Transformation of Commerce with an Internet of Things
Even the most inane technology is becoming smart day by day starting from fitness trackers to coffee makers. This is just the beginning. The Internet of Things (IoT) is changing everything, changing the way consumers are ordering coffee filters to manage home security. The very material of commerce is revolutionizing.
As mentioned earlier, it is just the beginning. IoT is still in its eggshell and will take the time to completely come out and enter the evolution. Gartner predicts that till the time we reach 2018, hardly people will be prevailing IoT network. In the coming years down the line, we can expect the multiplying number of different products, different devices, and methods to IoT. According to Cisco, at the end of 2020, there will be 50 million connected devices.
With all this developing, the whole commerce sector is going to revamp itself with the benefits of IoT along with the increased adoption of cloud server hosting. But, merchants and vendors need to consider certain things. Let’s review them one by one
Supply replacement is the only natural extension of IoT. For example, the connected devices are programmed in such a way to store at least half-gallon of milk at the starting of the week, the measurement of the milk consumption will be measured by the refrigerator. If the milk dips below a half gallon, a gallon of milk will be added by the refrigerator to the normal grocery store order for Sunday deliveries. But talking about supply replenishment with IoT, something similar is just the beginning and more is yet to come. In the coming years down the line, you will not have to go at the grocery store to pick up more toothpaste if they are out of stock.
Purchasing development is one step beyond supply replenishment. With this consideration, an entire host of choices in consumables can be altered starting from the size of the items to quantities which are purchased from a consumer’s point of view. For example, kitchen devices which are internet connected should inform consumers that instead of going with a 16-oz bottle they should go for 32-oz of olive oil bottle without it going bad and save money.
Purchase development will be performed by IoT which most of us are aware of but never could spare time to give a concentrated focus on it. Smart products will have the ability to optimize sizing, price and also ascertain the best places to buy products. Moreover, with time IoT evolution is much required to cope with the changing technology and make smart decisions.
Product procurement will enable the products to make the shopping decisions, deciding with an insignificant human intervention which other products to buy. Every individual is not capable of having the tolerance to handle products deciding the purchase and service decision for people, but with IoT, everything can be possible.
IoT can be nascent as of now, but within some years connected and smart products will become more sophisticated, more and more investment will be made in connected products in professional as well as personal life. To cope up with the rapid change, product information should take steps to meet the consumer’s expectations and demands who wish to have the best products and services for their requirements. Otherwise, consumers will be left behind with an impaired system leaving them lagging behind.
IoT is completely going to become a revolution and change the purchasing pattern of consumers where just one reminder will be enough to optimize the energy consumption at home.