What is IoT, and how can e-commerce benefit from it?

A significant part of the developed world is already enthusiastically collaborating with the ideas of a "smartphone", a "smart car", a "smart home" and other technological advancements that were (only a few decades ago) merely a part of science fiction. The Internet of Things (IoT) is the framework for constituting a "smart world" - a reality made up of objects, devices, and infrastructure connected to the Internet and to one another, respectively.

IoT has the capacity to fasten and furtherly perfect several processes across different industries. Having recently talked about the rise of the digital economy, today we will build on this information by investigating some of the ways IoT can be deployed in e-commerce to optimize both workflow and customer experience.

Some of the numerous improvements that IoT can deliver to the online business and its final users include:

  • Automation of production and auditing process. Both manufacturers and third parties who offer goods online need permanent stock control and synchronization of stock information. Through specially positioned sensors, IoT can guarantee automated "self-maintenance" of production lines and warehouse audits - these sensors can provide information about defective equipment, generate quantitative data about products, and update them in real-time.
  • Streamlining the order generation process. IoT can provide a radically different approach to shopping in general - both in B2B and B2C online commerce. One of the boldest projects for technology in the future is the so-called "automatic shopping." Installing and adjusting a set of smart sensors can allow the refrigerator, the home, the office, the warehouse or the factory to "figure out" when products and goods are running low, and generating an immediate online order for supply. 
  • Customization of the client experience. In a situation of monstrous marketing race, IoT can provide a tremendous advantage for a particular company or eCommerce in terms of customer care. The technology enables an entirely new way of personalizing the delivery process - through the "smart world" of the IoT, the customer can receive real-time information about the movement of their order, including delays caused by heavy traffic, bad weather, and other force majeure.

It is not too bold to say that IoT applications in e-commerce could go as far as the courage and imagination of their implementers. The potential of this technology is yet to be realized and imposed as the norm in the new, intelligent, and hyper-connected world.

Toshev & Boteva Law Firm stands firmly behind the process of development, implementation, and legal differentiation of new technologies that are taking over numerous industries. We are providing in-depth professional advice on the legal frameworks in which businesses need to integrate their digitalization to maximize their safety, efficiency, and cybersecurity.

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