Willingness to pay add-on Innovative Product for Smart Home Internet of Things (IoT) for Residence
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Abstract
The purposes of this research were to evaluate the willingness to pay for an innovative product for an as smart home. Internet of Things (IoT) for residents, the conceptual framework was based on utility theory, conjoint analysis: CA, and willingness to pay: WTP. An experimental survey using a stratified random sampling technique was applied to select 429 samples from Bangkok Metropolis and vicinity to answer the self-reported questionnaire. Data ware analyzed by a panel logit model. Research findings revealed that willingness to pay for the respondents' knowledge of innovative products such as age, occupation, accommodation, and the nature of the residence will promote WTP towards behaviors significant. Research findings revealed that willingness to pay for innovative products has an average starting price of 9,930 baht. Willingness to pay for AI CCTV with the highest at 9,930 baht or 52.25% Followed by a Cloud Storage at the price of 4,810 baht or 48.73% and Smoking Detector at 3,910 baht or 39.35%, The obtained results will help policymakers to understand consumer’s purchase behavior of AI CCTV and can provide some effective support for development.
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