Internet of Behaviour: A New Era of Consumer Behaviour Analysis and Information Sharing
The influx of IoT is assisting humans to get multiple jobs done with just a single click. This is a result of smartphones and enhancements in Internet connectivity around the globe that are connecting more and more people together. From Google Home voice controller to August doorbell cam, Belkin WeMo smart light switch, etc. you can see the Internet of Things playing an integral role in our everyday lives. The data gathered by these IoT devices offer priceless information regarding users’ behaviour, interests and preferences. This has charted the way for a new technology that is called IoB (Internet of behaviour).
The Internet of behaviour is touted to be one of the top trending tech trends in 2021 and COVID-19 induced lockdown is partially responsible for making IoB the latest trend. It has changed how users interact with brands due to which organizations are working on adjusting how they engage with users. So, what is the Internet of behaviour and how is it changing the world?
What is Internet of Behaviour (IoB)?
The Internet of behaviour is an extension of the Internet of Things. The Internet of Things is basically a network of physical entities that are connected with sensors, software and various technologies for the purpose of connecting and exchanging information with other devices and systems on the Internet. Internet of behaviour is the collection of data on the above devices to understand and predict user behaviour, interests and preferences. In simple terms, IoB basically attempts to understand the data collected from users’ online activities from a human perspective.
It was back in 2012 when Gote Nyman, a professor of psychology at Helsinki University first launched the study of data-driven behaviour. He recommended that behavioural analytics can forecast a user’s intentions and everything that can happen in the interconnected world. Though IoB is not new, it is now more applicable than ever because due to the pandemic, almost all services have moved to the digital world.
One of the major components of any successful service is personalization. The efficient range of relevant customers facilitates the growth of the organization. The idea of the Internet of behaviour includes converting data into important information regarding different user preferences that can prove as a benchmark for determining customer behaviour. The system then detects variables to influence users and bring a certain change based on this analysis. Due to this, companies can use new marketing strategies to engage users or for product promotion. IoB also allows you to get rid of special search and surveys. Multiple applications can gather and analyse any information that remains on the Internet in a short period of time.
How can IOB be useful for Businesses to read the customers’ changing behaviour?
With the help of emerging technological advancements and developments in machine learning algorithms, IoB allows you to capture, analyse, understand and respond to various different types of human behaviour in a way that enables tracking and interpreting the behaviour of people. The new technology is illustrative as well as proactive, meaning it helps in understanding user behaviour and detecting which psychological variables to influence to bring a certain change. It impacts consumer choice and allows businesses to enhance the customer experience of the products or services they provide. Basically, enhancing the quality and effectiveness is the main purpose of IoB.
The Internet of behaviour can be viewed as an amalgamation of technology, data analytics and behavioural science. behavioural science can then be divided into four areas that we imagine when we talk about technology. These are the decisions, emotions, augmentations and contests. For instance, the health app on your smartphone can help you track sleeping patterns, blood sugar levels or heart rate. The application can alert you about harmful health situations and suggest behaviour changes for the desired outcome.
Top-5 Trends of IoB to look out for in the Coming Months
Now, let us look at some of the most trending Internet of behaviour trends in the technology industry in 2021.
1. IoB in Business
Digital advertising is consistently being used by a number of businesses to engage with their clients. They may research and target particular people that could benefit from their products or services with the support of IoB. Interestingly, both social media giants Facebook and Google use behavioural data to offer ads to users on their platforms. This allows businesses to interact with their target audience and measure their behaviour in relation to advertisements through “click rates”. In the same way, YouTube uses behavioural analytics to improve the user’s experience by recommending or highlighting videos and subjects they are interested in.
2. IoB During the COVID-19 Crisis
The epidemic has improved our awareness of the precautionary measures to be taken during this difficult time. Business owners might use sensors or RFID tags to check if the employees are following safety protocols. Restaurants and food delivery applications, for instance, use the protocol information to make strategic decisions. For example, Zomato showcases and promotes restaurant safety measures. Moreover, they also check and inform the temperature of the delivery partner and kitchen staff to reassure the users that they are safe.
3. IoB in Insurance Industry
Internet of behaviour can be a valuable tool in the insurance sector. Driver tracking tools are being utilised extensively by all major insurance companies to track and determine a driver’s conduct. With the assistance of IoB, they may measure the behaviour and determine if a particular occurrence was an accident or an assumption by the insured. This can avoid incidents of drunk driving, driving under the influence of drugs and even underage people from getting behind the wheel and causing an accident.
4. IoB to Understand Consumer Lifestyle
The idea of Internet of behaviour comes with an analysis of consumer behaviour on social media and other digital platforms and use information about their lifestyle. Data is collected using the Internet of Things used by a customer like coffee makers, thermostats, home automation systems etc. These devices are mostly part of our life and hence can be used to get data on trends in each user’s lifestyle. This provides an understanding of how and when a consumer uses specific products or services. Once that information is collected by IoT, it can be used by IoB to predict their choice and provide recommendations for online shopping.
5. IoB in Market Research
Till now, the collection and processing of data collected through IoT is a difficult task and inaccessible to various companies. Market research by organizations like Facebook and Google is becoming more extensive. It is certain that this happened more than once when you spoke to your friends or family members about a certain product and you start getting ads when you access social media. The algorithms in IoB are created to predict your next move using your desires and behaviour.
The B2B industry is building faster in comparison to B2C. But, it is only a matter of time before the Internet of Things becomes a standard technology. Now, businesses will divide their target audience into smaller segments to build a custom offering for their target audience. Apart from that, it is predicted that the number of Internet of Things will increase by 2025.
Internet of behaviour provides businesses with cutting-edge technology for marketing their products or services. This can be done along with influencing user and employee behaviour. It is useful for businesses because it enables them to optimize their customer relationships based on the available data. This is because behavioural data technology is still in the early stages. But, as new IoT devices surface to the market, there will be more advancements and better use of technology. We are excited to see IoB getting popular in mobile app development just like IoT. What do you think about the emergence of IoB? Let us know in the comments below.
Keval Padia is the founder & CEO of Nimblechapps, a fast-growing mobile app development company. The current innovation and updates of the field lures him to express his views and thoughts on certain topics.