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The Internet of Behaviors will be a huge revelation in 2023. We will figure out the how part in this blog.
A lot has been written on the Internet of Things (IoT) and how it has made our lives more comfortable and convenient.
IoT can be found everywhere, from Google Home to smart home devices like smart security solutions.
The information accumulated by the IoT devices provides information about users’ interests, behavior, and preferences.
This has led to the evolution of a new concept termed the internet of behaviors.
We will talk in-depth about this modern technology and its usage in 2023.
So, let us get started.
The Internet of Things has been extended to the Internet of Behaviours (IoB), where data is collected from multiple connected devices to get valuable insights into customer interests, behaviors, and preferences. IoB helps collect, comprehend, evaluate, and assemble human behavior of all types. This helps understand new technological developments and innovations in ML (Machine Learning) algorithms.
IoB is a powerful tool to increase sales and create engaging marketing campaigns. The Internet of Business can be helpful in different sectors.
Internet of Behaviors helps identify customer behavior recommendations and patterns. It helps achieve long-term customer growth and satisfaction. Companies can understand what customers want. This will help achieve better profits by knowing customers’ behavior.
You can know what customers want and when. The data collected through IoT (Internet of Things) will help understand the habits and behavior of customers. IoB organizations will help optimize campaigns and improve customer wellbeing. Internet of behavior collates information from IoB devices, sensors, geo-tagging activities, cookies, browser history, social media activity, and more.
Internet of behavior will help create a customized and tailored experience for customers. This will help suggest ads and show relevant information, offers, prices, discounts and more. For example- If a person spends more time shopping, they will get ads about new clothes, shopping sites, discounts, and more.
You can know where the customer is in the buying process. Are they near to the goal completion or far off from the purchase? You can know this information and thus know the level of marketing activity or promotions needed to influence the buyer.
Internet of behavior plays a crucial role in engaging with customers in real-time. It does that by providing relevant information about the customer while they are busy searching for a product or service. This way, it is possible to engage with them instantly.
By gathering more insights into customer preferences, you can enhance your investment decisions. This will help you identify the success of campaigns, consumption and tailor campaigns based on available insights.
Data security lapses are common and can expose sensitive data and patterns. The likelihood of online scams, advanced theft, identity scams is more. It is also possible to gather delivery routes, banking codes, and confidential information. Companies can also manipulate users into spending more on specific aspects.
Customer data or the use of private data can be of privacy concern since there is a lack of data regulation in the online space. These data privacy concerns can be a challenge to using of internet of behavior. There is also a grey area with respect to legal regulations in the space. This can lead to a lack of legal help in the space.
Cyberattacks are also extremely common in space. Digital technologies and IoB generate a lot of data; you can predict and improve individual behavior when the efficiency increases. Top companies have admitted that they share customer information with other companies. This might happen without customer permission or consent.
Many people might not want to showcase their personal data. As per Deloitte, more than 40 percent of drivers who own car insurance do not want to share their data. Many users do not want to share their information. This can be because of the messaging, marketing promotional campaigns, cyber security risks, and more.
Information will be available in abundance as the years roll by. In 2023, the major challenge would be to personalize this information towards targeted advertisements, custom notifications, and reminders. You can even use this information for data acquisition to ensure an innovative approach with the introduction of Internet of Behavior technology.
Approximately 3 billion people are set to experience the Internet of Behavior in various capacities in 2023. Hence, its impact on future service is a sure shot. However, since it is still in its infancy, we need to give it adequate time to unfold its true potential.23
Dattatraya Shetty is an IT Professional with 2 Decades of experience in areas of Product Development, Implementation & Service Delivery Management. As the Head of Implementations and SOC Compliance in Smartkarrot he is on a mission to provide relishing customer experience.
Published January 19, 2022, Updated August 10, 2023
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