The Impact of Web 3 on Digital Marketing Strategies of Retail Businesses in the United States

Abstract

The study has thoroughly examined the impact of the web 3 technology on the digital marketing strategies of retail businesses in the United States. The target population were some of the retail firms in the United States such as Amazon.com, Walmart and Costco. The study employed the purposive sampling technique in which 150 respondents who were both employees and employers of the various organizations were determined as the sample size, however, 145 responded adequately. The study employed the ex-post factor research design based on qualitative and quantitative research approach in the research process. Descriptive statistics based on graphical presentation of findings and inferential statistics using the Binary Logit Model (BLM) were employed as analytical techniques. The findings of the study revealed that the respondents who were specialists in their respective fields and having requisite years of working experience supported the view that the web 3 technology has an impact on the marketing strategies of the retail businesses. Similarly, the result of the Binary Logit Model revealed that the agents of the web 3 technology which include Robinhood crypto, Blockchain Demo and Libra cause approximately 32%, 71% and 125% increase in the variation of the digital marketing strategies of the retail businesses. Also, the Wald test ratio revealed these agents of web 3 were statistically significant to the digital marketing strategies of the businesses at the 10% and 5% level of significance. Overall, the study concludes that web 3 has a great impact on the digital marketing strategies of the retail businesses in the United States. Therefore, it is recommended that for an effective digital marketing strategy, the management of retail businesses across the globe should adopt and maintain the web 3 technology in their marketing strategies. Keywords: digital, retail, marketing strategies, web 3 DOI: 10.7176/IAGS/95-04 Publication date: June 30 th 2022