This paper proposes a model featuring the heterogeneity of consumer preferences and analyzes the multiple equilibrium of retail formats by building a map of the relationships between consumer heterogeneity and retail ...This paper proposes a model featuring the heterogeneity of consumer preferences and analyzes the multiple equilibrium of retail formats by building a map of the relationships between consumer heterogeneity and retail formats. The key questions analyzed in this paper are how the retailer adjusts its combination of marketing elements through repositioning and how innovation in retail formats is implemented to match consumers＇ heterogeneous preferences in a market with consumer search costs. Unlike recent research, our model, by taking different consumer preference structures into account, introduces consumer psychological costs into the Ehrlich-Fisher model and deduces the existence of different retail formats and their multiple equilibriums. We find that consumer heterogeneity, retailers＂ diversified transfer costs and economies of scale are endogenous drivers of prosperous retail formats. Accordingly, diversified retail formats with complementary functions and differentiated services can be described as the horizontal extensions and interface changes of the retailing industry.展开更多
In the digital era,retailers are keen to find out whether omni-channel retailing helps improve long-term firm performance.In this paper,we employ machine learning techniques on a large consumption data set in order to...In the digital era,retailers are keen to find out whether omni-channel retailing helps improve long-term firm performance.In this paper,we employ machine learning techniques on a large consumption data set in order to measure customer lifetime value(CLV)as the basis for determining long-term firm performance,and we provide an empirical analysis of the relationship between omni-channel retailing and CLV.The results suggest that omni-channel retailing may effectively enhance CLV.Further analysis reveals that this process is influenced by heterogeneous consumer requirements and that significant differences exist in the extent to which the omni-channel transition may influence CLV depending on consumer preferences for diversity of commodities,sensitivity to the cost of contract performance,and sensitivity to warehousing costs.Hence,retailers should provide consumers with a complete portfolio of goods and services based on target consumers’heterogeneous requirements in order to increase omni-channel efficiency.展开更多
文摘This paper proposes a model featuring the heterogeneity of consumer preferences and analyzes the multiple equilibrium of retail formats by building a map of the relationships between consumer heterogeneity and retail formats. The key questions analyzed in this paper are how the retailer adjusts its combination of marketing elements through repositioning and how innovation in retail formats is implemented to match consumers＇ heterogeneous preferences in a market with consumer search costs. Unlike recent research, our model, by taking different consumer preference structures into account, introduces consumer psychological costs into the Ehrlich-Fisher model and deduces the existence of different retail formats and their multiple equilibriums. We find that consumer heterogeneity, retailers＂ diversified transfer costs and economies of scale are endogenous drivers of prosperous retail formats. Accordingly, diversified retail formats with complementary functions and differentiated services can be described as the horizontal extensions and interface changes of the retailing industry.
基金the National Social Science Foundation of China(NSSFC)“Study on the Digital Transition of China’s Retail Business”(Grant No.18BJY176).
文摘In the digital era,retailers are keen to find out whether omni-channel retailing helps improve long-term firm performance.In this paper,we employ machine learning techniques on a large consumption data set in order to measure customer lifetime value(CLV)as the basis for determining long-term firm performance,and we provide an empirical analysis of the relationship between omni-channel retailing and CLV.The results suggest that omni-channel retailing may effectively enhance CLV.Further analysis reveals that this process is influenced by heterogeneous consumer requirements and that significant differences exist in the extent to which the omni-channel transition may influence CLV depending on consumer preferences for diversity of commodities,sensitivity to the cost of contract performance,and sensitivity to warehousing costs.Hence,retailers should provide consumers with a complete portfolio of goods and services based on target consumers’heterogeneous requirements in order to increase omni-channel efficiency.
