Internet of things (IoT) is not a new term for many, nor is the IoT application. But have you heard of the Internet of Behaviour(IoB) technology and what a boon it can be to your business? Let’s give you all the information about it.
What is IoB?:
Internet of Behaviour might sound new, but it isn’t new. If you look for IoT examples, you will find that the devices acquire the user’s data and share them over the internet for efficiency.
IoB is the extension of IoT, where the data obtained is again analysed based on behavioural science. By observing the customer’s usage patterns, IoB can influence their buying choices, lifestyle options, and many other decisions they make.
It works in combination of three main fields:
- Data Analytics.
- Technology.
- Behavioural Psychology.
Why will your business need IoB?
The IoB enhances the IoT uses. The IoT just uses the data to do an action, but IoB suggests an option for the customers who are most likely to opt.
IoB can help your business in:
- Cutting down the customer surveys,
- Announcing a discount notification on particular outlets and products,
- To observe which product engages with the customer more,
- To promote products that the customer is more likely to buy.
IoB is not just analysing data, and when with proper digital marketing strategies, it can give tremendous results in increasing the sales and marketing of your product.
Digital tracking is not opposed by the users when the data shared adds value to their day-to-day life, thus making it the right option to study the market trends before launching a product. As said already, the technology also influences the behaviour of the user into buying the product.
IoB in real-time :
IoB applications in various fields, few real-time examples are as follows :
Smart Watches and health apps :
The smartwatches that track the users, sleep patterns, blood pressure, Sugar, water consumption, physical activity, and all other data analyse the lifestyle mistakes and suggest a better lifestyle.
Social Media Platforms:
The social media platforms use IoB to market products that might attract you based on your interests. The behavioural pattern in Social media is analysed based on the engagements such as likes, shares, and comments.
Suggestions based on Location:
Google and other travel apps may throw notifications based on the location of the user. Nowadays, every app uses location tracking to improvise its service, be it food delivery apps or search engines.
IoB has a high threat of data misuse, but proper security measures can resolve this.
Insurance and Pricing:
Say you have car insurance, and the apps installed on your phones can help collect your data, such as the distance travelled speed and travel time. This data might help in fixing the premiums that the driver has to pay.
Prediction in Healthcare:
For example, diseases like Parkinson’s are predicted long before they find the symptoms by constantly observing the habits and behaviour of the individuals, says the healthcare professionals. Thus IoB can be very helpful in predicting and preventing many diseases well in advance.
Limitations of IoB:
Like any other technology, IoB also has limitations. Few limitations are as follows:
Privacy is at risk:
Data is an asset in this digital age. Though the apps ask for user permissions to access their data based on the IoT security policy, complete transparency in using it lacks in IoB.
The surge in CyberCrime :
Hackers are well skilled in deriving sensitive data from customer behaviours; this may increase cybercrime. The IoB gives detailed information about the users, and thus leak of data is also in surge across the IoT gateway.
IoB, like any other edge technology, is inevitable; understanding its ins and outs and using it efficiently for your business might help you grow as the technology evolves. Be the early bird!