What Is the Impact of IoT on Ecommerce?
E-commerce business relationship with IoT (Internet of Things)
Microsoft founder Bill Gates put it in a nutshell: “Information technology and business are becoming inextricably intertwined. I don’t think anyone can meaningfully talk about one without talking about the other.”
The statement proves its credibility especially today when the success of an innovation or technological breakthrough is determined by its seamless integration into a business module. It goes without saying that all the technological advances that business people are interested in are centered on the spending habits of customers. Especially with the advent of e-commerce business modules, the relationship between businesses and customers is shifting towards the specific needs and expectations of customers.
Consider a power tool, a cordless drill that can connect to the internet and answer any questions you have about the machine or want to look up. With IoT, professionals can access online samples of specific customers and open a new communication channel.
In short, with IoT, even your internet-connected devices, be it an oven, washing machine, portable devices, etc., will replace the existing communication channels between businesses and consumers.
Impact of the IoT on eCommerce
Excellent Customer Experience
An e-commerce company’s business starts to decline with defective products. However, IoT devices can detect any existing problem or issue and report it to stakeholders. It goes without saying that the time it takes to resolve the issue is significantly reduced and businesses can ensure that customers receive quick resolutions to any issues that arise.
Improved Order Tracking
Real-time inventory tracking with IoT sensors and RFID tags helps optimize order distribution and real-time status. One of the most important aspects of ecommerce productivity is tracking and tracking product orders. With IoT, a greatly improved mechanism can be established to eliminate manual work and human error. The numerous problems related to late orders can be solved in real time to improve customer satisfaction.
One To One Marketing Channel
One of the current marketing strategies to understand customers is to use social media platforms and forums; With IoT-enabled devices, marketing and promotions can reach a much more refined level, where businesses can learn more about their individual customers based on their geographic location, identity-based parameters, and so on. Personalized marketing tactics have better conversion rates, and a trading company can use IoT devices to offer its services to every customer.
If you think now that there is still a long way to go before IoT devices are available in the market, wearables are an example of the most well-known IoT application. The Apple Watch, for example, is not an ordinary watch used to tell the time, rather a user can access all the features available on their smartphone. From Amazon Echo, which uses a voice assistant to interact with a user to play music, access news, and more, to smart cities, IoT will be the next big thing, sure to transform existing business opportunities.