Duc Tran, Hans De Steur, Xavier Gellynck, Andreas Papadakis · 5 authors
Purpose This study aims to investigate the impact of consumer ethnocentrism on consumers' evaluation of blockchain-based traceability information. It also examined how the use of quick response (QR) codes for traceability affects consumers' evaluation of traceable food products. Design/methodology/approach An online choice experiment was conducted to determine consumers' evaluation of the blockchain-based traceability of Feta cheese with a quota sample of 715 Greek consumers. Pearson bivariate correlation and mean comparison were used to examine the relationship between consumer ethnocentrism and QR use behaviour. Random parameter logit models were employed to examine consumers’ valuation of the examined attributes and interaction terms. Findings The results show that ethnocentric consumers are willing to pay more for blockchain-based traceability information. Ethnocentric consumers tend to scan QR codes with traceability information. Spending more time reading traceability information embedded in QR codes does not lead to a higher willingness-to-pay (WTP) for traceable food products. Practical implications The findings suggest that patriotic marketing messages can draw consumers' attention to blockchain-based traceability information. The modest WTP for and low familiarity with blockchain-based traceability systems raise the need for educating consumers regarding the benefits of blockchain in traceability systems. Originality/value This is the first study to provide timely empirical evidence of a positive WTP for blockchain-based traceability information for a processed dairy product. This study is the first to attempt to distinguish the effects of the intention to scan QR codes and reading information embedded in QR codes on consumers’ valuation of food attributes.
Open access
Consumer Behavior in Brand Consumption and Identification
Purpose The proliferation of non-fungible token (NFT)-based crypto-art platforms has transformed how creators manage, own and earn money through the creation, assets and identity of their digital works. Despite this, no studies have examined the drivers of continuous content contribution behavior (CCCB) toward NFTs. Hence, this study draws on the theory of relational bonds to examine how various relational bonds affect feelings of psychological ownership, which, in turn, affects CCCB on metaverse platforms. Design/methodology/approach Using structural equation modeling and importance-performance matrix analysis, an online survey of 434 content creators from prominent NFT platforms empirically validated the research hypotheses. Findings Financial, structural, and social bonds positively affect psychological ownership, which in turn encourages CCCBs. The results of the importance-performance matrix analysis reveal that male content creators prioritized virtual reputation and social enhancement, whereas female content creators prioritized personalization and monetary gains. Originality/value We examine Web 3.0 and the NFT creators’ network that characterizes the governance practices of the metaverse. Consequently, the findings facilitate a better understanding of creator economy and meta-verse commerce.
Abstract NFTs, or non‐fungible tokens (NFTs), are a new form of ownership registration based on blockchain technology that allows digital assets to be exchanged with guarantees of ownership and originality of the artwork involved. This has boosted the trade of these assets and companies have been quick to incorporate NFTs into their marketing strategy, either with their own tokens or by collaborating with established companies in the metaverse. Building on the frameworks of the unified theory of acceptance and use of technology 2 (UTAUT2), this study contributes to the literature by analysing the determinants of individuals' adoption of NFTs through two studies. Study 1 relies on qualitative interviews with technology insiders to provide initial insights into these determinants. Study 2 tests the hypotheses developed and compares the results between non‐buyers and buyers in order to analyse the intention to purchase and repurchase NFTs. This study contributes to the UTAUT2 with two new individual‐specific variables of interest for the adoption of this type of product: social capital, and the fear of missing out. Finally, this study concludes with guidelines for companies on how they can use NFTs in their marketing campaigns.
Open access
Virtual Reality Applications and Impacts
Digital Marketing and Social Media
Consumer Behavior in Brand Consumption and Identification
Chaoyue Gao, Bin Gu, Alvin Chung Man Leung, Xianwei Liu · 5 authors
The swift advancement of social technologies has created unprecedented opportunities for companies to embrace new business models or bolster their existing ones. However, the adoption of controversial technologies with social characteristics can also expose firms to risks, as these technologies may not be entirely under their operational control. In this study, our objective is to analyze the impact of the adoption of a controversial technology (i.e., cryptocurrency payment) on users’ perception of a firm and firm performance and examine how social media influences this impact. We leverage a unique research context where an online travel agency cooperates with Travala.com for cryptocurrency payment. Using conventional and synthetic difference-in-differences and randomized experiments, we compare the general perceptions of customers towards the online travel agency before and after the cooperation and gain three main findings. First, the adoption of cryptocurrency payment generally leads to a significant decrease in revenue because of the negative associations concerning cryptocurrency. Second, the popularity of cryptocurrency payment on social media mitigates this negative effect. Third, when cryptocurrency prices rise and public opinions on cryptocurrency turn positive, the mitigation effect is more salient. Further analysis reveals that our results are robust after controlling for the seasonality effect and the nature of the collaboration and using different lags for the outcome variable. This study is among the first to empirically examine how cryptocurrency payment adoption affects firm performance, and provide important theoretical and practical implications regarding the adoption of controversial technologies and the externalities of social media.
Abstract Although blockchain has often been perceived as a game-changer that can revolutionize the music industry, it also retains possible challenges regarding the practicality of such innovative adoption. This study seeks to construe the realistic thoughts raised by artists regarding the new revenue opportunities arising from the adoption of blockchain in the Korean music industry. This involves the disintermediation of the obsolete music royalty distribution system and a new revenue channel from the Non-fungible Token market. Based on social representation theory and interviews with Korean artists, this study found ambivalent perceptions towards the adoption of blockchain in the music industry - hoping for new possibilities while also perceiving the impracticality of such innovation. Indeed, it may be too good to be true for artists who have observed the local domain with little change regardless of their continuous cries for help. After thorough discussion, the study provides key implications to induce sound settlement of an innovative technology.
Open access
Consumer Behavior in Brand Consumption and Identification
The purpose of the article is a theoretical review of the formation and development of the latest marketing technologies and their practical adaptation to the entrepreneurial activity of Ukrainian business entities. The main marketing technologies developed by different markets and used by business structures of medium-sized businesses are considered. It is detailed that when conducting office research, marketers use Big Data technology as a technology for processing large volumes of structured and unstructured data for their further use in order to solve various tasks. It is specified that effective marketing technologies such as SMM (Social Media Markitang), SEO (Search Engine Optimization), Tableau technologies, Google Data Studio, Microsoft Power BI, TRI*M, digital advertising and CRM technology are in the arsenal of marketers for conducting field research. . The main new marketing technologies are separated, namely: NFT technology (Non-Fungible Tokens), AR/VR (augmented reality/virtual reality) technology and artificial intelligence technology. According to the conducted studies, it was established that CRM technology is currently used by all business structures, digital advertising technology - 95%, SMM technology - 85%, TRI*M and SEO technologies - 75%. It is detailed that artificial intelligence technology is used by large and medium-sized business companies in the following areas: personalized automation, omnichannel, omnichannel marketing, the field of brand community formation and creation of texts, images for its promotion, etc.
The use of IoT and artificial intelligence (AI) technologies and blockchain technology in the marketing field is an emerging topic in the new digitization era. The chapter aims to create a conceptual framework that describes a marketing system's main stages and dimensions based on the artificial intelligence of things (AIoT) and blockchain and evaluates the critical success factors of implementing this marketing system. This research, at first, tried to identify the most important critical success factors in these smart systems by reviewing the literature and opinions of active experts, and in the next step, these indicators were evaluated using decision-making methodology. For this purpose, a fuzzy nonlinear evaluation method has been used to examine the priorities and relationships of success factors. The results show that technology-related success factors, such as the presence of technical infrastructure and technological maturity, play the most important roles in the proper functioning of marketing based on transformational technologies.
Purpose This paper examines the factors which impact the behavioral intentions toward cryptocurrency based on signaling theory. Design/methodology/approach Data were collected through online questionnaire, and responses from 223 individuals in Lebanon were analyzed through SEM technique using Amos 24. Findings The outcomes portrayed the positive effect of perceived benefits and trust in cryptocurrency on behavioral intentions toward cryptocurrency; while not supporting the hypothesized influence of herd behavior and regulatory support. Originality/value This paper is among the first studies to adopt Signaling Theory (ST) in the cryptocurrency behavioral intentions research. Moreover, it is of the initial efforts in Lebanon and Middle East in evaluating behavioral intentions to use cryptocurrency, and it provide insights for future researchers, crypto project owners, crypto investors and crypto trading platforms.
Purpose This paper explores how the blockchain food traceability system (BFTS) affects consumers' affective brand commitment and subsequent willingness to pay premium prices. Design/methodology/approach From February 11 to May 23, 2023, this study collected data from 236 Chinese customers, who had purchased blockchain-traced food in Jingdong Mall within the past three months. Structural equation modelling was used to analyse the data. Findings The main findings were as follows: (1) BFTS information transparency, information immutability and product diagnosticity are significant predictors of consumer-perceived trustworthiness; BFTS information transparency, product diagnosticity and product safety are significant predictors of consumer-perceived informativeness, (2) Perceived trustworthiness and perceived informativeness build consumers' affective brand commitment, (3) Affective brand commitment affects willingness to pay premiums and (4) Health consciousness positively moderates the relationship between consumers' affective brand commitment and willingness to pay premiums. Originality/value This paper complements the research on consumer behaviour in the BFTS, and the research results provide important enlightenment for guiding food enterprises to formulate reasonable and perfect marketing strategies of blockchain-traced food.
Consumer Retail Behavior Studies
Consumer Behavior in Brand Consumption and Identification
Although the history of cryptocurrencies is very short, these digital assets have revolutionised many areas, including marketing communications. Cryptocurrencies are also proving to have a significant impact on innovations in marketing communications. Companies that enable cryptocurrency payments are becoming a symbol of progress and innovation. Despite the relatively short period of use, there are now a large number of cryptocurrencies that differ in their utility, size of market capitalisation or the existence of their own network or platforms. What they have in common is that the possibility of using them to trade goods and services has a significant impact on the image of companies, predominantly among technologically oriented customers. The paper discusses the development and latest knowledge about cryptocurrencies as well as emerging trends in the context of marketing communication in the crypto market. The use of cryptocurrencies is an ever-expanding trend and its forecasts in conjunction with modern marketing communications for the future are very optimistic.
Digital Marketing and Social Media
Consumer Behavior in Brand Consumption and Identification
Blockchain is a revolutionary, decentralised, repeatable distributed ledger technology that has the power to transform the conventional business landscape in marketing. This study includes a bibliometric analysis of academic literature on the uses, and effects of the adoption of blockchain-based technology in marketing. With a final sample of 109 papers published between 2016 and 2023, first, we identified literary elements that had a significant impact based on highly cited articles, keywords, authors and publications. Afterwards, through a systematic review of academic literature of implication of blockchain in marketing, this study provides the potential application of blockchain in seven core marketing areas namely transactions between the parties, disintermediation, data and data analytics, digital marketing, privacy and security, loyalty programme and payment. This study adds great value to scholars by providing insight into trends and keyword patterns. Finally, the study suggests various lines of inquiry for additional studies on the subject.
This paper investigates the relationship between national culture and the early adoption of Bitcoin. Utilizing a dataset comprised of Google Trends data on Bitcoin search interest for 64 countries, we construct measures of early Bitcoin adoption and examine their correlation with Hofstede's cultural dimension scores. Our findings reveal that in developed countries, lower Masculinity and Long-Term Orientation are associated with earlier Bitcoin adoption. In contrast, developing countries with lower Indulgence are found to adopt Bitcoin early. This paper contributes to the literature by highlighting how different cultural traits, moderated by a country's development status, can influence the Bitcoin early adoption.
The use cases of blockchain as an innovative technology have increasingly captured the attention of tourism enterprises. To date, the literature tends to discuss blockchain's advantages rather than how early enterprise adopters and innovators experience and perceive the technology. As such, the extent of technology diffusion is not well understood. This study critically explores the factors influencing blockchain diffusion in tourism and how blockchain innovation is diffused in tourism. We conducted semistructured interviews with founders and senior executives of tourism enterprises in the United States and Europe who are early adopters and innovators of blockchain in tourism. From the thematic analysis, our empirical findings indicate that blockchain has much to offer despite the nascent link between blockchain's business value to an enterprise's strategic plans and the limited success of use cases in tourism. We summarize the findings in a conceptual framework and offer propositions based on the antecedents (motivators and drivers and challenges and barriers) of blockchain diffusion of innovation for enterprises to achieve competitive advantage. The propositions provide a research agenda to guide the strategic implementation of blockchain.
Understanding public sentiment is vital in the dynamic realm of digital currencies. This study analyses sentiments surrounding cryptocurrencies by examining a large dataset of X posts using Python-based methodologies. The research explores correlations between public opinions and market dynamics, uncovering the emotions and attitudes influencing cryptocurrency trends. By identifying drivers of sentiment on social media platforms, the findings offer insights into how public discourse impacts market fluctuations. The study's outcomes are valuable for investors, analysts, and policymakers, supporting strategy development, informed investment decisions, and effective policy creation. This research advances the growing field of cryptocurrency studies, highlighting the critical role of sentiment analysis in understanding and navigating the complexities of digital currency markets.
Jan 1, 2024·Proceedings of the ... Annual Hawaii International Conference on System Sciences/Proceedings of the Annual Hawaii International Conference on System Sciences
The business world has witnessed a radical shift, epitomized by the journey from tangible products like apples to the digital sophistication of Apple Inc. This thesis focuses on the profound changes from traditional media to digital platforms, highlighting the role of innovations such as AI and blockchain in altering consumer decision-making and corporate marketing strategies. Specifically, the study investigates the impacts of fake reviews on small businesses and the influence of Non-fungible Tokens (NFTs) on the traditional art market. It further explores the implications of these digital marketing technologies within the frameworks of Web 2.0 and Web 3.0, analyzing their critical influence on shaping business strategies and consumer behavior.