The Future of E-commerce in the World of IoT Devices

When I was a child, I used to enjoy playing with an amazing collection of remote-controlled cars. The very concept of controlling the movements of those toys with a couple of buttons used to fascinate me. It is wonderful to realize that the trend hasn’t worn out yet. It has only got better with time. Cut to the chase, the world of IoT devices gives us the opportunity to experience advanced functionality of devices that are monitored and controlled remotely, this time by the Internet.

The Future of E-commerce in the World of IoT Devices

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Do you know 125 new devices are connected every second to the Internet? By 2024, 40% of IoT devices will be used in the healthcare industry. On top of it, the global market is expected to grow by 457 Billion by 2024. It is said that E-commerce is benefitting from IoT devices more than we can think. From inventory management to smart homes, IoT devices are considered imperative for each and every area of E-commerce penetration.

With the present being this promising, we can assume that the future holds great possibilities for online marketers banking on IoT devices.

Here’s the broader picture.

What is IoT all about?

The Internet of Things or IoT comprises devices that connect to the global network and share data with each other. These are controlled and monitored by the Internet in terms of sending out data and fostering seamless communication with one another. The entire concept of IoT is based on four main pillars:

  • Data collection and measurement.
  • The internet.
  • Information and Technology Systems.
  • Analytical Inference Facilitating Systems.

With E-commerce sales expected to rise by 13.7% worldwide, you can pretty well figure out the reason why digital marketers are keen on investing in IoT devices.

The Future is here…

The E-commerce industry is growing at a rapid pace with each passing day, and there is no indication that it would break down anytime soon. The primary advantage of leveraging the potential of IoT devices in E-commerce is that it facilitates seamless communication with a customer and creates new distribution channels. In addition, Internet of Things assists in gauging the rate of sales effect.

So, here are a few of the most crucial aspects that endorse the idea of IoT devices controlling the future of E-commerce.

  • The Dash Button took Amazon a step ahead of the race

The Dash Button took Amazon a step ahead of the race

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Push a button, order food, push another, order washing powder. That’s how the Amazon dash button works. The Dash Button introduced by Amazon is a simple device that allows you to order products online, literally at the comfort of pushing a button.

Here are the key components of the Dash Button:

  • The Dash Button case comprises two components; a small circuit board and an AA battery.
  • There is a button on the circuit board along with several small integrated circuits.
  • The integrated circuits include the STM32F205RG6 processor, a Flash Read Only Memory Chip and a Wi-Fi chip.
  • A tiny LED and a microphone.

Even though the feature has been currently discontinued by Amazon, the idea remains unaffected. There might be a possibility that as part of the latest IoT inventions, the concept of dash button would be used by the future E-commerce sites.

  • The Role of IoT In Big Data Management

The concept of Big Data management and E-commerce goes hand in hand. The Internet of Things provides an endless source of data to the E-commerce traders about their consumers’ journey. Now the question is who will manage such humongous database? The answer is Big Data management. Statistically, 90% of the world’s data has been created in the last two years alone. It is said that IoT will save businesses and consumers a $1 trillion a year by 2024.

It goes without saying with each passing day the requirement for managing huge data and analyzing the same will only increase. All growing E-commerce units around the world will eventually look for an advanced way to ease their operations. As a result, the combination of the Internet of Things and Big Data management is anticipated to rule the domain in the future. Here are a couple of more stats in support of the notion.

  1. IoT will comprise of more than 30 billion connected devices by the year 2024.
  2. It would literally take a lifetime to manually evaluate data produced by a single sensor on a manufacturing assembly line.

Thus, there’s no doubting why Big Data management and Internet of Things are considered essential for the future possibilities of growth in the domain of digital commerce.

  • The Future of Product Delivery and Order Preparation

This is said to be another area where IoT devices can play a significant role in the future of E-commerce. IoT helps E-commerce vendors to maintain the inventory record with the help of IoT activated sensors.

This is how it works:

  • The sensors assist in real-time data gathering and evaluating while setting up a new objective to accomplish the task of order preparation and delivery.
  • It captures every crucial detail of the product without any human intervention.
  • IoT informs the administration prior to the stock becomes empty.
  • It creates order automatically.

If we are to consider each of the mentioned advantages important, the future is most likely to depend on more of such advancements. As a matter of fact, 43% of consumers prefer companies that personalize their experience.

And preparing and delivering orders in accordance with customer preference plays a crucial role in personalized shopping experience. The trend is only expected to grow with each passing day. Hence, overlooking the contribution of IoT in the future of E-commerce product delivery and order preparation is a big No-No.

  • A major driving force behind customer coordination

A major driving force behind customer coordination

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It is important for each of the leading E-commerce websites to make a good and reliable impression in front of their target consumers. IoT targets specific customers to create personalized advertisements based on their individual preference, purchase behaviour, income scale and the likes. Do you know Walmart is already leveraging the potential of Artificial Intelligence, Machine Learning, IoT and Big Data to boost retail performance?

Walmart is looking forward to upgrading the customer experience with new retail technology. Customers belonging to the domain of money services and pharmacy will be able to use the Walmart app during the checkout process, instead of waiting in the queue to reach the counter.

It is predicted that such advancements are in demand in recent days. Moreover, e-commerce retailers will be looking for more of such upgrades in the near future as well.  The world of digital commerce without the Internet of Things looks somewhat incomplete in an era of seamless customer coordination.

In Closing

With the increasing number of sensors, microchips and other actuators already making their presence felt, IoT is anticipated to have a large impact on digital trades in the future. As more IoT devices get connected and gain state-of-the-art features, more data will be accumulated.

As a result, customer experience will improve with the industry experiencing a growth in revenue, advanced inventory management, seamless tracking of theft and losses.

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