How Internet of Things (IoT) Is Reshaping E-commerce Experience
In this technology driven world you have to be smart in everything you do. Recently a term has been coined “Internet Of Things” which applies to the machine to machine (M2M) communication in a seamless way through internet. Internet Of Things (IOT) is a technology that drives everything under monitoring, control and analysis.
The Internet of Things(IoT) is the inter-connection, inventory and management of all internet-connected devices, uniquely identified through tools like RFID, QR codes and digital watermarks. IoT has grown drastically in the last couple of years. We’re already seeing devices of all kinds being connected to the internet to share information and keep the right people updated. The ultimate purpose of using IOT is changing our life smart and likes to convert own-self into “Internet Of Everything”.
The three key ingredients which IoT device consists of being:
Internet connection : It is required either in the device or a base station
Sensor : It is used in order to collect incoming data
Processor : IoT devices consist of a chip which helps user to determine information.
IOT is a process that generates huge data from the machine to machine communication & analyse it to make the process smart. The M2M network supplies the real-time data to different data collection servers and from there analytic tools create analytical report. On the basis of these report everything becomes at par or near to zero in wastage. It is driving excess usage of resources from one place to the other. As the entire process is connected through seamless internet connection, the data coming from smart devices and smart users to processing servers for analytics and vice-versa, everything stands always real-time. By using IoT enabled devices and tools, you can tag and track all your products, but there’s more to it than that, so let’s have a look at some ways you can really use this technology to your advantage:
Inventory Management : With IoT you can manage your inventories real-time. Equipped with RFID tags and sensors the information about your incoming and outgoing stocks can be tracked without human intervention. Also, the information such as the product type, manufacturer’s name, batch IDs of products, expiry date if any can be automatically fed into your ERP system real-time.
Retail Store Management : The same can also be fed into your e-commerce store so that your time to market is reduced to the best possible level. You can convert this into a customer friendly action by notifying your customers whenever you have new stock coming in. There are always those who might have been unable to place an order because your stock countdown is nearing zero. Knowing that they can now get what they want, you are increasing chances of revenue increase.
Logistics Management and Delivery Tracking : Real-time tracking has been possible with the use of IoT enabled detectors, this process can have the added capability of managing things like the route and speed that your logistics crew are allowed to handle. While this is possible to a certain extent today, paired with IoT these capabilities can be extended to any new technology coming in, like the concept of unmanned delivery drones by Amazon.
Healthcare Personalization : With IoT you can do two things for personalizing the healthcare to improve the quality and accessibility of digital products that are revolutionizing the health and fitness industries. Services like remote monitoring, Ambulance telemetry, drug tracking, hospital asset tracking, fitness wearables etc are making revolutionized changes in healthcare domain.
After-sales Services : Tracking the various warranty periods on all the different products is laborious. With IoT updating the information (purchase date and warranty period), you should be able to setup system notifications and automate the sending of warranty extension offers. This will work great even for tracking the validity and duration of any Annual maintenance contracts you have with customers. By notifying your customers to such events, you’ll be increasing customer satisfaction, brand loyalty, and increasing revenues through after sales services.
The IoT is already creating an environment that will benefit everyone in becoming more efficient. As an e-commerce vendor in an industry where that is paramount, accommodating and planning for IoT will soon become a mandate. Subscribe to our blog to stay on top with our new innovations. Or even better, send us your feedback & ideas!