Marco Fiore, Michel Frem, Marina Mongiello, Francesco Bozzo · 7 authors
Abstract Blockchain‐based traceability systems play a crucial role in providing comprehensive product information to consumers and its strategic value for businesses. We explore how traceability builds customer trust by disclosing manufacturing details, product origin, and supply‐chain information. The study gives an overview of the TRACECOOP project and its implementation based on the architecture developed in collaboration with project partners. Further, this study examines Apulia (southern Italy) consumers' willingness‐to‐pay (WTP as price premium) towards this innovative technology regarding additional labeling information. The results reveal an overall positive average WTPs of EUR 0.98 towards the presence of Blockchain Technology/QR code on the labels of five agri‐food products.
Wuxia Bao, Liselot Hudders, Shubin Yu, Emma Beuckels
With the emergence and popularity of non-fungible tokens (NFTs), the luxury brand industry has experienced an increase in their use of NFTs. This study employs multiple-case studies, thematic analysis method, and grounded theory to analyze 40 luxury NFT campaigns from 2021 and 2022. The analysis applies a sociotechnical perspective, integrating the technical factors of NFTs and the social factors of luxury value. The study identifies the values, attributes, and strategies of NFT-based virtual luxury. Based on the findings, this study introduces the concept and definition of virtual luxury to understand and advance luxury brands in the Metaverse . This study theoretically contributes to the luxury industry by envisioning a virtual transformation of luxury brands.
Open access
Consumer Behavior in Brand Consumption and Identification
New opportunities in the field of digital marketing, notably in the Metaverse, have been made possible by the rising use of 6G networks and blockchain technology. In the context of 6G and the Metaverse, this article seeks to examine the possibilities of blockchain-based digital marketing. It explores the use of blockchain technology in digital marketing, considers the benefits and drawbacks of doing so, looks at how blockchain technology interacts with 6G networks and the Metaverse, and offers potential uses for blockchain-focused digital marketing in the Metaverse. We discovered that blockchain technology can provide improved security and transparency for digital asset transactions, as well as better management of user profiles, through a literature review, a proposed system model, and data collection and analysis. Furthermore, as the results of our simulation study show, average capacity of 6G networks is in the order of Terabits per second, 6G networks can support the Metaverse’s high-bandwidth and low-latency requirements. On the other hand, there are situations where the Metaverse and 6G network implementation entails certain cost-benefit relationships that should be evaluated. The results of this study enlighten the opportunity and obstacles of the blockchain-based digital marketing technique in 6G, Metaverse, and offer instructions for future study and advancement.
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
This study seeks to investigate the investment persistence among individuals who have maintained cryptocurrency holdings in the previous year. Financial naivety, online compulsive buying, and excessive gaming behaviours influence continuance intention, either through overconfidence or risk tolerance. The sample comprised 1,097 participants selected from the five provinces of Indonesia's most significant internet user bases. Structural equation modeling is utilised in this study. This study demonstrates that excessive gaming behaviour and financial naivety are associated with continuance intention, either directly or indirectly, via overconfidence or risk tolerance. Investors should be cautious regarding their financial naivety and excessive gaming behaviour, as these elements increase the tendency to be overly optimistic. The findings are consistent with the Dunning-Kruger effect. Conversely, this study fail to substantiate the correlation between compulsive buying and continuance intention. The implication is to provide investors with valuable insights into the psychological effects of specific behaviors on investment decisions.
This thesis focuses on the phenomenon of NFTs (non-fungible tokens) and their potential future use in brand and personal marketing communication in the Czech Republic. The aim of the thesis is to investigate what role non-fungible tokens can play in marketing communication in the Czech Republic from the perspective of Czech professionals. The theoretical part introduces the NFT itself and also the technology and philosophy of blockchain, which is essential for NFT, along with digital channels such as the game environment or the metaverse that may influence the future use of NFT. It also presents current practical examples of the marketing use of NFT in the world. The practical part is based on in-depth semi-structured interviews with communication and technology experts. Subsequent qualitative analysis of this data provides information about the experts' view on the use of this technology in marketing within the Czech Republic. The main findings of the research include that the use of NFTs in the Czech Republic can be quite broad, typically in the form of loyalty programmes or other brand community building activities. While in the past, domestic NFT projects by brands have been more short-term in nature, taking advantage of the initial popularity of NFT and increased media coverage of the topic,...
Consumer Retail Behavior Studies
Consumer Behavior in Brand Consumption and Identification
Famous worldwide corporations have used the meta-universe marketing technique in recent years: Givenchy built a virtual beauty salon, Givenchy Beauty House, and Mac linked virtual idols. AYAYI, Estee Lauder launched the world's most famous paintings of digital collections, L'Oreal created Reds of Worth Non-Fungible Token (NFT) art, and so on, leading to the research question: how does the meta-universe empower beauty businesses to achieve greater marketing and sales? The study concluded that: First, the quality of the consumer environment is strongly tied to sales via the employment of Virtual Reality (VR) and Augmented Reality (AR) technologies to enhance the realism of the consumer environment in the meta-universe scene. Second, as the meta-universe community is built to suit customers' social requirements, social demands are becoming increasingly prominent in consumer demand. Third, the added value of the brand is to increase market competitiveness through the integration of IP and NFT promotions to increase the added value of the brand. The main contribution of this article is to propose new ideas for beauty brands to boost brand creation and consumption using meta-universe marketing.
Open access
Digital Marketing and Social Media
Consumer Retail Behavior Studies
Consumer Behavior in Brand Consumption and Identification
Loyalty initiatives refer to the rewards offered by a business to customers who make recurring purchases. Traditional loyalty programmes, on the other hand, have numerous disadvantages, including low redemption rates, expired points, high user acquisition costs, and the difficulty of administering multiple loyalty programmes. Several of these issues can be addressed by utilizing blockchain technology. This paper examines the shortcomings of current loyalty programs and the potential applications of blockchain technology to resolve them. In an effort to improve customer benefits and retention rates while making it simpler for businesses to operate their own loyalty programmes, author proposes a blockchain-powered global loyalty network. This platform intends to combine multiple loyalty programs into a single system to facilitate the transmission of loyalty points between users and to promote co-branding among numerous businesses with global locations.
Websites are a great place for marketers to use new technologies to optimize the price of their products. The idea is to increase the conversion rate of users into customers. With the help of our Shoppers Delight, the owner has a better understanding of its rivals and can set variable rates depending on their costs. Paper aims to provide solutions for vendors to sell products at a good deal and save their valuable time, effort, and money. The best deals will be clearly highlighted on the websites. Web3.0 technologies are an emerging set of technologies that have the potential to impact the way we interact with the internet. These technologies focus on creating a user-friendly interface that users could operate at their own pace, with a wider range of functionality in a couple of clicks. Websites will be more interactive, 3D and seamless. They will have built-in payment gateways and offer online services. The web3.0 is a new internet protocol that is decentralized and peer-to-peer.
In our interconnected and fast-paced world, businesses are continually exploring innovative ways to connect with their target audience and promote their products or services. Digital marketing has emerged as a powerful and dynamic strategy, utilizing the potential of digital technologies to effectively reach, engage, and convert customers in the online realm. This paper delves into the fundamental principles of digital marketing, highlighting its evolution from the early stages of the internet to the complex ecosystem it is today. The historical journey of digital marketing, from the precursors in the 1970s to the mobile-dominated 2010s and the technologically advanced 2020s, is explored. The study emphasizes pivotal moments such as the introduction of websites, the rise of search engines and social media, and the impact of mobile dominance on marketing strategies. Furthermore, the chapter underscores the importance of digital marketing in modern business strategies, enabling companies to adapt, innovate, and thrive in an environment where digital interactions play a crucial role in shaping consumer behaviors. The objectives of this study encompass understanding the core concept of digital marketing and investigating futuristic trends, including the metaverse, non-fungible tokens (NFTs), cryptocurrency, and the growing emphasis on zero and first-party data. The significance of digital marketing is substantiated by its success in leveraging widespread digital adoption, providing a global reach, targeted advertising, cost efficiency, measurable results, personalization, and enhanced customer engagement. Current trends in digital marketing, ranging from search engine optimization (SEO) to influencer marketing and analytics-driven strategies, are outlined to showcase the diverse approaches available. Looking towards the future, the chapter explores futuristic trends in digital marketing, such as the metaverse's potential to reshape brand-consumer engagement, the utilization of NFTs for unique digital experiences, and the continued influence of cryptocurrency. Additionally, the focus on privacy, sustainability, gender neutrality, and accessibility are projected to play integral roles in shaping the future landscape of digital marketing. In conclusion, the study posits that digital marketing has become an integral and indispensable component of modern marketing efforts. Its ability to precisely target audiences, measure campaign effectiveness in real-time, and adapt strategies based on data insights makes it a cornerstone in connecting with consumers in the digital age.
Digital Marketing and Social Media
Consumer Behavior in Brand Consumption and Identification
With the development of digital technology, the fashion industry has also begun a digital transformation. Non-Fungible Token (NFT) clothing, as a new fashion trend, has always been a new direction pursued by brands. At the same time, the main group of consumers is also gradually shifting from the previous Generation Y to Generation Z. Generation Z is the future consumption potential group, they deserve brands to adjust their consumption strategies. By exploring the consumption behaviour of Generation Z and its attitude towards virtual fashion, this paper analyzed the fitness between NFT clothing and Generation Z. And it used the literature analysis method to analyze and summarize the papers related to virtual fashion, NFT clothing and the consumption view of Generation Z. Based on the result, it can be seen that the characteristics of NFT clothing are in line with the consumption psychology of Generation Z. Although NFT clothing is still in its early stage, it can be predicted that Generation Z will be the main consumer group of virtual fashion in the future based on their interest in virtual fashion. The future of brands focusing on NFT clothing is bright. By studying Generation Z consumption psychology, this paper hopes to contribute to brand marketing strategy for the future.
Open access
Consumer Retail Behavior Studies
Consumer Behavior in Brand Consumption and Identification
Muhammad Usman Abbas Gondal, Muhammad Attique Khan, Abdul Haseeb, Hussain Mobarak Albarakati · 5 authors
The supply chain systems in the food industry are complex, including manufacturers, dealers, and customers located in different areas. Currently, there is a lack of transparency in the distribution and transaction processes of online food trade. The global food supply chain industry has enormous hurdles because of this problem, as well as a lack of trust among individuals in the sector and a reluctance to share information. This study aims to develop a blockchain-based strawberry supply chain (SSC) framework to create a transparent and secure system for tracking the movement of strawberries from the farm to the consumer. Using Ethereum smart contracts, the proposed solution monitors participant interactions, triggers events, and logs transactions to promote transparency and informed decision-making. The smart contracts also govern interactions between vendors and consumers, such as monitoring the status of Internet of Things (IoT) containers for food supply chains and notifying consumers. The proposed framework can be extended to other supply chain industries in the future to increase transparency and immutability.
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 customers’ 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 CANKÜL, Kevser Çınar, Mustafa Çağatay KIZILTAŞ, Işıl Cankül
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 Flückiger · 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 physical–digital 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.