How Internet Of Things (IOT) Is Revolutionizing The Retail Industry

As digital technology is ruling all over and physical world is converting into digital world of internet. From entertainment to online e-commerce sites, everything has moved to online now. The Internet of Things is the main driver that is digitally transforming our physical world.

The Internet of Things (IOT) is a network of digital objects or things fixed with sensors and connectivity that enables to communicate, exchange products & services and many more.

Research firm Gartner predicts that by 2020 we will have 26 billion smart and connected products in use. This translates to an average of 3.3 devices per person (smartphones and tablets excluded).

Eventually, IOT will going to make a smarter planet and inspire us with the new limitless opportunities. The efficiency of Internet of Things will be analyzed by the quantitative measures of data collection and its use for advancing everything. It will definitely show some wonderful changes in the field of E-commerce. Let’s explore how it will transform E-commerce topography:

1. Revamping Inventory in Increase Sales

Location based sensors in IOT communicates with a cloud-based server to the retailer’s data center. This enables a retailer to analyze every second trend in an appropriate manner. And, in the course of time, retailers will be able to analyze sales data across all the channels and equate it in real-time with respect to the most leading and demanding demands’ indicators to predict proper stock levels by various factors say location, style, etc.

2. Location Based Technology

It has been predicted that IOT will help to boost up the loyal program of an e-commerce site and retailers will be able to send pop-ups regarding discounts, offers, clearance sale, new arrivals. This is an important factor that usually works in a business, and therefore, more shoppers are allured to make an entry to your nearest store and effecting a chance to convert a visitor in to a customer.

3. Increase in Omni-channel Sales

There is no doubt that the probability of available at stores may vary. Suppose you want an item of a particular size say a dress urgently and it is not available online. In this case, omni-channel resources will guide you to the nearest physical store where the size would be available. And, if it won’t be possible for you to go to the store, then retailer’s app shares that responsibility to make it possible at your door in the quickest time.

4. Advanced Real-Time Analytics

As physical stores are turning digital, the chances are infinite. With the help of IOT, retailers are able to track their users’ response towards their products and services, therefore it can help in tailoring marketing experiences and customer relationship management to improve its effectivity.

The new technologies are coming with a clear motive to improve balance data along with privacy to devise an analytics platform in the E-commerce topography.