New Concepts for Efficient Consumer Response in Retail Influenced by Emerging Technologies and Innovations

The retail industry is continuously confronted with new challenges and experiences a transformation from a supplier’s market to a buyer's market. It is, thus, essential for the retail industry to consequently focus on, anticipate and fulfil consumer’s demands. Technologies and innovative business solutions can help to support to establish a required customer experience and, thereby, gain a competitive advantage. A multitude of new services and products, channels as well as players can already be identified which drive the transformation. Therefore, retailers need to understand current trends and technologies and identify as well as implement relevant solutions for their transformation since otherwise, new players will dominate the market. Hence, this dissertation aims to review and analyse new technologies which are coupled with innovative business activities in order to provide customer-centric retailing. For this purpose, this dissertation consists of five articles and derives four major contributions which introduce different approaches to establishing consumer satisfaction. Firstly, a core technology for retail is artificial intelligence (AI) which can be meaningful applied along the entire value chain and improve retailers’ positions. Two focus areas have been identified in this context which are (i) the optimisation of the entire retail value chain with the help of AI with the aim to derive transparency and (ii) the improvement of consumer satisfaction and relationship. Secondly, focussing on the consumer-retailer relationship in the digital era, a concept with a data architecture is proposed based on a real use case. The outcome was that a specific customer orientation based on data can increase the brand value and sales volume. Thirdly, the work presents that new shopping concepts, named unmanned store concepts, gain continuous growth. Unmanned store concepts employ a variety of new technologies, are characterised by attributes of speed, ease, as well as comfort, and are deemed to be the new ideal of the expectations of modern buyers. Two different directions have been deeper analysed: (i) walk-in stores and (ii) automated vending machines. The critical success factors for the usage of unmanned store solutions are distance as well as high consumer affinity for innovations. In times of the COVID-19 pandemic, which has a huge impact on retail, a continuous innovation capability still needs to be established. Finally, this work introduces a tool for systematic innovation management considering the current circumstances. Taken as a whole, this dissertation with its five articles deals with significant research questions which have not been approached so far. Thereby, the literature is extended by the introduction of novel insights and the provision of a deeper understanding of how retailers can transform their business into a more consumer-oriented way

Understanding the mechanism of consumer resistance to innovation : the moderating role of consumption values

Although previous research has established different types of barriers that lead to consumer resistance to innovation, little has been done to understand the effects of some scarcely researched barriers and how these different barriers can be mitigated. Further, there is scant empirical research examining the detrimental impact of resistance to innovation. Therefore, drawing on prospect theory and innovation resistance literature, this study develops and tests a conceptual framework to address the above-noted gaps in the literature. The key aims of the study are to understand: 1) the mechanism of consumer resistance in the context of smart payment services; 2) the development of consumer resistance to smart payment services due to different barrier perceptions; 3) the detrimental impact of consumer resistance to smart payment services by empirically establishing its consequence in the form of negative word of mouth (NWOM); 4) the role of consumer resistance to smart payment services as an underlying mechanism that explicates the translation of perceived barriers into NWOM; and 5) the role of perceived consumption values in buffering the effects of barrier perceptions on consumer resistance to smart payment services. Based on an online survey, data from n = 356 consumers (laggards) were collected and analysed in the context of smart payment services. The findings revealed that although most barriers from the extended Ram and Sheth framework influence resistance, the effects of the commonly investigated value and tradition barriers are, surprisingly, not found to be significant. Resistance is found to mediate the relationship between most barriers and NWOM, implying resistance is the key underlying mechanism that explicates why laggards who perceive barriers spread NWOM about smart payment services. Most importantly, consumption values are found to buffer the effects of some of the perceived barriers on resistance, which extends our understanding of the mechanism of resistance. Based on these results, theoretical and managerial contributions are discussed

Big Data and Artificial Intelligence in Digital Finance

This open access book presents how cutting-edge digital technologies like Big Data, Machine Learning, Artificial Intelligence (AI), and Blockchain are set to disrupt the financial sector. The book illustrates how recent advances in these technologies facilitate banks, FinTech, and financial institutions to collect, process, analyze, and fully leverage the very large amounts of data that are nowadays produced and exchanged in the sector. To this end, the book also describes some more the most popular Big Data, AI and Blockchain applications in the sector, including novel applications in the areas of Know Your Customer (KYC), Personalized Wealth Management and Asset Management, Portfolio Risk Assessment, as well as variety of novel Usage-based Insurance applications based on Internet-of-Things data. Most of the presented applications have been developed, deployed and validated in real-life digital finance settings in the context of the European Commission funded INFINITECH project, which is a flagship innovation initiative for Big Data and AI in digital finance. This book is ideal for researchers and practitioners in Big Data, AI, banking and digital finance

Big Data and Artificial Intelligence in Digital Finance

This open access book presents how cutting-edge digital technologies like Big Data, Machine Learning, Artificial Intelligence (AI), and Blockchain are set to disrupt the financial sector. The book illustrates how recent advances in these technologies facilitate banks, FinTech, and financial institutions to collect, process, analyze, and fully leverage the very large amounts of data that are nowadays produced and exchanged in the sector. To this end, the book also describes some more the most popular Big Data, AI and Blockchain applications in the sector, including novel applications in the areas of Know Your Customer (KYC), Personalized Wealth Management and Asset Management, Portfolio Risk Assessment, as well as variety of novel Usage-based Insurance applications based on Internet-of-Things data. Most of the presented applications have been developed, deployed and validated in real-life digital finance settings in the context of the European Commission funded INFINITECH project, which is a flagship innovation initiative for Big Data and AI in digital finance. This book is ideal for researchers and practitioners in Big Data, AI, banking and digital finance

Free Access to Public Information - More Transparency, Less Corruption: The Case of Republic of Macedonia

The traditional model of not transparent administration today disappears step by step. Citizens are increasingly becoming an equal entity with state institutions which have responsibility to ensure protection of their rights, accountability, openness and transparency in its operations - as the basic principles upon which rests the principle of good governance. Therefore, adoption of a law of free access to public information in many countries in the world which seek to enhance democracy in their societies today is a trend (process) that can not stop. Nowadays, countries that don’t have such a law can not claim that they have full democracy. One of the reasons for passing this law is reducing corruption. Corruption is based on secrecy. Citizens and institutions become corrupted when the public has no insight into their work. If the work of public institutions is transparent and offered for public inspection, then the chance for them to be corrupt is smaller. Republic of Macedonia has adopted the Law of free access to public information in 2006. This paper analyzes the law and its application; the situation in Macedonia after the adoption of the law; concluding that despite some inconsistencies, the law has contributed to increasing transparency and reducing corruption. Keywords: Free access, information, transparency, corruption