Sep'22
The IUP Journal of Business Strategy
Blockchain Deployment in Marketing: Developing Conceptual Frameworks and Research Propositions
Blockchain deployment in marketing provides various benefits in diverse areas: enhancing trust between firms and consumers, increased transparency, disintermediation, privacy and data ownership, digital identity, customer relationship management, loyalty programs, advertising, fighting click fraud, and supply chain management. It can lead to substantial functional changes by reshaping existing marketing practices and improving established business processes. This study identifies various challenges to digital marketing and explores blockchain deployment for resolving those issues. The study develops various propositions for blockchain deployment in marketing and advances a digital transformation and customer-centric framework. The study concludes that blockchain deployment in various marketing processes provides various benefits which can enhance business competitiveness due to higher efficiency and effectiveness. It will help marketers in strategic decision-making as it significantly reduces administrative work and increases performance.
Rethinking Innovation Strategies for Rural Markets in India: Focus and Imperatives
Although rural markets are different from urban markets in India in terms of demographics, psychographics, behavioral patterns, consumer purchase habits, and the amenities present therein, they have been evolving steadily and rapidly over the last few decades. According to a recent survey conducted by Kantar and cited by Tandon (2021), the rate of growth of rural markets has surpassed that of urban markets. In terms of value, rural markets grew by 11.6% against a growth rate of 10.2% in the urban markets. At the same time, the rate of volume growth witnessed by rural markets was 4.4% against 3.3% in urban markets. Those very rural markets which were considered insignificant till a few decades ago have now become the hotbed of competition, strategic innovation, product innovation, and process innovation. For certain sectors and industries like the FMCG sector, the two-wheeler industry, the cycle manufacturers, etc., rural markets have emerged to be more important than urban markets. A major portion of the sales in these industries comes from rural markets today. The tremendous potential that lies hidden in the Indian rural markets can be unleashed using the right blend of strategies and tactics, appropriate technologies, and suitable innovations in products, processes, and delivery. The paper dwells upon the imperatives of innovation required to penetrate, thrive and grow in rural markets.
Adoption of Circular Business Model to Foster Sustainability in the Indian Fashion Industry
Today's global fashion industry is grappling with an exceedingly complex issue of sustainability as it roughly contributes 10% towards the global carbon emissions and 20% of wastewater. The study reveals that the remarkable growth of fast fashion in contemporary times has been continuously responsible for generating excessive volumes of textile waste, evident from the fact that 85% of all textiles are eventually dumped each year. Economic growth, consumption, and globalization can all be vital contributions to the reliance on the linear economy model. The paper primarily focuses on analyzing the key issues that hinder the Indian fashion industry's long-term sustainability. The conceptual foundation of a circular economy rests on the assumption that the earth is a circular or closed system with limited assimilative capacity. The paper reviews the literature on circular economy and circular fashion to understand how a business model develops using circularity and circular fashion. Finally, the paper explores and analyzes the role, key constraints and feasibility of the circular business model in fostering sustainability in the Indian fashion industry.
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