Among the top disruptive technologies, the Internet of Things (IoT) will have the most substantial economic impact by 2025. Applications employing IoT, AI, and machine learning are poised to generate unparalleled value, customer satisfaction, and revenues for businesses worldwide. Post-COVID, as consumer demands shift from offline to online channels, eCommerce businesses are in the best position to capitalize on IoT. Emerging IoT solutions for eCommerce are propelling new opportunities across operations, shipment, marketing, and data analytics backed by AI.
In this edition, we at Oodles, an IoT, AI, and Chatbot Development Company, explore how eCommerce businesses can adopt IoT.
As industries enter a new normal, technological advancement is indispensable to ensure resilience and scalability across business infrastructures. Especially, retailers and eCommerce businesses can significantly revamp the entire journey from procurement to shipping to shopping by adopting emerging technologies.
According to Mckinsey, business applications of IoT and AI technologies can generate up to $11.1 trillion in value by 2025.
From product tracking sensors to predictive analytics to virtual shopping assistants, IoT data can fuel AI to boost eCommerce revenues efficiently. Below are the most promising IoT touchpoints where eCommerce businesses can optimize operations while ensuring quality services and growth.
GPS and RFID (Radio Frequency Identification) tags have now become household names for monitoring products, assets, and inventory at factories, warehouses, and retail environments. Today, advanced IoT sensors are improving the connectivity of products at retail and eCommerce warehouses by transmitting detailed product information.
IoT sensors streamline inventory management by automatically analyzing the type, quantity, expiry, and replenishment of products in real-time without human intervention.
The immediate benefit of embedding IoT sensors at eCommerce warehouses are as follows-
a) High level of accuracy
b) Prevention of inventory shrinkage or overstock
c) Real-time alert or automatic scheduling for order fulfillment, and
d) Optimization of parallel operations.
The Oodles AI team recently built an IoT-enabled animal tracking system for a leading smart farming company. The solution not only tracks cattle movement but also generates valuable insights around the profitability, health, and yield of farm animals.
Along with IoT sensors, we deploy machine learning algorithms to detect patterns, deterioration, and market profitability of cattle. It has resulted in reducing costs and improving profits for farmers significantly.
As we approach Industry 4.0, IoT sensors are evolving to collect and analyze a larger variety and volume of data. It involves temperature scanning, safety enforcement, energy and equipment health management, and shipment tracking across the eCommerce supply chain.
AI coupled with IoT solutions for eCommerce can channelize sensor data to analyze the health of industrial equipment for timely maintenance and repair.
As providers of predictive analytics services, Oodles’ AI developers build a remote monitoring system operating through smart home appliances.
The IoT-based dashboard enables caretakers to monitor the health of dementia patients by visualizing body temperature, activities, and other health patterns.
Also read | 4 Next-gen IoT Applications With Raspberry Pi
IoT solutions for eCommerce are moving beyond warehouses and shipment facilities to augment end-consumer experience like never before. A large volume of data generated from IoT devices like fitness bands, smart security systems, and smart home appliances go underutilized.
For enhancing eCommerce experience, AI and IoT together generate in-depth consumer insights to alert decision-makers about customer needs, choices, and preferences.
For instance, low metabolism alerts from fitness trackers can trigger AI’s algorithms to suggest food items to boost the user’s metabolism. Also, the winter season’s onset can be mapped through smart home appliances to send customers personalized recommendations around winter jackets.
Conversational AI interfaces for eCommerce portals and messaging channels to send personalized recommendations can increase revenues by as much as 30%.
Traditional marketing techniques including advertisements, campaigns, etc. may soon turn redundant for Generation Z. Businesses, therefore, must upgrade their marketing efforts backed by technology to cater to a larger audience effectively.
Today, almost 50% of web searches are voice-based, generated through voice-controlled chatbots, home assistants like Alexa, and virtual assistants like Siri.
Considering the rising popularity of AI-powered assistants, IoT solutions for eCommerce must be directed toward augmenting marketing efforts through these channels. eCommerce can optimize their product listings, SERP ranking, targeted marketing campaigns, etc. using data generated from IoT home assistants.
We, at Oodles, are a team of professional AI developers and data analysts harnessing the power of emerging technologies for enterprises. Our experiential knowledge in applying AI, machine learning, IoT, and big data enables businesses to generate greater value for their customers. Our capabilities in IoT data analytics include-
a) Edge data analytics
b) Cloud-based IoT data analytics
c) Big data management
d) Data visualization, and
e) Streaming analytics
Join hands with our AI Development team to learn more about how we empower eCommerce businesses with data-driven technologies.