Chapter 4 Effects of Technological Innovations on Consumer Behavior: Marketing 4.0 Perspective

It is evident that while new technologies are shifting the current dynamics of the marketplace, technological innovations and Industry 4.0 are influencing the marketing activities along with our perceptions and expectations. The effects of globalization, digitalization, and Internet on marketing activities and consumers are indisputable. Almost every person, society, organization, and even the government has experienced some sense of transformation as a result of the increased connectivity and interaction. Discussion of the current concepts, theories, the way they are used in understanding the technology adoption behavior, and their role in the transformation of the consumers in the digital age is necessary in order to understand the aforementioned changes happening in the marketplace. It is also essential to focus on the transformation of marketing applications caused by Industry 4.0 in order to better understand the consumer expectations, reactions, and behavior. Hence, this study aims to investigate how Industry 4.0 affected and transformed marketing and consumer behavior, by examining the recent technological innovations. In this chapter, the basic concepts related to technology and innovation adoption are explained, and the relationship between marketing and Industry 4.0 is discussed. After reviewing the recent technological innovations and their relation to consumer behavior, a general discussion is given.