E-Commerce Business Relationship With IoT (Internet of Things)
Microsoft founder Bill Gates had rightly put when he said, “Information technology and business are becoming inextricably interwoven. I don’t think anybody can talk meaningfully about one without the talking about the other.”
The statement proves its credence, especially in present times, when the success of every innovation or technological advancement is determined by its seamless integration into a business module. Needless to say, every technological advancement that interest business professionals center around the customer spending patterns. Especially, with the emergence of e-commerce business modules, the relationship between business and customers is moving towards specific customer requirements and expectations.
Consider a power tool, a cordless drill machine, which can connect to the Internet and answer every query you have regarding the machine or anything you want to look out for. With IoT, the professionals can have access to specific customer online patterns and initiate a new channel of communication.
Simply put, with IoT even your Home appliances be it an oven, washing machine, wearable devices etc connected to the Internet will replace the existing channels of communications between the business and consumers.
Impact of IoT on E-Commerce Business
#1)Excellent customer experience
The business for any e-commerce business starts to decline with the faulty products. However, the IoT devices are able to detect any issues or existing problem and report it to the concerned parties. Needless to say, the time spent to sort out the issue becomes much less and the companies can ensure that the customers experience swift solutions to impending issues.
#2)Improved Order tracking
The real-time inventory tracking with the IoT sensors and RFID tags helps to streamline the order distribution and know its status in real-time. One of the most important aspects of e-commerce productivity is the monitoring and tracking of product orders. With IoT, a much-improved mechanism can be set in place to eliminate manual labour and human error. The many issues pertaining to delayed order can sort out in real-time to improve customer satisfaction.
#3)One to one marketing channel
One of the present marketing ploys to understand the customers is to use the social media platforms and forums; with the IoT enabled devices marketing and promotions can reach a much-refined level wherein the businesses can know their individual customers according to their Geo-location, identity-based parameters etc. The personalized marketing tactics have better conversion rates and a business enterprise with the assistance of IoT devices can pitch for their services according to each and every customer.
Now, if you think it’s still a long way before IoT devices will be available in the market, one example of the most prominent IoT application is the Wearables. Apple watch, for example, is no ordinary watch used to tell time rather a user can access every bit of features available on their smartphones. From Amazon Echo which employs a voice assistant to interact with a user in order to play music, access news and more to even Smart cities IoT is set to be the next big thing which is certain to transform the existing business functionality.