications, APIs are the building blocks of many modern software. The most common piece being a website. Think about it, if you are using a CMS like WordPress or Shopify to create a user experience, you can use APIs to improve and track that experience. You can incorporate marketing platforms like MailChimp or HubSpot to integrate your business and your website, so it can be used as a legitimate form of communication. It can start on your site, and your APIs and triggers help you turn it into an in-person relationship.
Beyond the capabilities of today, we to look at the future. Developers are always wondering how they can how to use an API to its full potential, and as new technology continues to be created, the uses for IoT will expand. There will be new applications with unique capabilities that you will want to communicate with another application you already use in your business. That means the potential for an API to power software that tracks everything from how many cars pass quality checks to which machine on the line did produce the most profit for the company.
Investment numbers continue to rise for API companies too. It seems the market itself is seeing the ever-growing importance of application communication in the market place. The ability to automate the communication of the most important parts of your operation directly to the right place from a single trigger is revolutionary. It’s allowing a simple contact form submission to turn into the customer relationship, and place qualified customers into your sales funnels. No wonder investment in API companies doubled in 2018.
The e-Commerce Market Continues to Grow
Year over year the e-commerce market continues to grow. Projections for e-commerce numbers are through the roof as well. By 2020 the e-commerce market is projected to make well over $4 Trillion dollars. Although that numbers massive, it’s important to note that e-commerce still only accounts for roughly 14% of the entire market’s value.
Of that 14%, Amazon alone is responsible for 40% of those online sales. That’s an amazing percentage of market share from one company, so how does Amazon do it? First, it’s their popularity. They are a household name at this point. If you haven’t heard of Amazon, you must be laying under a rock. Second, it’s the premise of how they sell. Amazon allows their vendors and personal sellers to all flock to the Amazon platform. As the sellers continue to list their items, the keyword profile of their site grows naturally, and that gives them a stranglehold on long-tail keywords. Are you looking for a really specific item? If Amazon has it, they will probably show up first on the search results from their immense amount of pull in the search rankings. Finally, the big reason that Amazon is doing so well with e-commerce is their use of APIs and the IoT. Their own platforms for hosting and creating web apps help Amazon enable their customers to sell more. They provide you with API driven technology that keeps Amazon products at the forefront of customer’s minds. When you look at an item on Amazon, the website knows you’ve been there. It hits your IP address with a “tracking pixel” to keep you interested. That API driven pixel is what causes the Amazon products you just looked at to pop up on the sidebar of sites like Facebook.
Since there is so much potential for the e-commerce market to continue its growth year over year, it would be crazy to simply ignore the growth potential of these APIs in the IoT. If you aren’t trying to figure out new and inventive ways to harness this potential, you are willingly ignoring an avenue of growth for your business, no matter what market you are in.
APIs and the IoT are the Basis of a Smart Future
Business is a platform of communication. We use communication to offer our goods and services to one another, so we can work together to make the desired end result. APIs are set up to do the communication parts for yours. Instead of having to create entirely new pieces of parts of software, we can incorporate APIs as building blocks to expand on. As this catalog of APIs continues to expand, we will have more and more options on how to use them to increase the potential of the IoT. The market will only continue to expand in the way as technology continues to be more accessible day after day.