Blockchain Technology and Its Brunt on Digital Marketing

Introduction

Consumer-oriented marketing practices are the important ones for the business people who are in the B2C milieu to expand their existing market and to survive in the market (Sheth et al., 2000). Marketing plays a major role in recognizing and enlightening the value that the consumers are willing to attain from the consumption of goods and services (Lariviere et al., 2013). Communication plays a predominant role in understanding the consumers, for the same companies will be using a different form of communication modes and it would differ from company to company. The onset of the internet and digital technologies has made some insightful and astonishing things on communication and it is being an opportunity for the companies to increase their customer base. Thus the new generation of digital technologies offers lots of benefits to business people and consumers in various forms. Moreover, such kind of new generation technologies is also affordable to all type of industries especially for the micro, small and medium size of companies. Thereby these types of companies can improve their competitive advantage and sustain themselves in the markets (Rishel and Burns, 1997). Moreover, such kinds of technologies have been developed automation technologies and their solutions with the help of Industry 4.0 inputs like Artificial Intelligence, Internet of Things, and Big Data, and so on. Its a result, the marketing field is also becoming fully systemized with automation technology, and it influenced the marketing firms positively the way those firms attain and retain their consumers (Cvitanovi, 2018). Like the marketing automation technologies redesign the firms' outreach one side, and increase the consumers' purchase intention on the other side, thus the new generation marketing technologies shifting the customer-company relations to the new horizons (Treiblmaie, 2018).

In the global market economy, firms should concentrate more on various consumer engagement methods and techniques to attract new customers, retain the existing customers, expand the current market, and compete with the competitors. Thus a firm can strengthen its competitive advantage in all the aspects by deploying various consumer engagement methods (Santomier, 2008). Firms in the recent days investing more on the different portfolio of technologies for utilizing different types of media and sales promotional methods to place their products and services in the minds of the consumers (McAllister and Turow, 2002). Digital marketing is supporting lot to this process by promoting new channels along with the social network platforms such as Facebook, Whatsapp, Twitter, and so on. All these kinds of social media or social network platforms offering new, ground-breaking, gainful, and prominent support to the firms to attract and engage with the consumers (Melewar et al., 2017). The growth and development of internet technologies have replaced the conventional marketing mix considerably. The recent internet technology called Big Data analytics aids the business to process the millions of million data related to the consumers and thereby provides accurate data to attain more consumer insights towards the business (Stone and Woodcock, 2014). Similarly, wholesalers, retailers, and e-tailers have been investing more and more on social network platforms to promote their marketing practices and to strengthen their competitive advantages (Vend, 2018).