The future will be characterized by smart devices delivering increasingly insightful digital services everywhere" predicts David Cearley, Gartner Distinguished Vice President Analyst (Panetta 2018).Today's advances in information and communication technologies already allow transforming traditional consumer products into smart products and offering novel smart services (Dawid et al. 2017;Wünderlich et al. 2015).Such smart products can be understood as cyber-physical devices consisting of both tangible (i.e., hardware) and intangible (i.e., software) components that may render smart services and may operate within a larger ecosystem (Raff et al. 2020).The emergence of smart products and services leads to various managerial challenges.Consequently, novel research questions, for example, with respect to additional or possibly different drivers and barriers of product adoption emerge (Mani and Chouk 2018;Schweitzer and van den Hende 2016;Souka et al. 2020).The effect of the anthropomorphism of a smart product on purchase intention may serve as an illustrative example.Further, new markets/services might be created (Porter and Heppelmann 2014) such as mobile location-based services that provide value-added services to consumers in inner cities with respect to their geographic context and individual preferences.Smart products and services may also demand for innovative, data-driven business models (Ng and Walkenshaw 2017): smart energy products, for example, generate large volumes of data for which the business value is still unclear.
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Bilstein et al. (2020) studied this question.
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