As consumers shift to online channels and IoT is a growing trend, eCommerce businesses have the best chance to take advantage of IoT after COVID. The IoT solutions that are emerging for eCommerce offer new opportunities in operations, shipping, marketing, and data analysis backed by AI.
This edition is a collaboration Chatbot Development Company AI, IoT, and Chatbot Development Company. We explore how eCommerce businesses can adopt IoT.
Emerging Technologies Drive the Upward eCommerce Trajectory
Technological advancement is essential to ensure the resilience and scalability of business infrastructures as industries move into a new normal. The adoption of emerging technologies can transform the entire process from procurement to shipping to purchasing for eCommerce businesses and retailers.
Mckinsey estimates that business applications of IoT or AI technologies could generate $11.1 trillion in revenue by 2025.
IoT data can be used to fuel AI and increase eCommerce revenue by enabling predictive analytics, product tracking sensors, and virtual shopping assistants. These are the top IoT touchpoints that eCommerce businesses can use to optimize their operations and ensure quality growth.
Four Next-Gen IoT Solutions for eCommerce Businesses
1) IoT sensors for tracking product movement
For monitoring inventory, products, and assets at factories, warehouses, or retail environments, RFID and GPS (Radio Frequency Identification) tags are now household terms. Advanced IoT sensors allow for better connectivity between products and warehouses.
IoT sensors automate inventory management by automatically analyzing the type, quantity, and expiry of products in real-time without human intervention.
These are the immediate benefits of embedding IoT sensors at eCommerce warehouses:
- A) High accuracy
- b) Preventing inventory shrinkage and overstock
- c) Order fulfillment via automatic scheduling or real-time alert
- d) Optimization of parallel operation.
The Team Recently built IoT-enabled animal tracker system for a top smart farming company. This solution tracks cattle movements and provides valuable insights into profitability, health, yield, and other aspects of farm animals.
We use machine learning algorithms and IoT sensors to detect trends, deterioration and market profitability for cattle. This has led to significant cost reductions and improved profits for farmers.
2) Predictive maintenance using condition-based IoT sensors
Industry 4.0 is nearing and IoT sensors are developing to collect and analyze a greater variety and quantity of data. It includes temperature scanning, safety enforcement, and energy and equipment management. Additionally, it tracks shipment movements across the eCommerce supply chain.
AI and IoT solutions can be combined to channel sensor data for eCommerce. This allows for the analysis of the health of industrial equipment in order to make timely repairs.
Caretakers can monitor the health of patients with dementia using an IoT-based dashboard that visualizes body temperature, activity, and other health patterns.
3) eCommerce Customer IoT Analytics with AI
IoT solutions for eCommerce go beyond shipping facilities and warehouses to enhance the end-consumer experience. The vast amount of data generated by IoT devices, such as fitness bands, smart security system, and smart home appliance, is often not used.
AI and IoT combine to provide in-depth consumer insights that can be used to enhance eCommerce experience.
Low metabolism alerts can be sent by fitness trackers to trigger AI algorithms that suggest food items to increase metabolism. Smart home appliances can also be used to map the start of winter so customers receive personalized recommendations about winter jackets.
The use of conversational AI interfaces in eCommerce portals and messaging channels for personalized recommendations can boost revenues up to 30%
4) Voice Shopping using Smart Home Assistants
Traditional marketing techniques, such as advertisements and campaigns, may soon become obsolete. Generation Z may soon find itself without traditional marketing techniques. To reach a wider audience, businesses must improve their marketing strategies aided by technology.
Today, nearly 50% of all web searches are voice-based. They are generated by voice-controlled chatbots and home assistants such as Alexa or Siri.
IoT solutions must be used to enhance marketing efforts via these channels, given the increasing popularity of AI-powered assistants. eCommerce can improve product listings, SERP ranking, and targeted marketing campaigns. Using data from IoT home assistants.
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AI-powered IoT solutions for eCommerce
A group of AI developers and data analysts harness the power of emerging technologies to benefit enterprises. Businesses can benefit from our experience in machine learning, AI, and big data to create greater value for customers. IoT data analytics is one of our specialties.
- a) Edge data analytics
- b) Cloud-based IoT data analysis
- c) Big data management
- d) Data visualization
- e) Streaming Analytics
