Importance of Internet of Things (IoT) in Marketing Research and Its Ethical and Data Privacy Challenges

Abstract

This paper focuses on examining IoT applications in marketing research and provides information on how organizations utilize IoT devices and other new technologies such as artificial intelligence (AI), machine learning (ML), and social media to promote various products and services. Moreover, this study specifies how the consistent use of IoT technologies results in substantial organizational competitiveness. The paper also explains how IoT can be referred to as a new component of business analytics and digital marketing and discusses the challenges related to introducing IoT solutions. The most pressing issues that need to be addressed in the IoT context are described as ethical and data privacy issues. It can be explained by the fact that a substantial amount of data is generated during the development of IoT solutions, which raises the question of whether the respective information could be properly managed. It necessitates implementing a transparent, ethical framework, which should be supported by an adequately regulatory process. The extensive exploration of IoT solutions allows academics and marketing practitioners to generate a wide range of data that can be used to improve products and services provided to diverse consumer groups. Therefore, this paper offers a framework for the collaboration process between academics and practitioners. This collaboration in developing IoT tools is marked by adopting a holistic approach to facilitating the progress of such innovation. Academic researchers’ expertise can be utilized to generate creative and innovative ideas on the IoT sector. The combination of important theoretical assumptions and practical experience is vital to achieving the strategic goals of the collaboration between academics and practitioners.