IoT or Internet of things is a technology which allows data sharing between connected devices over the internet. When this concept is used for transactions, it is known as E-commerce.
Back in time: Invention, Innovation or Mistake?
Phil Brandenberger of Philadelphia was the first human to use a credit card for shopping. It was about 25 years ago when he wanted to buy Sting’s “Ten Summoners’ Tales”, which cost him around $12.48.
During that time, this was known as “true” E-commerce.
The lifestyle of today’s generation depends on online shopping, online friendship through social media, e-business, online games, etc. It shows the buzz of online internet things, where converting these connected gadgets into a profitable business is the primary concern of an organization. So, IoT with E-commerce has provided a connected platform to the retailers.
How IoT has brought evolution in the field of E-commerce marketing?
IoT helps e-commerce vendors to maintain the inventory record with the use of IoT enabled sensors. It assists in real-time data gathering and analysis while setting up the new goal to accomplish a task. It captures every critical detail of the product without any human hindrance. IoT reduced those factors which may dissatisfy the consumer such as product availability, product expiry dates, batch Id and many more related aspects by generating a prior notification related to the product. In the case of product shortage, IoT informs the administration before stock becomes empty by automatically creating an order.
IoT helps to optimize the overall productivity of the e-commerce business. It also reduces the probability of over-stock in the warehouses. IoT sensors monitor numerous factors which may affect the quality of product such as temperature, heat, etc. It covers a number of the question as well which are arising in your mind right now such as how the order will reach into the warehouse, what are the inventory levels, pick -up timing etcetera. For instance, if we take an example of Amazon, which is the biggest giant in the e-commerce market, uses IoT installed robots which take care of picking, packing and many other jobs which ensure the effectiveness of the product. Amazon in their warehouses uses drones facility to pick up and deliver products.
The primary concern while buying a product online is its condition which means it shouldn’t be broken, delivery timing and quality. This problem is sorted by the IoT sensors which track the product from the very beginning until it is delivered. In Between the process, through GPS(global positioning system) and RFID(Radio Frequency Identification) tag, it ensures the quality of the product, the shortest route such that package arrives on time, misplacement and many more.
This term Dash button may be new for some of us. It is a device which is an IoT enabled operated on the battery and is used for a domestic purpose to acknowledge the order management. Amazon invented dash buttons, it is full of creativeness and innovation. Only by pressing the button it informs the supplier about the shortage of product and gets it delivered.
IoT helps the retailer to make a different identity in front of your consumer. Through this technology, a retailer enables the consumer to present their views regarding the product. It helps them to improve their product quality which ultimately makes them well-known among customers.
IoT targets your specific customers for personalized advertisement. It recognizes the shopping pattern through online browsing which in result help the business retailer to sell their product to the targeted customer. IoT is used by Walmart to track the popular product on social media.
More to go….
IoT has brought a revolution in the field of digital marketing as well as in Internet Marketing. It means that ss the Internet of Things becomes more prevalent, and online marketing it tailored in new and specific ways, even SEO strategies will change alongside it.
In this journey, IoT carries E-commerce to the next level as a partner. There are many success stories available which represent the bonding of IoT and e-commerce. We all have heard about Amazon, Facebook, Alibaba, eBay and many more. The next big question which arises is why they are so much successful? The answer is simple, They use IoT and other advanced technologies such as artificial intelligence, machine learning, big data, etc., in such a way as no one thought before. Continuous improvement, creativeness, and customer-centric (3C’s) will be the key factors behind a huge revenue. An enormous amount of data is generated through these platforms every day. These companies leverage the use of machine learning and big data analytics to analyze the collected data for pattern recognition, decision making, prediction, and many more useful operations to attract more qualified leads and maintain a prosperous relationship among customers. Hadoop is one such big data analytics framework used for analyzing this information.
IoT had made a significant impact on E-commerce businesses. Its smart gadgets such as sensors, actuators, etc., make the businesses to go at the peak concerning capitalization and revenues.
IoT improves quality management, data hierarchy, tracking, planning, analysis and many other critical factors which play an essential role in organizational success. There are other countless factors as well which help the business retailers and other sectors to grow and earn. IoT will help around 70% of the retailer from all over the world to improve their customer relations which will enhance their image in the market and make them stand and spread globally. It shows that businesses related to E-commerce will be the future of the digital market.
Now, it depends on us how we use IoT and make best possible profits from the market. Possibilities of innovation with technology is countless. So, use it precisely and efficiently. This article may have given you at least some insight about IoT and E-commerce and how they are related. If not, then read it twice.