This case study explores the evolution and strategic trajectory of Xiaohongshu, a pioneering social commerce platform in China. Founded in 2013 by Miranda Qu and Charlwin Mao, Xiaohongshu has redefined consumer engagement by seamlessly integrating social media with e-commerce functionalities. Initially conceived as an online guide for Chinese shoppers abroad, the platform quickly developed into a vibrant community where users share product recommendations, reviews, and lifestyle insights. Xiaohongshu's strategic pivot on social commerce in 2014 marked a significant milestone, enabling direct product purchases within its app and fostering a dynamic ecosystem of user-generated content. The case examines Xiaohongshu's growth trajectory, challenges such as counterfeit goods, and strategic initiatives, including influencer marketing and blockchain integration. With a focus on expanding its user base, enhancing e-commerce capabilities, and exploring emerging technologies like Web3, Xiaohongshu continues to shape the future of digital commerce in China's competitive market landscape.
Purpose This study explores young consumers' motivations for purchasing Virtual Luxury Non-Fungible Token Wearables (VL-NFTs) from luxury brands, which are virtually crafted luxury wearables minted as blockchain-based NFTs. Specifically, it investigates the relationships among consumers' perceived value of VL-NFTs, engagement with NFTs and purchase intention and the mediating effect of consumer engagement with NFTs. Design/methodology/approach Data were collected via an online survey of 504 young US consumers who had previously considered purchasing luxury fashion products and NFTs. Structural equation modelling was adopted for analysis. Findings Perceived economic, functional (uniqueness) and experiential (self-directed pleasure and affiliation) values of VL-NFTs directly influenced consumers' purchase intention. While symbolic value (self-presentation and conspicuousness) did not significantly influence purchase intention, it facilitated consumer engagement with NFTs. Moreover, consumer engagement mediated the relationship between economic and functional values and purchase intention. Research limitations/implications The sample was only comprised of young consumers, limiting the generalizability. Additionally, consumers may perceive VL-NFTs differently because of differences in past experiences and the varying VL-NFT types, necessitating further investigation on consumers' motivations across different types of VL-NFTs. Originality/value This study contributes to the existing literature by examining the importance of multifaceted perceived-value dimensions and engagement with NFTs in consumers' motivation for purchasing VL-NFTs through the lens of the customer value framework.
Digital Marketing and Social Media
Consumer Behavior in Brand Consumption and Identification
Athit Rodpangtiam, Smith Boonchutima, Ibtesam Mazahir
With retail investors playing a significant role in driving market adoption, cryptocurrency investment has gained widespread popularity recently. However, the perceived value of cryptocurrency investments and the perceived risk associated with investments have not been thoroughly examined. To address this gap in this research field, we surveyed 200 social media users active on social networking paltform - Reddit to unravel the intricate interplay of perceived value, perceived risk, and demographic factors that shape the decision-making process among social media users engaged in cryptocurrency investments. Our findings suggest that the acceptance of cryptocurrency investments is positively influenced by perceived value, whereas perceived risk exerts a negative influence. We also found that certain demographic elements which include age, education, gender, monthly income, and investment experience can moderate the relationship between perceived value, perceived risk, and the adaptation of cryptocurrency investments. The findings from our study offer valuable perspectives for retail investors and industry stakeholders aiming to enhance their understanding of the determinants that impact the acceptance of cryptocurrency investments among social media users.
Vitor Ayres Principe, Giullio César P. S. M. da Silva, Rodrigo Gomes de Souza Vale, Rodolfo de Alkmim Moreira Nunes
Background: Fan tokens emerge as a significant innovation that enables a new form of interaction between clubs and their followers and introduces an alternative economic model for sports entities. Purpose: The review discusses the technical characteristics of fan tokens and their role in enhancing fan participation in minor club decisions, reinforcing the sense of belonging and community. Methods: The research encompassed a systematic literature review, following the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) guidelines and Evidence-Based Systematic Mapping in Software Engineering (EBSE). Thus, it presented a quantitative and qualitative analysis of the applications of fan tokens in the sports industry. Results: Despite engagement and monetization opportunities, the results highlight significant challenges, such as price volatility and appropriate regulation to ensure safe and effective adoption. The discussion also includes the ethical and social implications of using fan tokens, emphasizing the need for strategies that prioritize inclusion and fairness for fan engagement. Conclusion: Finally, the study proposes future research directions that consider continuous technological development and changes in fan expectations, aiming to optimize the use of fan tokens to benefit the stakeholders involved. Keywords: Sport Management; Blockchain; Fan Engagement; Fan Tokens; Digital Assets; Tokens
The research conducts a systematic literature review to critically analyse the complex interrelations among perception, adoption, and investment decision-making in the cryptocurrency markets. The study synthesizes global research findings, highlighting how investor perception and adoption patterns impact investment behaviour. Additionally, the review evaluates the methodologies utilized in existing studies, providing valuable insights into their strengths and limitations. This comprehensive analysis consolidates current knowledge in understanding the mentioned interrelations, identifies key gaps in existing research as numerous aspects remain unexplored and suggests potential directions for future studies, aiming to deepen the understanding of cryptocurrency market dynamics and enhance investment strategies.
Cryptocurrencies are associated with a pressing problem for society – electricity consumption. This problem is particularly relevant when electricity is used from nonrenewable sources. Cryptocurrencies have investment potential but due to the environmental impact, sustainability-minded investors may refrain from investing in this asset. The main purpose of this paper is to identify the sentiment in the green transformation of cryptocurrencies. Cryptocurrency communities, which consist of investors, cryptocurrency developers or enthusiasts interested in this asset, often appear on the Internet or on various social media. Users share information and express their opinions on the trends of the cryptocurrency market on various social platforms. This study uses sentiment analysis to identify the sentiment of existing or prospective users in the green transformation of cryptocurrencies. The results of this study contribute to research that helps investors predict trends in the cryptocurrency market when making investment decisions. The methods of this study are the analysis of the scientific literature and the analysis of sentiment using Matlab software.
Luxury brand managers are paying attention to utilizing non-fungible tokens (NFTs) as promotional tools, yet there has been limited study on the topic. To help address this gap, this study explores the impact of the cognitive and affective aspects of the use of NFTs as promotional devices on consumer behavior. A survey is conducted to explore aspects of NFTs that make them effective in as promotional tools. This study reveals four key attributes associated with NFT promotional efforts, namely, scarcity, authenticity, resaleability, and trendiness. Moreover, drawing on lovemark theory, the study finds a significant effect of NFTs electronic word of mouth generation and brand purchase intention. The empirical findings can aid both academics and practitioners in the management of digital marketing activities via NFTs.
Consumer Behavior in Brand Consumption and Identification
Blockchain technology and decentralized finance (DeFi) are reshaping global financial systems. Despite their impact, the spatial distribution of public sentiment and its economic and geopolitical determinants are often overlooked. This study analyzes over 150 million geo-tagged, DeFi-related tweets from 2012 to 2022, sourced from a larger dataset of 7.4 billion tweets. Using sentiment scores from a BERT-based multilingual classification model, we integrated these tweets with economic and geopolitical data to create a multimodal dataset. Employing techniques like sentiment analysis, spatial econometrics, clustering, and topic modeling, we uncovered significant global variations in DeFi engagement and sentiment. Our findings indicate that economic development significantly influences DeFi engagement, particularly after 2015. Geographically weighted regression analysis revealed GDP per capita as a key predictor of DeFi tweet proportions, with its impact growing following major increases in cryptocurrency values such as bitcoin. While wealthier nations are more actively engaged in DeFi discourse, the lowest-income countries often discuss DeFi in terms of financial security and sudden wealth. Conversely, middle-income countries relate DeFi to social and religious themes, whereas high-income countries view it mainly as a speculative instrument or entertainment. This research advances interdisciplinary studies in computational social science and finance and supports open science by making our dataset and code available on GitHub, and providing a non-code workflow on the KNIME platform. These contributions enable a broad range of scholars to explore DeFi adoption and sentiment, aiding policymakers, regulators, and developers in promoting financial inclusion and responsible DeFi engagement globally.
CoinFolks, a Web3-focused multi-platform media company, faces lower engagement and follower metrics compared to competitors in Indonesia.This study analyzes the company's internal and external environments using frameworks like RBV, VRIO, Porter's Value Chain, and SWOT based on primary data from in-depth interviews and secondary data from market trends and competitor strategies.The findings highlight CoinFolks' valuable and unique resources, such as expertise in content creation, research capabilities, educational resources, strong community engagement, and strategic partnerships.The proposed marketing strategy includes enhancing promotional content, leveraging data analytics for targeted marketing, and fostering community ties through interactive formats.These strategies aim to boost CoinFolks' brand awareness and engagement, strengthening its market position and promoting long-term growth in the Indonesian Web3 media landscape.
As the esports industry continues its rapid growth, new opportunities such as the metaverse and non-fungible tokens (NFTs) are emerging, driven by the inherently digital nature of esports. To better understand viewer engagement in this evolving landscape, this study investigates viewer behavior in the context of watching esports. A survey was conducted on a sample of 312 esports viewers in South Korea, and the data was subsequently analyzed using structural equation modeling. The study's findings indicate that hedonic motivation is significantly correlated with attitudes toward esports and the utilization of esports in the metaverse. Furthermore, perceived enjoyment was found to significantly positively influence attitudes toward esports, the metaverse expansion of esports, and the use of esports via NFTs. Notably, attitudes toward esports showed a significant relationship with continuance intention. Both subjective norms and perceived behavioral control were also found to significantly influence continuance intention.
In response to the call for research on cryptocurrency consumer adoption behaviour, a targeted literature review (TLR) was undertaken. Different from previous literature reviews, this chapter introduces a conceptual framework for understanding cryptocurrency consumer behaviour, comprising four primary themes and eight key insights. Specifically, the TLR highlights pivotal factors driving cryptocurrency adoption (i.e. ownership), identifies problematic and non-problematic behaviours among cryptocurrency adopters, and considers potential individual and cryptocurrency-related moderating factors. Theoretical and practical implications are discussed, and future research questions are proposed based on these findings.
Soraya González-Mendes, Rocío González Sánchez, Carlos J. Costa, Fernando E. García‐Muiña
The adoption of blockchain technology is gaining trends, leading to the need for investigations into the reasons that persuade the intention to adopt it by companies. However, empirical studies in the tourism industry are still scarce. This investigation aims to design a new adoption model that combines Human-Organisation-Technology-Fit (HOT-fit), Technology-Organisation-Environment (TOE) and sustainability dimensions. The model is validated using new empirical evidence in a relatively understudied geographic context, with a sample of 210 Portuguese tourism companies. The information was examined utilising Partial Least Squares Structural Equation Modelling (PLS-SEM). The outcomes indicate that reasons such as sustainability and competition intensity significantly impact the objective to adopt blockchain. The work provides practical implications for businesses, governments and society. Additionally, this paper offers a pioneering study of blockchain adoption by tourism companies in Portugal, which may help future researchers extend their study of this field to other sectors and regions.
Christian Nedu Osakwe, Oluwatobi A. Ogunmokun, Islam Elgammal, Darya Baeva · 5 authors
Abstract This article adopts the value‐attitude‐behavioural (VAB) and attitude‐behaviour‐context (ABC) theoretical lenses to develop an integrative model to examine attitudinal and behavioural responses to cryptocurrency investment. It also investigates the moderating role of generational differences (pre‐millennials vs. millennials). The study showed that perceived value is closely associated with the attitude towards cryptocurrency investment which, in turn, is strongly associated with the willingness to make and recommend cryptocurrency investments. Results further reveal that contextual factors such as convertibility and sugrophobia, which reflect the fear of being duped, strongly influence individuals' willingness to recommend cryptocurrency investments to others. Finally, results indicate that generational differences play an important moderating role.
Chrisdion Andrew Ramaputra, Mohammad Hamim Zajuli Al Faroby, Berlian Rahmy Lidiawaty
The surge in cryptocurrency investors in Indonesia, reaching 18.83 million by January 2024, signifies an expanding interest in this market. This research conducts a sentiment analysis of user reviews on Indodax and Tokocrypto, the premier cryptocurrency trading platforms in Indonesia. Utilizing the Multinomial Naive Bayes method, the study examines the influence of various dataset split scenarios and random states on the model's performance. The findings reveal substantial variability in the model's accuracy based on different random states and test sizes. Notably, the Positive sentiment label consistently shows high-performance metrics, while the Neutral label underperforms. These insights are invaluable for developers aiming to improve user experience and for investors seeking to make informed decisions. This research underscores the significance of sentiment analysis in understanding user interactions and enhancing the credibility of cryptocurrency investment platforms.
Rajasshrie Pillai, Raman Preet, Brijesh Sivathanu, Nripendra P. Rana
Purpose The emergence of cryptocurrency has developed a new payment system that is changing how financial transactions happen in hospitality. Consumers/travelers have started experimenting with cryptocurrency payments in hotels and restaurants. However, extant research is lacking in understanding the consumer adoption intention of cryptocurrency payments. This study investigates the intention to use cryptocurrency payments in the hospitality industry. Design/methodology/approach The conceptual model in this study is based on the Behavioral Reasoning Theory, and it explores the motivating and deterring factors influencing the adoption of cryptocurrency payments in the hospitality industry. A quantitative survey was conducted among 1,080 consumers to examine and confirm the model, with data being analyzed through the Partial Least Squares Structural Equation Modeling (PLS-SEM) method. Findings The outcome of this work showed that the “reasons for” positively influence and “reasons against” negatively influence consumers’ attitudes and use intentions. Consumers’ values of openness to change positively influence the “reasons for” and do not influence the “reasons against” and attitude toward the use of cryptocurrency payments. Practical implications This work contributes to practice by providing insights to customers (users/payee), hospitality managers (investors) and organizations/firms (receiving crypto payments) as well as to financial firms and the government. Originality/value This research contributes to cryptocurrency payment adoption and behavioral finance literature. The research uniquely provides the adoption and inhibiting factors for cryptocurrency payment in an integrated framework in the hospitality sector.
Background in today’s digital age, the Web2 centralized model still dominates, presenting significant access, control, and innovation challenges. Web3, with its decentralized principles built on blockchain technology, offers a method to transition to a more open and innovative system, reducing dependence on large service providers and giving greater control to users. The objective of this research is to explore the impact of Web3 on digital industries, focusing on the financial sector through Decentralized Finance (DeFi), digital asset markets through Non-Fungible Tokens (NFTs), and the gaming industry. Using a qualitative method involving an extensive literature review, phenomenological analysis of current data, and in-depth interviews with Web3 industry experts, the results reveal that Web3 adoption significantly impacts the digital industry by improving operations and security, facilitating innovation, and expanding access and capabilities in the global market. The main conclusion of this research is that it provides valuable insights into the impact of Web3 technologies on the digital industry and suggests policy formation to support the expansion of these technologies for a more inclusive digital future.
The emergence of non-fungible tokens (NFTs) has elicited both excitement and apprehension among consumers, who find themselves influenced by the perceived scarcity and the perceived risks surrounding these novel digital assets. This study investigates the factors influencing consumer adoption of NFTs by integrating the concepts of perceived scarcity and perceived risks within the theoretical framework of the Theory of Planned Behavior (TPB). Employing structural equation modeling, the research evaluates the impact of perceived scarcity, perceived ease of use, attitudes, subjective norms, perceived behavioral control, and perceived risk on NFT purchase intentions. The findings reveal that perceived scarcity and perceived ease of use significantly positively affect consumers' intentions to purchase NFTs. Conversely, perceived risk exerts a negative effect on purchase intentions. Additionally, the study demonstrates that attitudes, subjective norms, and perceived behavioral control positively affect NFT purchase intentions. This study provides a behavioral roadmap for navigating the complex love-hate relationship consumers have with NFTs, shedding light on the factors that motivate individuals to embrace or avoid these digital collectibles.
Open access
Digital Marketing and Social Media
Technology Adoption and User Behaviour
Consumer Behavior in Brand Consumption and Identification
Richard Richard, Muhammad Ammar Marsuki, Gading Aryo Pamungkas, Felix Irwanto
The surge in cryptocurrency usage has increased reliance on cryptocurrency wallet applications. However, the usability, security, and feature richness of crypto wallets require significant enhancements. This research aims to identify critical factors that should guide the future design of mobile cryptocurrency wallets. The first step was to collect user reviews on several popular crypto wallets as the dataset. A total of 5,466 mobile wallet-related reviews from mobile application stores were filtered and analyzed. A machine-learning approach was used to cluster the user reviews. The analysis shows that customer issues are divided into four main themes: domain-specific challenges, security and privacy concerns, misconceptions, and trust issues. A software process assessment was also conducted to examine the current state of crypto wallets in terms of security, usability, and feature richness. Around 21 crypto wallet platforms were explored and assessed. Based on the thematic analysis and software process assessment, feature recommendations are proposed to address these shortcomings and enhance the credibility of mobile cryptocurrency wallets.
The adoption of disruptive technologies like blockchain, metaverse, and artificial intelligence (AI) across businesses is a result of the fourth industrial revolution. As a result of this digital transformation, the hospitality sector, and luxury hotels in particular, is leveraging these technologies to improve security, operational effectiveness, and client experiences. The purpose of this suggested chapter is to provide a thorough examination of how these technologies have been adopted and how they have affected the luxury hospitality sector. For the luxury hospitality industry, AI has emerged as a game-changer, converting traditional operations into data-driven procedures. The importance of AI in this sector is based on its capacity to analyse massive volumes of consumer data, enabling a level of personalisation that was previously impossible. In order to receive a more customised experience, 83% of consumers are willing to disclose their data, according to Accenture (2023) , underscoring the significance of AI-driven personalization for raising customer happiness. In addition, AI has the unmatched ability to streamline hotel operations by using machine learning algorithms to improve a variety of processes, including housekeeping scheduling, energy management, and even dynamic pricing tactics. different surveys conducted by consulting firms show that that sales can increase by 10–15% using AI-optimised dynamic pricing. Although it was initially created for bitcoin transactions, blockchain technology has several uses in the hospitality sector. The distributed ledger technology of blockchain, which is its primary value proposition, provides increased security and transparency for hotel transactions. Blockchain technology can dramatically improve loyalty programmes, a key element of client retention in upscale hotels, by lowering fraud and raising transparency. Blockchain technology can cut down on loyalty fraud by up to 95%, claims Deloitte (2023) . Additionally, the irreversible transparency of blockchain technology dramatically enhances supply chain management, lowering the risk of fraud and guaranteeing the validity of goods and services. The concept of customer experience in the luxury hotel sector is set to be redefined by the metaverse in a world that is moving more and more towards digitisation. Through the use of virtual reality (VR) and augmented reality (AR), metaverse can produce immersive experiences that appeal to the market’s increasingly tech-savvy consumers. Before arriving, customers can explore hotel facilities with VR tours, and AR menu displays can improve dining occasions. According to data from PWC (2023) , 78% of consumers believe that AR/VR increases their likelihood of visiting a location, highlighting the potential role of the metaverse in luring and keeping visitors. However, the combination of blockchain, AI, and metaverse has the greatest promise for transformation. Each technology has a significant influence on its own, but when used in concert, they offer much more potential. For instance, combining blockchain’s transparent transaction history with AI’s predictive skills can enable a level of personalisation based on prior behaviour that was previously unthinkable. Similar to how AI and the metaverse work together to create hyper-realistic VR experiences based on specific client preferences, this also increases customer pleasure. After implementing these technology, The Intercontinental Hotel Group (IHG), for instance, claimed a 12% boost in customer satisfaction levels (IHG, 2023a). Despite these developments, possible problems such as worries about data privacy, expensive implementation costs, and the requirement for constant technological innovation should not be disregarded. These problems, along with changes in customer behaviour, will influence the future course of AI, blockchain, and metaverse in the luxury hospitality sector as we head towards a post-pandemic period. This chapter seeks to offer a thorough, empirical investigation of how blockchain, AI, and the metaverse are interacting to reimagine the operations of luxury hotels. This chapter aims to contribute to the continuing discussion on the transformative role of digital technology in the next-generation hospitality business by thorough analysis supported by current data and case studies. It will give academics and industry professionals alike new insights by fusing theory and practice, paving the path for additional study and innovation in this quickly developing subject.
Cryptocurrencies have sparked debates globally, leading to diverse reactions from countries regarding their regulation. Sri Lanka remains cautious, as evidenced by its absence in the 2021 Chainalysis Adoption Index and its 58th ranking in 2022, indicating growing user numbers despite warnings from the Central Bank of Sri Lanka. This study uses the Theory of Planned Behavior (TPB) to assess Sri Lankan university students’ intentions to invest in cryptocurrencies, exploring financial risk tolerance as a moderating variable. TPB suggests that attitudes, subjective norms, and perceived behavioral control predict intentions, with financial risk tolerance potentially influencing these intentions. The research collected data from students at top state and private universities in Sri Lanka through structured questionnaires, employing descriptive statistics and structural equation modeling (SEM) for analysis. Results showed that attitudes, subjective norms, and perceived behavioral control significantly influence investment intentions in cryptocurrencies. However, financial risk tolerance did not significantly modify these effects, suggesting that the volatile nature of cryptocurrencies attracts those with higher risk tolerances, rendering the moderating effect of financial risk tolerance negligible. This study offers insights for practitioners and policymakers, highlighting factors influencing cryptocurrency investments among university students and emphasizing the need for informed investment strategies suitable for varying risk tolerances. These findings enhance understanding of investment behavior in emerging markets like Sri Lanka.
In recent times, the usage of cryptocurrencies has become remarkably widespread in e-commerce applications. This study aims to explain the factors affecting cryptocurrencies by proposing an extended technology acceptance model (TAM) consisting of perceived ease of use, perceived usefulness, trust, social influence, social support, religious belief, and intention to use. A web-based survey was conducted to collect data from individuals who had never previously used cryptocurrencies and data were analyzed via employing partial least square structural equation modelling (PLS-SEM) with SmartPLS software. According to the results, the relationships based on early TAM were validated. Additionally, trust, social influence, and social support have direct effects on the intention to use. Contrary to expectations, religious belief has no influence on trust and intention to use. This study could draw the attention of researchers, developers, and marketers in cryptocurrency to understand the dynamics of potential customers. Findings of this study highlight the pressing need for policymakers in Turkiye to prioritize ease of use, perceived usefulness, and, most importantly, trust within the evolving landscape of cryptocurrency systems.
This research explores the integration of blockchain technology and smart contracts to enhance traceability within the cultural and tourism sectors. The goal is to improve the management, tracking, and authentication of cultural artifacts and tourism services, ensuring their integrity and fostering consumer trust. By leveraging a decentralized ledger and automated contract execution, the proposed framework aims to streamline supply chains and mitigate fraud, thereby reducing operational costs and promoting sustainable tourism practices. The research methodology encompasses a technical analysis of blockchain implementation, smart contract design, and an empirical evaluation of their impact on traceability. The findings indicate that blockchain and smart contracts provide a robust solution for traceability, essential for cultural heritage preservation and the tourism industry's growth.