Only 12% of smart home device buyers start their purchase journey with a system in mind.
Interpret study reveals that 88% of smart home buyers begin their purchase journey with one or more standalone devices and no plans for a system.
February 2, Los Angeles, CA and Dallas, TX – According to new research from Interpret, over half of smart home device owners purchased their first smart home product less than three years ago. Only 12% of buyers started the process with the intent of purchasing a system, with the vast majority entering the smart home experience by trying out one or more standalone smart home devices. This strong preference for beginning with standalone devices has important implications for sales channels that tend to focus on systems, confirming that retail and online channels are becoming equally or more important to smart home device makers than traditional home security, home systems integrators, or internet service provider channels.
Interpret’s study, Smart Home Matrix (Volume 3): Consumer Purchase Journey, examines the order of smart home devices purchased, the time between purchases, and the channels used for first, second, and subsequent purchases. Interpret’s research finds that one-third of consumers are loyal to their first channel and continue to purchase from that channel, while another third purchase from multiple channels, motivated to find the best value, followed by the best selection.
“Despite the explosion of smart home products being sold through retail and online channels, home security solutions providers continue to post strong results, proving that consumers have a strong appetite for smart home products sold in a variety of forms, prices, and bundles,” said Stuart Sikes, Senior Vice President at Interpret. “The question to answer is if buyers of standalone smart products, over time, will have a stronger desire for their products to become systems.”
Interpret’s Smart Home Matrix (Volume 3): Consumer Purchase Journey is the latest edition of the company’s ongoing quarterly survey of 9,000 U.S. consumers, ages 18 to 55, a component of Interpret’s smart home research suite of syndicated reports providing insights and business guidance for the smart home industry. Smart Home Matrix includes Smart Home Matrix: Trends™ (smart home industry trend research), Smart Home Matrix: Consumer™ (consumer survey research), and Smart Home Matrix: Forecasts™ (smart home device forecasts).
Brad Russell, Vice President