This study aims to identify the dimensions that enable digital marketing organizations to enter the metaverse world by proposing a model for this purpose. The study population targeted Saudi Arabia, having weak or no access to the metaverse, despite their interest in digital transformation. This study uses structural equation Modeling through the partial least squares method using AMOS version. 25. The findings indicate that the proposed model consists of four dimensions: customer discovery, including engagement, interaction, and customer targeting; spatial computing, including augmented reality and virtual stores and places; digital presence, including advertising, social media, and search engines; and virtual integration, including customersâ immersive experiences, product conversion into non-fungible tokens, and virtual incentives and content, providing marketers with the mechanism needed to enter the mysterious metaverse that is ultimately expected to replace the Internet and be the future of marketing.
Duran CANKĂL, Kevser Ăınar, Mustafa ĂaÄatay KIZILTAĆ, IĆıl CankĂŒl
With the developments in technology, it has started to be used as an additional payment method in businesses due to the emergence and increasing popularity of cryptocurrencies. This study was aimed to measure the factors that affect the customers' intention to use cryptocurrency technology as a payment method in restaurants, by examining the four dimensions of mindfulness and the positive valences and the negative valences of the valence theory. In this context, an online survey was applied to 405 cryptocurrency users to collect data. Confirmatory factor analysis (CFA) was used to verify the measurement model, and the structural equation model (SEM) was used to test the model. The findings of the study reveal that the participants think that the convenience of using this method has no effect on the intention to use it, that using this method is beneficial, not risky, and that they will not have any privacy concerns if they use this method. This study offers valuable practical implications for restaurant operators in the context of cryptocurrency payment systems. This study successfully extended valence theory by adding awareness to valence theory.
Maximilian Klöckner, Christoph G. Schmidt, Alexander Fink, Leonie FlĂŒckiger · 5 authors
Counterfeit products are an increasing issue across the luxury sector. Blockchain applications exhibit the potential to mitigate counterfeit risks and facilitate the growing secondary markets by enabling product authentication and digital proof of ownership. In this study, we adopt a qualitative multiple-case study design and conduct interviews with informants from four blockchain projects in the Swiss luxury watch industry. We identify the industry-specific drivers and barriers to blockchain adoption and specifically explore the challenges at the physicalâdigital interface. Beyond an in-depth description of the problems, our findings suggest two main data management hurdles related to the validity of input data and data synchronicity. The main challenge, however, is to establish an unequivocal link between the physical watch to its digital record on the blockchain. We present several invasive and non-invasive linking approaches and discuss their potential advantages and disadvantages. Further, we outline different areas for future research. Overall, our study addresses a timely issue of blockchain applications, contributing to the operations and supply chain management literature and supporting blockchain use case design in practice.
Nwamaka A. Anaza, Bhaskar Upadhyaya, Delancy Bennett, Cecilia Ruvalcaba
Abstract Why do consumers invest in cryptocurrency despite its sharp increases and decreases in value? While it seems rational that such volatility should increase consumers' fear of investment, we posit that the fear of missing out (FOMO) on the possible positive returns negates such. Further, this study explores the impact that consumers personality traits, using the big five model, has on FOMO when predicting consumers purchase intentions of cryptocurrencies. Additionally, while consumer behaviorists theorize that information search is an important aspect of the consumer decision making process, marketers have yet to integrate consumers degree of cryptocurrency knowledge as a conditional factor that influences their cryptocurrency purchase behavior. Grounded in trait and prospect theory, we employ a repeated crossâsectional sampling design to investigate these relationships in a bear and bull market. An analysis of the data from 444 and 250 respondents suggests that FOMO predicts the likelihood of investing in cryptocurrencies for certain personality traits. The findings of this study are novel as we observe that FOMO is a driving force behind cryptocurrency's consumption for agreeable and neurotic consumers. However, FOMO negatively mediates cryptocurrency investment likelihood for consumers with high openness to experience and conscientiousness in a bear market, but not in a bull market.
Open access
Digital Marketing and Social Media
Consumer Behavior in Brand Consumption and Identification
In recent years, investing in cryptocurrencies has become a fad worldwide. However, fewer studies have explored the intention of using cryptocurrencies. Different from traditional financial commodities, cryptocurrencies have a unique appeal. Therefore, this study uses technology mindfulness, technology readiness, and financial literacy, and through perceived trust and perceived risk, to understand usersâ intentions to use cryptocurrencies. The respondents to this study were cryptocurrency owners or those having financial investment experience. A total of 337 valid samples were obtained and analyzed by the partial least square-structural equation model (PLS-SEM) method. The results showed that technology mindfulness and negative technology readiness significantly impacted perceived trust and perceived risk. On the other hand, perceived trust and perceived risk significantly impacted the intention to use. Finally, this study proposes theoretical and practical implications which can help cryptocurrency trading platforms understand the motivations of potential and existing users. Finally, this study can also serve as a reference for cryptocurrency trading service providers to develop marketing strategies.
Abstract Disrupting the concept of ownership in the digital space, nonâfungible tokens (NFTs) have created unprecedented market opportunities and captivated millions of investors. Characterized by artificial scarcity and ensured authenticity, the technical implementation establishes novel parameters for digital ownership and collecting, underscoring a research gap where the determinants of consumer behavior are yet to be studied. This paper presents a research model based on the StimulusâOrganismâResponse (SOR) model to investigate consumers' purchase intention of NFTâbased collectibles (NFTC) for the first time. To develop our model, we identified distinctive NFTC features (functionality, scarcity, aesthetics, and price value) and blockchain characteristics (security and privacy) affecting the utilitarian and hedonic attitude towards NFTC and finally shape NFTC purchase intention. For empirical validation, we conducted an online survey among an NFTâinterested target group ( N = 356) and analyzed the results by structural equation modeling with SPSS Amos. Findings indicate that the utilitarian attitude toward NFTC is affected by perceived functionality and price value from the product side, and perceived blockchain security and privacy from the technology side. The hedonistic attitude toward NFTC is shaped by perceived functionality, scarcity, and aesthetics. Both attitudes, utilitarian and hedonistic, demonstrate a significant impact on purchase intention. A subsequent mediation analysis confirms that NFTC and blockchain characteristics have an indirect effect on purchase intention. In the underâinvestigated interface of blockchain technology, digital ownership, and consumer behavior, this work enriches the digital ownership discourse by demonstrating how NFTC create consumer value through product and technology features.
Open access
Digital Marketing and Social Media
Consumer Behavior in Brand Consumption and Identification
Vandana Kumari, Pradip Kumar Bala, Shibashish Chakraborty
The study aims to investigate how an individualâs technology awareness, subjective financial literacy and personal innovativeness characteristics impact the intention to use blockchain-based digital currencies such as cryptocurrency. The UTAUT 2 (Unified Theory of Acceptance and Use of Technology 2) model is extended with crucial constructs to develop the conceptual model. A total of 312 responses are analysed using Covariance-Based Structural Equation Modelling (CB-SEM). The moderation effects are assessed using multi-group analysis. The findings show a significant moderating effect of technology awareness and subjective financial literacy on the relationship between performance expectancy (PE) and behavioural intention to use cryptocurrency (BI). It further identified that performance expectancy (PE) mediates personal innovativeness (PI) and usage intentions (BI). The study adds to the growing literature of digital currency adoption by focusing on individual innovativeness, technology awareness and financial literacy. It also proposes a research model that can be generalised for new-age consumer-based financial technology adoption.
William Davin D. Perez, Yogi Tri Prasetyo, Maela Madel L. Cahigas, Satria Fadil Persada · 6 authors
The prominent form of Non-Fungible Token (NFT) is found in the gaming industry. NFT games received immense attention during the COVID-19 pandemic because of their play-to-earn model. NFT gamers can enjoy and increase their finances in their spare time. Hence, the researchers utilized Structural Equation Modeling (SEM) to investigate the intention and immersive behaviors of 1082 respondents. The modified framework from the Theory of Planned Behavior (TPB) and Hedonic Motivation System Adoption Model (HMSAM) underwent SEM tests. These theories and methods were used to analyze relationships among hypotheses and assess factors influencing NFT game engagement. The results showed that hedonic motivation produced positive and significant influences on perceived usefulness, curiosity, joy, attitude, subjective norms, and perceived behavioral control. Subjective norms significantly influenced perceived ease of use. In due course, perceived ease of use yielded positive and significant effects on perceived usefulness, joy, attitude, and perceived behavioral control. Moreover, perceived usefulness, curiosity, joy, attitude, and perceived behavioral control had significant positive effects on behavioral intention. In addition, perceived usefulness, curiosity, joy, and attitude significantly and positively affected immersion. Meanwhile, only four hypotheses were not supported by the study. These findings were translated into theoretical and managerial implications to contribute to the academe given the strong the change of behavior of users towards NFT games during the pandemic; gaming industry since they will be able to develop, improve and create a new ecosystem in the gaming space, and NFT stakeholders since they will benefit from the development that will influence this study.
Purpose This research aims to extract Industry 4.0 technological building blocks (TBBs) capable of value generation in collaborative consumption (CC) and the sharing economy (SE). Furthermore, by employing a mixed methodology, this research strives to analyse the relationship amongst TBBs and classify them based on their impact on CC. Design/methodology/approach Due to the importance of technology for the survival of collaborative consumption in the future, this study suggests a classification of the auxiliary and fundamental Industry 4.0 technologies and their current upgrades, such as the metaverse or non-fungible tokens (NFT). First, by applying a systematic literature review and thematic analysis (SLR-TA), the authors extracted the TBBs that impact on collaborative consumption and SE. Then, using the Bayesian best-worst method (BBWM), TBBs are weighted and classified using expertsâ opinions. Eventually, a score function is proposed to measure organisationsâ readiness level to adopt Industry 4.0 technologies. Findings The findings illustrated that virtual reality (VR) plays a vital role in CC and SE. Of the 11 TBBs identified in the CC and SE, VR was selected as the most determinant TBB and metaverse was recognised as the least important. Furthermore, digital twins, big data and VR were labelled as âfundamentalâ, and metaverse, augmented reality (AR), and additive manufacturing were stamped as âdiscretionalâ. Moreover, cyber-physical systems (CPSs) and artificial intelligence (AI) were classified as âauxiliaryâ technologies. Originality/value With an in-depth investigation, this research identifies TBBs of Industry 4.0 with the capability of value generation in CC and SE. To the authorsâ knowledge, this is the first research that identifies and examines the TBBs of Industry 4.0 in the CC and SE sectors and examines them. Furthermore, a novel mixed method has identified, weighted and classified pertinent technologies. The score function that measures the readiness level of each company to adopt TBBs in CC and SE is a unique contribution.
Conspicuous and inconspicuous consumption of luxury goods in a digital world: implications for advertisers this special issue focuses on the very intriguing types of luxury consumption that are shaping industry paradigms and trends, especially given the digital marketing revolution that is impacting the way luxury firms create and implement strategies to engage customers and drive sales.luxury brands communicate style, exclusivity, identity, uniqueness, superior quality, and hedonic value, all of which signal status to extended networks (Shukla and Purani 2012;Pangarkar, Patel, and Kumar 2023).While recent events, such as the CoVid-19 pandemic and the economic recession have impacted economic conditions, as per a Euromonitor international report, the luxury industry continued its impressive growth to reach USd 1.2 trillion in 2022, with a steady growth rate of around 6% (roberts 2022).according to a Kearney (2022), Chinese luxury consumers were at the forefront of this recovery, followed by US and German consumers, which led to many luxury brands such as Kering, lVMH, and Herms experiencing resurgence after a temporary setback.Most luxury brands were skeptical initially as the digital landscape started evolving and social media surge transformations were observed (Heine and Berghaus 2014).However, through being flexible and adaptive, luxury brands have employed a number of most advanced digital tools and techniques to target, attract, engage, and retain customers through digital marketing strategies and technologies such as phygital, artificial intelligence, virtual reality, augmented reality, influencer advertising, and non-fungible tokens (NFts).For instance, Gucci has created a virtual world on roblox, a popular game among young generation and also develop Gucci Vault which is an experimental online concept space that holds its NFts and other Web3 projects.Similarly, Balenciaga, made a pioneering move by unveiling their 2020 collection through a video game fashion show and dressed Fortnite game characters in the new Fall 2021 collection, which demonstrates their readiness to adopt themselves in the metaverse.against the backdrop of this digital marketing revolution, luxury advertisers need to create, adapt, and introduce innovative new strategies targeted at the various segments of luxury consumers.While luxury has long been associated with conspicuous consumption reflecting ostentatious behavior targeted at earning social recognition and signaling of wealth (Shukla 2012;Pangarkar, arora, and Shukla 2022), there are other types of consumers, such as inconspicuous consumption consumers (Berger and Ward 2010) and inconspicuous minimalism consumers (Pangarkar, Shukla, and taylor 2021) that are rapidly gaining attention, experiencing growth, and therefore warranting further exploration.in particular, the focus of such luxury consumers is on muted designs, subtle logos, discreet styles and fashions, and simple cuts, all of which signal distinction and differentiation to insiders or those in the know (Han, Nunes, and drze 2010; Pangarkar, Shukla, and taylor 2021).While luxury scholars have conducted research in these areas, it is important to explore, investigate, and analyze the impact of these different types of consumption on
Open access
Consumer Retail Behavior Studies
Consumer Behavior in Brand Consumption and Identification
The metaverse represents now one of the most promising innovations that lie under the umbrella of Web3-powered technologies. Its societal impact has important repercussions both on social good and on social computing. Among the technologies that are driving the metaverse, we find cryptocurrencies and Non-Fungible Tokens (NFTs) that are used to represent the property of goods and assets in the virtual worlds. In particular, NFTs are used to represent the parcels in which the metaverse is divided, with unknown consequences on the metaverse economy. In this paper, we explore the social impact of employing NFTs in the metaverse and propose an analysis of parcel sales taking Decentraland and The Sandbox as a case study. Our analysis uncovers that prices of the metaverse parcels are increasing over time and that acquiring parcels is becoming prohibitive. Additionally, we identify that the factors that drive the price of sales in the metaverse are the proximity to specific landmarks, like roads, squares, districts, or parcels owned by influencers or enterprises. We argue that this could be a factor in reducing the social good of the metaverse because it fuels a speculative market similar to the one of the physical estate.
Many goods require certain conditions for their storage, such as temperature, humidity and arrangement, which are strictly specific. These include dangerous goods, medicines and goods with a limited shelf life. Servicing them in warehouses is an important task in order to be able to establish and monitor the flow of their transportation from the manufacturerâs warehouse to the end user. In this context, the use of modern technologies, such as IoT, makes it possible to facilitate the activity of logistics centers on the storage, receipt and loading of goods, tracking their location and condition, as well as the inventory of their availability. This paper proposes an integration model of blockchain technology and IoT for logistics business. This model uses smart contracts on the blockchain, and it is suitable for managing cross-docking warehouses and transportation.
Loyalty platforms are designed to increase customer loyalty and thus increase consumersâ attraction to purchase. Although successful in increasing brand reach and sales, these platforms fail to meet their primary objective due to a lack of incentives and encouragement for customers to return. Along with the problem in originating sales, they bring excessive costs to brands due to the maintenance and infrastructure required to make the systems feasible. In that sense, recent blockchain technology can help to overcome some of these problems, providing capabilities such as smart contracts, which have the potential to reinvent the way loyalty systems work and solve current problems. Although blockchain is a relatively new technology, some brands are already investigating its usefulness and rebuilding their loyalty systems. However, these platforms are independent and linked directly to a brand. Thus, there is a need for a generic platform capable of creating and managing different loyalty programs, regardless of the size of the business. This paper explores the shortcomings of current loyalty programs identified through the literature review, and proposes a loyalty management system with blockchain integration that allows any retailer to create and manage their loyalty programs and have customers interact directly with multiple programs in a single application.
E-commerce platforms enable companies of all sizes to sell their items and promote their brand to a broader audience. The e-commerce sector is continually developing, as new technology and methods of purchasing and selling services and items are developed. The traditional e-commerce system is plagued with problems, such as payment disputes, chargebacks, fraud, and a lack of transparency; however, blockchain can transform e-commerce by making transactions more efficient and safer. Blockchain can be used to build a decentralized network that allows people to securely store and share digital assets. This would enable buyers to access product details such as the productâs origin and source, as well as reduce the risk of fraud. Although the application of blockchain in e-commerce remains in its early stages, this review paper examines research on blockchain-based e-commerce, focusing on applicability and problems in the context of the available literature from 2017 through 2022.
This study aims to design and implement an online blockchain-based and real-time parcel monitoring and tracking system for cross-border runners and the customer via an online platform, during and post the COVID-19 pandemic. A blockchain is a distributed ledger system that serves as a transparent, understandable, and trustworthy store of data and analysis on the platform for participants to engage with each other. The result of proposing a blockchain-based tracking system is promising. The result and UAT show positive feedback on the use and features of the blockchain-based tracking system. As the world reacted to the pandemic, many organizations provided monitoring with their deliveries, which is a terrific method for businesses to prevent losing valuable customers. According to the findings of the study, organizations prefer to have blockchain-based tracking systems.
The traceability of what we eat is a lingering issue. Blockchain enables transparency across the value chain as it tracks a productâs origin, location, and history. In this work we adopt a mix-method approach - experiment plus qualitative evidence - to understand why consumers consider the traceability offered by blockchain important and what are the barriers that suppliers face when considering blockchain adoption. Our findings show that, when the food is local, blockchain increases consumersâ trust and, in turn, attitudes and behaviors toward the sharing experience. On the supply side, we find that, while operators see key benefits in blockchain adoption â including enhanced trust, they are still hesitant in using the technology because of a greater need for intra-organizational support and a concern in data sharing. By looking at both consumers and suppliers, we offer a complete picture on the integration of blockchain technology in the food supply chain.
Sebastian Schauman, Sharon K. Greene, Oskar Korkman
The global fashion industry is a trillion US dollar market and one of the most wasteful industries in the world. Digital fashion has the potential to decouple some crucial aspects of the fashion industry from their material requirements. Combined with the growing interest around the metaverse, non-fungible tokens, the rapid evolution of AR and VR technology, and the growing presence of major fashion brands in gaming, an understanding of the commercial feasibility of digital fashion is becoming increasingly relevant. In this article, we explore the commercial feasibility of digital fashion and expose a strategically significant alignment of digital substitutes with four emerging consumer expectations, i.e., excitement, utility, relatability, and circularity. Our research shows that these expectations are contingent on consumersâ increasingly sufficiency-oriented mindset and the modes of consumption this mindset generates. By developing what we call a âsufficiency-modelâ, this article provides companies with the heuristic tools necessary to gain future-looking and practical insight that helps them navigate this dematerialization of consumption and to identify long-term market opportunities within this area. Specifically, we offer eight implications that are designed to help companies take their first steps into this emerging space.
Open access
Consumer Retail Behavior Studies
Consumer Behavior in Brand Consumption and Identification
This study investigates the effects of blockchain technology scalability limitations on the performance of Blockchain-Based Shared Manufacturing (BBSM), an innovative smart-manufacturing paradigm aimed at enhancing the utilization of global manufacturing resources via peer-to-peer (P2P) collaboration of self-organized manufacturing assets. Despite the prevalence of research highlighting blockchain technologyâs scalability limitations as the main barrier for adoption, few studies have explored their effects on the operation of blockchain-based systems. The primary goal of the presented research work is to explore the implications of blockchain technology scalability limitations on the BBSM systemâs performance and user behavior. To obtain realistic behavior, an experiment is conducted using an online game played by human participants. Analysis of the playersâ strategy is used for implementation of a multi-agent simulation model, which is then employed to assess the influence of varying blockchain network configurations on the BBSM conceptâs performance. Preliminary experimental findings reveal that a congested blockchain network leads to increased transaction costs and reduced service prices, consequently devaluing the manufacturing role in the BBSM system and causing underutilization of existing maximum production capacities. Moreover, allocating funds to financial activities rather than manufacturing activities yields superior outcomes for system users. Simulation results indicate that the BBSM systemâs response to alterations in blockchain network throughput is contingent upon the production function. The findings of this study reveal that the scalability limitations of blockchain technology impair the performance of the BBSM system and affect user behavior in the system, underscoring the necessity for future research to concentrate on incorporating scalable solutions within blockchain-based manufacturing systems.
Blockchain-enabled advances (BEAs) are state-of-the-art innovations based on blockchain technology. Recent years have witnessed the proliferation of the four BEAs: smart contracts, cryptocurrencies, play-to-earn games, and non-fungible tokens. These BEAs have implications for the marketing field as they affect consumers and brands. We propose a novel theoretical framework that articulates how the principles that underpin BEAs can impact consumers and then explains how brands can use BEAs to innovate their products and services. The core principles of blockchain technology, as well as enhanced digital connectivity, imply that consumers can become more in control of their data and privacy rights, responsible for their choices, and digitally connected. To cater to consumers, brands can use BEAs to roll out technology-focused service innovations, customer-focused service innovations, and product innovations. Based on this perspective, we then advance ten future research questions. This article aims to advance the nascent field of blockchain in marketing.
Blockchain technology is predicted to become a powerful driver of marketing transformation. At present, most envisioned use cases are in an early stage with an uncertain industrial impact and an immature theoretical integration in academic research. To help close this research gap, we investigate how blockchain-based loyalty programs transform B2C relations through innovative customer services that bear important properties of a sharing economy. Specifically, we identify-five potential advantages of blockchain-based programs over traditional loyalty programs pertaining to usage, accrual, relevance, expiration, and transferability. We then apply expectancy theory to assess consumersâ perceptions in two empirical studies, both of which reveal an overall preference for blockchain-based loyalty programs over traditional models: an analysis of 5,059 Twitter tweets detects more positive feedback for the blockchain-based program, and a survey of 206 consumers reveals a significantly more positive attitude toward the blockchain-based loyalty program with respect to accrual, relevance, expiration, and transferability.
The main aim of this article is to present and analyse changes in the global luxury goods market in the 21st century, with particular emphasis on the effects of the supply shock caused by the COVID-19 pandemic. In the part devoted to the period before the pandemic, the following market trends will be described: the democratisation of luxury, brand consolidation process, the emergence of Generation Alpha, the evolution of masstige goods relied on fast-fashion processes, "Chinese bulimia", market âretailizationâ processes, the growing importance of mono-brand stores, rejection of online sales by European brands, e-commerce development, and growing environmental awareness. The articleâs part, dedicated to the period of the pandemic and the changes immediately after it, presents trends such as the emergence of non-fungible tokens (NFTs) and gaming goods (metaverse gaming), the rebirth of the vintage market and secondhand stores, an increase in sales of casual goods, new multi-brand sales platforms, and the growing importance of local markets. The article is based on literature query and comparative analysis of industry reports prepared by Deloitte, Bain Company, and Luxe Digital.
Open access
Consumer Behavior in Brand Consumption and Identification
Cryptocurrency is gaining worldwide recognition. This research examines the psychological determining factors of consumersâ cryptocurrency adoption behavior based on the theory of planned behavior. 452 samples are collected from U.S consumers and the data are analyzed by PLS-SEM. The findings reveal that consumer innovativeness has positive influences on the attitude and perceived behavioral control for cryptocurrency and in turn affects the intention to use cryptocurrency. Subjective norm is a significant predictor of cryptocurrency intention and the LOHAS lifestyle moderates the influence of attitude on the intention. This research offers theoretical and practical implications for the cryptocurrency market.
Lukas Mastilak, Robert Suchy, KristiĂĄn KoĆĄĆ„ĂĄl, Ivan Kotuliak
This paper addresses the issue of sustainability in retail sales, where the composition of the products themselves, their production and packaging process, and their transport to the point of sale play an important role. We propose a solution to apply a unified system of environmental product rating in different retail chains where trust is ensured through a distributed ledger. The system allows fair and transparent rewards for customers who purchase eco-friendly products while also maintaining their privacy. The prototype of the decentralized application for the uniform loyalty system based on the Algorand blockchain has shown promising results in terms of throughput and cost efficiency. We believe that the prototype has the potential to revolutionize loyalty systems and promote sustainable practices. This study provides key insights into how to interconnect retailers and customers into a uniform reward program, how to motivate customers to purchase sustainable and eco-friendly goods, and how retailers can manage the amount of reward for the given Eco-score categories.