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Economic Analysis: Theory and Practice
 

The role of modern digital marketing in modeling of relationships with consumers of goods and services in virtual markets

Vol. 23, Iss. 10, OCTOBER 2024

Received: 7 May 2024

Received in revised form: 5 June 2024

Accepted: 8 July 2024

Available online: 30 October 2024

Subject Heading: BUSINESS PERFORMANCE

JEL Classification: M21, M31

Pages: 1934-1945

https://doi.org/10.24891/ea.23.10.1934

Elena M. AZARYAN Donetsk National University of Economics and Trade named after Mikhail Tugan-Baranovsky (DONNUET), Donetsk, Russian Federation
azaryan.yelenamikhaylovna@bk.ru

https://orcid.org/0009-0005-0104-6902

Oksana V. VORONINA Donetsk National University of Economics and Trade named after Mikhail Tugan-Baranovsky (DONNUET), Donetsk, Russian Federation
oksana_voronina2021@internet.ru

https://orcid.org/0009-0008-0633-5270

Subject. The article considers digital marketing modeling as a tool to increase the size of business and the number of potential customers, reduce advertising costs thus increase overall sales.
Objectives. The focus is on underpinning the role of modern digital marketing in customer relationship modeling in virtual markets.
Methods. The study employs the systems approach, methods of theoretical generalization, comparison, data grouping, synthesis, concretization, and analysis.
Results. We offered our own definition of the concept of digital marketing and established its role in the digital economy, presented a bonus card of communication with consumers in virtual markets, demonstrating the main effects that arise in a virtual environment as a result of relationships between sellers and buyers. Our designed model of managing consumer relations in the virtual market includes the main steps for a company to attract and retain customers.
Conclusions. Understanding the needs of the audience, developing effective interaction strategies, data analysis, and optimization enable companies to successfully manage customer relationships and achieve high results in the digital environment.

Keywords: digital trade, digital marketing, virtual market

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