How Blockchain Technology Can Benefit Marketing: Six Pending Research Areas

Abstract

The proliferation of sophisticated e-commerce platforms coupled with mobile applications has ignited growth in business-to-consumer (B2C) commerce, reshaped organizational structures, and revamped value creation processes. Simultaneously, new technologies have altered the dynamics of brand marketing, enabling a broader reach and more personalized targeting aimed at increasing brand trust and enhancing customer loyalty. Today, the Internet allows marketers to penetrate deeper into their existing markets, create new online marketplaces and to generate new demand. This dynamic market engagement uses new technologies to target consumers more effectively. In this conceptual paper, we discuss how blockchain technology can potentially impact a firm's marketing activities. More specifically, we illustrate how blockchain technology acts as incremental innovation, empowering the consumer-centric paradigm. Moreover, blockchain technology fosters disintermediation, aids in combatting click fraud, reinforces trust and transparency, enables enhanced privacy protection, empowers security, and enables creative loyalty programs. We present six propositions that will guide future blockchain-related research in the area of marketing.

Keywords: blockchain, marketing, brand, customer-centric paradigm, trust, loyalty, e-commerce