Along with Artificial Intelligence and Big Data, the next most popular buzzword in the technology circuit across the world is IoT. With all devices getting connected across the world via the Internet, the IoT i.e. Internet of Things is developing at a really fast pace. As per estimates by market experts and research organizations, by the year 2030, almost 125 billion devices might be connected in the IoT network globally. And we are heading towards that day when we will be completely driven by the internet and this is just the beginning.
IoT is indeed a rapidly and continually evolving technology that will certainly have a deeply transformative effect on the way we interact with machines and fellow humans. In this age of digital transformations, no industry can think of survival without IoT. It is almost like a revolution where IoT is going to sweep across every kind of industry at all stages and departments starting from production and distribution to product consumption. And interestingly enough, IoT has speedily transformed the marketing scenario. Marketers are trying to leverage this cutting-edge technology in all forms to boost businesses in both B2B and B2C sectors.
Now, needless to say, enhancing customer experience is one of the main pillars of success because after all, customer satisfaction is paramount for any business to thrive. The advent of IoT has even triggered many companies to rethink their business strategies and marketing ideas to boost sales and enrich customer satisfaction.
So now, the question that arises is, how can IoT enhance the degree of customer experience provided by companies? Let us find that out.
Fetching real-time and precise information
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With IoT, customers can get real-time information about their products which are in transit. You can attach a device or sensor with a product that will ultimately keep your customer up to date about the location of the product. And in doing so you are improving the customer experience; they will not have to wonder whether the shipment has been dispatched or where it exactly is at a certain point in time. They will no longer need to call you repeatedly to know how long it will take for the product to reach them.
Moreover, IoT also helps in inventory management which is immensely beneficial not only for a company but also for its customers. Companies will not need to engage expensive resources in maintaining inventories when IoT devices are employed for the purpose. That reduces their maintenance costs and also keeps the customers informed about updated stocks so that they can make purchases accordingly.
Enhanced personalization
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Nothing works better than curating a highly personalized shopping experience for your customers. If you place yourself in your client’s shoes, you can relate easily to this. For instance, you can check out packedparty.com to buy gift items and when you finally select a beautiful gift, you find that it is out of stock. Now, isn’t is disappointing when you have found the perfect gift and it is unavailable? The thought of having to search for an alternative gift option all over again can be daunting.
But such situations are now hard to come by, thanks to IoT. This is because you now have the option to receive notifications once the item of your choice is back in stock. This is just one scenario. There are plenty of other instances, where IoT devices gather data like customer interests and preferences and suggest similar products. And in this way, IoT helps in keeping customers glued to your website and explore further and make more purchases. So ultimately it is personalization offered by IoT that works in favor of your business.
Enhancing product usage
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IoT will enable you to determine the usage of your product and according to the data that you will receive about the usage, you can go on to enhance the value of the product. IoT devices can collect information or data from the products and you can use the data to improve the performance of your product just like Rolls-Royce. They use IoT devices in the engines of their commercial aircraft and gather data to enhance the maintenance procedures. The IoT helps them to understand how the engines of the aircraft perform and they come clean with their customers regarding the data, this naturally makes Rolls-Royce a trustworthy brand.
Triggering development of newer and more efficient products
The data that is collected about the performance of your products can help you to design new products. For example, many automobile companies use sensors to get data about the performance of their engines and this data is used again to improve their current performance. Sometimes the overall design is changed to make the engines more efficient. IoT, when used to make products better, can improve customer satisfaction.
Gauging customer preferences in the e-commerce sector
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Today, e-commerce is booming, and understanding the needs of the customers specifically is imperative. In such a situation IoT is of great help. You can show your customers the relevant products at the time when they will require it, yes, this is possible with IoT. Your customers will be happy and you will be happy too, and ultimately your business will flourish.
For instance, you can also offer discounts to ensure a better conversion rate. Devices connected by IoT helps in collecting data about customers visiting e-commerce sites. Every move and each minute detail of individual customer activities can be traced using IoT, such is the precision. And this is especially favorable because as the business owner you can analyze data from customer visits and derive accurate insights to understand what exactly they are looking for. And based on their preferences and requirements, you can develop more ideas to attract them to your site.
When your customers receive exactly what they have been looking for, and they feel valued, you know that you have won. And very naturally, the company-client relationship strengthens when you are consistent in providing stellar customer experience, which is now easily possible by adopting IoT.
