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Virtual currencies: different schemes and research opportunities
Gianluca Scheidegger1, Priya Raghubir2
1Institute of Retail Management, University of St. Gallen, St. Gallen, Switzerland.
Marketing Letters
|May 3, 2022
Summary
Virtual currencies, despite financial relevance, are under-researched in marketing. This study classifies virtual currencies and identifies factors influencing consumer behavior, offering a framework for future marketing research.
Area of Science:
- Business and Economics
- Marketing
- Consumer Behavior
Background:
- The rise of digital economies has spurred the creation of diverse virtual currencies.
- Virtual currencies represent a significant financial phenomenon largely overlooked by marketing scholarship.
Purpose of the Study:
- To address the gap in marketing research concerning virtual currencies.
- To classify existing virtual currency schemes.
- To identify key factors influencing consumer adoption and usage of virtual currencies as payment methods.
Main Methods:
- A comprehensive review of existing literature on virtual currencies and consumer behavior.
- Development of a classification framework for virtual currencies.
- Identification of potential behavioral drivers through theoretical integration.
Main Results:
- Virtual currencies can be categorized into three distinct schemes.
- Several factors, including perceived value, social influence, and trust, are hypothesized to impact consumer engagement with virtual currencies.
- A structured research framework is proposed for empirical investigation.
Conclusions:
- Virtual currencies present a novel and important area for marketing research.
- Further investigation is needed to understand consumer decision-making processes regarding virtual currencies.
- The proposed framework and research questions aim to stimulate academic inquiry into this evolving market.
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