The Internet has become a well-known technology used by millions today. It has brought data to our doorsteps, making our lives so much easier. With just a click, we have the power in our hands to bring about a change. The data collected by the devices we use daily has paved the way for IoB.
With advances in technology, marketers have utilized the web entirely. A relatively new concept of Internet of Behaviors (IoB) is intended to run businesses swiftly. All the data collected from users' online activities are brought to use to gain profit for companies.
In this article, we will walk you through the Internet of behaviors and Internet of behaviors trends.
IoB is a process to capture, analyze, understand and respond to human behaviors using which companies can track and interpret customers' behaviors.
Gartner says, "The Internet of Behavior collects the digital dust of people's lives from a variety of sources, and public or private organizations can use this information to influence behavior."
IoB is a combination of three fields:
- Technology
- Data analytics
- Behavioral science
Marketers and behavior scientists agree that personalization is a key to a service's effectiveness. Thus, to deliver a better customer experience, companies focus on IoB to observe and attempt to change customer behavior. Subsequently helping companies achieve their desired goals.
You may also like: An Introduction to Internet of Behaviours(IoB)
COVID-19 has a crucial role to play in making IoB the latest trend. The pandemic has changed the way how consumers used to interact with the brands earlier.
When looking forward to what will drive technology trends in 2021, Gartner identified the Internet of behaviors as a Top Strategic Technology Trends for 2021. It is also predicted that by 2023, the distinct activities of 40% of the global population will be digitally tracked to influence human behavior.
Five emerging IoB trends for 2021 are mentioned below:
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During the pandemic, with the help of computer vision, organizations started using IoB to recognize if a person was wearing a mask or not. Moreover, in some cases, thermal imagers were used to identify people with increased body temperatures.
For instance: The computer vision detectors were seen at airports during check-in since COVID-19.
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IoB is also creating health apps for smartphones. These apps can track a person's diet, blood sugar levels, heart rates, and sleeping patterns.
Additionally, these apps can notify patients about their current health condition and suggest improving their lifestyle and eating habits. Besides this, they are capable of reminding a patient to take medicines timely. This essential information can improve lives and help doctors diagnose illnesses and start proper treatment faster.
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It may seem creepy, but it often happens that as soon as you leave a restaurant or a hotel, you get a request to rate your experience and drop a review on Google. This is exactly how your preferences are noted. Today, big brands are aware of almost every aspect of their consumers, from their likes, dislikes, and interests, when making purchases.
Your location on your Smartphone enables systems to track a person's geographical locations. This is how commutes companies such as Ola and Uber use the Internet of behavior to find out their customers and cater to them accordingly. The surge in pricing seen at times is also a result of IoB.
Similarly, YouTube is another platform that utilizes behavioral analytics to improve the experience of its viewers. Tracking behavioral data or customers' search history can recommend users' videos, shows, or playlists that they are more likely to be interested in.
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A coffee chain Barista began using IoB for facial recognition in the year 2018. It was used to determine their consumer's gender, age, and moods. This technology helps them observe the results and suggest an appropriate drink for a particular customer.
The same system can be integrated inside a retail store for personalized advertising wherein the brands offer products or services based on mood or gender. A leader in product recommendations, Amazon studies its buyer's behavior and suggests products. Facial recognition is not very different. It does the same but by reviewing the current state of the consumer.
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Suppose we search online for a flight ticket or hotel accommodation, for that matter. In that case, travel companies such as MakeMyTrip, Goibibo, etc., start sending deals and offers for those particular dates and destinations.
These apps are using IoB, with which they are constantly learning and studying the data entered by an individual. This optimization enhances the in-app browsing experience for its customers.
This emerging technology can benefit companies in different ways. Following are some of the key features of IoB:
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Internet of Things (IoT) generates a lot of data and information. When this information is processed by the Internet of Behaviors (IoB), it becomes easy to identify the platform's users interact with and analyze customers' buying habits. This data is used to implement effective marketing strategies for the customers, and targeted ads can be sent quickly.
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Companies can boost the overall product experience for customers by leveraging the detailed information gathered from the Internet of Behaviors (IoB). This can help them improve customer engagement.
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The more IoT devices people use, the more information can be gathered about them. Not only this data can help in providing better services but also quickly resolving issues faced by customers. By assisting in resolving problems quickly to close sales, companies try to keep their customers happy.
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With the emergence of the Internet of Behaviors (IoB), an improved version of SEO, Search Experience Optimization (SXO), has been developed to increase website traffic and market product and services better.
CONCLUSION
In conclusion, the Internet of Behaviors provides companies with groundbreaking ways of marketing products and services. This technology is precious for businesses as they can optimize their relationship with the consumer based on the collected data.
Moreover, customers are increasingly looking for personalized content, and IoB has made it feasible for marketers to provide the seamless experience customers are craving. While most consumers appreciate anything that makes their lives convenient, they also care deeply about their privacy. Therefore, companies need to ensure that they have a strong cyber security system to protect all the sensitive information of customers' data they are dealing with.
