COVID-19 has a major role to play in making IoB the latest trend. The pandemic has altered the way we consumers used to interact with the brands. Gartner, in his strategic predictions for top technologies in 2021, explained that Internet of Behaviour (IoB) will catch up with the emerging trends. It is also predicted that by 2023, the distinct activities of 40% of the global population will be digitally tracked to influence human behaviour. So, what exactly is the Internet of Behaviour? Let’s try and understand why IoB is trending.
What is Internet of Behaviour?
The purpose of the IoB is to collect, evaluate, comprehend and retort to all types of human behaviours. This has to be done in such a way that it enables tracking as well as allows for interpretation of those behaviours via emerging technological innovations and developments in machine learning algorithms. In simple words, The Internet of Behaviour is a combination of three fields i.e., technology, data analytics, and behavioural science. Here, individual behaviours are monitored and incentives or disincentives are applied to influence them to perform towards a desired set of operational parameters. The Internet of Behaviour influences consumer choice, and also redesigns the value chain. While some users are cautious of providing their data, many willingly provide all necessary details to help them search the desired end results in a better manner.
How will IoB prove helpful?
IoB will help brands and companies change their image, market products more effectively to their customers or improve the overall customer experiences. The Internet of Behaviors provides companies with cutting-edge ways of marketing products and services, along with influencing user and employee behaviours. Here are some of the other advantages: · It helps in analysing customer buying habits across all platforms. · IoB analyses previously unattainable data on how users interact with devices and products. · It gives a detailed report about where a customer is in the buying process. · Offers real-time POS notifications and targeting. · Assists in solving problems quickly to close sales and keep customers happy.
The only drawback
Behavioural data can help cyber thieves get their hands on sensitive data that exposes customer patterns. It an also help them collect and sell property access codes, delivery routes, and even banking codes, which can prove quite dangerous in the long run. IoB can help cybercriminals generate more advanced scams, tailored to the habits of individual users, and thus maximising the likelihood of users falling in the trap and getting scammed.This new technology has definitely attested to be quite helpful for businesses since it allows them to optimise e their relationship with the consumer based on the collected data. We guess we will have to see how IoB will be used to convert knowledge into real wisdom!
