With the use of technology and the rising need for online shopping, user preferences change and businesses are now opening up digital stores to retain their current customer base and reach new consumers. In e-commerce growth, IoT plays a critical role.
According to a survey conducted in the American market, the amount of e-commerce revenue in 2016 alone was 1.86 trillion dollars. By 2021, this amount is projected to be $ 4.48 trillion.
Among the technological developments of recent years, IoT (Internet of Things) lets us connect by creating an ecosystem between smart devices. In this way, the data flow that occurs without any need for humans makes it possible to track and control the data in real-time. In addition to offering advantages on the customer side, IoT technology even plays an essential part in handling businesses’ inventory management and distribution operations that transfer their business online.
Supply chain management
By keeping it painless, IoT technology turns supply chain management into an easy and compliant framework. According to research, IoT technology, which makes it much easier to track the operation from the manufacturing stage to the distribution of goods at the final destination, leads to productivity in more than 80% of enterprises.
Advancements such as RFID and GPS offer a great deal of knowledge about the item’s location, temperature, and distance, as well as supplying crucial data about where the transferred product will be delivered, helping the entire process must be under control.
Personalized customer experience
IoT technology has made it possible for each of their clients to offer a unique service to e-commerce companies. E-commerce firms deliver the best offering to the right buyer with the study of buying patterns and purchase experience. The Internet of Things can sell goods, services, or deals that would interest them, depending on the consumers’ tastes.
Owing to the rise in data on consumer actions online, it’ll become easier to target new prospective buyers and find the best items to make the purchase. Besides, by warning the authorities of the issues that consumers can face before they are identified, IoT devices make it easier to provide a seamless customer service process.
Delivery with Drones
In IoT e-commerce, this is not a new idea. It’s still one of the most interesting concepts, anyway. Drones are robots that are used to distribute sellers’ parcels, food as well as other items to consumers.
In 2016, Amazon rolled out a drone delivery system. Prime Air is built to provide consumers with a same-day delivery process. More enterprises will add drone distribution to their everyday activities in the future.
Improves relationships between suppliers, manufacturers, and end consumers.
IoT guarantees that a great connection is formed by linked appliances in such a manner that a long-term relationship is enjoyed by durable goods producers and consumers. Customer service scope and their responsiveness changes, but in an effective way.
In this way, over the lifespan of the commodity, the brand persists in the minds of customers.
Likewise, by developing new market models such as providing ongoing products such as predictive maintenance and hence taking precautions, remote controlling products, and performance analytics for individual products, IoT will generate new financial resources for companies.