Marketing Strategies 4.0: Recent Trends and Technologies in Marketing
Abstract
:1. Introduction
- The significance of the Industry 4.0 revolution in overcoming challenges and improving marketing strategies with digital technologies is presented from a general and sustainability perspective.
- The integration of Industry 4.0 enabling technologies into marketing strategies is presented in a detailed and individual way for realizing retail marketing, customer relationship management, and new product development. Competitive advantage supports disintermediation, fights click fraud, strengthens trust and responsibility, and customer needs and desires in marketing.
- Finally, the article presents the discussion and recommendations that are vital for future enhancement.
2. Methodology
3. Overview of Marketing Strategies 4.0
4. Industry 4.0 Enabling Technologies in Marketing Strategies
4.1. IoT and Cloud Computing
4.2. Big Data
4.3. AI/ML
- Decision support;
- New products and services;
- Automation;
- Customer and employee engagement [62].
4.4. Blockchain
- Data ownership;
- Reputation;
- Tracking and verification [76].
4.5. Digital Twin
4.6. Robots and Drones
- Resolving customer queries;
- Collection of data;
- Informing customers.
- Intelligence level of the robot;
- Likeability of the robot;
- Safety assured by the robot;
- Anthropomorphism;
- Animacy [96].
4.7. Metaverse
5. Discussion and Recommendations
- The significant impact that IoT technology is having on a variety of daily activities as well as on the behavior of potential customers, is without a doubt one of its strongest points. As a result, it is a topic that deserves to be researched further in the future, especially with regard to what factors influence customer satisfaction due to IoT. In addition, future research might be carried out into how needs and wants can be effectively analyzed by the use of customer data, through IoT.
- The utilization of the cloud has made it possible to address a sizable portion of the issues that e-commerce merchants faced in integrating their services with consumers and rising demand. It has a lot of scope, and future research can be carried out into the ways through which various SMEs can optimize this technology for effective decision-making. Moreover, studies can be performed on how cybersecurity can achieve its maximum possibilities when using cloud storage, which is an issue faced by many organizations presently.
- Big data helps an organization make better predictions, and learning about marketing behavior through this technology would help it to predict business actions. However, various policies and procedures are needed to assist the adoption and application of Web 2.0 and big data technologies in various business functions, including supply chain management, customer relationship management, target promotion, and so on.
- AI/ML technology has become relevant in various functions of marketing such as in consumer behavior, online commerce, and advertising. Understanding how managers may develop innovative, competitive strategies that make use of the potential of the newest generation of AI is the need of the hour. Future studies can be carried out on formulating innovative models that integrate data science seamlessly with all aspects of design, execution, and measurement.
- Blockchain has demonstrated its potential to revolutionize traditional industries., Nonetheless, future research might be carried out on how security can be maintained while using blockchain, especially in the e-commerce sector.
- As it enters a stage of rapid development, where academics begin to investigate actual practices and technologies in the industry, the digital twin is gradually emerging from its infancy. There is still a long way to go before realizing the initial but lofty goal of fully comprehending and reflecting on every aspect of the physical twin. It can study customer feedback, and future research can be carried out on why a customer is behaving in such a manner, so that business decisions can be made accordingly.
- This article has comprehensively thrown light on the various areas where roots/drones are used in marketing strategies, with a special focus on the service industry. However, future research can be carried out into how robots can effectively provide service to guests and create a sense of trust in them.
- The metaverse is the latest technology in the field of marketing, and needs to be studied further to be able to use it in the areas of product promotion and consumer behavior. Moreover, the way these technologies are implemented and how these technologies will change the relationship between the organizations, customers, and other stakeholders, are the key areas to study in the future.
6. Conclusions
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
References
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Technology | General | Sustainability |
---|---|---|
IoT | Strategic information for customer satisfaction of target customer. | Digitalization of documents minimizes the usage of paper and also minimizes waste generation in marketing. |
Cloud computing | Development of digital infrastructure for accessing essential data at any time and from any location, as well as receiving real-time feedback on products and services | Sustainable cloud for carbon reduction and responsible innovation. |
AI | AI is developing artificial agents that analyze data about customers, focal companies, and competitors to recommend marketing actions to achieve the best results. Analyzing and forecasting customer behavior to develop personalized messages or services. | Intelligent infrastructure with innovation. |
Big data | Obtaining concealed knowledge about consumer behavior. Using business analytics to strengthen the quality of a product or service. Identifying target customers and marketplaces to establish strategies. | Minimizes the reduction of paper and enables responsible consumption and production. |
Blockchain | To improve consumer retention, brands have begun gathering and retaining customer data systematically, usually through loyalty programs. Consumers can transact directly without going through intermediary layers in unintermediated markets. | Sustainable brand attachment through blockchain-based reward and loyalty programs. |
Digital twin | Develop effective simulations to monitor, test, and plan product improvements based on consumer and market demand. | Enables responsible consumption and production. |
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Kaur, R.; Singh, R.; Gehlot, A.; Priyadarshi, N.; Twala, B. Marketing Strategies 4.0: Recent Trends and Technologies in Marketing. Sustainability 2022, 14, 16356. https://doi.org/10.3390/su142416356
Kaur R, Singh R, Gehlot A, Priyadarshi N, Twala B. Marketing Strategies 4.0: Recent Trends and Technologies in Marketing. Sustainability. 2022; 14(24):16356. https://doi.org/10.3390/su142416356
Chicago/Turabian StyleKaur, Ravneet, Rajesh Singh, Anita Gehlot, Neeraj Priyadarshi, and Bhekisipho Twala. 2022. "Marketing Strategies 4.0: Recent Trends and Technologies in Marketing" Sustainability 14, no. 24: 16356. https://doi.org/10.3390/su142416356
APA StyleKaur, R., Singh, R., Gehlot, A., Priyadarshi, N., & Twala, B. (2022). Marketing Strategies 4.0: Recent Trends and Technologies in Marketing. Sustainability, 14(24), 16356. https://doi.org/10.3390/su142416356