5 Ways in Which Internet of Things will Transform E-Commerce
Did you know that “things” connected to the Internet had exceeded the total count of human beings on earth in 2008?
The Internet of Things (IOT) is already connected to billions of things previously unconnected from Internet. In fact, by 2020 this number will reach 50 billion, with $19 trillion in profits and cost savings coming all the way from IOT.
Regardless of these great facts, majority of us reading this post have no idea what Internet of Things is all about?
No problem! Lets know things better
According to Wikipedia: “The Internet of Things (IOT, sometimes know as Internet of Everything) is the network of physical objects or “things” embedded with electronics, software, sensors, and connectivity to enable objects to exchange data with the manufacturer, operator and/or other connected devices.”
Internet of things is going to transfigure the world around and create a smarter planet. It will infuse us with new opportunities which will be limitless. For instance, you’ll be able to easily track a Rihno somewhere in the deep wilds of Africa with an “Ankle Bracelet” (one of the thing of internet that provides data related to rihno’s geo-location and movement.)
The efficiency of IOT will range from collecting any amount of data and analyzing how to use it for advancing autonomous vehicles and everything in the path. Particularly in the field of E-Commerce it will do some eye popping changes. Here are 5 ways in which Internet of Things will be transforming E-Commerce topography. Internet of things
1. Optimizing inventory to increase sales
With the IOT based on location-aware sensors we will communicate with a cloud-based server to the retailer’s data center. This will enable a retailer to analyze seasonal, regional and other minute trends in a timely manner.
Retailers can then analyze sales data across all channels and correlated it in real-time with respect to leading indicators of demand (ex. extreme weather conditions, or fashion-trend comments on social media channels) to anticipate proper stock levels by style and location.
2. Location Based Technology to capture more customers
IOT will boost the loyalty program of an e-commerce website. Retailers will be able to send pop ups related to new arrivals, offers, discounts and clearance sale. This works as a magnate, and more shoppers are enticed to enter your nearest store, thereby amplifying the chances of converting a visitor into a consumer.
3. Increases omni-channel sales
The probability of availability at different stores may vary. In some cases it is possible that certain sized item may not be available at the online store or you want it urgently, omni-channel resources will take you right to the nearest physical store where your size is available. Suppose, you can’t go to the store, the retailer’s app partakes the responsibility to get it on your doorstep in the quickest possible time.
4. Strengthening Retailer’s control: Sales and Product Management
The impact of IOT will substantially harness the management of production, inventory, supply chain and logistics for retailers. However, the results are already celebrated by the big companies like Amazon and Walmart. The upcoming years will take IOT sales and Product Management to an absolute different level.
5. Advance Real-Time Analytics
As physical stores go digital, the possibilities are limitless. With the IOT- the apps and website- more and more retailers are able to track their users’ behavior towards the store, thereby tailoring marketing and customer experiences to improve efficiency. The new technologies have a clear motive to efficiently balance data and privacy to effectively implement an analytics platform in the E-commerce topography.