Online Consumer Engagement Through Blockchain Marketing - Research Proposal Assignment Solution

Introduction

1.1 Background and Reason for the Research

Customer engagement in an online platform is defined by the customers’ physical, cognitive and emotional presence while connecting with the seller online. Hence, customer engagement enhancement appears to be attractive phenomenon for companies in this digital era where online shopping has become norm (Kietzmann, Hermkens, McCarthy, & Silvestre, 2011). On the other hand, digital transformation has given birth to concepts like Blockchain where the progress in Blockchain technologies has emerged as a disruptive innovation in recent times (Mangold & J.Faulds, 2009). As noted by Iansiti and Lakhani (2017), Blockchain technologies advanced in their functional capabilities in recent years and the infrastructure for this innovation is now being used in a vast variety of domains including finance, marketing and sales as well as industries such as healthcare, real-estate, supply chain and logistics and law. Blockchain Smart Contracts are the digital contracts that are self-enforcing and does not require a third-party intervention. Ethereum was the first blockchain smart contract that supported arbitrary code execution on the blockchain platform. By having Smart Contracts between suppliers and retailers, claims are settled automatically that will reduce time and improve confidence of customers, retailers and suppliers (Banerjee, 2018). 

Tapscott and Tapscott (2017) state that Blockchain can transform business dynamics and change operational procedures, which highlights the influence of this innovation for modern day organizations. 

Conducting a research that highlights the role of Blockchain marketing can present useful insights for businesses that are seeking to explore the potential of digital platforms to enhance their reach and scale. 

• Project Outline

Though the idea of smart contracts is been there since the 90’s, however it was only with the help of blockchain technology in particular with (Ethereum) that helped smart contracts to be unleashed with their full potential (Gatteschi. V et al. 2018). This specific feature of Blockchain has the potential to drive online customer engagement within the context of businesses that use digital platforms by employing a ‘if/then’ to govern transactions that take place online. 

This case does not only apply to companies that conduct their businesses exclusively through a digital channel but can also be employed to govern any type of online transaction that takes place on a subscription model. Smart contracts essentially automate transactions between two parties and transparently govern non-compliances. Businesses that adopt this policy for their online channels can significantly reduce customer complaints for unfulfilled orders and create a level of trust that may strengthen their customer base. 

1.3 Research Question

The following research questions will be addressed through the study:

1. What is the relationship between Blockchain smart contracts and customer engagement?
2. What is the association between Blockchain smart contracts and customer loyalty?
3. Can customer complaints significantly decrease as a consequence of implementing Blockchain smart contracts to resolve disputes and govern non-compliance in online transactions?
4. What are the obstacles and drivers of the implementation of smart contract towards customer engagement? 
5. Beyond individual companies and other start-ups what impact will the technology

have upon existing industries or the economy as a whole?

1.4 Brief  

Following studies will be reviewed in particular; Banerjee (2018), Lansiti and Lakhani (2017), Kosba et al. (2016), Tapscott and Tapscott (2017), Crawford (2017) and Solis, Li & Szymanski (2014).