A Retail Strategy for the Prosperity of the Art Market within Online Distribution Channel

Han,, S. M. (2023). A Retail Strategy for the Prosperity of the Art Market within Online Distribution Channel. , 21(3), 113-121, https://doi.org/10.15722/jds.21.03.202303.113

copy

Abstract

Purpose: Online distribution channel alludes to the many different digital channels utilized in marketing and distributing goods and services to end users. The present research aims to explore and provide various retail strategy for the success of the art market within online distribution channel. Research design, data and methodology: The current author has conducted and investigate the qualitative textual methodology to take a look at carefully the current and prior literature dataset to achieve the purpose of the present research so that the present author could obtain total 27 relevant prior studies. Results: According to the comprehensive literature investigation, this research has found that there are six kinds of retail strategy for the prosperity of the art market within online distribution channel as follows: (1) Blockchain Technology, (2) Artificial Intelligence (AI), (3) Virtual Reality (VR), (4) Online Market Places, (5) Social Media, and (6) Regulations. Conclusions: The results of this analysis of the relevant literature show that the art market industry needs to adjust to keep up with the quickly shifting landscape of the digital world. In addition, although these technologies can be helpful in addressing difficulties linked to authenticity and transparency, they cannot eliminate the hazards of fraud and misrepresentation.

keywords: Art Market, Online Distribution Channel, Retail Strategy, Supply Demand Management

Reference

Abbate, T., Vecco, M., Vermiglio, C., Zarone, V., & Perano, M. (2022). Blockchain and art market: resistance or adoption?. Consumption Markets & Culture, 25(2), 105-123.

Adorno, T. W., & Bernstein, J. M. (2020). The culture industry: Selected essays on mass culture. Routledge.

Alyahya, M., & McLean, G. (2022). Examining tourism consumers’ attitudes and the role of sensory information in virtual reality experiences of a tourist destination. Journal of Travel Research, 61(7), 1666-1681.

Ampountolas, A., Shaw, G., & James, S. (2019). The role of social media as a distribution channel for promoting pricing strategies. Journal of Hospitality and Tourism Insights, 2(1), 75-91.

Azman, N. A., Mohamed, A., & Jamil, A. M. (2021). Artificial intelligence in automated bookkeeping: a value-added function for small and medium enterprises. JOIV: International Journal on Informatics Visualization, 5(3), 224-230.

Bhowmik, R., Debnath, G. C., Zafar, R. F., & Lormon, B. L. (2021). Creative industry in terms of covid-2019 pandemic: European countries responsive measures. Pressburg Economic Review, 1(1), 9-17.

Bhuiyan, M. N., Rahman, M. M., Billah, M. M., & Saha, D. (2021). Internet of things (IoT): A review of its enabling technologies in healthcare applications, standards protocols, security, and market opportunities. IEEE Internet of Things Journal, 8(13), 10474-10498.

Buchholz, L., Fine, G. A., & Wohl, H. (2020). Art markets in crisis: how personal bonds and market subcultures mediate the effects of COVID-19. American journal of cultural sociology, 8, 462- 476.

Burroughs, T. E. (2019). US and EU efforts to combat international money laundering in the art market are no masterpiece. Vanderbilt Journal of Transnational Law, 52(4), 1061-1096.

10.

Chen, C. L. (2021). Cultural product innovation strategies adopted by the performing arts industry. Review of Managerial Science, 15(5), 1139-1171

11.

Dwivedi, Y. K., Hughes, L., Ismagilova, E., Aarts, G., Coombs, C., Crick, T., ... & Williams, M. D. (2021). Artificial Intelligence (AI): Multidisciplinary perspectives on emerging challenges, opportunities, and agenda for research, practice and policy. International Journal of Information Management, 57(April), 101994.

12.

Ehsan, A., & Yang, Q. (2019). State-of-the-art techniques for modelling of uncertainties in active distribution network planning: A review. Applied energy, 239(April), 1509-1523.

13.

Fahy, J., & Jobber, D. (2019). EBOOK: Foundations of Marketing, 6e. McGraw Hill.

14.

Helberger, N. (2020). The political power of platforms: How current attempts to regulate misinformation amplify opinion power. Digital Journalism, 8(6), 842-854.

15.

Hiromoto, T. (2019). Restoring the relevance of management accounting. In Management Control Theory (pp. 273-288). Routledge.

16.

Huang, M. H., & Rust, R. T. (2021). A strategic framework for artificial intelligence in marketing. Journal of the Academy of Marketing Science, 49, 30-50.

17.

Hussain, S. H., Sivakumar, T. B., & Khang, A. (2022). Cryptocurrency methodologies and techniques. In The DataDriven Blockchain Ecosystem (pp. 21-29). CRC Press.

18.

Ivanova, V., & Nestler, G. (2020). Art, Markets, and Finance. In The Routledge Handbook of Critical Finance Studies (pp. 380- 413). Routledge.

19.

Jatmiko, B., Handayani, S. D., Udin, U., Suryandani, E., Kusumawati, R., Laras, T., & Raharti, R. (2022). Key-Factor Strategy of Creative Industry in Distribution Channel: A SWOT Analysis Method. International Journal of Sustainable Development and Planning, 17(6), 1895-1904.

20.

Jia, D., & Li, S. (2020). Optimal decisions and distribution channel choice of closed-loop supply chain when e-retailer offers online marketplace. Journal of Cleaner Production, 265(August), 121767.

21.

Kang, E., & Hwang, H. J. (2023). How to Enhance an Employee’s Organizational Citizenship Behavior (OCB) as a Corporate Strategy, The Journal of industrial Distribution & Business, 14(1), 29-37

22.

Kingsnorth, S. (2022). Digital marketing strategy: an integrated approach to online marketing. Kogan Page Publishers.

23.

Kraus, S., Jones, P., Kailer, N., Weinmann, A., Chaparro-Banegas, N., & Roig-Tierno, N. (2021). Digital transformation: An overview of the current state of the art of research. Sage Open, 11(3), 1-15.

24.

Krishen, A. S., Dwivedi, Y. K., Bindu, N., & Kumar, K. S. (2021). A broad overview of interactive digital marketing: A bibliometric network analysis. Journal of Business Research, 131(July), 183-195.

25.

Langan, R., Cowley, S., & Nguyen, C. (2019). The state of digital marketing in academia: An examination of marketing curriculum's response to digital disruption. Journal of Marketing Education, 41(1), 32-46.

26.

Lee, S. H. (2022). Qualitative Content Analysis: Solutions for Tourism Industry to Overcome the Crisis in a Post-Covid 19 era. The Journal of Industrial Distribution & Business, 13(9), 27-36.

27.

Leroi-Werelds, S. (2019). An update on customer value: state of the art, revised typology, and research agenda. Journal of Service Management, 30(5), 650-680.

28.

Luo, H., Zhong, L., & Nie, J. (2022). Quality and distribution channel selection on a hybrid platform. Transportation Research Part E: Logistics and Transportation Review, 163(July), 102750.

29.

MacKay, J. (2022). Art World Fields and Global Hegemonies. International Studies Quarterly, 66(3), sqac029.

30.

Moon, J., Choe, Y., & Song, H. (2021). Determinants of consumers' online/offline shopping behaviours during the COVID-19 pandemic. International journal of environmental research and public health, 18(4), 1593.

31.

Nadini, M., Alessandretti, L., Di Giacinto, F., Martino, M., Aiello, L. M., & Baronchelli, A. (2021). Mapping the NFT revolution: market trends, trade networks, and visual features. Scientific reports, 11(1), 20902.

32.

Nguyen, T. M., Le, D., Quach, S., Thaichon, P., & Ratten, V. (2021). The current trends and future direction of digital and relationship marketing: A business perspective. In Developing digital marketing (pp. 191-200). Emerald Publishing Limited.

33.

Qiao, H., & Su, Q. (2021). Distribution channel and licensing strategy choice considering consumer online reviews in a closed-loop supply chain. Transportation Research Part E: Logistics and Transportation Review, 151(July), 102338.

34.

Raman, R., & Raj, B. E. (2021). The world of NFTs (non-fungible tokens): the future of blockchain and asset ownership. In Enabling blockchain technology for secure networking and communications (pp. 89-108). IGI Global.

35.

Robinson, L., & Halle, D. (2002). Digitization, the Internet, and the Arts: eBay, Napster, SAG, and e-Books. Qualitative sociology, 25, 359-383.

36.

Rosenberg, L. J., & Stern, L. W. (1971). Conflict measurement in the distribution channel. Journal of marketing research, 8(4), 437-442.

37.

Shi, H., Liu, Y., & Petruzzi, N. C. (2013). Consumer heterogeneity, product quality, and distribution channels. Management Science, 59(5), 1162-1176.

38.

Sidorova E. (2019). The Cyber Turn of the Contemporary Art Market. Arts, 8(3):84.

39.

Steinberg, M. (2021). Financial True Crime: Art, Para‐Journalism, and Data‐Driven Storytelling. Art History, 44(2), 256-284.

40.

Suvajdzic, M., Stojanović, D., & Kanishcheva, I. (2022). Blockchain and AI in Art: A Quick Look into Contemporary Art Industries. In Blockchain and Applications: 3rd International Congress (pp. 272-280). Springer International Publishing.

41.

Tarakanov, V. V., Inshakova, A. O., & Dolinskaya, V. V. (2019). Information society, digital economy and law. Ubiquitous Computing and the Internet of Things: Prerequisites for the Development of ICT, 3-15.

42.

Van Miegroet HJ, Alexander KP, Leunissen F. (2019). Imperfect Data, Art Markets and Internet Research. Arts. 8(3):76.

43.

Wiengarten, F., Lam, H. K., & Fan, D. (2020). Value creation through expanding the online distribution channel. Industrial Management & Data Systems, 120(4), 714-729.

44.

Zikmund, W. G., & Babin, B. J. (2015). Essentials of marketing research. Cengage Learning.

바로가기메뉴

Article Contents

Vol.21 No.3

A Retail Strategy for the Prosperity of the Art Market within Online Distribution Channel

Abstract

Reference

The Journal of Distribution Science