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Field Experiments In Retailing
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Book Synopsis Field Experiments in Retailing by : Nathan Minsheng Fong
Download or read book Field Experiments in Retailing written by Nathan Minsheng Fong and published by . This book was released on 2011 with total page 81 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of two essays on tactical issues in retailing. The first essay compares the price sensitivity of private label and national brand products. A large-scale field experiment shows that private label demand is less price sensitive than national brand demand. The estimates from the experimental study are then compared with estimates using the same retailer's transaction history. This allows the evaluation of several methods for controlling for the endogeneity of prices in non-experimental studies. Measuring price sensitivity in the historical data without accounting for endogeneity performs poorly. Instrumental variables estimates with commodity prices as instruments and regression discontinuity estimates also differ from the experimental benchmark. However, estimates using wholesale prices as an instrument closely replicate the experimental estimates. These findings indicate that the wholesale price is an effective instrument for retail price. The second essay shows how targeted offers can affect customer search activity. It has become common practice for retailers to personalize direct marketing offers based on customer transaction histories. Targeted email offers featuring products similar to a customer's previous purchases generate higher response rates, but also have the potential to affect customer search behavior. A closely matched offer may encourage a customer to start the search process, leading to increased search activity. Alternatively, providing customers with closely matched offers may weaken their incentives to search beyond the targeted items. In a field experiment using email offers sent by an online wine retailer, targeted offers result in less search activity on the retailer's website. In a second study, transaction data from an online ticket exchange shows that, after receiving targeted offers, customers are less likely to broaden their purchasing to new genres. These findings indicate that targeted offers carry a hidden cost: a decrease in customer exploration and discovery.
Book Synopsis Shopper Marketing and the Role of In-Store Marketing by : Dhruv Grewal
Download or read book Shopper Marketing and the Role of In-Store Marketing written by Dhruv Grewal and published by Emerald Group Pub Limited. This book was released on 2014-08-06 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume of Review of Marketing Research (RMR) focuses on Shopper Marketing: Role of In-Store Marketing. The chapters draw from academic research as well as collaborations with major retailers and industry practitioners. Over the past several decades there has been research into how marketing actions influence how shoppers respond to offers. Yet, with the ever-shifting landscape due to influences such as mobile devices, the internet, and social media, there is an increasing need to understand how marketing actions influence shoppers in their path to purchase. Although there are many points along the path to purchase which are important to understand, this edition of RMR is devoted to the topic of in-store marketing actions to understand their impact on shopper reactions to offers. The chapters highlight new technologies (e.g., mobile, digital displays) and information aids (e.g., nutrition scores, floor signage) being used by leading retailers to influence the path to purchase. In addition, new research technologies (e.g., eye-tracking, heat maps, in-store experiments) and models that are being used to assess the effectiveness of the path to purchase tactics are discussed.
Book Synopsis The Value of Fit Information in Online Retail by : Santiago Gallino
Download or read book The Value of Fit Information in Online Retail written by Santiago Gallino and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: With the growing relevance of online channels, retailers are exploring new ways in which they can overcome the impediments associated with selling products with non-digital attributes, such as apparel, without customers having physical access to products. Virtual fitting-room technologies can provide information about how a product fits a particular customer in a novel way and mitigate the stress that the existing information gap generates in the retailer's supply chain. By implementing a series of randomized field experiments, we study the value of virtual fit information in online retail. Customers are randomly assigned to a treatment condition where virtual fit information is available or to a control condition where virtual fit information is not available. Our results show that offering virtual fit information increases conversion, basket sizes, average price of purchased products, and revisits to the site, while reducing fulfillment costs arising from returns and home try-on behavior, e.g., customers ordering multiple sizes of the same product. Furthermore, we find the effects are more intense for products that are more expensive and those with more sizes available. We discuss the consequences and implications for the online retailers' supply chains.
Book Synopsis On the Conduct of In-store Field Experiments by : Ronald C. Curhan
Download or read book On the Conduct of In-store Field Experiments written by Ronald C. Curhan and published by . This book was released on 1975 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Impact of Increasing Search Frictions on Online Shopping Behavior by : Donald Ngwe
Download or read book The Impact of Increasing Search Frictions on Online Shopping Behavior written by Donald Ngwe and published by . This book was released on 2018 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: Online retail accounts for a rapidly growing proportion of revenues in many industries. While selling online broadens firms’ access to consumers, operating margins are often lower in online stores than in physical stores. There are well-recognized reasons for this discrepancy: prices are easy to compare online, discount coupons and codes have high uptake, and sellers often bear the cost of shipping products to buyers. In addition to these factors, online selling precludes many methods of price discrimination exercised in offline environments. Many online stores present few barriers to accessing discounted products. We propose that deliberately increasing search frictions by placing obstacles to locating discounted items can improve online retailers’ margins and increase conversion. We demonstrate using a simple theoretical framework that inducing consumers to inspect higher-priced items first can simultaneously increase the average selling price and the overall purchase rate. We test these predictions in a series of field experiments conducted with an online fashion and apparel retailer. Using information from historical transaction data about each existing consumer, we demonstrate that price-sensitive shoppers are more likely to incur search costs in order to locate discounted items. Our results show that adding search frictions can be used as a self-selecting price discrimination tool to match high discounts with price-sensitive consumers and full-priced offerings with price-insensitive consumers.
Book Synopsis Competition-Based Dynamic Pricing in Online Retailing by : Marshall Fisher
Download or read book Competition-Based Dynamic Pricing in Online Retailing written by Marshall Fisher and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: A retailer following a competition-based dynamic pricing strategy tracks competitors' price changes and then must answer the following questions: (1) Should we respond? (2) If so, respond to whom? (3) How much of a response? (4) And on which products? The answers require unbiased measures of price elasticity as well as accurate estimates of competitor significance and the extent to which consumers compare prices across retailers. There are two key challenges to quantify these factors empirically: first, the endogeneity associated with almost any type of observational data, where prices are correlated with demand shocks observable to pricing managers but not to researchers, and second, the absence of competitor sales information, which prevents efficient estimation of a full consumer-choice model. We address the first issue by conducting a field experiment with randomized prices. We resolve the second issue by exploiting the retailer's own and competitors' stockouts as a source of variation to the consumer choice set, in addition to variations in competitors' prices. We estimate an empirical model capturing consumer choices among substitutable products from multiple retailers. Based on the estimates, we propose and test a best-response pricing strategy through a carefully controlled live experiment that lasts five weeks. The experiment documents an 11 percent revenue increase while maintaining a margin above a retailer-specified target.
Book Synopsis Handbook of Field Experiments by : Esther Duflo
Download or read book Handbook of Field Experiments written by Esther Duflo and published by Elsevier. This book was released on 2017-03-21 with total page 672 pages. Available in PDF, EPUB and Kindle. Book excerpt: Handbook of Field Experiments, Volume Two explains how to conduct experimental research, presents a catalog of research to date, and describes which areas remain to be explored. The new volume includes sections on field experiments in education in developing countries, how to design social protection programs, a section on how to combat poverty, and updates on data relating to the impact and determinants of health levels in low-income countries. Separating itself from circumscribed debates of specialists, this volume surpasses the many journal articles and narrowly-defined books written by practitioners. This ongoing series will be of particular interest to scholars working with experimental methods. Users will find results from politics, education, and more. Balances methodological insights with analyses of principal findings and suggestions for further research Appeals broadly to social scientists seeking to develop an expertise in field experiments Written in a language that is accessible to graduate students and non-specialist economists
Book Synopsis New Perspectives on Retailing and Store Patronage Behavior by : Torben Hansen
Download or read book New Perspectives on Retailing and Store Patronage Behavior written by Torben Hansen and published by Springer Science & Business Media. This book was released on 2006-04-18 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: Retailing and consumer patronage behavior constitute fascinating research areas within the field of marketing. Retailing contributes to an increasing proportion of gross national products and employment but is, however, also faced with problems and opportunities like increased product complexity, rapidly changing consumer expectations, and the introduction of new technologies. Also, consumers are facing markets of increasingly complexity when making decisions on how to conduct their behavior, primarily as a result of new technologies, shorter products life cycles in general, and higher complexity of products and services. In this book, we present and deal with various topics in relation to retailing and consumer patronage behavior. Together, these topics involve different problem settings and draw on different theories, models and statistical techniques. However, it is common to all the results presented in the following chapters (with the exception of chapter II) that they, in total or in part, rest on a major survey, which was conducted by the authors in 1999. Our now retired colleague, Hans Engstrøm participated in preparing this survey and did a great job in providing research ideas. For this, and for many stimulating discussions, we are highly grateful.
Book Synopsis Vertical Product Location Effect on Sales by : Zahra Jalali
Download or read book Vertical Product Location Effect on Sales written by Zahra Jalali and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Retailers move products to eye-level shelves to boost their sales. However, little is known on what happens to the sales of products moved to other shelves as a result of bringing a product to the eye-level. We study how simultaneously changing the vertical locations of multiple products affects sales and whether this effect varies across products. To measure these effects, we designed a novel field experiment and deployed it in six retail stores for 20 weeks. Our results show that the effect of vertical location change is (i) contingent on how other products are reorganized as a result of that change and (ii) heterogeneous across products. On average, the eye-level generates 13.8% and 8.5% higher sales relative to the stoop- and stretch-levels, respectively. We characterize the product profiles that benefit the most from being displayed at the eye-level. We also convey that the eye-level shelf boost in sales comes at the expense of a sales loss for products moved to other shelves. Specifically, we observe a pure substitution pattern, so that there is no change in the overall sales of the shelving unit. Still, given the differences in product margins and interplay among products (arising from simultaneously changing vertical locations), retailers can benefit from carefully selecting the products to display at the eye-level. A counterfactual analysis shows that optimizing planograms by considering the average interplay among products can increase profits by 2.2%. In addition, incorporating product heterogeneity into planogram optimization can boost profits by up to 3%.
Book Synopsis Handbook of Research on Retailing by : Katrijn Gielens
Download or read book Handbook of Research on Retailing written by Katrijn Gielens and published by Edward Elgar Publishing. This book was released on 2018-08-31 with total page 481 pages. Available in PDF, EPUB and Kindle. Book excerpt: The advent of e-commerce and the rise of hard discounters have put severe pressure on traditional retail chains. Boundaries are blurring: traditional brick & mortar players are expanding their online operations and/or setting up their own discount banners, while the power houses of online retail are going physical, and hard discounters get caught up in the Wheel of Retailing. Even successful companies cannot sit back and rest, but need to prepare for the next wave of change. In the face of this complexity, it is all the more important to take stock of current knowledge, based on insights and experience from leading scholars in the field. What do we know from extant studies, and what are the ensuing best practices? What evolutions are ahead, and will current recipes still work in the future? This Handbook sheds light on these issues.
Book Synopsis Dynamics of Retail Advertising by : Duncan Simester
Download or read book Dynamics of Retail Advertising written by Duncan Simester and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We present findings from a controlled field experiment that allows us to investigate the dynamic effects of retail advertising. The experimental design overcomes limitations that have hindered previous investigations of this issue. Our study uncovers dynamic advertising effects that have not been previously considered in the literature. We find that current advertising does affect future sales but surprisingly, the affect is not always positive; for the firm's best customers the long-run outcome may be negative. We argue that this finding reflects two competing effects: brand-switching and intertemporal substitution. The study also provides evidence of cross-channel substitution, with the firm's best customers switching demand to the ordering channel that corresponds to the advertising.
Book Synopsis The Value of Pop-up Stores on Retailing Platforms by : Dennis Zhang
Download or read book The Value of Pop-up Stores on Retailing Platforms written by Dennis Zhang and published by . This book was released on 2019 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the value of short-lived and experiential-oriented pop-up stores, a popular type of omni-channel retail strategy, on both retailers that participate in pop-up store events and retailing platforms that host these retailers. We conducted a large-scale randomized field experiment with Alibaba Group involving approximately 800,000 customers and used advanced Wi-Fi technology to track every customer's visit to a pop-up store--a missing component from past research that commonly relies on point-of-sales data. With our field experiment and advanced tracking technology, we provide the first causal evidence that pop-up store visits substantially increase customers' subsequent searches and purchases at participating retailers' online stores. We also find that such effects are heterogeneous across customers: new customers showed a larger relative increase in online activities after the experiment compared to existing customers. Furthermore, from a platform perspective, we show that pop-up store visits increase customers' searches and purchases at non-participating retailers on the same platform, which is a pleasant surprise for the platform owners. We discuss how our results can stimulate future research in omni-channel retailing and platforms, and offer implications for how to implement and optimize retail strategies surrounding pop-up stores.
Book Synopsis Handbook of Market Research by : Christian Homburg
Download or read book Handbook of Market Research written by Christian Homburg and published by Springer. This book was released on 2021-12-03 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this handbook, internationally renowned scholars outline the current state-of-the-art of quantitative and qualitative market research. They discuss focal approaches to market research and guide students and practitioners in their real-life applications. Aspects covered include topics on data-related issues, methods, and applications. Data-related topics comprise chapters on experimental design, survey research methods, international market research, panel data fusion, and endogeneity. Method-oriented chapters look at a wide variety of data analysis methods relevant for market research, including chapters on regression, structural equation modeling (SEM), conjoint analysis, and text analysis. Application chapters focus on specific topics relevant for market research such as customer satisfaction, customer retention modeling, return on marketing, and return on price promotions. Each chapter is written by an expert in the field. The presentation of the material seeks to improve the intuitive and technical understanding of the methods covered.
Book Synopsis Field Experiments and Their Critics by : Dawn Langan Teele
Download or read book Field Experiments and Their Critics written by Dawn Langan Teele and published by Yale University Press. This book was released on 2014-01-28 with total page 279 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years, social scientists have engaged in a deep debate over the methods appropriate to their research. Their long reliance on passive observational collection of information has been challenged by proponents of experimental methods designed to precisely infer causal effects through active intervention in the social world. Some scholars claim that field experiments represent a new gold standard and the best way forward, while others insist that these methods carry inherent inconsistencies, limitations, or ethical dilemmas that observational approaches do not. This unique collection of essays by the most influential figures on every side of this debate reveals its most important stakes and will provide useful guidance to students and scholars in many disciplines.
Book Synopsis Socialize More, Pay Less by : Haibing Gao
Download or read book Socialize More, Pay Less written by Haibing Gao and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Recently, a growing number of online retailers have started meshing their pricing strategies with consumers' social networks. Specifically, they have started allowing consumers to invite peers from social media to request a discount for their purchases. We call this pricing strategy social pricing, under which consumers with higher social capital can enjoy a better price. Conceptually, social pricing enables firms to achieve price discrimination based on a consumer's social network value. This is in sharp contrast with traditional price discrimination, where price differentiation typically hinges on consumers' individual willingness to pay. Although social pricing has been popular in practice, whether it works, why it works, and how it works remain unclear due to a lack of rigorous academic research. To address this gap, we design and conduct two randomized field experiments on a leading online fresh food retailer to understand the value and mechanisms of social pricing. Social pricing has been commonly credited for its effectiveness in new customer acquisition. Interestingly, our study reveals that it is also highly effective on existing consumers. Our analysis shows that social pricing can increase an online retailer's profit by 40% solely from existing consumers, compared with regular firm-offered discounts. Exploration of the underlying mechanisms reveals that reciprocity is the main driver here, which not only helps to increase purchase frequency but also induces higher order value per purchase. We find that reciprocity leads to homophily-based social pricing such that similar consumers cluster and request discounts for each other. In the follow-up experiment, we further vary the structure of social pricing by requiring only heterophily-based social pricing. The results suggest that a heterophily-based strategy can further amplify the benefits of social pricing. In summary, our study conceptualizes a novel pricing scheme, social pricing, and provides valuable guidance to both researchers and practitioners by offering actionable insights regarding the design of social pricing strategy.
Book Synopsis The Routledge Companion to Consumer Behavior Analysis by : Gordon R. Foxall
Download or read book The Routledge Companion to Consumer Behavior Analysis written by Gordon R. Foxall and published by Routledge. This book was released on 2015-08-20 with total page 470 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Routledge Companion to Consumer Behavior Analysis provides a unique and eclectic combination of behavioral, cognitive and environmental perspectives to illuminate the real-world complexities of consumer choice in a marketing-oriented economy. Edited by a leading authority in the field, the contributing authors have created a unique anthology for understanding consumer preference by bringing together the very latest research and thinking in consumer behavior analysis. This comprehensive and innovative volume ranges over a broad multi-disciplinary perspective from economic psychology, behavioral psychology and experimental economics, but its chief focus is on the critical evaluation of consumer choice in the natural settings of affluent, marketing-oriented economies. By focussing on human economic and social choices, which involve social exchange, it explores and reveals the enormous potential of consumer behavior analysis to illuminate the role of modern marketing-oriented business organizations in shaping and responding to consumer choice. This will be of particular interest to academics, researchers and advanced students in marketing, consumer behavior, behavior analysis, social psychology, behavioral economics and behavioral psychology.
Book Synopsis Advertising and Competition by : Lester G. Telser
Download or read book Advertising and Competition written by Lester G. Telser and published by . This book was released on 1965 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
