Towards Marketing 4.0: Vision and Survey on the Role of IoT and Data Science

Himadri Sikhar Khargharia, Muhammad Habib ur Rehman (), Abhik Banerjee, Federico Montori, Abdur Rahim Mohammad Forkan and Prem Prakash Jayaraman
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Himadri Sikhar Khargharia: Department of Computer Science and Software Engineering, Swinburne University of Technology, Melbourne 3122, Australia
Muhammad Habib ur Rehman: Biomedical Engineering Department, King’s College London, London WC2R 2LS, UK
Abhik Banerjee: Department of Computer Science and Software Engineering, Swinburne University of Technology, Melbourne 3122, Australia
Federico Montori: Department of Computer Science and Engineering, University of Bologna, 40126 Bologna, Italy
Abdur Rahim Mohammad Forkan: Department of Computer Science and Software Engineering, Swinburne University of Technology, Melbourne 3122, Australia
Prem Prakash Jayaraman: Department of Computer Science and Software Engineering, Swinburne University of Technology, Melbourne 3122, Australia

Societies, 2023, vol. 13, issue 4, 1-15

Abstract: According to KPMG, Internet of Things (IoT) technology was among the top 10 technologies of 2019. It has been growing at a significant pace, influencing and disrupting several application domains. It is expected that by 2025, 75.44 billion devices will be connected to the Internet. These devices generate massive amounts of data which, when harnessed using the power of data science (DS) techniques and approaches such as artificial intelligence (AI) and machine learning (ML), can provide significant benefits to economy, society, and people. Examples of areas that are being disrupted are digital marketing and retail commerce services in smart cities. This paper presents a vision for Marketing 4.0 that is underpinned by disruptive digital technologies such as IoT and DS. We present an analysis of the current state of the art in IoT and DS via the three pillars of marketing: namely, people, products, and places. We propose a blueprint architecture for developing a Marketing 4.0 solution that is underpinned by IoT and DS. We conclude the paper by highlighting the open challenges that need to be addressed in order to realise the Marketing 4.0 blueprint architecture, including supporting the integration of IoT data concerning people, products, and places and using DS to make efficient and effective recommendations.

Keywords: IoT; digital marketing; Marketing 4.0 (search for similar items in EconPapers)
JEL-codes: A13 A14 P P0 P1 P2 P3 P4 P5 Z1 (search for similar items in EconPapers)
Date: 2023
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