Abstract

One of the key trends in international practice is the Internet of Things technology, which contributes to the competitiveness and performance of international companies, as well as the emergence of new product/service functionality and greatly expanded access to information, the emergence of sophisticated distribution networks and flexible pricing models, optimized and personalized advertising campaigns, etc. The article considers the essence and types of Internet of Things technologies with the identification of internal (aimed at optimizing the company’s business processes) and external technologies (as an element of goods/services), and also investigates the intensity of their implementation in various sectors of the economy. The relevance of the implementation of Internet of Things technologies in international business in order to improve the competitiveness of companies in foreign markets was analyzed. The influence of implementation of Internet of Things technologies on the international marketing complex (4P) of the enterprise was investigated. Opportunities (creation of smart products, new augmented pricing models, more accurate consumer segmentation and personalized communication tools) and problems of using data generated by the Internet of Things for international marketing practices were identified. IoT technologies have a significant impact on international marketing research because they provide more accurate, timely and relevant information about consumer preferences. The Internet of Things reveals patterns of product usage, which allows for accurate demand forecasting. Also, Internet of Things technologies allow for more accurate segmentation of consumers, which allows companies to adapt product, communication and pricing policies in target foreign markets. This leads to a minimization of costs and, accordingly, an increase in profits and brand awareness in the long term. Data from IoT-connected devices can be used to understand customers’ daily lifestyles, determine when products need to be replaced and what type of model they would like to purchase, identify factors that influence buying patterns, and the markets where a product will sell the most.

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