Implication of Digital Marketing in the Supply Chain Finance of the Beverage Industry

Nikolaos T. Giannakopoulos (), Damianos P. Sakas, Kanellos Toudas and Panagiotis Karountzos
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Nikolaos T. Giannakopoulos: BICTEVAC Laboratory—Business Information and Communication Technologies in Value Chains, Department of Agribusiness and Supply Chain Management, School of Applied Economics and Social Sciences, Agricultural University of Athens, 118 55 Athens, Greece
Damianos P. Sakas: BICTEVAC Laboratory—Business Information and Communication Technologies in Value Chains, Department of Agribusiness and Supply Chain Management, School of Applied Economics and Social Sciences, Agricultural University of Athens, 118 55 Athens, Greece
Kanellos Toudas: BICTEVAC Laboratory—Business Information and Communication Technologies in Value Chains, Department of Agribusiness and Supply Chain Management, School of Applied Economics and Social Sciences, Agricultural University of Athens, 118 55 Athens, Greece
Panagiotis Karountzos: BICTEVAC Laboratory—Business Information and Communication Technologies in Value Chains, Department of Agribusiness and Supply Chain Management, School of Applied Economics and Social Sciences, Agricultural University of Athens, 118 55 Athens, Greece

IJFS, 2025, vol. 13, issue 4, 1-23

Abstract: This paper investigates the role of digital marketing signals as alternative data for understanding financial and operational dynamics in the beverage supply chain. Drawing on web analytics covering multiple actors across a five-month horizon, we analyze traffic composition, user engagement, and acquisition channels through a panel econometric framework. Descriptive statistics reveal pronounced heterogeneity in channel reliance, with some firms emphasizing organic search visibility while others depend more on paid campaigns or social referrals. Correlation patterns indicate strong substitution between organic and paid search, while display advertising is positively associated with session depth, suggesting that differentiated digital strategies influence user engagement. Analysis of variance confirms significant structural differences across firms, with an effect size exceeding 0.90. A two-way fixed-effects regression demonstrates that brand-specific factors explain the vast majority of variation in digital visibility, overshadowing short-term fluctuations. These results highlight the potential of web-derived marketing metrics to serve as leading indicators of supply chain finance outcomes such as revenue growth, working-capital efficiency, and investor sentiment. By integrating digital signals into financial econometrics, this study contributes to emerging research on alternative data in supply chain contexts and offers practical implications for managers, investors, and policymakers.

Keywords: digital marketing; supply chain finance; beverage industry; panel econometrics; FCM modeling (search for similar items in EconPapers)
JEL-codes: F2 F3 F41 F42 G1 G2 G3 (search for similar items in EconPapers)
Date: 2025
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