Abstract
The issue of whether innovation and technological advancement continually bring new phenomenon remains unpredictable, especially in the financial industry. As technology and digital services continue to ingrain themselves into more aspects of lives, the financial sector has not been immuned. New technology has given way to new services and with new services comes the gradual disruption of the old. This study researched on the influence of digital marketing and digital payment on consumer purchase behaviour in Coburg, Germany. The availability of digital marketing is enabling many companies of all sizes to embrace mobile and data while adopting a ‘cloud first’ approach to redesigning their business models. This brings about the introduction of a new ‘pay-as-you-go’ business model that enables efficiency, low-cost speed to scale and creation of new, richer customer experience. This research sort to examine the impact of digital marketing on consumer purchase behaviour, assess the factors influencing consumer to patronise digital payment and examine the future of digital payment methods. In this research, primary and secondary data are utilised. The data has been analysed using descriptive and multivariate statistical methods like factor loading analysis, correlation, cross tabulation, and chi-square. From this research, it is concluded that the availability of extensive information, variety of products, level of satisfaction and level of education are the most essential factors influencing digital marketing and digital payment and this will lead to an increase in the digital payment methods with more security in the future. Also, bitcoin will not be accepted as a future digital payment method.
Highlights
Results and Discussion of Findings On the examination of the impact of digital marketing on the consumer purchase behaviour in today’s era, the findings from the study established that majority of consumers spent much time per day on the digital platforms to buy goods
Ambati (2017) conducted a study on digital marketing and found that people use digital devices instead of visiting physical shops and that digital marketing campaigns are becoming more prevalent and more efficient. This finding contrast that of Girshwyn (2016) who conducted a research on digital marketing impact on the consumer decision making process and found that post purchase behaviour is the most influential factor
The most influential factor discovered in this research is the availability of extensive information to consumers
Summary
Digitalization is a major trend in societies and businesses today and in the future. The world has advanced so much that the economy has become digital economy, and today multi-channel delivery is crucial for every business. According to Parviainen et al, 2017, digitalization is seen as a more fundamental change than just digitizing existing processes or work products. In the work of Brennen & Kreiss, 2014, digitalization refers to “the adoption or increase in use of digital or computer technology by an organization, industry, country, etc.”
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