IoT and Modern Marketing: Its Social Implications

Abstract

The advent of the Internet of Things and digital marketing has changed the way businesses operate and their interactions with consumers. The digital economy has percolated a wide range of industries and smartphones have ingrained into the consumer's lifestyle. The demand for customized services and goods has increased. However, this leaves the consumers' privacy at stake. Current researches have been conducted on IoT and its security threats, its utility in specific retail space for customer marketing. This kind of research has been limited to certain industries and marketing paradigms. A need to summarize IoT and the marketing potential it offers and the social impact this has on consumer behavior is a research gap we aim to address. The current paper's primary purpose is to reflect upon the concept of marketing 4.0 and the fact that the ever-increasing number of IoT devices are connected and transmitting enormous personal data regularly, to determine a person's personality traits and influence their decisions. Further IoT related ethical marketing strategies are outlined.