Today, the world has become a digital platform where technology has become an important part of day-to-day life. The world is growing at a rapid pace where there is a new innovation every other day. As days are passing, every aspect of life has become online. Companies have also identified the scope and opportunity of digital marketing. This chapter discusses how cryptocurrency is a challenge for digital marketing. This study is an exploratory study that involves secondary data collection. The objective of the research is to identify the influence of cryptocurrency on digital marketing. The findings of the study suggest that digital marketing is a data-driven marketing technique, and cryptocurrency is a payment mode that hides data; thus, the popularity of cryptocurrency as a mode of payment is a challenge for digital marketing.
TopIntroduction
Cryptocurrency
Cryptocurrency has brought complete change in the way individuals make payments. It has totally replaced the other payment mechanism such as bank transfer, payment via credit card and others. In these modes of payment, the information of customer was apparent. For instance, if a customer makes payment via debit card, the information of customer such as name of bank, name of card holder, type of card and frequency of payment is visible. On the other hand, if payment is made via cryptocurrency, all such information is hidden. In case of cryptocurrency, the amount is digitally transferred leaving behind no track.
Digital Marketing
Digital marketing is the method of promotion and sales of goods and services by using marketing techniques of online platforms which are in trend. Online marketing techniques includes SEO (Search Engine Optimization, SMM (Social Media Marketing), e-newsletters, etc.
Role of Cryptocurrency on Digital Marketing
From the above explanation of digital marketing, it is clear that companies require a lot of information of customer which are majorly extracted from their records of payment. For example, if a customer is regular buyer of bread and is making payment using debit cards, then a lot of companies providing related services such as jam, butter, brown bread, etc will pitch that customer by provides discounts and sales messages to him personally via SMS or e-mail. But if the customer is making payment via cryptocurrency, it will become harder for companies to extract the data of customer. The reason behind this is that cryptocurrency has no record of payment history. Thus, cryptocurrency payment is a challenge for digital marketing.
Objective Of Study
Thus, the objective of present study can be summarized as-
TopLiterature Review
This chapter covers the systematic study of previous theories of the bigdata, cryptocurrency, blockchain and digital marketing. Literature review further clears the research objective of the study.
Digital Marketing
The concept of digital marketing started in year 1990. Digital marketing is a concept which helps marketers to connect with customers and their need (Brosnan, 2012). Digital marketing is a broad term which covers topic such as customer data mining, e-commerce, mobile marketing, social media marketing, Search Engine Optimization, etc (Langan et al. 2019). Digital marketing applies technology such as databases, e-mail, mobile, Web, digital TV etc. to connect with customers with the objective to improve customer acquisition and retention (Chaffey, 2010). Businesses opted digital marketing as a competitive advantage, to increase customer interaction and brand building (Tiago & Verissimo, 2014). Thus, Digital marketing is the method of promotion and sales of goods and services by using marketing techniques of online platforms which are in trend. Online marketing techniques includes SEO (Search Engine Optimization, SMM (Social Media Marketing), e-newsletters, etc.