Did you know? In the last five years, the Internet of Things (IoT) devices have doubled. They are everywhere around us, from wearable technologies that track your fitness 24 hours a day to remote control of electrical devices in your home. The transition to mobile devices has altered how we interact with the world around us. The collection of usage data by this IoT device provides valuable information about users’ behavior, interests, and preferences. As a result, the concept of the Internet of Behavior (IoB) emerged.
Now let’s take a look at what the Internet of Behavior (IoB) is and how it can help businesses, and who can benefit from it. In other words, figuring out how to turn all the data collected from users’ online activities into something useful results in profit for businesses. A new concept, the Internet of Behavior (IoB), now provides an answer to all our questions.
What is the Internet of Behaviour (IoB)?
Data collection (BI, Big Data, CDPs, and so on) provides valuable information about customer behaviors, interests, and preferences, and has been called the Internet of Behaviour (IoB). The IoB seeks to understand the data collected from users’ online activity through the lens of behavioral psychology.
When Was the Internet of Behaviors Launched?
- A. 2011
- B. 2012
- C. 2013
- D. 2014
Ethical Use of IoB
Companies that use IoT to persuade us to change our behavior aren’t really about the “things” at all. As the Internet of Things connects people with their actions, we’ve crossed over into the Internet of Behavior. Consider the IoB to be a mash-up of these three fields:
- Technology
- Data Analytics
- Behavioral Science
By using this technology in our lives, we can divide behavioral science into four categories: emotions, decisions, augmentations, and companionship. Companies can influence our behavior(IoB) as they learn more about us (the Internet of Things).
Internet of Behaviour examples: Consider using a smartphone health app to track your diet, sleep patterns, heart rate, or blood sugar levels. The app can warn you of potentially dangerous situations and suggest behavior changes that will lead to a more positive or desired outcome.
For the time being, companies primarily use IoT and IoB to observe and attempt to change our behavior in order to achieve their desired goal that is typical, to purchase.
Internet of Behaviors Benefits
Information can be accessed from multiple points of contact thanks to IoB. This allows you to investigate the CX from beginning to end, learning where a customer’s interest in a product begins, their journey to purchase, and the methodology used to make the purchase. This allows for the creation of more touchpoints to positively engage the consumer.
The most specific benefits of IoB are
- Analyze customer buying habits across platforms
- Study previously unobtainable data about how customers interact with devices and products.
- Gain deeper insights into where a customer is in the buying journey
- Provide real-time point-of-sale notifications and target ads
- Quickly issue to close sales and keep the customers happy
Personalization is critical to the efficiency of service. The more efficient a service, the more likely the user will continue to interact and, as a result, change their behavior.
Hazards of IoB
The issue that can arise with this technology is not technical in nature. The IoB is challenged by the adversity of data collection, storage, and use. Its level of access is difficult to control, so all businesses must be aware of the risks associated with IoB use.
- Google, Facebook, and Amazon continue to acquire software that could take the information from a single app to their entire online ecosystem without the user’s permission.
- It poses significant legal and security risks to privacy rights, which differ across jurisdictions around the world.
- Cybercriminals can use behavioral data to gain access to sensitive data that reveals customer patterns, collect and sell property access codes, delivery routes, and even banking codes.
- These cybercriminals could take phishing to the next level by developing more sophisticated scams that are tailored to the habits of individual users, increasing the likelihood that users will be scammed.
Apart from all these things, the Internet of Behaviour is recognized as the new tool for digital marketing. You can also incorporate the Internet of Behavior into your digital marketing strategy in order to benefit and obtain the greatest number of satisfied customers. From acquiring big data to improving SEO one can benefit a lot with the help of IoB.