The Internet of Things and Changing Consumer Behavior in Bottom of the Pyramid Segment for Technology Innovation
DOI:
https://doi.org/10.51153/mf.v16i2.483Keywords:
Internet of Things (IoT); Changing Consumer Behavior; Bottom of the Pyramid (BoP); Technology Innovation; Hermeneutic InquiryAbstract
This qualitative research conducted under hermeneutic inquiry framework interprets the expressed responses of the customers belonging to the bottom of the pyramid (BoP) for exploring the role of Internet of Things (IoT) in their lives. IoT includes technologies and devices for ubiquitous connectivity. Amongst all the devices and technologies, the mobile technology is the one that has been adopted quite fast by the economically deprived because of its simplicity. It is interesting to interpret the utility of the IoT for the BoP customers and understand how this technology is influencing their lifestyles and purchase decision making process. It was learned from seven interviewees and forty participants of online focus group session that IoT has functional and symbolic utility for customers. The IoT-induced lifestyles affect BoP segment also. Although such transformation is seen in the upper sections of the society, this phenomenon is interesting to understand in the BoP context because the economically challenged persons have to make critical trade-offs between the basic necessities and the technologically advanced objects of symbolic utility. Interestingly, the use of such gadgets and technologies makes them avoid social exclusion, which is non-monetary form of deprivation. Hence, these products and technologies have a symbolic and hedonistic value for such customers. In a world of mediatized global consumer society, the BoP segment is becoming more knowledgeable about the global trends through internet and smart phones, and ultimately their insights help marketers and entrepreneurs in developing sustainable technological innovations.References
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