This chapter examines the marketing trends and strategies used in the cryptocurrency industry. A qualitative research design was used, with case studies of five cryptocurrency firms as the primary data source. Secondary data sources such as websites, social media accounts, articles, and blogs were also analyzed. The study found that content marketing, social media marketing, and influencer marketing are the industry's most commonly used marketing strategies. Community building and brand reputation were also found to be essential for the success of companies operating in the cryptocurrency industry. However, the study's limitations including the limited sample size, reliance on secondary data, the potential for researcher bias, and lack of triangulation should be considered when interpreting the findings. The insights gained from this study can inform the development of marketing strategies in the cryptocurrency industry and guide future research in this area.
Open access
3 source records
Blockchain Technology Applications and Security
Digital Marketing and Social Media
Consumer Behavior in Brand Consumption and Identification
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
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
Purpose This paper aims to evaluate the impact of the COVID-19 pandemic on the performance of travel cryptocurrency and stock markets over a long period during the pandemic. Design/methodology/approach A generalized autoregressive conditional heteroskedasticity model was developed for 6 travel cryptocurrencies and the top 10 hotel, 7 airline and 26 restaurant stocks listed on the NASDAQ stock exchange. An event-study approach was applied to the emergence of the novel coronavirus and its variant, Omicron. Additionally, abnormal returns of the respective assets in response to such events were estimated. Findings Results indicated that the travel cryptocurrency market did not respond to the early stage of the pandemic, but NASDAQ hotel, restaurant and airline stocks revealed abnormal negative returns when the pandemic manifested in the USA. Upon the official US declaration of a pandemic, both cryptocurrencies and tourism stocks showed abnormal negative returns, but these were considerably greater among stocks than cryptocurrencies. Conversely, in response to the Omicron variant, only hotel, restaurant and airline stocks showed abnormal negative returns. Practical implications These results imply that travel cryptocurrencies are a financial instrument independent of hotel, restaurant or airline stocks. Thus, adopting travel cryptocurrencies may help investors and businesses diversify risk during long-duration crises such as COVID-19. Originality/value To the best of the authorâs knowledge, this paper is the first empirical study to investigate the impact of the COVID-19 pandemic on the recently emerging travel cryptocurrency market using an event-study approach to investigate how it differs from tourism stock performances.
COVID-19 Pandemic Impacts
Consumer Behavior in Brand Consumption and Identification
Vikram Puri, Subhra R. Mondal, Subhankar Das, Vasiliki Vrana
Blockchain and immersive technology are the pioneers in bringing digitalization to tourism, and researchers worldwide are exploring many facets of these techniques. This paper analyzes the various aspects of blockchain technology and its potential use in tourism. We explore high-frequency keywords, perform network analysis of relevant publications to analyze patterns, and introduce machine learning techniques to facilitate systematic reviews. We focused on 94 publications from Web Science that dealt with blockchain implementation in tourism from 2017 to 2022. We used Vosviewer for network analysis and artificial intelligence models with the help of machine learning tools to predict the relevance of the work. Many reviewed articles mainly deal with blockchain in tourism and related terms such as smart tourism and crypto tourism. This study is the first attempt to use text analysis to improve the topic modeling of blockchain in tourism. It comprehensively analyzes the technologyâs potential use in the hospitality, accommodation, and booking industry. In this context, the paper provides significant value to researchers by giving an insight into the trends and keyword patterns. Tourism still has many unexplored areas; journal articles should also feature special studies on this topic.
Open access
Digital Marketing and Social Media
Consumer Behavior in Brand Consumption and Identification
Abstract Non-fungible tokens (NFTs) have witnessed unprecedented dynamism over the recent years with only few luxury brands experimenting with the technology albeit the very personal characteristics of NFT ownership. Little is known about how luxury brands use NFTs to develop their brand image and what opportunities luxury brands anticipate from NFTs as a new technology, digital product category or customer relationship channel. The present research note offers an applied research design to tackle these questions and systematically understand the potential of NFTs for personal luxury brands at large.
Open access
Consumer Behavior in Brand Consumption and Identification
Paul Griffiths, Carlos J. Costa, Nuno Fernandes Crespo
Non-fungible tokens (NFTs) represent a multibillion-dollar global market. While considerable speculation exists about the future utility of NFTs, there has been limited research into the consumer behaviors of market participants. This research paper examines the motivations of NFT buyers through the lens of self-determination theory. Using a sample of 482 participants, the authors tested a conceptual framework to better understand both NFT buyersâ intrinsic and extrinsic motivations. This study expands the literature on NFTs in three different ways: i) it is the first study, as far as we know, to focus exclusively on NFT buyers and their motivations in purchasing NFTs; ii) it explores a variety of potential motivations theorized in the literature; and iii) it tests the expected future value of NFTs as both a motivation and as a moderator for NFT buyers. The authors determined that intrinsic motivation had the most substantial effect on purchase intention, and the expectations of NFTsâ future value positively moderated the effect of amotivation on purchase intention. In contrast, high expectations of future value moderated the effect of external regulation on purchase intention. The results suggest that NFT buyers are not as impacted by potential social or monetary gain as often characterized in the academic literature but behave more like traditional buyers of luxury goods.
Open access
2 source records
Consumer Behavior in Brand Consumption and Identification
Abstract Over the last half-century, consumer research has often depicted scarcity as a dominant factor increasing price. But should we assume that scarcityâs upward pressure on price remains intact, in a world where novel forms of digital products proliferate? In this article, we propose that blockchain-encrypted digital goods, in particular, non-fungible tokens (NFTs), offer good reason to revisit this assumption. In this context, we argue and find that social value can outweigh intrinsic value as a determinant of willingness-to-pay. As a result, when scarcity threatens access to high levels of social value, its effect on price can be negative rather than positiveâan inversion of a pattern typically observed for offline collectibles. Secondary data taken from the NFT platform Opensea and a set of experimental studies support this social value-based lens. Given these findings, we propose a research agenda to ground future work in this area. We also suggest that NFTs offer a laboratory in which past theories related to social value, scarcity, and price can be reconsidered and future theories developed, hopefully allowing consumer researchers to lead knowledge development in these domains over the next 50 years.
Due to the endless epidemic, the world has moved to the metaverse world. To keep pace with the changes in the cosmetic market, research on customer experience using non-fungible tokens (NFTs) was conducted. This review study is an empirical analysis that focuses on introducing the safety of the metaverse world into cosmetics in the absence of customer experience in the cosmetic market due to the rapid transition to a non-face-to-face society in the COVID-19 pandemic. This review of consumer experience is a critical literature review. In this study, a technical review approach was used. Using the PRISMA flow chart, a total of 453 references were selected using representative journal search sites such as PubMed, Google Scholar, Scopus, RISS, and ResearchGate. Accordingly, a total of 28 papers were selected in the final stage from 2013 to 2022. This literature review focuses on the NFT cosmetics market, which expands the consumer experience into a fun experience by focusing on the sustainable safety of new consumer changes in the metaverse beauty market. This is an empirical analysis focused on the cosmetic consumer experience for the new launch of cosmetic brands using NFTs in the future beauty and cosmetology market. This narrative review article focuses on sustainable and safe experiences for beauty and cosmetics consumer experiences in the post-COVID-19 metaverse, NFTs in the metaverse, FUN for the MZ generation, and new consumer experiences. NFTs, which are a leading novel cultural and social phenomenon and utilize fun raffles in the sustainable and safe metaverse of the MZ generation that embodies the digital world, are a new era in the beauty market. Accordingly, by confirming the change, they are expected to be used as an important marketing material and strategy in the global metaverse cosmetological market for sustainable and safe spaces and consumer experiences.
Open access
Body Image and Dysmorphia Studies
Virtual Reality Applications and Impacts
Consumer Behavior in Brand Consumption and Identification
Abstract The present study adopts a qualitative approach to explore the nature and sources of consumer-based brand equity (CBBE) in the cryptocurrency market. Drawing on thirty-two semi-structured interviews with crypto investors in the UK, our findings reveal three main sources of CBBE for crypto brands (i.e. blockchain-based features, crypto brand identity, psychological factors). Also, we supply insights into how the nature and features of blockchain technology shape consumersâ attitude towards crypto brands. Our findings also reveal the key elements of cryptosâ brand identity (i.e. white papers, brand purpose, ICOs) as well as various psychological factors (i.e. psychological distance, escapism, curiosity) that shape consumer perceptions of crypto brands. Our work extends the cryptocurrency and branding literatures in identifying the main sources of CBBE in the crypto market.
Open access
Digital Marketing and Social Media
Consumer Behavior in Brand Consumption and Identification
Non-fungible tokens (NFTs) have registered tremendous growth in the past year, and their importance is expected to increase with the expected development of Web3. From a brand perspective, NFTs can be seen as representations of the brand components, such as the product, the logo, or the image. I argue that NFTs have immense potential to become standalone brand assets. I illustrate how this can be achieved by relating the brand's NFT strategies to the marketing funnel stages. Brands can turn into an NFT their physical products such as shoes, shirts, or art to attract brand awareness, generate cross-selling opportunities, and spark stronger perceived ownership of certain brand elements. Importantly, NFTs can allow brands to form a highly engaging brand community that can support the brand, blend online and offline product ownership, and potentially create a bond between the brand and consumers. These exciting possibilities generate a rich research agenda I present in this paper.
Open access
2 source records
Consumer Behavior in Brand Consumption and Identification
BACKGROUND: Globally, the coronavirus disease-19 (COVID-19) is an incomplete homework task. The society has transitioned into a non-face-to-face society due to COVID-19. Thus, research was conducted focusing on a new market in the cosmetic market using non-fungible token (NFT) in the metaverse era, a virtual world that is starting anew. PURPOSE: This study is an empirical analysis focused on introducing the new start of luxury cosmetics brands using the metaverse world to good consumption using NFT. METHOD: These data were reviewed to identify agreement between each section and unique guiding areas. The 39 papers were finally considered appropriate for evaluating the research objectives as follows in relation to the search criteria. This can be done through the PRISMA flow diagram to determine how many records were identified, included, and excluded. RESULT: Good consumption in the future beauty market is vital, following COVID-19. Therefore, this narrative review article concluded that, only good, irreplaceable brands that utilize NFT fitting the luxury brand strategy and consuming good money will survive when the metaverse cosmetic era opened. CONCLUSION: By identifying new changes in the global metaverse world and cosmetics market using NFT, this study can be used as an important marketing material in the metaverse cosmetics market.
Cultural and Educational Studies
Diverse Topics in Contemporary Research
Consumer Behavior in Brand Consumption and Identification
The digital transformation of core marketing activities substantially impacts relations between consumers and companies. Novel technologies are usually complex, making their underlying functionality as well as the desirable and undesirable implications hard to grasp for ordinary consumers. Cryptocurrencies are a prominent yet controversial and poorly understood example of an innovation that may transform companiesâ future marketing activities. In this study, we investigate how easily consumersâ attitudes toward cryptocurrencies can be shaped by splitting a convenience sample of 100 consumers into two equal groups and exposing them to true, but biased, information about cryptocurrencies (including market forecasts), respectively, highlighting either the advantages or disadvantages of the technology. We subsequently found a significant difference in the trust, security and risk perceptions between the two groups; specifically, more positive attitudes pertaining to trust, security, risk and financial gains prevailed in the group exposed to positively-skewed information, while perceptions regarding trust, risk and the sustainability of cryptocurrencies were weaker among the group exposed to negatively-skewed information. These findings reveal some important insights into how easily consumer attitudes toward new technologies can be shaped through the presentation of lopsided information and call for further in-depth research in this important yet under-researched field.
Open access
Digital Marketing and Social Media
Consumer Behavior in Brand Consumption and Identification
Abstract Leading luxury brands have incorporated technologies to recreate brand images and reinvent consumer experience. The fashion industry is experiencing a historic transformation thanks to emerging technologies such as blockchain and nonâfungible tokens (NFTs) along with impactful technologies such as artificial intelligence (AI), machine learning (ML), and virtual reality (VR). With metaverse as a new social platform around the corner, academics and industry alike are querying how these new technologies might reshape luxury brands, reinvent consumer experience, and alter consumer behavior. This research charts new academic territory by investigating how newly evolved technologies affect the fashion industry. With practical examples of luxury brands, this article has theorized the irreversible trend of digital fashion: the attraction of NFT collectibles. It then proposes intriguing questions for scholars and practitioners to ponder, such as will young consumers, essentially living online, buy more fashion products in the digital world than in the real world? How can the fashion industry strategize for the coexistence of digital collections and physical goods?
Open access
2 source records
Fashion and Cultural Textiles
Consumer Behavior in Brand Consumption and Identification
The adoption of blockchain technology by companies can change the way they interact with stakeholders, redefining communication strategies and other marketing processes. In this study, we investigated the relevance of blockchain applications for marketing management from the perspective of marketing-related professionals. Answers about blockchain technology application in the marketing arena were collected from the social platform Quora. The data were analyzed through text mining and Spearmanâs correlation coefficient to assess the degree of association, inherent intensity, and the association significance between the variables payments, supply chain, loyalty programs, digital marketing, credential management, and marketing management, using Quora-specific metrics, namely, upvotes, shares, and views. The results posit blockchain technology as being an asset for marketing, with greater relevance in supply chain and internal management among marketing operations. Professionals will be able to potentially improve internal management systems and marketing campaigns, which will enhance companiesâ competitive advantage.
Open access
Blockchain Technology Applications and Security
Digital Marketing and Social Media
Consumer Behavior in Brand Consumption and Identification