Abstract
The objectives of this chapter are to explore some of the most critical trends that reshaping marketing and driving marketing practitioners, marketing education and academic research in marketing and consumer science to change radically the direction of how marketing must transform itself and foresee the future. The ongoing trends in marketing and consumer insights that are likely to shape the future the use of big data and analytics and AI technologies which transforming marketing strategies, enabling predictive analytics, chatbots for customer service, and personalized recommendations. These technologies are also enhancing consumer insights by processing vast amounts of data to uncover patterns and trends. These trends are likely to continue shaping the future of marketing and consumer insights, but it's essential for marketers to stay agile and adaptable in response to emerging technologies and shifting consumer behaviors.
TopFuture Of Marketing And Consumer Science
Marketing's evolution has been marked by significant changes in technology, consumer behavior, and business practices (Cheah and Shimul, 2023). Understanding how marketing has changed and where it may go is possible by comprehending its past, present, and future. In this chapter, new research directions are highlighted. A checklist is included in the chapter for researchers who are looking into the potential advantages or disadvantages of the metaverse for digital marketing and advertising, branding, services, supply chain and logistics, ethics, and sustainability.
Key Terms in this Chapter
Collaborative Consumption: Global concept that involves sharing, bartering, lending, trading, renting, gifting, and swapping goods instead of buying them. This concept has been in communities for thousands of years, but has recently gained popularity in the United States and Europe.
AI and Machine Learning in Marketing: The utilization of advanced computational algorithms and techniques to analyze vast amounts of data, extract insights, and automate various marketing processes.
Collaborative Social Media: Term used to refer to digital media that enables broad-range participation where the distinctions between production, consumption and design are dissolved.
Influencer Marketing: Strategic approach in which brands collaborate with individuals who have a significant following and influence on social media platforms to promote their products or services.
Metaverse Marketing: Marketing strategies and initiatives conducted within virtual, interconnected, and immersive digital environments known as the metaverse. The metaverse is a collective virtual shared space, created by the convergence of virtual reality (VR), augmented reality (AR), the internet, and other emerging technologies.
Consumer Empowerment: Mental state usually accompanied by a physical act which enables a consumer or a group of consumers to put into effect their own choices through demonstrating their needs, wants and demands in their decision-making with other individuals or organisational bodies in the marketplace.