Comparative analysis of selected probabilistic customer lifetime value models in online shopping

The selection of a suitable customer lifetime value (CLV) model is a key issue for companies that are introducing a CLV managerial approach in their online B2C relationship stores. The online retail environment places CLV models on several specific assumptions, e.g. non-contractual relationship, continuous purchase anytime, variable-spending environment. The article focuses on empirical statistical analysis and predictive abilities of selected probabilistic CLV models that show very good results in an online retail environment compared to different model families. For comparison, eleven CLV models were selected. The comparison has been made to the online stores’ datasets from Central and Eastern Europe with annual revenues of hundreds of millions of euros and with almost 2.3 million customers. Probabilistic models have achieved overall good and consistent results on the majority of the studied transactional datasets, with BG/NBD and Pareto/NBD models that can be considered stable with significant lifts from the baseline Status quo model. Abe's variant of Pareto/NBD have underperformed multiple criterions and would not be fully useful for the studied datasets without further improvements. In the end, the authors discuss the deployment implications of selected CLV models and propose further issues for future research to address

Analiza managementa internetnega marketinga na Češkem

Background and Purpose: Doing business over the Internet has become increasingly competitive for many companies. The aim of this study is to analyse the current state of utilizing online tools, approaches of Czech companies to the management of online marketing activities and to identify weaknesses and opportunities of these activities. Methodology/Approach: The paper presents empirical research that uses two different approaches in investigation: (1) descriptive quantitative research of current state, based on examination of websites of a sample of 4,584 Czech companies and (2) questionnaire survey among 161 Czech companies which do business via the Internet. Results: There is a large gap that currently exist between the use of social media and its connection to marketing activities. The competitive level of the use of social media in the Czech Republic is still low compared to the USA companies. The online marketing management (OMM) of the majority of companies rely on individual assessment and do not use any metrics or management methodologies. One of the main problems of OMM is the ever increasing number of tools used in marketing activities as well as low possibility of a broader perspective on the success of cross channel marketing activities. Conclusion: In the future, it is expected that a large number of Czech companies will increasingly use online tools as social media for their marketing activities. In the context of this development they cannot rely only on individual assessment to manage these activities as they do currently, but they will have to use comprehensive tools or methodologies. Based on this, we can conclude that Czech companies still have enough opportunities for a better use of online tools for marketing purposes.Ozadje in namen: Poslovanje prek interneta za mnoga podjetja postaja bolj konkurenčno. Cilj te študije je analizirati trenutno stanje glede uporabe spletnih orodij in pristopov, ki jih uporabljajo češke družbe za management spletnih marketinških aktivnosti, in poiskati pomanjkljivosti in priložnosti teh dejavnosti. Metodologija / pristop: Članek predstavi empirično študijo, ki uporablja dva različna raziskovalna pristopa: (1) opisno kvantitativna raziskava trenutnega stanja, ki temelji na pregledu spletnih strani na vzorcu 4584 čeških podjetij in (2) anketo med 161 čeških podjetij, ki poslujejo prek interneta. Rezultati: Obstaja velika vrzel med uporabo družabnih omrežij in njihovo povezavo z marketinškimi aktivnostmi. Sto­pnja uporabe družabnih medijev v Češki republiki je še vedno nizka v primerjavi s podjetji iz ZDA. Management splet­nega trženja (OMM) večine podjetij se naslanja na individualne presoje in ne uporablja nobenih meritev ali metodologij upravljanja. Ena od glavnih težav OMM je vse večje število orodij, ki se uporabljajo v marketinških aktivnosti, kot tudi pomanjkanje širše perspektive o delovanju prečnih kanalov marketinških aktivnosti. Zaključek: V prihodnosti pričakujemo, da bo veliko število čeških podjetij pogosteje uporabljajo spletna orodja kot so družabna omrežja za svoje trženjske aktivnosti. V zvezi s tem se ne morejo zanašati samo na individualne ocene za upravljanje teh dejavnosti, kot to počnejo sedaj, ampak bodo morali uporabiti celovita orodja ali metodologije. Na osnovi tega lahko sklepamo, da ima češka podjetja še vedno dovolj priložnosti za boljšo uporabo spletnih orodij za namene trženja

Analiza managementa internetnega marketinga na Češkem

Background and Purpose: Doing business over the Internet has become increasingly competitive for many compa­nies. The aim of this study is to analyse the current state of utilizing online tools, approaches of Czech companies to the management of online marketing activities and to identify weaknesses and opportunities of these activities. Methodology/Approach: The paper presents empirical research that uses two different approaches in investigation: (1) descriptive quantitative research of current state, based on examination of websites of a sample of 4,584 Czech companies and (2) questionnaire survey among 161 Czech companies which do business via the Internet. Results: There is a large gap that currently exist between the use of social media and its connection to marketing activities. The competitive level of the use of social media in the Czech Republic is still low compared to the USA com­panies. The online marketing management (OMM) of the majority of companies rely on individual assessment and do not use any metrics or management methodologies. One of the main problems of OMM is the ever increasing number of tools used in marketing activities as well as low possibility of a broader perspective on the success of cross channel marketing activities. Conclusion: In the future, it is expected that a large number of Czech companies will increasingly use online tools as social media for their marketing activities. In the context of this development they cannot rely only on individual assess­ment to manage these activities as they do currently, but they will have to use comprehensive tools or methodologies. Based on this, we can conclude that Czech companies still have enough opportunities for a better use of online tools for marketing purposes.Ozadje in namen: Poslovanje prek interneta za mnoga podjetja postaja bolj konkurenčno. Cilj te študije je analizirati trenutno stanje glede uporabe spletnih orodij in pristopov, ki jih uporabljajo češke družbe za management spletnih marketinških aktivnosti, in poiskati pomanjkljivosti in priložnosti teh dejavnosti. Metodologija / pristop: Članek predstavi empirično študijo, ki uporablja dva različna raziskovalna pristopa: (1) opisno kvantitativna raziskava trenutnega stanja, ki temelji na pregledu spletnih strani na vzorcu 4584 čeških podjetij in (2) anketo med 161 čeških podjetij, ki poslujejo prek interneta. Rezultati: Obstaja velika vrzel med uporabo družabnih omrežij in njihovo povezavo z marketinškimi aktivnostmi. Sto­pnja uporabe družabnih medijev v Češki republiki je še vedno nizka v primerjavi s podjetji iz ZDA. Management splet­nega trženja (OMM) večine podjetij se naslanja na individualne presoje in ne uporablja nobenih meritev ali metodologij upravljanja. Ena od glavnih težav OMM je vse večje število orodij, ki se uporabljajo v marketinških aktivnosti, kot tudi pomanjkanje širše perspektive o delovanju prečnih kanalov marketinških aktivnosti. Zaključek: V prihodnosti pričakujemo, da bo veliko število čeških podjetij pogosteje uporabljajo spletna orodja kot so družabna omrežja za svoje trženjske aktivnosti. V zvezi s tem se ne morejo zanašati samo na individualne ocene za upravljanje teh dejavnosti, kot to počnejo sedaj, ampak bodo morali uporabiti celovita orodja ali metodologije. Na osnovi tega lahko sklepamo, da ima češka podjetja še vedno dovolj priložnosti za boljšo uporabo spletnih orodij za namene trženja

Motivations, Barriers and Risk-Taking When Investing in Cryptocurrencies

The cryptocurrency market is very young, volatile, and highly risky. By the end of 2020, a new bull run started, and the prices of several cryptocurrencies reached record-breaking highs. The factors affecting this rise of cryptocurrencies include the impacts of the COVID-19 pandemic, the economic crisis and the global increase in the inflation rate, as well as the gradual acceptance and adoption of cryptocurrencies by people worldwide. This exploratory research is focused on this last factor, i.e., using cryptocurrency and with it, the associated support of its ecosystem (e.g., mining, staking). A survey was carried out investigating the motivational factors and barriers to investment in cryptocurrency for Czech representatives of Generations Y and Z (18–42 years; n = 468). The geographic scope was nationwide, and quota sampling was used. Notably, this survey was carried out prior to the global COVID-19 pandemic outbreak, and it is thus not affected by the pandemic and its related economic impacts. The article investigates the dependency between the individual motivational factors and barriers from the perspective of the tendency to take risks (using the risk propensity scale), according to gender and representation of Generations Y and Z. The lack of information on this form of investment is considered as the main barrier to investment in cryptocurrency, with respect to sex and generations. Compared to that, a negative experience with investment in cryptocurrency constitutes the most minor barrier. Respondents that have a tendency to take risks are mostly put off by their lack of experience with investment in general. The main motivational factor for investment in cryptocurrency, with respect to sex and generations, is considered to be the speed of increase in cryptocurrency value. On the other hand, the least encouraging factor is the opportunity to use the high volatility of cryptocurrency for speculative trading. Interestingly, this factor mostly encourages respondents that do not have a tendency to take risks. The findings are discussed, along with the presentation of their implications for practice and the directions of further explanatory research

Traffic Information Enrichment: Creating Long-Term Traffic Speed Prediction Ensemble Model for Better Navigation through Waypoints

Traffic speed prediction for a selected road segment from a short-term and long-term perspective is among the fundamental issues of intelligent transportation systems (ITS). During the course of the past two decades, many artefacts (e.g., models) have been designed dealing with traffic speed prediction. However, no satisfactory solution has been found for the issue of a long-term prediction for days and weeks using the vast spatial and temporal data. This article aims to introduce a long-term traffic speed prediction ensemble model using country-scale historic traffic data from 37,002 km of roads, which constitutes 66% of all roads in the Czech Republic. The designed model comprises three submodels and combines parametric and nonparametric approaches in order to acquire a good-quality prediction that can enrich available real-time traffic information. Furthermore, the model is set into a conceptual design which expects its usage for the improvement of navigation through waypoints (e.g., delivery service, goods distribution, police patrol) and the estimated arrival time. The model validation is carried out using the same network of roads, and the model predicts traffic speed in the period of 1 week. According to the performed validation of average speed prediction at a given hour, it can be stated that the designed model achieves good results, with mean absolute error of 4.67 km/h. The achieved results indicate that the designed solution can effectively predict the long-term speed information using large-scale spatial and temporal data, and that this solution is suitable for use in ITS

The Use of Enterprise Social Networks in Organizations from the Perspective of Generation Y in the Czech Republic

The article presents the views of the Czech Generation Y on the use of enterprise social networks and their expectations and ideas about the use of communication methods or tools in the context of communication and collaboration in an organization. Emphasis is placed on the possibility of using enterprise social networks in the organizational context. The questionnaire survey that was conducted (838 respondents) completes the view of Czech managers on communication in organizations examined in the European Communication Monitor 2014. This research highlights the different ideas of representatives of Generation Y on personal and professional communication. The distinction lies between the communication methods they commonly use in private life or in the course of their studies and their perception of what methods are or will be used in organizational context for internal communication. Finally, the article discusses institutional resistance in implementing enterprise social networking in an organization. It follows from a broader discussion that an important determinant of success in implementing enterprise social networks is not only the willingness of ordinary employees to use them, but also that of managers. On the one hand, they want enterprise social networks to be used by their employees, but on the other hand, they do not want to use them themselves

RUDO: A Home Ambient Intelligence System for Blind People

The article introduces an ambient intelligence system for blind people which besides providing assistance in home environment also helps with various situations and roles in which blind people may find themselves involved. RUDO, the designed system, comprises several modules that mainly support or ensure recognition of approaching people, alerting to other household members’ movement in the flat, work on a computer, supervision of (sighted) children, cooperation of a sighted and a blind person (e.g., when studying), control of heating and zonal regulation by a blind person. It has a unified user interface that gives the blind person access to individual functions. The interface for blind people offers assistance with work on a computer, including writing in Braille on a regular keyboard and specialized work in informatics and electronics (e.g., programming). RUDO can complement the standard aids used by blind people at home, it increases their independence and creates conditions that allow them to become fully involved. RUDO also supports blind people sharing a home with sighted people, which contributes to their feeling of security and greater inclusion in society. RUDO has been implemented in a household for two years, which allows an evaluation of its use in practice

The Use of Enterprise Social Networks in Organizations from the Perspective of Generation Y in the Czech Republic

The article presents the views of the Czech Generation Y on the use of enterprise social networks and their expectations and ideas about the use of communication methods or tools in the context of communication and collaboration in an organization. Emphasis is placed on the possibility of using enterprise social networks in the organizational context. The questionnaire survey that was conducted (838 respondents) completes the view of Czech managers on communication in organizations examined in the European Communication Monitor 2014. This research highlights the different ideas of representatives of Generation Y on personal and professional communication. The distinction lies between the communication methods they commonly use in private life or in the course of their studies and their perception of what methods are or will be used in organizational context for internal communication. Finally, the article discusses institutional resistance in implementing enterprise social networking in an organization. It follows from a broader discussion that an important determinant of success in implementing enterprise social networks is not only the willingness of ordinary employees to use them, but also that of managers. On the one hand, they want enterprise social networks to be used by their employees, but on the other hand, they do not want to use them themselves

Business E-NeGotiAtion: A Method Using a Genetic Algorithm for Online Dispute Resolution in B2B Relationships

An opportunity to resolve disputes as an out-of-court settlement through computer-mediated communication is usually easier, faster, and cheaper than filing an action in court. Artificial intelligence and law (AI & Law) research has gained importance in this area. The article presents a design of the E-NeGotiAtion method for assisted negotiation in business to business (B2B) relationships, which uses a genetic algorithm for selecting the most appropriate solution(s). The aim of the article is to present how the method is designed and contribute to knowledge on online dispute resolution (ODR) with a focus on B2B relationships. The evaluation of the method consisted of an embedded single-case study, where participants from two countries simulated the realities of negotiation between companies. For comparison, traditional negotiation via e-mail was also conducted. The evaluation confirms that the proposed E-NeGotiAtion method quickly achieves solution(s), approaching the optimal solution on which both sides can decide, and also very importantly, confirms that the method facilitates negotiation with the partner and creates a trusted result. The evaluation demonstrates that the proposed method is economically efficient for parties of the dispute compared to negotiation via e-mail. For a more complicated task with five or more products, the E-NeGotiAtion method is significantly more suitable than negotiation via e-mail for achieving a resolution that favors one side or the other as little as possible. In conclusion, it can be said that the proposed method fulfills the definition of the dual-task of ODR—it resolves disputes and builds confidence