A Bit(coin) of happiness after a failure : An empirical examination of the effectiveness of cryptocurrencies as an innovative recovery tool

Journal article

Nazifi, Amin, Murdy, Samantha, Marder, Ben, Gäthke, Jana and Shabani, Bardia. (2021). A Bit(coin) of happiness after a failure : An empirical examination of the effectiveness of cryptocurrencies as an innovative recovery tool. Journal of Business Research. 124, pp. 494-505. https://doi.org/10.1016/j.jbusres.2020.11.012
AuthorsNazifi, Amin, Murdy, Samantha, Marder, Ben, Gäthke, Jana and Shabani, Bardia
Abstract

This research provides the first examination of the effectiveness of cryptocurrencies as an innovative recovery tool. Through four experiments, we assess the effects of crypto-compensation against traditional compensation types (voucher/cash) on customer recovery satisfaction. Study 1 findings indicate that crypto-compensation is more effective than voucher and cash in improving customer recovery satisfaction. Further, it shows that consumer innovativeness moderates the effectiveness of crypto-compensation. After establishing the effectiveness of crypto-compensation, Study 2 finds a moderating effect of consumer choice in influencing crypto-compensation effectiveness. Study 3 reveals the differential effect of communicating different crypto-compensation benefits on customer recovery satisfaction. Finally, Study 4 concludes that familiar cryptocurrencies (e.g., Bitcoin vs. EOS) best restore satisfaction after a failure and that compensation message framing (i.e., cryptocurrency monetary value vs. real nominal value) moderates this relationship. Theoretical and practical implications are discussed.

Keywordsservice recovery; Compensation 2.0; cryptocurrency; customer satisfaction; prospect theory
Year2021
JournalJournal of Business Research
Journal citation124, pp. 494-505
PublisherElsevier Inc.
ISSN0148-2963
Digital Object Identifier (DOI)https://doi.org/10.1016/j.jbusres.2020.11.012
Scopus EID2-s2.0-85096393973
Open accessPublished as green open access
Page range494-505
Author's accepted manuscript
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All rights reserved
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Controlled
Output statusPublished
Publication dates
Online16 Nov 2020
Publication process dates
Accepted03 Nov 2020
Deposited17 Jul 2023
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