Thing Commerce Definition and Meaning. How is Thing Commerce Transforming the Way We Do Business?
Have you heard of the Internet of Things or IoT? Well, it’s been one of the hottest trends in the IT sector over the past couple of years. IoT touches on every aspect of our lives but what’s shocking is its continued growth in the world of e-commerce leading to what we are now calling, "Thing Commerce".
From our Jawbones to our smartphones, the increased levels of connections in the world are changing industries at an alarming rate. For many brands interested in taking full advantage of thing commerce, the main has been finding ways of connecting their devices to the internet. In doing so, they expose their business to these promising e-commerce opportunities.
Better Logistics Brings About Efficient and Quick Order Fulfilments for the Digital Consumer of Today!
Thing commerce creates an improved visibility fulfillment process that enables retailers to meet the demands of their online customers. It further allows companies to track all orders from the moment they are placed until the time it arrives in the ‘hands’ of the consumer. Each part of the inventory is monitored using a robust management system that automatically locates all goods from whichever location!
Thing Commerce is Simplifying Certain Automation Processes
Because all durable goods require constant replenishment, for example, detergents, printer ink, fabric softeners among others, there’s an excellent opportunity to automate their ordering process. Thanks to thing commerce, you can streamline the entire process by measuring the frequency of how a particular family orders certain items.
Thing commerce can also enable the accurate measuring of the durable product itself. For instance, GE and Whirlpool Appliances have integrated the Amazon Dash Replenishment service into their business to allow the automatic reordering or supplies based on their consumption.
Helps Manufacturers of Durable Goods to Establish Long-Term Relationships With Their End-Consumer
Manufacturers are now producing refrigerators and washing machines with lifecycles of 15 to 20 years. This limits the constant interaction with their consumer base. However, with thing commerce, they can establish a relationship through connected automobiles or appliances and remain in the minds of their customers for an extended period. For example, the manufactures of printers could offer services for cartridge replacement.
Apart from just creating a long-term relationship with consumers, thing commerce could also help businesses in creating fresh business models for their loyal customers. For instance, they could adopt service-based business models by offering things such as:
- Performance analytics
- Remote monitoring
- Predictive maintenance
They Can Access More Data to Help in Influencing Their Consumer’s Decisions
The growth of thing commerce means that there’s more data for marketers to use in gaining greater insight into the behaviors of their customers. Using this additional information, they can adopt better methods of appealing to their consumer’s needs as well as influence them to purchase their products.
Now, their greatest challenge will be finding ways of navigating through the large volume of brand new data. However, if done correctly, this massive chunk of data will eventually allow them to effectively tailor their services and products to the benefit of their large number of consumers.
While the rise of thing commerce in the era of the internet of things is not without challenges, the above opportunities make it worth the investment. Lastly, as a company head or business owner, remember that it’s always good to give your customers what they want, when they want it, before anyone else. Thanks to these innovations, you’ll have taken your market share before your competitors start catching up.