Marketing concepts development in the digital economic environment

Abstract

The wide use of digital technologies has transformed all aspects of society and changed the modern marketing concept. Trade has been affected in particular. The development and wide use of digital technologies in the trading industry as well as the application of new implementation tools in marketing activities have led to the formation of innovation marketing. The article deals with the study of the evolution of marketing in trade. The comparison of marketing concepts and implementation mechanisms used for manufacturing and trade has revealed significant differences in these areas. The trade industry is currently experiencing an increase in innovation activity. Innovations of different origin have changed the product and affected such things as trade and technological processes, distribution of goods, and business processes of the trading enterprise. A significant number of innovations have been brought about by the development of the digital economy. However, the great advantages offered by the digital economy are offset by threats such as job cuts, lack of qualified personnel and cyber security challenges. In the case for trade, job losses occur due to the elimination of intermediaries, this achieved through the use of digital platforms and marketplaces linking suppliers and end-consumers. Besides, the growth of e-commerce and the gradual reduction of retail space in actual stores, as well as the reduction of cashiers and accountants, can also contribute to job losses. The second threat -- the lack of qualified personnel -- arises due to the changes in professional requirements at labor market. Commercial and operational personnel along with marketing specialists of commercial enterprises must satisfy high requirements established for those who apply innovative technologies in order to find solutions to problems. The third threat is posed by the growing number of cyberattacks which cause financial losses, breach of contractual obligations, loss of business reputation, and breaking up a trust of both partners and customers.