Internet of Behavior (IoB) is the data collected related to the customers’ behaviors, interests and preferences. This data is collected through IoT devices with an added parameter for human behaviors data collection. This data is collected to understand the psyche of the consumers to help the business make better advertisements, displays and other marketing strategies. The IoB data addresses how the customers are understood.
Apart from customer psyche and improving marketing strategies, IoB facilitates the UX developer to build websites that are designed better. This helps both user experiences improve and helps in user experience optimization.
Market Size of IoB
According to Daryl Plummer:
By 2023, individual activities will be tracked digitally by ‘Internet of Behavior’ to influence benefit and service eligibility for 40% of people worldwide.
Internet of Behaviors is an extension of the Internet of Things and this technology is slowly making itself known globally. As yet, there is no official market of IoB. We can assume that it has the same value as IoT as it requires IoT devices for data collection tool.
Taking Plummer’s forecast, it is a significant claim to say that IoB will get information from 40% of the population so the market size can be guessed to be huge.
The impacts of IoB
Using the IoT devices, the customers’ purchase journey can be followed from start to finish to analyze the decision-making process. There would be several points of contact to gather the data.
This will help understand what and how the product caught the customers’ attention and if they compared the products. It provides a chance to experience what the customer is experiencing and helps improve that experience.
This will improve service experience and efficiency so a lot of customers will be added to the customer base.
Benefits of IoB
Understanding the Consumers
In psychology, IoB is for the examination, recognition and interpretation of human behaviors. This is monitored using multiple IoT devices and wearables which collect data for analytics. The data is converted for results. Many retailers use facial expressions identification or eye movement to examine the customers’ interests during shopping.
Enhance Consumer Experience
Once IoB technology is implemented and used, the agencies would know what products need to be supplied to the clients to increase marketing precision. This makes it extremely enjoyable for the customers as they get what they want right off the bat with little to no trouble navigating products. This makes it easy to retain customers and win customer loyalty.
Get valuable customer information
Using IoT and the internet, the companies collect a lot of facts and figures about their customer base. Without converting them into useful analysis or driving a use from them, they are mostly useless. It is the job of the Internet of Behavior to convert those facts into records for assisting companies to enhance their business performance.
Enhanced Marketing
Due to the Internet of Behavior, businesses get the best facts about their consumers’ psychology. These facts help gain insights about the customers and clients. In turn, these insights will help the business place the products, work on their promotion and sales. Another advantage is that these insights will give a unique way to advertise products to the clients. Once a business knows what the focus is on their target audience, they will use that in their marketing strategy for increasing sales.
Survey Replacement
With IoB technology, a business can forgo customer surveys and get their real-time reactions to the shopping experience.
Challenges of IoB
Cybersecurity
Cybersecurity is the biggest concern of any online tool and site. Data gathering and storage methods are the concern. These storage sites are prone to cybersecurity breaches and loss of personal data can result in criminals’ using it for wrongful activities.
Seeing that cybersecurity was a major issue, many online vendors and businesses have started adopting updated cybersecurity protocols to fend away unethical hackers and criminals. This will allow businesses to get permission from clients for Internet of Behaviors monitoring.
Client Privacy
Clients have the right to refuse data collection on the grounds of privacy issues. Privacy compliance policies such as GDPR are in effect in the EU and other countries are following suit. These can hinder the IoB and data collection of customers.
Offshoring for IoB Collection
Offshoring saves time and resources when hiring teams for data mining and analytics. IoB development is a newer field. IoB developers are hard to find so offshoring the IoB department would be the best for any business.
The IoB development team would be updated and knowledgeable about the services, advantages and disadvantages of using IoB for improving the existing system. The IoB developer can make further improvements for customer experience enhancement when they have updated user data through IoT devices and other methods.
Mashkraft for Internet of Behaviors
Mashkraft has an extensive portfolio and customers across the world. Our offshore team can provide turnkey services and solutions. We have successfully offered services to clients across Europe, North America, Asia and Africa. Please reach out, and our experts will help you find the right solution that fits your budget and needs. You can find out more details about our services and successes at www.mashkraft.com.