The technological advancements along with the growth of E-commerce is changing the world at a rapid pace.
IoT helps in revolutionizing the behavioral patterns as well as the purchasing power of the customers and all the massive alterations are getting down the innovation pipeline.
IoT and E-Commerce
The true magnitude and weight of IoT is something that has to be taken on a broader scale.
All the technologies whether it is Robotic Process Automation, Machine Learning, Artificial Intelligence, or the Internet of Things all are making their way into making some technological innovations around the world.
These are the best technologies and they are widely used for boosting up the time-consuming tasks and providing ease and convenience to all the employees who were earlier deployed to perform some tedious and repetitive tasks and still had errors.
All such time-consuming and repetitive tasks get performed by the technologies providing ease to all the employees so that they can focus on their core activities.
Industrial products are being impacted and taken into consideration around 45% of the businesses in the sector using IoT products.
The most exciting part of IoT is that it gets connected easily with any of the smart devices.
Both the IoT technology as well as the overall E-commerce industry undergoes significant growth, we are at the initial stage to look at the massive forces which can work together for a positive outcome.
There’s so much in-built potential and it becomes nearly impossible to understand and know the transformation that IoT is going to provide for E-commerce.
The top 5 trends that are of high importance in this E-commerce sector are as follows:
Whether you are in the technical space or a business owner in the retail industry it becomes much crucial.
Oh.. yes Let’s discuss the trends
1. More Educated Consumers
Earlier customers had limited options and choices were restricted and they were often vulnerable between the brand and particular product without much room and leverages.
We are working at an operational level and the entire new retail landscape is available along with the overwhelming numbers.
And in the same manner, if the consumers keep on becoming more educated they will also become cognizant of the options which are available to them other than the option which has been barged by the salesperson.
With the massive database and information which gets available to the customers, the average shopper becomes increasingly empowered to make the decisions smartly and speed up their purchasing power.
Educated shoppers have also been known to the demand which is more branded and even the transparency from all the retailers.
They also want to know how the products get sourced and where they are made and what feels like going into the various production processes.
As a result, the brands which are being forced and which can get opened up can become much honest about all kinds of practices and this can be counted as a net win for everyone.
2. Better Cyber Security
It becomes easy to look at the rise of connected devices which have gradually increased cybercriminal activity.
Every device acts as an access point and many are left threatened and unprotected by all the experienced hackers.
But IoT is not bad everywhere and in bad news for cybersecurity. It might actually end up improving how E-commerce companies are able to protect themselves against all the cyber attacks and digital threats.
One of the most crucial developments is to analyze the advancements in the blockchain.
With so many IoT devices handling and making an exchange of communications, decentralized blockchain technologies can easily end up enhancing security by rendering safe networks.
It will take some time for the market to make a mature move and even the blockchain alone does not get enough and additional security layers that the company can utilize will provide a distinct advantage.
3. Personalized Shopping Experience
Shopping is not an art of just buying the product or service and in most cases, there are experimental elements involved.
Consumers are looking forward to the ways where even shopping entertains them and they will feel even more satisfied with all the purchases if it gets equated along with them with such positive experiences.
Whether it is in-store or online, the IoT has been positively impacting how consumers shop.
IoT-enabled retail systems and even the E-commerce platforms collect and analyze the robust data sets which can be put to use to represent all the localized offers, make the recommendations of the products and even personalize the checkout experience to diminish the friction and boost up the efficiency.
Personalized discounts are becoming a huge trend in the upcoming months. As the company keeps on gathering data of all the individual customers.
They will be able to reward them for their loyalty and even increase the chances of repeating the purchases even by sending the customized coupons when all the customers are in the store and on the site.
4. Automated Checkout
For the better part of the 21st century, Self-checkout has been the principal objective when we talk about supermarkets and large retailers such as Walmart, Target, and even home depot.
It permits retailers to cut down the redundancies and eliminate the needs of the cashiers and even handle the fluctuations which are not regular and which occur on a repetitive basis throughout the day.
In recent times, the automated checkout has been taking on a different meaning. In the year 2018, Amazon made an announcement and launched the first-ever checkout-free grocery store where the customers can walk-in and even put the items in the cart and can walk out without needing an option to checkout.
The in-house technology tracks the items which are placed in the cart and then can make a bill for the customers via the connected credit card after leaving the store.
While it has flaws and needs which are to be tweaked and other companies need to keep an eye on such technologies.
Believing in it or not, the automated checkout is composed of to become the most commonplace in the physical retail space and it will keep on lowering down the costs and will even close the gaps between the bricks and mortar along with the E-commerce retail.
5. Smart Shelves
When it comes to speaking for the automated checkout, the physical retailers will become much aware of the smart shelving technology in the upcoming months.
Smart Shelves get fitted with RFID tags which act as weight sensors and readers.
They can even sense the products and can detect the items which are removed from the shelves and even placed in the shopping cart.
Not only it allows for swift and cost-effective shopping experiences but it also cuts down on store theft; it can even enhance the inventory strategies and assist the businesses to keep a track of what goes on in the stores.
Smart shelves also serve as retail data engines. They can provide the retailers with an extensive available data range. They can even render retailers with an extensive range of data which can traditionally become unavailable to all the brands and with AI predictive optimization there are some of the best shelves and they are even able to predict the times and uplift the proper restocking.
The Last Sentence
Nobody can predict how technology will make revolutionary innovations in the upcoming years and we need to know how IoT will make a remarkable impact on E-commerce and retail.
Companies and their industrial partners will help in recognizing the opportunities which will be able to reap the advantages from the growth.
By focusing on the current trends and IoT, businesses will be able to shape and figure out the ways where they need to make some changes, and working on such changes, they will be able to get incredible opportunities.