Water.IO's platform turns CPG products into smart products that can provide valuable data for both the consumer and the brand.
Based on its recent analysis of the global smart packaging technology market, Frost & Sullivan recognizes the Internet of Packaging platform by Water.IO with the 2018 Global Entrepreneurial Company of the Year Award. Water.IO’s innovative sensor-enhanced caps and closures have given rise to the entirely new concept of the Internet of Packaging. By integrating sensors capable of measuring liquids and solids, the company’s ground-breaking platform allows consumer packaged goods (CPG) and pharmaceutical brands to interact with the end consumer after they have purchased an item. Businesses can utilize the insights gathered in a multitude of ways to improve their products, brand loyalty, top and bottom-lines.
“Water.IO started off by adding a sensor to disposable water-bottles, and then transformed the water-bottles into smart bottles by fitting the cap with a sensor that can measure the level of liquid remaining to remind people to hydrate,” said Nandini Natarajan, Analyst at Frost & Sullivan. “The sensors send the data to the CPG brand via a mobile app, and the data is aggregated on a company-developed dashboard. Consumers will have minimum interaction with the app once it has been downloaded and installed.” (Can this quote be changed to describe the advantages to the consumer and the brand and not how the company started – for example remind and replenish a consumer with his vitamins – make sure he takes every day and deliver a new pack when almost done. Then the brand has a loyal client that is happy the brand is assisting him in his well-being.
Through the information presented on the brand dashboard, companies receive alerts to replenish the product at the consumer’s site. This way, brands can also offer direct delivery of the item to the consumer, eliminating the need for traditional and online retailers. This ability to provide brands with a wealth of value-added data on the ways in which consumers use their product is a truly unique feature. Furthermore, the platform boasts environmental benefits because refills require less material to produce and are lighter to transport.
Water.IO designed its sensors to fit into CPG and pharmaceutical brands’ existing caps and closures for simple integration, without affecting the size of the cap. Its business model is to sell or license the cap and closure production, while charging for the data and analytics capabilities.
“The data and insights created by the platform are not available from any other product in the market today. Additionally, the platform is built in such a way that the brand does not need to invest in building any technology, since it is all integrated into the brand’s systems,” noted Natarajan. “By generating revenue and working with the largest CPG and pharmaceutical brands in the world despite its relative nascence, Water.IO has proved itself a name to be reckoned with in the smart packaging technology market.”
Each year, Frost & Sullivan presents this award to the company that has demonstrated excellence in devising a strong growth strategy and robustly implementing it. The recipient has shown strength in terms of innovation in products and technologies, leadership in customer value as well as speed in response to market needs. The award looks at the emerging market players in the industry and recognizes their best practices that are positioned for future growth excellence.
Frost & Sullivan Best Practices awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research to identify best practices in the industry.
About the Internet of Packaging by Water.IO
Water.io and its Internet of Packaging platform works in collaboration with leading CPG and pharma companies to deliver great experiences to consumers and patients around the globe. The company invests in improving everyday products, the experience of using them and promoting the general well-being of the consumer and the services they can receive. Water.io is building a next generation CRM system for CPG companies, enabling the latter a first-time direct engagement with their consumers.
Water.io was founded in 2015 and its headquarters are based in Israel.