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DOI: https://doi.org/10.57125/FEL.2023.06.25.10
How to cite: Zrybnieva, I., Larina K., Semenda, O. (2023). Sustainable entrepreneurship: analysis of digital
marketing trends in the regional and global dimension. Futurity Economics&Law, 3(2). 150-170.
https://doi.org/10.57125/FEL.2023.06.25.10
Sustainable entrepreneurship: analysis of digital marketing trends in the
regional and global dimension
Iryna Zrybnieva*
Doctor of Economic Science, Associate professor, Department of Marketing, innovation
and regional development, Economic faculty, Yuriy Fedkovych Chernivtsi National
University, Chernivtsi, Ukraine, https://orcid.org/0000-0003-4156-4702
Kateryna Larina
Ph.D in Economics, Assistant Professor Department of Management, Logistics, Faculty
of Management and Marketing, Simon Kuznets Kharkiv National University of Economics,
Kharkiv, Ukraine, https://orcid.org/0009-0008-0009-9270
Olha Semenda
PhD in Economics, Docent Marketing department, Faculty of Economics and
Entrepreneurship, Uman National University of Horticulture, Uman, Cherkasy region,
Ukraine, https://orcid.org/0000-0002-6690-645X
*Corresponding author: i.zrybneva@chnu.edu.ua.
Received: May 21, 2023 | Accepted: June 14, 2023 | Published: June 25, 2023
Abstract. The aim of the article is to assess the prospects of digital marketing in the context of
sustainable entrepreneurship on the Internet based on the best practices of the European Union and the
United States and to analyze digital marketing trends in regional and global dimensions. The paper
analyzes digital marketing trends in the regional and global dimensions, as well as examines their
impact on the development of sustainable entrepreneurship. This study used methods of data
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151
collection, analysis, and interpretation of results. Statistical data from the official websites of
international information platforms were summarized and used. Search engines revealed more than 90
articles on the development and features of modern digital marketing. During the selection and
verification process, only 25 of the most relevant sources from 2017 to 2023 were selected. The results
identify the features of digitalization and its role in the development of the economy and business on a
regional and international scale; analyze the main emphases in the factors of digital marketing; indicate
the possibilities of the impact of digitalization and digital marketing on the sustainable development of
business structures; study the trends of digital marketing in 2023 and give their further development
forecast. The scientific novelty of the article lies in the fact that for the first time, the peculiarities of
using digital marketing in the context of sustainable entrepreneurship on the Internet are analyzed
based on the best practices of the European Union and the United States, and further prospects for its
development in Ukraine are determined. The author concludes that digital technologies for testing and
promoting a product market significantly reduce the time for the commercialization of innovations and
indicate an acceleration of the innovation cycle in general. Digital innovations dictate the need to
accelerate operational and management processes and become the basis of economic policy in many
digital ecosystems. The results obtained can be used by top management of companies, as well as heads
of marketing departments, to guide and develop digital marketing strategies.
Keywords: sustainable entrepreneurship, digitalization, megatrends, marketing activities,
technology.
Introduction
The relevance of the research topic is due to the fact that the global penetration of Internet
resources has led to changes in the regulation of business processes. Global megatrends have
accelerated the pace of technological development of companies, and focusing only on optimizing the
implementation of innovations is not enough in the digitalization era. In this context, Ukrainian and
international companies face the main task of developing research and innovation capabilities to ensure
sustainable competitive advantages. In addition to managing established products and services, a
company should be focused on innovating technologies and processes to stay ahead of global
competition (Arora & Sanni, 2019).
In the Industry 4.0 period, a trend that characterizes the specifics of this period is the ever-
increasing role of digitalization in operational and management processes. In this regard, a paradox of
digitalization arises: company employees are encouraged to continuously innovate autonomously, while
regulations and guidelines provide for rigid operational processes, while the digital ecosystem needs to
respond flexibly to environmental factors. The above contradiction raises the question of whether and
how the introduction of digitalization into the practice of enterprises affects the ability to generate both
production and managerial innovations (Chen & Lin, 2019).
Today, the globalization of the economy has not only led to the popularization of the Internet in
all functional areas of enterprise activity, but also contributed to the emergence of modern software
communication systems. At the moment, the use of Internet functions has become an integral part of not
only human life, but also successful business. Thus, in recent years, there has been a trend towards an
increase in the number of full-time specialists in the field of electronic technologies. The relevance of
the work is due to the growing importance of the digital marketing complex for enterprises operating
in the national and international markets, as well as to the continuous development of information
technology and, as a result, improvement of the marketing activities of enterprises in general. The
purpose of the article is to assess the prospects of a digital marketing campaign based on the best
practices of development of the digital marketing complex in Western countries (Becut & Craciun,
2017).
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152
The aim of the article is to assess the prospects of digital marketing in the context of sustainable
entrepreneurship on the Internet based on the best practices of the European Union and the United
States, as well as to analyze the trends in digital marketing in the regional and global dimensions.
Evaluation of the peculiarities of digital marketing development in the regional and global
dimension and its impact on the development of sustainable entrepreneurship; study of digital
marketing tools; analysis and trends in the digital marketing complex of the United States and the
European Union. The tasks of article are:
- identify the features of digitalization and its role in economic and business development on a
regional and international scale;
- analyze the main emphases in the factors of digital marketing;
- to indicate the possibilities of the impact of digitalization and digital marketing on the sustainable
development of business structures;
- to study the trends of digital marketing in 2023 and give their further development forecast;
- to analyze the experience and trends in the development of digital marketing in the advanced
countries of the European Union and the United States (Aswani et al., 3).
Research Methodology
This study used data collection, analysis, and interpretation methods. Databases such as Scopus
were used to search for scientific articles. Bibliometric analysis, together with citation and co-citation
analysis, is a powerful way to analyze the patterns and characteristics of already published works in any
scientific field. Bibliometric analysis is based on an objective philosophy and uses a quantitative method
to study written documents (i.e., journals, books, websites). Citation and co-occurrence analysis focuses
on identifying themes that emerge in specific areas of research, the influence of different journals and
different schools of thought. Going beyond simply counting and comparing citations, previous studies
have pointed to the nature and course of the discipline to assess which journals and authors have
created value for other researchers through collaboration.
The authors extracted bibliometric data from the Scopus database using the keyword digital
marketing. Digital marketing is a common keyword in various databases, but articles with other related
keywords such as “online social networking,” “social media sales,” “e-commerce,” “data collection,” and
“information systems” were considered. The Scopus database was chosen because it contains a large
number of modern articles. Therefore, the analysis of other well-known databases, such as Web of
Science, may be considered in future research. After downloading the dataset, it was found that it
contains 941 articles dating back to 1982. However, the authors applied a “year of publication” filtering
strategy and kept the data from 2017 to 2023.
Literature Review
With the advancement of the internet and mobile technology, communication has become much
easier than in past decades (Khomenko et al., 2020). As today's customers spend their time in digital
media, marketers have also developed strategies and tactics to reach them through these media
(Jimenez, 2020). It is predicted that digital marketing will remain at the forefront of the technological
transition in the future (Ko, 2019; Martín-Consuegra et al., 2018). The daily lives of millions of people
have been transformed by digital marketing through social and mobile media, which has spread to
popular social media practices and often leads to the formation of customer relationships (Fujita, 2017).
The world is only beginning to consider digital transformation in terms of both the economy and
business, as well as the social and cultural values that should underpin the information society.
Disruptive technologies continue to change traditional factors of competitive advantage, business
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153
models, strategies, and development concepts, introducing differences in digitalization and stages of
digital transformation.
Over the past 35 years, the selection and application of the most effective tools for achieving
operational excellence has been addressed within the framework of the lean manufacturing (LM)
concept. At its core, LM aims to eliminate any non-value-added operational and management activities
through continuous, incremental improvements. In today's environment of economic uncertainty,
optimizing innovation alone is not enough. Therefore, even the implementation of the concept of lean
manufacturing within a single company implies an urgent need to find new technologies for
management processes, tools, and approaches that ensure the development of innovative capabilities
(Busca & Bertrandias, 2018).
Alexander Kurt Meldner, Jose Arturo Garza-Reyesb, and Vikas Kumark propose management
approaches based on the application of the lean manufacturing concept as an indicator of organizational
innovation. For example, the creation and functioning of cross-functional teams, smoothing and
decentralization of the hierarchy. Johnston and others argue that methods of improving management
processes, including lean methods, are a form of innovation (Kurt, 2018).
As states seek to be subjects rather than objects of international relations, their vital interest today
is digital independence. They need to maintain digital cooperation and balance between digitally
advanced countries, new global digital platform corporations such as Facebook, Amazon, Google, Apple,
Microsoft (FAGAM), traditional multinationals, and other global players. In order for the countries of the
Central Asian region to gain a competitive digital advantage, they need to more actively develop and
implement their own regional digital platform strategy (Chen & Lin, 2019).
Research Result
Modern digital technologies used in marketing activities, such as artificial intelligence, big data,
the Internet of Things (IoT), and “end-to-end influence” within marketing partnership alliances, lead to
the transformation of management processes, which has become inevitable. Modern scholars consider
the issue of continuous improvement of management processes from different perspectives (Ghorbani
et al., 2021; Kim et al., 2019; Leon-Castro et al., 2021).
Entrepreneurship as one of the factors of production is popular and rapidly developing today. The
goals of entrepreneurial activity are to optimize the use of resources for profit, as well as to meet the
needs of customers (Vrountas, 2019).
Living in the digital era, when everyone has access to the Internet, it is logical to switch to digital
marketing. The emphasis is on the following factors (Fig. 1):
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154
Figure 1. Main emphases in digital marketing factors
The most popular way to promote goods and services in any industry is through marketing on the
global Internet. Growing digitalization is creating serious challenges for marketing managers in
businesses. As a result, firms have realized these changes and figured out how to cope with them
(Cooper, 2020).
Today, large corporations are moving business processes online, which reduces both costs and
time from the inception of an idea to its implementation. B2C (Business-to-Customer) is the most
obvious business model. A company (legal entity or individual entrepreneur) sells goods or provides
services to individuals. This category of business includes a very large range of e-commerce enterprises:
online stores, paid services for individuals, online casinos, companies that sell consulting and
information services (Negoitâ et al., 2019).
There are some features of the impact of digitalization and digital marketing on the sustainable
development of business structures:
1. the possibility of attracting more potential customers through digital technologies and Internet
marketing (e.g., SEO promotion, email newsletter, contextual advertising, advertising in social networks,
etc;)
2. the possibility of increasing sales: digital marketing facilitates procurement procedures, saves
the buyer's time, as all information about the goods is presented in full;
3. formation of a system for identifying competing companies and a mechanism for creating
optimal conditions for the development of competitive products or services;
4. low cost and saving of material and financial resources (Jimenez, 2020).
The basis of the modern economic policy of Ukrainian enterprises is the digitalization of
operational and management processes. The growth of marketing data is exponential: in the area of
Consumer Behavior alone, the amount of data collected by B2C companies has increased by 300% over
the past 2 years, and this trend will continue to grow. Digital marketing data includes information from
a company's marketing information system (MIS), video, audio, and other digitized information.
Obviously, companies will increase resources to improve digital innovations in marketing activities.
decision-making based on customer feedback,
which is evaluated by the company and then
assimilated;
Reputation management
the consumer is initially attracted by the type of
bait, the next step is to provide them with a full set
of specific initial search information;
Full presentation of services
a key element as the specific monologue of
company-initiated advertising campaigns is
removed and a dialog is established through social
platforms;
Communication
Brand awareness can be increased through marketing channels
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155
The driving force behind the development of digital technologies in marketing is a new innovative
process of “servicing” to the client's problems by providing additional services and customizing the
product in accordance with individual customer requests. The low cost of renting digital infrastructure,
for example, from Google, attracts new customers to digital platforms on individual terms, sharing its
infrastructure and data with them (Ismagilova et al., 2017).
The formation of service-oriented marketing strategies can stimulate the development of digital
technologies for small and medium-sized businesses and microenterprises. An adequate rental price for
the use of digital platforms allows seed-stage startups to enter the market (Fachinelli et al., 2014).
One of the global challenges of marketing innovation ecosystems is to ensure “sustainable
interaction” with their target audience, primarily with business partners and public organizations.
Considering the area of “Marketing ecosystem – consumer”, we can state the fact that a whole set of
marketing communications is being formed today. Companies have to collect and accumulate
information about consumers in real-time, which allows them to build communications that are adapted
to the target audience. Implementation of the analytical marketing function within the ecosystem
involves a constant search for additional opportunities to collect marketing information, accumulate it,
and transfer enriched information to the “knowledge” group. New knowledge in marketing implies the
generation of new management decisions, in particular, increasing the effectiveness on the target
audience (Muniraju, 2018).
The high dynamism of the market environment means that the effectiveness of marketing tools
may decline over time. The digitalization of marketing in terms of target audience research allows you
to see a segment of the target audience as a set of micro-segments and even micro-fragments. Such a
vision of consumers is aimed at personalizing marketing communications to move consumers closer to
the purchase, improving tactics of interaction with the target audience (Ismagilova et al., 2020).
Customers are increasingly adopting VR and AR technologies for both professional and private
use. The development of AR apps for Android allows users in the retail segment to create virtual fitting
rooms, choose colors for a new car, and try on sneakers by simply pointing the phone's camera at their
feet. One such example is IKEA, which has its own app that allows users to tap on images of their room
on their smartphones to test the furniture in it. Users can create interior designs and change them using
a regular phone (Hossain et al., 2019).
Thus, the growing application of these technologies in various industries such as education,
healthcare, retail, and training will drive the growth of the global AR and VR market.
According to a study by Review42, 20% of mobile searches are currently performed using voice
search, and the global voice-based smart speaker market could be worth $30 billion by 2024 (Review42,
2022). There are several reasons why voice search, a feature that appeared on smartphones around
2014, is gaining momentum. First, the growing adoption of intelligent voice assistants such as Alice or
Alexa. In 2021, smart speakers with voice communication became a real breakthrough in Ukrainian
marketing.
Secondly, Google claims that in 2013, artificial intelligence could recognize 77% of words, while
today this figure is 97%. As search accuracy improves, the demand for installing voice-assisted
programs has increased. Thirdly, it is predicted that by 2025, 50% of all online purchases will be made
using voice results. This is a huge opportunity for digital marketers to strengthen their market position.
To outperform their competitors and stand out above the market, marketers should focus on
personalizing content, products, emails, etc. Personalization is the next big trend that will soon become
an industry standard (Aswani et al., 2018).
According to a study by Instapage, 80% of shoppers are more likely to buy from a company that
offers a personalized experience, 44% of consumers say they are likely to become repeat customers
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156
after a personalized purchase from a particular company, 31% of consumers say they would like their
purchases to be much more personalized than they currently are (Vrountas, 2019).
The best example of the effectiveness of personalization is Netflix. The company's “recommended”
algorithm is so accurate that 80% of viewing options are based on their recommendations, and only
20% of the remaining views come from subscriber searches. Another example is Cadbury, which created
a personalized video campaign that matches the taste of dairy products to users based on data from
their Facebook profile, including age, interests, and location. The campaign resulted in a 65% click-
through rate and a 33.6% conversion rate (Gouvea et al., 2021).
Email has always been the most reliable digital marketing channel. Simply addressing an email to
a customer's name or using their location to send targeted emails (e.g., related to weather, national
holidays, or sporting events) will engage a person much more than a regular mailing (Ghorbani, 2021).
Video marketing was also one of the top digital marketing trends in 2022 and is likely to hold a
leading position in the coming years. Here are some statistics that will demonstrate the importance of
including video in the list of current trends.
According to a study by Impactplus, 75 million people in the United States watch online videos
every day. At the same time, simply mentioning the word “video” in the subject line of an email increased
the click-through rate by 13%. Videos up to 2 minutes long get the highest engagement. Watching videos
helps to create some conditions for abstracting from the problem of loneliness, especially for older
people (Impact Plus, 2022).
A Wyzowl study found that 86% of video marketers claim that video has increased traffic to their
websites. 94% believe that video has helped improve users' understanding of their product or service.
84% say that video has helped them generate leads (Wyzowl, 2023).
One of the challenges that marketers have faced in recent years has been displaying long texts on
mobile screens because it becomes too difficult and tedious for users to read them. Using micro-video
helps to advertise a product in real-time, which is a great way to increase audience engagement and
attract new customers.
Figure 2 demonstrates how consumers prefer to learn about a new product.
Figure 2. How consumers prefer to learn about a new product
Source: authors' own development
68%
4%
3%
4%
15%
3% 3% Short videos
Oral presentation of the
project
Infographics
E-books or manuals
Articles, websites
Calls and consultations
Other
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157
The popular YouTube platform has introduced a new format called Shorts, which allows you to
publish short videos (up to 60 seconds). It's similar to Instagram's Reels, where users can create videos
of 15 seconds or less. Due to the growing popularity of short videos, YouTube Shorts is a great
opportunity for marketers to grab the attention of their viewers. TikTok also boasts an incredibly high
level of user engagement. Between Q4 2019 and the end of Q1 2020, the average time spent on the
platform per month increased by 415 minutes. At the end of April 2021, the platform launched the
Business Creative Hub, which showcases trending content related to the business user's brand, so any
entrepreneur can make a viral video and collect millions of views.
Digital marketing is highly technological. Therefore, when considering the digital marketing of
advanced foreign countries, it is necessary to refer to the experience of the United States and the
European Union. Both America and the European Union have a high level of competition and, as a result,
demand for advertising services (Veselá & Klimová, 2014).
The experience of Western countries suggests that the transition from advertising in publishing
houses to the use of social and other online channels not only saves the budget but also allows you to
focus available resources on the target audience, while most print media do not have any guarantees for
the advertiser. The market saturation and solvency of the population in a number of EU countries and
the United States, in general, allow us to see how the budget of marketing activities in the Internet space
is compensated for when spending more than 10 thousand dollars. Also of interest is the organization
of an advertising campaign and the preferences of Western companies at the stage of creating a
marketing strategy (Becut & Craciun, 2017). The history of the development of the US and EU digital
marketing market allows us to predict the stages of development of domestic digital marketing and
assess the advantages and disadvantages of the current marketing strategy at enterprises. The analysis
of global trends in digital marketing creates an opportunity to assess the global market prospects based
on current user preferences and the effectiveness of the implemented digital marketing tools (Lazzeretti
et al., 2018).
The largest American companies were the first to feel the lightning-fast development of the digital
marketing market on their own budgets. Those who managed to effectively use its tools in the electronic
versions of their publications made significant business gains, while others continued to disband staff
and suffer losses. In 2020, American publishers earned $1,402 million from online advertising and
subscriptions. This figure is about 6% of their total revenue. Fig. 3 shows the dynamics of the US digital
marketing market in billions of dollars.
Figure 3. Dynamics of the US digital marketing market in billions of dollars.
Source: authors' own development
2017
2018 2019
2020 2021
2022
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158
Digital marketing trends in 2023 and their further forecast
In 2019, the US digital marketing market grew by 22% to $61.7 billion. In 2021, the digital
marketing market grew by 17% compared to 2020 and amounted to $72.2 billion, while mobile
advertising grew by 110%. Spending on digital marketing surpassed advertisers' budgets for all other
types of other advertising and marketing. Investments were made mainly in video, display marketing,
search, and mobile advertising. More than 20% of the total investment in digital marketing comes from
retailers. Along with the growth of investments in digital marketing, the number of dissatisfied Internet
users and, as a result, downloads of online ad blockers is increasing.
Figure 4. Time spent by customers watching digital content and share of ad spend in
the US in 2022
Source: authors' own development
In 2022, digital marketing revenue increased by 16% compared to 2021 and amounted to $69.5
billion. Display marketing accounted for 27% of the market, video advertising increased by 17%, social
media marketing budget grew by 58%, and mobile advertising became the second largest industry in
the US market. In 2024, the display advertising budget will overtake contextual advertising and reach
47.9% of the total share. Video advertising will increase to $9.59 billion and will focus on desktop
computers. At the same time, the majority of media formats (77.5%) will be concentrated on mobile
devices.
The key features of the US market are its international composition and large size. Companies from
all over the world are eager to enter the US market, which indicates not only financial attractiveness but
also high competition. Placing a press release on a website will cost a lot of money for small businesses.
Effective promotion in the American market requires a large budget and a competent choice of a niche.
The expensive and oversaturated market forces specialists to create new methods of staying ahead of
the competition. The process is accelerated by the advanced technology of the country, where all the
latest products of search engines, social networks, and other tech giants are tested. Internet marketers
in these conditions have no room for error, as its price is extremely high and will lead to a deterioration
in reputation, which scares away customers. A strategic approach is the basis for promoting a marketing
campaign in the United States. Here, time is money, and in case of failure, a competitor will quickly take
the idea and make money. First, an effective promotion strategy is developed and enshrined in a
5%
38%
25%
20%
19%
45%
22%
4%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Publishers Television Internet Mobile
devices
Customer time
Advertising costs
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159
contract. Now let's say a few words about trends in digital marketing promotion. Particular attention is
paid to content marketing, SMM, and crowd marketing, a method of increasing product sales to the
target audience by stimulating reviews and recommendations. Americans value unique, useful, and
trustworthy content. The emphasis is on distributing videos on mobile devices. In crowd marketing, the
usefulness and trustworthiness of content is especially highly valued in (Foursquare), as well as
directories (Yellow Pages), forums, and blogs. This kind of passive promotion of a company and the
goods and services it sells is accompanied by the generation of useful content and links.
Today, digital marketing costs for American companies account for 15% of total business
expenses. Companies' successful entry into the U.S. market is hampered by a lack of budget for
marketing activities, both offline and online. Almost half of small and medium-sized businesses will
increase spending on digital marketing in 2024. This figure was 35% last year. The growth of
investments will be mainly in mobile marketing (49%), followed by display and search advertising
(44%). 60% of American companies have a functioning website. In 2024, companies will use 7-8
channels for promotion, up from 6 channels in 2021, indicating continued market fragmentation. 80%
of American companies are present in social media, with preference given to Facebook (2/3 of the
market), Twitter, and LinkedIn (1/3 for each network). More than 70% of American companies do not
analyze the effectiveness of promotion costs.
Figure 5. Analysts' use of digital marketing and online advertising in the US
Source: authors' own development
The most common factor in the growth of digital marketing costs is the actions of competitors.
Entrepreneurs evaluate the effectiveness of a marketing campaign based on the number of customer
calls and store traffic. On average, 28% of companies evaluate the performance of digital marketing
using website analytics. Others ask customers how they know about the company.
Promotion focused on working with social media, related services, and content for the following
reasons:
1. The rules of search engines are becoming stricter, and the real usefulness of the resource for
users is growing
26%
74%
Used
Not used
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2. In the face of high competition, traditional promotion reduces efficiency. It becomes impossible
to generate traffic if the content and the resource as a whole are of low quality. Americans will quickly
switch to a competitor with a better quality information product, as there is a lot of choice.
3. Content and social media trends. Social media has become an integral part of everyday life for
Americans. It is easy to get useful information, answers to questions, and solutions to problems online.
Geolocation services, reviews, question-and-answer portals, and forums are the best helpers for
entrepreneurs in this case.
American digital marketing works in all areas. A company entering the market will use all
promotion channels. An integrated approach provides much greater efficiency due to the cumulative
effect. Of course, even greater results are achieved when online and offline advertising are used together.
American customers are used to using technology and are eager to learn it. An advertising company will
not be able to attract a client with promises of a successful campaign if it does not have experience in
implementing a similar project. If cooperation is established, it will be difficult to leave the project
without results. A small budget for a marketing campaign in the United States is 10 thousand dollars or
more.
Digital marketing trends in the EU
The total spending on digital marketing in the European Union increased from €32.9 billion to
€67.7 billion from 2017 to 2022. Against the backdrop of continued significant growth in the online
advertising market, traditional promotion channels are stagnating or in decline. Advertiser spending on
radio and print continues to decline, while TV and film advertising budgets have slowed to 1% per year.
Figure 6. Growth rates of different marketing and advertising channels in the EU
Source: authors' own development
The digital marketing market in the EU reached €36 billion in the first half of 2023. The figure
increased by 9.7% compared to the same period in 2022. Slovenia (43.1%) and Ireland (33.3%) showed
the highest growth in the digital marketing market. The leaders in terms of market size were the UK
with a 14% increase to €17.2 billion, Germany - €10.7 billion, and France - €7.1 billion.
Undoubtedly, digital marketing continues to grow by responding to changing trends in both video
and mobile advertising, reflecting the innovative needs of advertisers. For example, in the European
-5,80%
-1,10%
0,90% 1,60%
10,40%
-8,00%
-6,00%
-4,00%
-2,00%
0,00%
2,00%
4,00%
6,00%
8,00%
10,00%
12,00%
Publishing
Houses
Radio TV Cinema Online
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161
Union, display advertising grew by 12.6% and search advertising by 10%, while the volume of classifieds
and directories grew by only 4%. Display advertising showed a significant growth mainly due to the
increase in mobile (57.5%) and video advertising (37.3%).
Europeans spend most of their time online on Facebook, Google, and Microsoft websites. In
Europe, social networks rank second among other online services. Europeans use search engines more
often than public media. Between 2019 and 2021, the popularity of social media grew by 10.8%, while
search engine usage increased by 8.6%. The UK, France, and Germany demonstrate annual growth in
social media advertising. In 2022, the German digital marketing market increased by 102%, the French
by 64%, and the English by 47%.
Figure 7. Top search engines in Europe
Source: authors' own development
The EU is characterized by the absence of a single information space. Officially, there are 23
languages in the EU today. There is a German-speaking zone, which includes Germany, Austria, and
Switzerland, English-speaking, Italian-speaking, and French-speaking. European users are conservative
and use their native language when searching for information, which makes it difficult for professionals
to work in a multilingual environment. Eastern European countries such as Hungary, the Czech Republic,
Poland, and Romania mostly use their own search engines. More than half of Europeans (56%) speak
English, but 65% use their native language when searching the web. Germans are the most active users
of the Internet, with 1.2 million pages viewed monthly. The fastest growing Internet audience is in
France - 21%, Spain, and Ireland - 15% per year. Europeans seek a dialog with the seller. Optimized
digital marketing allows you to quickly respond to the needs of a potential buyer. The French and Italian
markets are saturated with competitors, and success requires finding new niches and specialization, as
well as creating partner networks. The European digital marketing market is subject to an upward trend.
The number of users and information on the Internet continues to grow, while the online space is losing
its former relevance. In addition, Europeans use the Internet as a key communication channel, so
companies can contact their target consumers directly through news information.
By internationalizing their media structures, international advertising agencies are optimizing
business processes and improving services for clients in different countries. Companies that develop
professional communications facilitate the exchange of experience and knowledge between marketers
of different cultures, allowing the EU marketing strategy to reach a fundamentally new level. The key
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European trend in the field of Internet marketing is the development of transmedia communication
platforms. Transmedia involves the use of various media platforms to disseminate information.
Communication is much more effective when advertising is carried out through all available channels.
This trend is becoming especially relevant in the context of the widespread use of modern technologies
among consumers.
According to the Hubspot.com report, marketing in 2023 will continue the main trends of 2022.
Video format of messages, active cooperation with influencers, development of content marketing,
active work with the brand, and other areas - all these areas will remain relevant (Hubspot, 2022).
However, there are six key areas that will set the tone for all marketing. Implementation of these
marketing strategy development tools will allow you to expect higher business performance
(DeVeirman et al., 2017).
Video content
There is so much information that there is simply no time to study it. That is why users increasingly
prefer short videos. Short videos will be the main advertising trend in 2023. Video has started to appear
more and more often in Telegram channels. And, as statistics show, this format allows to increase traffic
and ROI (Dwivedi et al., 2017).
Strengthening contacts with influencers
Cooperation with influencers continues to gain momentum. Surveys among the younger
generation have shown that more than 33% of respondents have made purchases on the
recommendation of bloggers. The trend is that the advice of friends and family is fading into the
background, while trust in the “person on the screen” is growing.
Reaching out to influencers and video marketing go well together and complement each other.
Advertising on bloggers in video format brings more new subscribers and significantly increases the
reach (Arora et al., 2019).
Cooperation with influencers for regional and international companies provides the following:
- access to a new audience;
- more frequent contact with subscribers;
- level of trust in the brand.
It's also worth noting that you don't have to go straight to the big opinion leaders, whose prices
for cooperation are sometimes too high. Micro-influencers have the same set of positive qualities. At the
same time, the audience of such bloggers is often more active and “lively” (Fujita et al., 2017).
Conquest of social media by brands
People love social media and spend a lot of time there. A study conducted in the United States
found that 57% of people under the age of 24 start their day by checking their social media news feed.
Older users (35+) prefer to get news from direct sources. This is important when developing a
marketing strategy tailored to a specific target audience.
Brands in social networks
Direct communication with the user through messages, posting useful content, relevant and up-
to-date news about the company, and brand development - social networks will be a relevant marketing
trend in 2023.
Selling on social media
Continuing the topic of social networks, we should not forget that it is a great platform for sales.
Developers are actively working on increasing the functionality of purchases. It is assumed that in this
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163
area, the marketing trend of 2023 and 2024 will be an even stronger integration of social networks with
e-commerce. Smartinsights reports that, according to 87% of people who are used to buying online,
these web groups contribute to their purchases. 30% of respondents are ready to shop directly through
these channels (Smartinsights, 2022).
The advantages of sales on social media include direct contact with customers, increased customer
loyalty and trust, and the possibility of significant growth of a new audience. However, only 10% of
customers were satisfied with the level of support on branded social media pages. If customers are
satisfied with the level of service and support through social media, more than 70% of such customers
will recommend the brand to their friends and acquaintances (Smartinsights, 2022). This marketing
trend just might be among the tools a marketer uses.
Investing in SEO
If your business is conducted exclusively online, investing in SEO should be a priority. It is a proven
source of traffic and leads, applications, and new customers. Companies should not ignore local SEO
either. To increase customer traffic, companies need positive reviews and a high rating. Therefore,
promoting a local company in search requires registration with Google My Business and Google Maps.
This simple technique ensures a high ranking in a particular locality or district. While users can easily
find the nearest cafes, sports clubs, and other establishments.
Humanizing the brand
It is important for customers that brands share their values. Hence the trend toward transparency
in production, when the consumer sees not only the logo but also the people who create it. A HubSpot
study found that 30% of marketers produce content that reflects brand values (Hubspot, 2022). It is
expected that by the end of 2023 and the beginning of 2024, this value will increase to 46%, and those
89% of marketers who already use this tool plan to increase the level of investment in this marketing
trend.
Conversational marketing and voice assistants
Chatbots can answer frequently asked questions, help you navigate the website, or give you basic
recommendations. They can handle complaints and solve simple problems 24/7. So this is a definite
trend in 2023. Global Market Insights clarifies: by 2024, this market sector will grow to $1.34 billion,
becoming the main way of communication between the customer and the seller (Global Market Insights,
2023).
The bot is controlled by artificial intelligence, providing a personalized approach to each potential
buyer. 87.2% of consumers are positive or neutral about the experience of using such programs, which
allows this marketing trend to strengthen its position in 2023 and 2024.
Voice assistants such as Google Assistant, Alexa, Siri, and others have also become increasingly
popular recently. It is expected that they will become another marketing trend, and the total amount of
purchases made with their help will reach $40 billion by next year. At the same time, consumer spending
will reach 18%. People are increasingly using voice search to find the nearest establishments and certain
places. Last year, 58% of users used this feature.
Increase the level of data security
As more and more transactions are carried out online, the level of personal data protection must
be high. Marketing policies should take this fact into account and place maximum emphasis on the
confidentiality of user data. This marketing trend involves the use of new ways to collect user data while
ensuring its safety. For example, you can use anonymous data to create ads. Or you can give users the
opportunity to control their data themselves, for example, to refuse data collection or provide
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information about how this data will be used. All these actions are aimed at increasing the level of trust
in the brand and building a customer base (Arora & Sanni, 2019).
Artificial intelligence and analytics
In the light of the last few years, it has become clear that the traditional business format has
outlived its usefulness. Firms have begun to resort to artificial intelligence and analytics to not only
succeed but also maintain their place in the market. Also, imitation of human reactions and analytics are
involved in collecting and evaluating information, automating marketing processes (Möldner et al.,
2020).
Expressing one's social and political position
Businesses need to decide how they are going to respond to the challenging social and political
environment. Against the backdrop of the war in Ukraine, the pandemic, and the fragmentation of media
and social networks, it needs to choose how and where it builds communications with the audience. All
the funds invested in promotion, the choice of certain channels, posts, conferences, exhibitions, and any
marketing decisions of the brand are evaluated in terms of how they relate to the position being
broadcast. Thus, in order to stand out from the competition, it is important to take this trend into
account when formulating a marketing strategy for 2023.
Discussion
According to the study, digital marketing is the implementation of the 4P marketing mix
customized to the specifics of the Internet. A product presented on the Internet competes not only in the
online environment but also with offline products. Pricing on the Internet is a flexible system built based
on savings on rent and other payments that are mandatory in the real economy. Distribution of products
also has various possibilities for implementation. These include delivery within the city, the state, and a
number of countries, as well as pickup points, regional offices and stores, sales centers, and more. The
most interesting part of the 4Ps in terms of digital marketing is product promotion. It is in the context
of promotion that digital marketing tools are relevant and are gaining popularity around the world.
Digital marketing tools can be divided into the following complexes:
- WEB, as well as website development, programming, website design, and analytics;
-SEM, or in other words, search engine promotion, including SEO and contextual advertising;
-SMM, i.e. setting up and optimizing advertising in social networks (Fahmi et al., 2017).
Each of the complexes has its own specific features. The web is characterized by the creation of a
company's resource on the Internet, as well as its customization in terms of user-friendliness and design.
Analytics tools, such as Google Analytics, are also included in the Web category, as they are used to
evaluate the effectiveness of the website tool as a whole. SEM specializes in multifaceted search engine
promotion on the Web. This includes SEO optimization and contextual advertising. The best result for
companies represented on the Web is the first page of Google search results, as well as places in special
contextual advertising placements for key selling queries (Becut & Craciun, 2017).
Market leaders usually occupy a place in the top 3 search results and the first place in special
contextual placement for high-frequency queries. SMM is a set of marketing activities aimed at
promoting a company on social networks and platforms such as blogs, forums, message boards, etc.
Taken together, these complexes organize a general package of online promotion. The study of the
experience and trends in digital marketing in the leading countries of the European Union and the
United States allowed us to form an opinion on the declining growth trend of electronic advertising in
the analyzed markets. The intensive growth of recent years is slowing down and giving way to the
introduction of new innovative solutions instead of classic digital marketing approaches. Only
comprehensive online promotion allows a company to maintain its position in the e-market and
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165
compete with market leaders. Content marketing focused on visualization, in particular, the virality of
advertising content in the format of videos. The audience is becoming more and more picky every year
and template materials are no longer taken seriously. Moreover, more than 1 billion subscriptions have
already been issued using the AdBlock ad-blocking system, which is almost 100 million active Internet
users. People are willing to pay for ad-blocking services on a regular basis, and this trend continues to
gain popularity.
The marketing expenses of companies are growing. However, in a highly competitive market,
which is especially true for developed countries, digital marketing tools are more relevant than ever and
require in-depth analysis of the market, competitors, target audience, and other parameters inherent in
the traditional marketing approach (Kozina & Bole, 2017).
The peculiarities of the modern domestic digital marketing market include its comparative novelty
in relation to Western countries. Digital marketing tools came to Ukraine from the West, but the
optimization and customization of each of them has its own national specifics. Only half of small and
medium-sized businesses have a commercial website, while in the European Union and America, more
than 70% of businesses successfully promote themselves through an online resource. Many algorithms,
such as the Direct contextual advertising service, have a similar implementation to similar services from
Google.
The mobile marketing segment in Ukraine continues to grow along with the growth of the mobile
Internet. Therefore, it is important to pay attention to the creation of a mobile version of the website for
ease of use. First of all, a company needs to determine the budget of its online marketing campaign. A
multichannel approach will provide a cumulative effect and the best rate of customer acquisition with
properly optimized advertising. Content marketing should be put on the 1st place in the strategy of
creating an online advertising campaign. The more interesting the information is, whether it is text
posts, images of products or services, or videos, the more people will be potentially interested in
showing sympathy for the project using social media tools or sharing the ad with their friends, which
significantly saves the budget for audience engagement (León-Castro et al., 2021).
Digital marketing is a complex aimed at successful interaction between companies and customers
on the Internet. The introduction of new technologies, the growth of e-commerce and the online
audience directly lead to an increase in demand for online advertising. Today, it is the most promising
area of advertising activity in the world and in Ukraine in particular.
Conclusions
Today, the globalization of the economy has not only led to the popularization of the Internet in
all functional areas of enterprise activity, but also contributed to the emergence of modern software
communication systems. At the moment, the use of Internet functions has become an integral part of not
only human life, but also successful business.
According to the results of the conducted research the following conclusions can be drawn:
Internet technologies are developing rapidly, and the e-commerce sector did not shrink in
wartime, but rather grew. This is explained by the population's acute need for security and the
possibility of obtaining goods and services unavailable on the traditional market for military operations;
Digital marketing covers any kind of interaction between a company and its customers that takes
place over the Internet. It is a broader concept than e-commerce, as it also includes transactions through
social networks,email marketing and SEO promotion.
Digital marketing has many advantages for companies, but in wartime there are additional
advantages, such as real-time information about changes in the market, audiences, inquiries and the
formation of new markets, needs for new products, services and services; the need to develop new
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166
products, services and services, as international organizations and companies create platforms and
financial incentives for the development of entrepreneurship;
The main innovative tools of digital marketing, developed during the war years, are technologies
that make it possible to reduce the number of product returns and provide more information about
goods and services via the Internet, voice search, chatbots, video marketing, interactive content and
interactive content appear.
Prospects for further research will concern approaches to assessing the sustainable development
of the enterprise.
Discussion
Thus, the volume of digital marketing communications is constantly increasing and covering ever
wider segments of the population. An increasing share of marketing messages are delivered to
consumers through digital channels. To increase their commercial, communication and economic
efficiency, a two-way approach is appropriate. On the one hand, it is necessary to improve the quality of
both the communicative messages themselves and the methods of their distribution by electronic
means, as well as all those areas of activity that ensure the finalization of acts of sale, including the
delivery of goods and methods of obtaining services, making payments, their security, elimination or
minimization all kinds of risks. On the other hand, for the wider involvement of consumers in digital
business processes, it is worth paying attention to the development of digital abilities and skills of
ordinary citizens to ensure their more active participation as buyers in e-commerce, starting with the
basics of using digital devices and ending with options for their own participation in the implementation
of e-business or performance of individual business functions (Leon-Castro et al., 2021).
It is also worth noting the need for constant monitoring of the state and dynamics of digital
business for adequate understanding of its development trends and timely response to them. Thus, it is
important to monitor the difference in the behavior of young people and representatives of older age
groups in digital marketing communications, because this difference can be the basis for predicting
changes in electronic business under the influence of the natural aging of the population. Since the
digital economy of Ukraine lags behind the development of this sphere in the leading countries of the
world, it is advisable to use the corresponding lag in forecasting by analogy with the transfer of trends
that have already taken place in these countries to Ukraine.
For Ukraine, digitization is a phenomenon that forms new trends and conditions of organizational
development, creates problems and contradictions in the functioning of organizations. At the same time,
digitalization opens up new and unlimited opportunities, especially in modern conditions. Digitization
is an important element of the transformation of the economic system. The penetration of digitalization
into all sectors of the economy is radically changing the entire economic system, turning digital
technologies and the corresponding infrastructure into a new source of economic development.
The conducted research made it possible to identify the impact of digitalization on the sustainable
development of organizations as well as the involvement of organizations in identifying and solving
management problems (Hubspot, 2022).
Ensuring the sustainable development of the organization requires the formation and
development of mechanisms for ensuring sustainable development, which involves the active
participation of the organization's management and all interested parties in the internal and external
environment. The mechanism of sustainable development of the organization taking into account
digitalization is a complex system, the elements of which ensure balanced economic, social and
environmental development of the organization. The economic resources for ensuring the sustainable
development of the organization include the internal and external resources of the organization in
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167
conditions of digitalization: business process automation technologies, analysis and forecasting of data
sequences, stakeholders' automation resources, real-time data collection (Ghorbani, 2021).
To achieve the goals of sustainable development, organizations need a set of regulatory tools to
address issues such as social responsibility, corporate culture, cost reduction strategies, revenue
enhancement strategies, and governance mechanisms. These results can be achieved through the use of
IT systems for personnel management by the HR department, the implementation of digitization in
personnel management and digital decision-making, the development of HR analytics, the improvement
of human resources such as cognitive computing, robotics and artificial intelligence, and analysis,
assessment and forecasting of organizational indicators. This is achieved through automation and the
use of platforms.
Criteria for evaluating the effectiveness of the organization's activity are necessary in the decision-
making subsystems for evaluating the indicators of the achievement of sustainable development of the
organization in the context of strategic and tactical planning of its activities.
Estimated or actual performance indicators are transmitted for subsequent automated analysis
are transferred for further automatic analysis. Analysis based on pre-accepted criteria for evaluating the
organization's sustainable development and adopting options for the organization's further
development (Arora & Sanni, 2019).
On the basis of the conducted research, it can be concluded that digitalization is one of the key
factors of the organization's sustainable development strategy and is useful if the peculiarities of the
organization's functioning and development are taken into account. At the same time, this mechanism
for ensuring the sustainable development of the organization, taking into account digitalization, makes
it possible to take into account changes in the internal and external environment and ensure the balance
of economic, social and environmental development of the organization (Möldner et al., 2020).
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