Investigating the Impact of the Internet of Things on the Probability of Entry in Export Market

Introduction

The Internet of Things (IoT) has the potential to greatly impact the export market by revolutionizing supply chain management, improving efficiency, and enhancing product quality and safety. Here are some key ways IoT can be applied in the export market:

• 1.

  Supply Chain Management: IoT devices can provide real-time tracking and monitoring of goods throughout the entire supply chain. This enables exporters to have complete visibility and control over their shipments, reducing the risk of theft, damage, or loss. IoT sensors can also monitor temperature, humidity, and other environmental factors to ensure that goods are transported under optimal conditions.

• 2.

  Inventory Management: IoT devices can be used to monitor inventory levels in real-time, automatically triggering reordering or restocking when certain thresholds are reached. This helps exporters avoid stock outs or excess inventory, leading to improved operational efficiency and cost savings.

• 3.

  Quality Control: IoT sensors can be integrated into products or packaging to monitor various quality parameters such as temperature, pressure, vibration, or even product usage data. This allows exporters to ensure that products meet quality standards throughout the export process, reducing the risk of product recalls or customer complaints (Omidi et al., 2023)

• 4.

  Customs Compliance: IoT devices can assist in automating customs processes by providing accurate and real-time information about shipments. This can help exporters streamline customs clearance procedures and reduce delays or penalties associated with non-compliance.

• 5.

  Customer Experience: IoT-enabled devices can provide exporters with valuable data on how customers use their products. This data can be used to improve product design, identify customer preferences, and offer personalized services, ultimately enhancing the overall customer experience.

• 6.

  Remote Monitoring and Maintenance: IoT devices can enable exporters to remotely monitor and maintain equipment or machinery located in different export markets. This can help detect and address issues proactively, reducing downtime and maintenance costs.

Overall, the adoption of IoT in the export market can lead to increased efficiency, cost savings, improved product quality, and enhanced customer satisfaction. However, it is important for exporters to consider data security and privacy concerns when implementing IoT solutions.

Increasing dependence of companies on international business and increasing competition makes entering foreign markets one of the most important decisions in international strategy (Liu et al., 2023). Today, the entry of companies into the market is one of the most important mechanisms in the economy (Ahmadi Hajiabadi et al, 2021). In a dynamic economy, the entry and exit of companies is one of the components of competition with the aim of screening unsuccessful companies and creating the ground for emerging companies (Ganotakis et al., 2022). Entry and exit are both essential factors in the market selection process, which leads to restructuring and transformation in the industry. From this point of view, the entry and exit process of companies plays a fundamental role in the transformation and change in the industry. On the other hand, entry and exit are two inevitable aspects of the dynamic competitive process of the market, which leads to the growth of efficient firms and the fall of inefficient firms (Das et al., 2007). In the meantime, the impact of initial entry costs on the company's success in the export market is very important (Lee and Lee, 2015).