With the growing adoption rate of the
internet and a huge increase in the number of online shoppers, eCommerce has
observed a substantial growth. The eCommerce space is projected to become the
future of retail, with maximum growth in the retail segment taking place in the
digital space. Worldwide eCommerce sales were valued at around 1.86 trillion US
dollars in the year 2016 and this number is projected to surpass 4.48 trillion
US dollars in 2021.
With the craze for online shopping on the
rise, entrepreneurs are also keen to implement IoT to their eCommerce solutions
and draw more customers.
So how is Internet of Things benefitting to
the eCommerce segment? What changes are being assumed now and how will it
transform the future of eCommerce? Below we are discussing a few ways in which
IoT is transforming the eCommerce sector.
Smart
inventory management
Online shop owners need to have control
over the data of goods that go out of the warehouse as well as the ones that
are purchased and added to the stock. Radio Frequency Identification (RFID)
tags or IoT sensors when installed in the systems can help simplify such
business functions. Real time inventory management implies that the store
owners do not require hiring people to keep a physical check on the incoming
and outgoing merchandise. It also collects and sends important and fresh data
of the goods to their ERP systems.
Smart
Logistics management
RFID and GPS are cloud-based technologies
that give the eCommerce business owners with data like traffic conditions,
location, identity of the personnel involved, weather etc. This makes Logistics
Management much more efficient. It can also help automate the shipping and
delivery procedures so there are no issues related to missing shipments. In
addition to these features, one can also manage features such as speed and
temperature of the vehicle.
Enhancing
customer experience
E-store owners already gather the data by
examining social media pages and forums as it aids them to understand the
requirements of their clients. Using IoT, online retailers become able to do
two things for personalizing customer experience. One, come up with exciting
offers as per the choice of customers; and two, give the offers and delivery as
per preferred timings. Also, it is pretty tough for the retailers to track
warranty periods of diverse products delivered to different customers. When IoT
updates info such as purchase date and warranty period, they can set up system
notifications and provide warranty extension offers via email. They will assist
you to track the validity of Annual Maintenance Contracts with customers.
IoT-powered devices can recognize and report problems before the patrons notice
them. It implies that the store owners can know about possible issues on time
and handle them.
Since IoT is a rapidly growing field, it
offers excellent career opportunities. If you also want to grab these
opportunities, then you must pursue internet of things data
analytics course from an institute of repute.
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