Internet of things is one of the hottest topics right now. It is not a new thing, but with the rising availability of technology and scientific progress, It is unleashing inherent potential to change the landscape of industrial and commercial world forever. The idea behind it is simple but has revolutionary implications. Connecting billions of machines to each other, internet and subsequently to us will create a new wave of informational exchange. IoT has been most effective in optimizing the industrial world, with almost half of the sector using it. Machines inform each other and their owners about their conditions, maintenance schedules, working environments and subsequently provide a constant inflow of data which will be analysed for further optimisation and increased effectiveness.
IoT has also a lot to offer to the e-commerce sector, which has been having fantastic growth in the last decade. Seeing how it was able to transform the industrial landscape, it is hard not to be excited about the possibilities it holds for the retail. Advancing e-commerce through the use of IoT will create more choice and the possibilities for the consumer and at the same time provide the business owner new opportunities to grow their enterprise and provide high-end experience.
Empowering the consumers
Modern consumers are not something traditional business was used to. With an ocean of information, applications and specific websites they can get all the information in the world about the product they are considering to buy. In a matter of a few clicks, they will know about other client’s experiences with the products and retailer, where and how the product is made and what kind of quality they are to expect. This creates an environment where retailers cannot survive by simply providing the product. They must trailer the experience to each individual customer. Make them feel like there aren’t simply some numbers, but people whose experience is important to them. IoT is a powerful tool to do that. The amount of information that can be gathered by the shopping habits and preferences of the consumer can lead to important revelations. Yes, the consumers know about your business more then they were ever able to, but at the same time, business owners have a powerful tool to play the same game.
Increasing effectiveness and cost efficiency
There are a number of ways loT is already transforming the retail sector. Many of them are pilot programmes whose outcomes are being watched by the whole industry. Let's take Amazons grocery store for example. This was a bold and interesting move on the part of the e-commerce giant. Customers simply went into the store, took what they needed and was charged after leaving the shop. Those first few customers must have felt really weird, but that’s the kind of possibilities IoT can offer us. No one in their right mind would say that the same change would happen in all retail stores overnight. But this was certainly a glimpse into the future. Something everyone else too notices of. I have no doubt that after some reworking and new security measures this kind of stores will become a daily occurrence.
IoT will keep track of what is popular in your store and update your supplies constantly. It can also hold back scheduled stock up if it sees that its popularity has dropped. It can read trends, predicts customer decision and in the end make the shopping experience a flawless thing for both customer and the owner.Published: Apr 2,2019 05:10:00 PM IST, Updated: Jul 3,2019 11:43:04 AM IST