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IoT provides greater visibility across the fulfillment process,
enabling retailers to better meet...
1. Improved logistics
IoT provides greater visibility across the fulfillment process, enabling retailers to better meet the demands of consumers who is buying more online. Such technology enables companies to track orders from the moment an order is placed to the second it reaches the consumers doorstep. Each piece of inventory is able to be tracked through a management system so goods can be located automatically no matter where they may be.
2. Automation of certain commerce aspects
Day to day products require continuous replacements, such as detergents, fabric softeners or printer ink, there is an opportunity to automate the ordering process. The Internet of Things could enable consumption to be more accurately measured within the durable good itself.
3. Enable durable goods manufacturers
Manufacturers now produce washing machines or refrigerators with life cycles spanning 15 or 20 years, which limits the ongoing interaction with its consumer base. Establishing a relationship through a connected appliance or automobile could be a way to remain in consumers minds over the life of a product. For example, printer manufacturers could offer the ability to facilitate cartridge replenishment from the printer itself.
4. Access to more data to better influence consumer decision making
The increase in the number of connected things equates to more data from which marketers can gain insight into consumer behavior. The additional data will give marketers more direction on how to appeal to these individuals and how to influence shopping decisions along the path to purchase. For example, this could equate to more intuitive websites customized to the individual consumer. The greatest challenge facing marketers is how to navigate the volume of new data. If accomplished, though, this increased data would allow consumer-facing brands to better tailor products, services and offers to their full range of consumers.
5. Marriage of brand and personal data
Beyond simply more bytes of data, the Internet of Things network could leverage various connections around an individual to provide for more personalized information and actions. All of the collected data could be interwoven with more personal data to further personalize the experience for each household and for each member within it. For example, in a home with a smart fridge, each family member could receive an experience tailored to their preferences or in a connected car the offers could be tailored to the driver behind the wheel. As a result, IoT enabled commerce will be more of an evolution rather than a revolution.