Major Benefits Of IOT In E-commerce

?? As more users worldwide are migrating to online stores ???, competition is rising at an unprecedented pace. E-commerce store owners ?? are using advanced technology to attract and retain users ??.

?? One of the paramount technologies impacting the E-commerce market is the Internet of Things (IoT) technology ??.

??The IoT market was 483.28 billion USD in 2022 and is expected to reach 2,270.42 billion USD by 2028, growing at a CAGR of 29.4%.

Top 5 Benefits of IoT in E-commerce:

1?? Rich User Experience :

Many companies are using IoT to gather insights on items that are increasingly becoming popular on social media and other public platforms. It is one of the practical techniques of tailored marketing, thus helping E-commerce business owners to target a potential market.

Apart from this, IoT allows retailers to target users worldwide on the basis of customization and personalization. Whether it’s about depicting shopping patterns or the likings of an individual user, IoT can help a lot to predict this without any extra effort.

Moreover, when you target your users based on their interests the chances of sales on the spot increase a lot. This not only increases sales but also adds value to the brand. This way you can build more trust among your users.

2?? Automated Inventory Management ?? :

Inventory management is something that demands a lot of accuracy and manpower. But IoT sensors and Radio Frequency Identification tags (RFID) have revolutionized inventory management by allowing learning of essential product information like its availability, type, expiration date, and much more without human involvement. As a result business owners can easily monitor both the quality and quantity of products.

Moreover, smart shelves can easily inspect the number of items and place an order for new batches to maintain the flow of inventory.

3?? 24*7 Supply Chain Management ?? :

When it comes to supply chain management even a minor human error can result in major financial loss. This is where IoT can prove to be a handful. IoT devices ensure detailed and accurate tracking of items throughout their journey. The IoT sensors and tags ensure you are updated about an item from location to condition. It makes sure the delivery and shipping process doesn’t encounter any issues and the product reaches the customer.

It also provides accurate information on arrival time and prevents wrong deliveries. Apart from this, customers can easily track the location of their product throughout its journey.

4?? Ease in Warranty & Maintenance ?? :

Before the introduction of IoT, customers have to rely on their mental presence to look for any minor fault that can cause a breakdown at later stages. Apart from this, they were required to keep track of the product’s warranty and all. But after the introduction of IoT, things have changed a lot. IoT technology is serving as a tool for a remote assistant of products, examining their performance on a regular basis and forecasting their maintenance.

They are also assisting businesses with data regarding product adoption and breakdown. Moreover, the IoT sensors alert the company regarding the poor operation of a product. It initiates a call and notifies the customers about the same thus volunteering to replace or repair the product at the earliest possible level in order to prevent further damage. IoT also assists a user with notifications in case the product is lost or stolen.

5?? Extensive Income Potential ?? :

IoT has helped companies in shortening their time to market, provided good ROI, created compelling use cases, offered new business models & easy solutions, makes the prediction of online shopping trends much easier, and has done much more.

It has revolutionized the way businesses used to communicate with their users earlier. IoT has not only enhanced customer experience by offering them more customization but has also helped businesses to target audiences on the basis of their interest. This way it has contributed a lot to maximizing sales and increasing the brand value.

Biggest Brands Using IoT in E-commerce:

1?? Walmart ???

2?? Amazon ??

3?? Rolls-Royce ??