E-commerce, much like every product of technological evolution, has made headway at a mind-boggling pace. Here are some stats that will help you gain a better perspective on this industry: e-commerce sales stood at $1.86 trillion in 2016. Also, researchers believe that this figure will grow up to $4.48 trillion in two more years, i.e., by 2021. While multiple factors contribute and continue to drive this fast-paced growth, there is no one that not many people pay close attention to the Internet of Things.
IoT has quietly revolutionized the e-commerce market by facilitating significantly better logistics as well as an enhanced user experience. It isn't surprising though -- especially when you consider the fact that over 30 billion devices are set to become 'connected' by next year. A constantly growing network of such devices means IoT has helped e-commerce businesses to not only deliver better products and services but also achieve better outcomes with their marketing initiatives and enhance customer's overall experience among other things.
Here's a closer look at what IoT means for e-commerce and how it enables companies in this sector to achieve robust growth.
1. Better inventory management: Managing inventory is an understandably challenging task when there are multiple warehouses involved. IoT has tackled that issue with the provision of things such as 'smart' shelves, which track the products sold and automatically place orders when products, especially high-performing ones, are about to go out of stock. It, in turn, boosts the levels of customer satisfaction.
2. Transformed consumer experience: IoT allows companies to leverage devices such as smart mirrors to allow clients to try out their products from the comfort of their home, thus delivering completely novel and distinctive customer experience. IoT can also be used to glean insights from social media platforms to understand which of the company's products are preferred and if there are any issues customers face. Implementing such data facilitates a deep shopping experience, resulting in better customer engagement as well as satisfaction.
3. Enhanced product ecosystem: Sensors, a crucial part of the phenomenon that is IoT, can be utilized to foster new opportunities for better product ecosystems. Furthermore, it can be used to provide customers with access to maintenance services or perhaps even recommending related products and services once the sale has been made.
4. Seamless delivery: Bigwigs from a broad variety of industries, including Amazon, are already using IoT to streamline their delivery processes. How? For starters, there are autonomous warehouse robots, which can be integrated with the business' warehouse management systems and then used to enhance order picking throughput, improve the warehouse's inventory density, and cut down labor costs among other things. All of these factors, together, help ensure a substantially more organized delivery system.
While IoT has already changed the face of the e-commerce industry, in the future it will further enable companies to better their marketing efforts, deliver better support to customers, and more, resulting in superior experiences for customers. So if you too want to jump on this bandwagon, we suggest you select a trusted e-commerce websites development company at the earliest possible.