Technology and marketing: a multidisciplinary outlook

Abstract

New technologies have revolutionized nearly every aspect of human existence, including the ways that firms market products and services to consumers. Along with now familiar innovations like the Internet, greater computing capacity, mobile devices and applications, and social media, more radical innovations are emerging. Related to artificial intelligence (AI) (Davenport 2018), the Internet of things (IoT) (Hoffman and Novak 2018), and robotics (Mende et al. 2019), these technological advances are exerting profound effects on the practice of marketing. Thus, it should come as no surprise that firms across nearly every business sector (e.g., retailing, manufacturing, healthcare, financial) keep steadily increasing their technology spending, driven to reach various objectives. For example, many manufacturing firms seek cost savings through mechanized and robotic production processes, which both limit labor costs and increase production efficiencies. Retailers and service firms devote more spending to online, mobile, and social media platforms in attempts to better communicate and connect with customers (both current and potential), thereby increasing their revenues. Early adopters of each new technology change the rules of the game (e.g., Grewal 2019). Consider Amazon as an example: It leads the pack in adopting a host of technological innovations. Its fulfillment centers feature robotic technologies to assist workers, increase efficiencies, and drive down costs. Amazon is actively experimenting with drone delivery (a service it calls Prime Air). Furthermore, it is known for its predictive analytic capabilities, uses AI to establish and maintain its sophisticated personalized recommendation system, and has developed an innovative, patented, one-click ordering system. Ride-sharing firms like Uber and Lyft similarly have revolutionized traditional taxi and limousine industries, as well as providing novel work opportunities and greater customer control over their rides. Such groundbreaking shifts also depend heavily on the available technology, including geofencing and social media ratings capabilities. Newer options, such as autonomous vehicles, are on the horizon and likely to shake up the ride-sharing industry and ultimately the entire transportation industry. Waymo (Google’s self-driving vehicle), Tesla, and Volvo are all racing to introduce the first driverless test vehicles to create value for consumers and business customers.