Revolutionize your E-commerce with IoT
August 31, 2021
Revolutionize your E-commerce with IoT
We all can see how business and technology have become deeply connected, and are aware of the great role information technology plays in developing and expanding businesses in general. For example, we can see how E-commerce has reduced the need for real shops and actual going for shopping. In this article, I will talk about E-commerce and the role of IoT in developing the E-commerce business industry.
Let us first explain what IoT is, and why it's important to business:
The Internet of Things (IoT) is “the interconnection via the Internet of computing devices embedded in everyday objects, enabling them to send and receive data.” At a consumer level, these devices can be placed in our cars, phones, appliances, medical equipment, wristbands, livestock, and more. At an industrial level, these devices can be in machinery, shipping equipment, vehicles, robots, warehouses, and more. What really amazing about IoT is that it doesn't matter where these devices are, it can connect them together everywhere and make them share data, analyze data, and send it to each other.
This makes the customers' life a lot easier and far better by connecting all the devices they use together. However, what IoT Offers to the commercial world is a lot more. With IoT, the business has taken a revolutionary path in terms of communication channels. The gap between the business and its customers has narrowed down, making them closer and more connected than ever.
Internet of Things (IoT) - The New Era
Of course, IoT works on two different levels. In other words, what Iot can do for usual consumers is different from what it can offer to enterprises. For example, the (IoT) interactive devices have already booked their place and started being indispensable in the lives of individuals. Right from the wearable like Apple’s smartwatch, wear bands that detect your babies sleeping patterns, Nokia Sleep that detects individual sleep cycle, cars that run on individual’s commands. Internet of Things has made its footprint in all lifecycle. The IoT solutions like Smart Homes and Smart Cities have surpassed everything till date, leading to a new technological age for the future. As a result, every day a new company comes with the announcement of its IoT enabled product.
The Internet of Things has also broadly influenced the E-commerce market. Due to the increasing adoption rate of Internet technology and the fast-rising number of online shoppers, the E-commerce market has greatly flourished in a short time turning into a powerful attracting platform. According to analysts, the future of E-commerce is now taken for guaranteed and it’s expected to be soon the future of retail. In 2016, E-commerce sales were 1.86 trillion US dollars as is expected to gross 4.48 trillion US dollars by 2021.
While other industries were suspended due to COVID 19 and the accompanying lockdown, e-commerce witnessed a sudden massive increase in online shoppers which also led to some technical issues. These technical problems made going for some creative solutions really necessary. Therefore, key E-commerce players worked on integrating interactive technology such as IoT in the business sector to delight their customers and retain them as their prospects.
This article will list some of the use cases of IoT in E-commerce industry, how IoT enabled devices can help global retailers in their data exchange, achieving better customer experience, upgrading in terms of competition and profitability, and more.
Have a look.
Reshaping Inventory Management
1) Multiple Warehouse Management.
2) Restocking of bestselling goods.
3) Packing and Shipping.
4) Temperature setting for perishable goods.
5) Real-time monitoring and inventory tracking.
6) Reduce human errors.
IoT adoption guarantees an effective inventory tracking. IoT sensors and RFID tags offer robust solutions in the real-time management of inventory, streamlining every business operation. IoT enabled devices helps in monitoring and tracking inventory items highly effectively. All the data related to product types, the name of the manufacturer, barcodes or the batch IDs, expiry dates of the products can be easily accessed and automatically updated in the system with the help of IoT devices. Thus, implementing IoT within E-commerce can reduce the percentage of human intervention in managing storage processes which significantly reducing human error in inventory management.
Inside e-commerce inventory, using IoT solutions such as smart shelves will exclude the risk of stock-outs, thereby avoiding consumer disappointment. The e-commerce industry can monitor the availability of goods in real-time, their numbers in stock and can substitute the stock automatically when it reaches the reorder stage. IoT solutions such as temperature monitoring sensors can take care of the life of perishable products by testing the suitable temperature and delivering real-time warnings if necessary.
Developing Supply Chain Management
1) Real-time tracking of location.
2) Reducing problems like misplacement or loss of goods.
3) Guaranteeing delivery on time.
4) Qualitative deliverables.
5) Managing routes and speeds.
A smooth supply chain is a key part of the success of the e-commerce industry. Enabling IoT in e-commerce will assist with the transportation of items from one place to another. IoT sensors and devices can monitor the flow of goods in real-time, ensuring a seamless operation from manufacturing to the delivery stage.
RFID and GPS are essential for tracking the movement of goods. These interactive devices offer complete data about the product location, and the current temperature, assuring qualitative and error-free product delivery. With the help of RFID and GPS, the E-commerce business can easily manage the routes and speed of their shipped goods, assuring delivery according to schedule without any unexpected problems like product loss or misplacements.
For example, to guarantee delivering the products in the same day for their clients, Amazon has launched drones. These kinds of IoT solutions not only promote operational performance in the industry, but also add a touch of professionalism in business as it helps e-commerce to work effectively and deliver the products intact on time making customers pleased and loyal.
Revolutionizing Consumer Experience
1) helps to outperform competitors.
2) Comprehensive shopping experience.
3) High-level personalization.
4) Better and efficient advertising.
5) Understanding current trends and patterns.
6) Quick problem resolving and enhanced customer experience.
IoT gives e-commerce firms a great push forward and distinguishes them from other e-commerce magnates. For example, adopting IoT gadgets such as a smart mirror will help consumers virtually see how the clothes that they liked look on them, giving customers a whole new experience. Walmart, the American multinational retail supermarket, has deployed IoT technologies to get insights about products that are popular on social media platforms to provide them at the supermarket to make its customers happier and more satisfied.
IoT devices can also study the shopping trends and patterns which will assist E-commerce in coining the best goods and services based on consumer preferences.
In short, Internet of Things can help E-commerce to grow faster and more efficiently. IoT has the potential to cut costs, increase efficiencies, improve customer service, make better decisions, and so much more. IoT will certainly be the future of e-commerce, and the ones who have the courage to adopt it first will be the most winners.
Are you ready to deploy Internet of Things in your E-commerce? Odoo IoT is one of the great business solutions that Odoo ERP provides. Odoo IoT adds more effectiveness to business, enhances profits, and makes clients more satisfied.
Boraq Group – an official Odoo Partner- is one of the pioneer companies in implementing ERP solutions in general, and IoT in particular. Our experienced team of developers and consultants can provide you the IoT solutions that fit your business needs. You can contact us at firstname.lastname@example.org .
Keywords: Internet of things, IoT, e-commerce, Odoo, ERP, Boraq Group.