The Internet of Things is as present in eCommerce as in most other sectors nowadays. It is bringing about new ways for customers to shop and interact with brands, while also helping brands manage customers, inventory, and profits.
One of the biggest challenges in running an eCommerce has always been maintaining stock at all times. Demand trends are generally hard to predict and vendors, as well as eCommerce platforms, must be constantly ready to satisfy them. Through AI-enabled machines, and Big Data tech, vendors can use advanced analytics to predict what product or service will be in demand in the upcoming weeks.
Such insight can help prepare for demand spikes and boost sales. Procurement can be automated easily through IoT solutions, helping to initiate orders at the right time, and freeing up your talent pool allowing greater focus on matters like customer service and marketing. The IoT can even help plan seasonal sales better by procuring the right amounts of the right products.
Having sufficient stock isn’t the only part of a successful eCommerce operation. Orders should also be fulfilled correctly and on time every time. The IoT can help optimize the supply chain for better delivery and procurement. With sensors and RFIDs, businesses can monitor in real-time the whereabouts of their stocks. Even customers can get real-time updates of their orders and look at their products in transit.
As consumers keep increasing the number of connected devices in their possession, every single connection medium becomes an opportunity for brands to tap into the purchasing power of the individual. These devices keep collecting preferences, likes and dislikes and interests of consumers daily, which can help brands deliver a personalized shopping experience. The IoT is also designed to offer personalized insights that allow customers to make better-informed decisions about their actions, enabling customers to visualize their consumption habits, and empowering them with details on item usage.
The eCommerce market is getting more and more cluttered every day and the best way to stand out is having excellent customer service. The IoT can help here too, through personalized marketing campaigns and a tailored shopping experience. IoT analytics could help eCommerce businesses accurately predict when a customer is about to place an order of a particular product and keep it ready for shipment. This way the item will be immediately dispatched as soon as the order is placed, further reducing fulfillment times.
These are just a few of the ways the IoT has transformed and helped develop the eCommerce market. It is only fair to assume it will continue to be an essential technology in this sector for the coming years.