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Understanding Internet of Behavior (IoB) and Why It Matters in 2023

Understanding Internet of Behavior (IoB) and Why It Matters in 2023

4 mins Read
<strong>Understanding Internet of Behavior (IoB) and Why It Matters in 2023</strong>

The world of digital commerce is in a state of accelerated change, for better or for worse, which means, to stay ahead, we need to become aware of what exactly is changing, or rather, where the focus has suddenly shifted to in 2023; Internet of Behavior (IoB), for one, has become a popular go-to of study for forward-thinking businesses around the globe, prompting these businesses to adopt a brand-new approach to digital strategy. We believe that, in 2023, IoB will matter way more than it did in 2022, which is why, in this article, we explore why we believe this, and why we believe it’s important to apply thought and consideration to the concept of IoB.

What is the Internet of Behaviors (IoB)?

But first, what is the ‘Internet of Behavior’? Internet of Behavior, also known as IOB, can be defined as the collection and use of data to drive behaviors. In other words, a consumer’s behavioral psychology is analyzed to help companies better understand what influences the decisions and activities of a consumer. The analysis results inform new approaches to designing a new service or product and how to market the end product in companies. Basically, IOB is the catalyst for ensuring success by providing insight into the minds of a company’s target market. Make sense?

What are the types of data relevant to IoB?

You need to understand what types of data are relevant to IoB. For example — The right technology, like a location tracker lets a company know when and where to send a notification by using GPS or NFC techniques. So, technology is number 1 in what data is relevant to IoB simply because it can ensure accurate location tracking for personalized communication with customers if that is one of your goals. Data analytics and behavioral psychology are number two and three. One assesses customer activity and interests to draw upon valuable information in order for data collectors to gain insight into certain customer behaviors, while the other focuses on a customer’s psychology – why has this customer bought this product, or why did this customer spend a longer time on a particular website where previous websites were abandoned prematurely. Data like this is extremely relevant to IoB for obvious reasons, but more so because, without it, companies and marketers are basically conducting themselves in the figurative dark.

Why is IoB important to understand and what do businesses get out of it:

If it’s not clear already why the study of IoB is so important and what companies benefit from it by applying the concept to their business module, then let’s dive a little deeper into gaining better clarity so that you can come out the end better equipped for success.  

  • Analyzing customer buying habits

    This helps keep you one step ahead of your customers by understanding what gets them ticking, itching, or craving. By taking time to analyze customer buying habits, you’re not only better prepared to meet your customer’s needs, but you’re also setting yourself up for accelerated success – you’ve become a company that customers can depend on because you understand them like other businesses don’t and because you clearly care.
  • Understanding how customers interact with products and devices

    This next bullet is crucial in setting yourself up for massive success! Products and devices being produced these days offer valuable information for the brands and companies that are providing them. Let’s take a device like a smartphone as an example; it is able to track and record a user’s movements and can even determine their current geographical position. Companies can connect smartphones to other devices such as cameras, laptops, and voice assistants using advanced technologies. A smartphone can record voice and text messages, allowing businesses to gain critical user data, including their likes, dislikes, and interests. Equipped with all this information enables companies to formulate better marketing strategies, better products, and better buyer experiences.
  • Going deeper into customers’ buying experiences

    Here’s another IOB segment that should not be overlooked but rather should be pressed into with absolute focus. Why? Think about it; if you understand your customer’s buying experiences, you will know where other companies have gone wrong and where others have gone right. It’s as simple as that! Collect this info, and you’re now offering your customers the best buying experience possible, which, make no mistake, will ensure customer loyalty that, in turn, will yield to customer returns and so on and so forth. Ever heard the term, knowledge is power? IoB brings powerful knowledge.

What platforms help improve IoB?

Here’s the great news: you’re not alone, and nor do you have to implement the above by yourself. When you discover platforms that help get your IoB game on point, you’re improving the success rate of your business by delegating certain requirements to the right professionals who can get the job done quickly so that you’re free to focus on other things. There are a few platforms that offer services that produce a wealth of information on buyers that any company would find incredibly useful, such as an AI discovery platform like Zoovu.

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Interactive shopping experience

It is Zoovu’s primary goal to deliver automated systems that help businesses deliver on their customer satisfaction objectives. Zoovu specialize in providing AI-powered tools that do all the heavy lifting for you, improving a customer’s buyer’s journey so that they’re guaranteed to return. How does it do this, exactly?

Every interaction with Zoovu’s platform is an opportunity to learn more about your customers and which products resonate with them. Within the Zoovu platform, you’ll see in real-time what engages customers to continue a conversation or search experience. By taking advantage of Zoovu’s proprietary AI optimization capabilities to automatically improve interactions or make improvements on your own, you’re allowing Zoovu to empower you to make the most of your digital commerce search experience. Zoovu’s platform enables you to learn about your customers across channels, in real-time, as they engage with your conversational commerce experiences. Our out-of-the-box analytics combines revenue-driven metrics with actionable insights to build more authentic customer profiles that drive conversion, improve customer satisfaction, and support key business decisions when it comes to merchandising. In a nutshell, Zoovu seeks to offer the tools that take your business to another level so that you’re constantly seeing customer loyalty growth, revenue growth, and business growth. To learn more about how to get started, get in touch with us today.