Virtual Marketplace Research Articles

The Impact of Digital Transformation on Customer Experience: A Study of How Firms Use Digital to Enhance CX

This pandemic harmed all economies, developed and developing, because the entire world was under lockdown. The corporate community is also experiencing instability as a result of this outcry. Numerous people have experienced job loss for a variety of causes. It was hard for the business organisations to continue because the market and all of the operations were reduced or stopped. Business organisations really needed to change their strategies because the ones they had been using to succeed were no longer workable. Lockdowns, social isolation, and other restrictions made it extremely difficult for businesses to provide customers a genuine sense of their goods or services. Businesses have been forced by COVID-19 to move their product and service promotion and advertising online. in order for them to build a solid clientele even after lockdown scenarios. For corporate companies, virtual buying and an awareness of online customer behaviour are becoming essential. Due to the competitive virtual marketplace, business businesses are prioritising these things, which is the genuine requirement of the current moment. Gradually, regular Internet development and expansion have made eCommerce a part of mainstream corporate operations.

On grid-serving grid tariff design in Local Energy Markets

Local Energy Markets (LEMs) are virtual market places that allow for energy sharing of prosumers in proximity to each other. In LEMs, participants’ offers and bids are coordinated by a pricing mechanism, which sets price signals for generation and loads. This impacts distribution grid utilization. Dynamic grid fees could be used by the distribution system operator to add price signals for market participants that are beneficial to the distribution grid operation. To develop such a grid-serving LEM design, we propose a framework for the design of alternative grid tariffs as a trade-off between cost-reflective and cost-recovering grid tariffs. We analyse three alternative grid tariff components in the context of LEMs: time-varying energy fees, critical peak pricing (CPP) and capacity fees for power not traded on the LEM. A case study on a synthetically generated grid region shows that while the alternative tariff components can reduce the aggregated peak load of the region by up to 31% with the CPP, the fees can also lead to increased line utilization. Also, while total local added value can be increased with all alternative grid tariffs, especially capacity-based grid tariffs are connected to a strong redistribution of grid costs from flexible to inflexible prosumers.

Navigating emerging trademarks issues for sport brands in the metaverse

Navigating emerging trademarks issues for sport brands in the metaverse

A Study Comparing Waiting Times in Global and Local Queuing Systems with Heterogeneous Workers

A virtual marketplace or service-providing system must ensure minimal task response times. Varying working rates among the human workers in the system can lead to longer delays for certain tasks. The waiting time in the queue is crucially affected by the queueing architecture used in the system, whether global or local. Studies generally favor global queue systems over local ones, assuming similar processing rates. However, system behavior changes when workers are heterogeneous. In this research, we used simulation to compare the waiting times of tasks assigned to three categories of processing rates in both architectures and with various routing policies in local queues. We found that when using random tie-breaking, there was a correlation between waiting time duration and the proportion of tie-breaking events. Performance is improved when controlling these events using scheduling awareness of the workers’ processing rates. The global queue outperforms local queues when the workers are homogeneous. However, the push mechanisms that control the assignment processes and heterogeneity-aware algorithms improve local queue system waiting times and load balance. It is better than global queues when tasks are assigned to medium and fast workers, but it also enables specific slow workers’ assignments.

Lifestyle Dynamics and Purchasing Pattern Transformation: Significant Shifts in Indonesian Society Post-Pandemic

The COVID-19 pandemic has deeply impacted Indonesia, leaving lasting effects on both public health and societal norms. Beyond mere statistics, the transformation touches every aspect of life, altering how Indonesians work, live, and connect with the world. Accelerated digital adoption, increased health consciousness, and a shift in priorities have significantly reshaped the consumer landscape. E-commerce platforms have boomed, serving as virtual marketplaces for various needs. A holistic approach to well-being emerged, with a focus on organic foods, fitness, and mindfulness. Environmental concerns spurred a demand for sustainable products. The allure of material possessions diminished, replaced by a desire for meaningful experiences and personal growth. This intricate tapestry reveals a post-pandemic Indonesia emphasizing technology, health, sustainability, and a redefined pursuit of happiness. Businesses and policymakers must comprehend these shifts to adapt strategies for the evolving consumer, fostering responsible consumption and contributing to a better Indonesia.

Securing the virtual marketplace: Navigating the landscape of security and privacy challenges in E-Commerce

This paper provides a comprehensive examination of the evolving challenges and critical considerations surrounding security and privacy within the realm of e-commerce. As the digital marketplace continues to expand, the significance of safeguarding sensitive information and ensuring user privacy has become paramount. This paper explores various dimensions of security threats, including data breaches, phishing attacks, and vulnerabilities associated with payment gateways, shedding light on the potential repercussions for businesses and consumers alike. Additionally, it delves into emerging technologies and innovative solutions aimed at fortifying e-commerce platforms against evolving cyber threats. The paper not only identifies the existing vulnerabilities but also proposes proactive strategies and future directions for research and implementation. Topics such as biometric authentication, post-quantum cryptography, and privacy-preserving technologies are explored as potential avenues for enhancing the security posture of e-commerce systems. The research presented emphasizes the critical intersection of technology, regulation, and user awareness in fostering a secure and trustworthy online shopping environment. By offering insights into both the current state of e-commerce security and promising avenues for future exploration, this paper aims to contribute to the ongoing discourse on fortifying the digital marketplace against the challenges posed by an ever-evolving cyber landscape.

ChatGPT: a reliable fertility decision-making tool?

The internet is the primary source of infertility-related information for most people who are experiencing fertility issues. Although no longer shrouded in stigma, the privacy of interacting only with a computer provides a sense of safety when engaging with sensitive content and allows for diverse and geographically dispersed communities to connect and share their experiences. It also provides businesses with a virtual marketplace for their products. The introduction of ChatGPT, a conversational language model developed by OpenAI to understand and generate human-like text in response to user input, in November 2022, and other emerging generative artificial intelligence (AI) language models, has changed and will continue to change the way we interact with large volumes of digital information. When it comes to its application in health information seeking, specifically in relation to fertility in this case, is ChatGPT a friend or foe in helping people make well-informed decisions? Furthermore, if deemed useful, how can we ensure this technology supports fertility-related decision-making? After conducting a study into the quality of the information provided by ChatGPT to people seeking information on fertility, we explore the potential benefits and pitfalls of using generative AI as a tool to support decision-making.

Multilingualism at the Market: A Pre-registered Immersive Virtual Reality Study of Bilingual Language Switching.

Bilinguals, by definition, are capable of expressing themselves in more than one language. But which cognitive mechanisms allow them to switch from one language to another? Previous experimental research using the cued language-switching paradigm supports theoretical models that assume that both transient, reactive and sustained, proactive inhibitory mechanisms underlie bilinguals' capacity to flexibly and efficiently control which language they use. Here we used immersive virtual reality to test the extent to which these inhibitory mechanisms may be active when unbalanced Dutch-English bilinguals i) produce full sentences rather than individual words, ii) to a life-size addressee rather than only into a microphone, iii) using a message that is relevant to that addressee rather than communicatively irrelevant, iv) in a rich visual environment rather than in front of a computer screen. We observed a reversed language dominance paired with switch costs for the L2 but not for the L1 when participants were stand owners in a virtual marketplace and informed their monolingual customers in full sentences about the price of their fruits and vegetables. These findings strongly suggest that the subtle balance between the application of reactive and proactive inhibitory mechanisms that support bilingual language control may be different in the everyday life of a bilingual compared to in the (traditional) psycholinguistic laboratory.

A Systematic Review on Customers Shopping Response towards Online Impulsive Buying Behaviour

Purpose: Online Impulsive buying, which accounts for 40% of sales in developed nations, has a big impact on the current consumer markets. The purpose of this study is to thoroughly investigate the complicated dynamics of this behaviour, comprehending the factors that lead to impulsive purchases and the subtle interactions between customer trust and buy intents. The research is aimed at providing essential insights into the changing digital consumer landscape that is impacted by the interaction of convenience, emotional triggers, and impulsive behaviour. Specifically, it aims to unravel the change from trust to intention to buy and ultimately leading to online impulsive buying. Design/Methodology/Approach: This study depends on secondary sources gathered from a variety of sources, including case studies, journal articles, magazines, books, and internet searches. Findings/Result: Findings reveal that, retailers are strategically using consumers' emotions to drive impulsive purchases through their online shopping habits. Contextual considerations, trust-building programs, and website subtleties all significantly influence decision-making. These results highlight the crucial role that these components play in influencing online impulsive purchases, providing businesses with a framework to encourage impulsive buying, client loyalty, and happiness in the ever-changing world of e-commerce. Originality/Value: This review summarizes findings from the research on the various aspects influencing consumers' online purchasing decisions. It provides a thorough grasp of the factors influencing consumers' online buying behaviour, making it a valuable resource for internet businesses and marketers. Equipped with this understanding, enterprises can devise customized promotional plans intended to enhance spontaneous purchasing, resulting in increased revenue and profitability within the virtual marketplace. Type of Paper: Literature Review

Strategies for Influencers to Enhance Consumer Loyalty in Virtual Marketplaces

Strategies for Influencers to Enhance Consumer Loyalty in Virtual Marketplaces

What Can we See Inside the Crystal Ball? Exploring Opportunities and Challenges for Metaverse and Circular Economy

Metaverse is a virtual world that offers endless possibilities for entertainment, education, and social interaction. Whereas circular economy deals with the principle of reduce, reuse, and recycle which helps in waste elimination and boost continuous resource availability. However, there are challenges to promoting a circular economy in the metaverse. One of the challenges is ensuring that everyone has access to it, as there is still a digital divide. Additionally, it is challenging to track the lifecycle of virtual products and ensure they are properly recycled or reused. Finally, it is necessary to coordinate virtual and real-world initiatives to create a comprehensive circular economy system. Despite these challenges, many opportunities exist for promoting a circular economy in the metaverse. One opportunity is creating virtual marketplaces for second-hand goods. Another opportunity is using virtual reality to simulate the environmental impact of different products and production methods. Finally, researchers can develop virtual training and certification programs for sustainable practices in the metaverse. The challenges that need to be resolved to create a sustainable future for both the real and metaverse are discussed here. Overall, the implications of using the metaverse for the circular economy are promising but require careful consideration and collaboration between virtual and real-world efforts. Researchers can contribute to the development of a more equitable and sustainable future by understanding these concepts.
 
 Received: 29 July 2023 / Accepted: 12 October 2023 / Published: 5 November 2023

The role of social media groups on illegal wildlife trade in four Mexican states: A year-long assessment

Illegal wildlife trade consists of harvesting wildlife products and undertaking its trade contrary to national and international laws. It has become one of the main threats to wildlife, along with habitat loss and the introduction of exotic species. The Internet modified how illegal trade works as it increases species exposure and market venues. Although it is a critical problem in Latin America, it has received limited attention. A region worth studying is the country of Mexico, as it is a megadiverse country, has multiple commercial treaties, and is considered an active part of the wildlife trade. Thus, our objective was to determine the role of social media in illegal trade in Mexican states with different income levels. We looked for social media groups that serve as virtual marketplaces in the states of Estado de México, Guerrero, Jalisco, and Oaxaca. We comprehensively monitored the groups from January 1, 2019, until December 31, 2019. We browsed all the posts listed for sale and recorded all the available information, including the legal status of the individual. We found 175 posts in nine groups that offered 392 wildlife individuals. We registered 90 different species, of which 39 were mammals (202 individuals), 26 were birds and 23 were reptiles, with a total estimated selling value of US$ 683,967. Furthermore, we detected a significant difference between the number of individuals of mammals, birds, and reptiles sold. Our analysis indicates a large number and diversity of species being sold in social media confirming its importance as a virtual marketplace for biodiversity trade and not only for regional species.

Shopping simulation: BTS army hyper-reality on the Tokopedia marketplace

This paper explores the phenomenon of hyperreality within the context of online shopping and fandom culture, focusing specifically on the vibrant and dedicated fanbase of the popular South Korean boy band BTS, known as the BTS Army. Drawing upon the virtual marketplace of Tokopedia as a case study, we investigate the unique and immersive shopping experiences created by the BTS Army as they engage with merchandise related to their favourite band. Qualitative content analysis with Baudrillard Theory perspectives is used to unravel the complexities of the BTS Army's consumer behaviour, purchasing patterns, and collective interactions within this simulated environment. The findings demonstrate that the Tokopedia marketplace is a hub for the BTS Army, where fans navigate a hyperreal shopping landscape infused with emotional connections, shared meanings, and transformative experiences. Through acquiring and displaying BTS-related merchandise, fans construct and reinforce their identities, cultivate a sense of belonging, and participate in a hyperreal world that blurs the boundaries between fandom and consumer culture. It provides insights for marketers, platform operators, and researchers into the dynamics of hyperreal fandom-driven markets, emphasising the significance of emotional engagement, community building, and immersive experiences for capturing the attention and loyalty of dedicated fan communities.

Six strategies to building successful communities in the Metaverse

To be successful in today’s persistent, connected virtual marketplaces, marketing managers will need a new strategy. For years, marketers have felt that communities existed to serve business needs — but in the metaverse, brands will need to court consumers. For a new generation of ‘Virtual Natives’ new technologies are raising expectations of how brands need to show up in these worlds. As a consultant to some of the world’s biggest brands, Catherine D. Henry shares the recipe to getting it right.

From Crisis to Opportunity: Developing a Virtual Marketplace to Enhance Sustainability and Resilience in Small-Scale Fisheries

In a context in which climate change, overexploitation, and environmental degradation are continuously progressing, the sustainable use of the sea is a key target, both for resources and fishery operators. With the aim of enhancing the sustainability and competitiveness of the entire fishery sector, an innovation brokering event was organized. Via the application of a participatory, interactive, and bottom-up approach, different actors in the Italian SSF sector were stimulated to work together to find innovative solutions to day-by-day problems. During the consultation, and between the identified problems, emerged the lack of cooperation for marketing activity and effective strategies for seafood product development. A pilot action consisting in co-designing a virtual marketplace (VirMa) was the result of the event, intending to facilitate the direct sale of seafood products, explore this new and valuable market, and establish a direct line with consumers. The VirMa application was developed as a value chain network, trying to add value to seafood products. However, an information and communication tool, such as a VirMa, could contribute to increasing the resilience of the SSF sector to market constraints even during unforeseen events, such as a pandemic.

Video Game Engagement: A Passkey to the Intentions of Continue Playing, Purchasing Virtual Items, and Player Recruitment (3Ps)

People of all ages enjoy playing games, making online gaming a part of the modern lifestyle. Online games as digital products can reach gamers without being hindered by various limitations such as time and location. With a large selection of freemium and premium games in the virtual marketplace, gamers have the opportunity to switch between various games from different genres and make purchases of virtual goods. Therefore, the challenge that developers have to overcome is whether gamers will have the intention to play, pay, and recruit players (3Ps). To manage future behavior intentions, game developers need to ensure that gamers and the games they play have a solid engagement. Data collection comes from the results of distributing questionnaires to Twitter users with the self-reporting method. The amount of data processed was 370 respondents. The model was assessed using the partial least square of structural equation modeling. The results of this study show that video game engagement plays a crucial role as a mediator between gamer experience and the intention to continue playing, purchase game items, and recruit new players. Enjoyment is the strongest predictor of gamer experience, followed by arousal, social interaction, escapism, and challenge.

Local bias versus home bias: Evidence from debt-based crowdfunding

ABSTRACT Local bias and home bias are conventional phenomena in the financial market. This paper examines whether local bias and home bias exist in virtual loan transactions on the debt-based crowdfunding marketplace. Using loan-level and lender-level transaction data from a large crowdfunding marketplace in China and employing a potential-dyad approach, we find that lenders are more likely to invest in local borrowers rather than in their hometown borrowers, indicating that local bias exists in this virtual marketplace rather than home bias. More interestingly, the local bias is more pronounced for local lenders whose work area and hometown are the same than for moving lenders who leave their hometowns. Furthermore, lenders’ local bias is more pronounced if lenders (borrowers) are from more trust-propensity (trustworthy) regions. Finally, we find that lending to local borrowers cannot significantly increase the welfare of lenders. Various specifications, alternative dependent variables, and alternative potential-dyad sets show that our empirical-based results are robust.

Looking back and forward to disaster readiness of supply chains: a systematic literature review

ABSTRACT Disasters can severely impact supply chains (SCs), including all stakeholders involved. This study aims to identify the impacts of major disasters on SCs and countermeasure strategies. Based on a systematic literature review, we analyse 160 documents to propose a taxonomy, research agenda, and framework. The taxonomy encompasses a list of impacts categorised into resource constraints, SC instability, outflow disruption, financial constraints, and consumption patterns. Strategies are divided into proactive (preventive SC collaboration, resources maintenance, digitalisation or automation, local SC, and human capabilities) and reactive (responsive SC collaboration, resources maintenance, information system, virtual marketplaces, and business continuity plans). The research agenda provides opportunities for future research based on the literature analysis. Finally, the framework presents the study findings using an integrated and holistic approach. The study expands the theoretical view related to the impacts of disasters on SCs and highlights the need to implement strategies to ensure the functioning of SCs during disasters.

WORLD STOCK MARKET: CURRENT STATE AND PROSPECTS OF DEVELOPMENT OF STOCK EXCHANGE

The stock exchange is the main element of the stock market, and it is also an indicator of the efficiency of capital movement and the rapid development of the economy. It is a virtual marketplace where buyers and sellers can trade existing securities. Stocks are also called stocks or equity, most companies have shares with a turnover of more than a billion dollars. Stock exchanges play a great role in the structure of the leading stock prices, exchange courses and indexes in the country's economy. The stock market acts as a powerful and effective platform for the realization of opportunities for the mobilization of financial resources and the birth of a number of new competitive investment instruments. The main role of the stock exchange is to serve the movement of money capital, which mediates the distribution and redistribution of national income both in the national economy as a whole and between social groups, sectors and spheres of the economy. А stock trading can be considered any market where bonds are bought and sold, the prices of which are determined by offer and purchase. The activity of the stock exchange largely determines the efficiency of the stock market and the degree of influence on economic processes in the country. It is the stock exchange that ensures the concentration of demand and supply of securities, their balance at the expense of stock exchange pricing, which truly reflects the level of efficiency of the functioning of equity capital. For each financial system, the determining factor is the degree of involvement of the banking sector and the stock market in the process of financing the investment activity of enterprises. The development of the stock market increases the degree of participation of companies in the process of raising additional funds for their investment programs by placing their securities on the market, and a developed stock market also plays a key role in financing the economy compared to the banking sector. Therefore, the purpose of this article is to evaluate the process of globalization of the stock market in the world environment and analyze current state. Indicators of the stock market in the world were also considered and the main conditions of restraint to the prospects of its effective functioning were highlighted. The state and development prospects of well-known stock exchanges and further possible directions for improvement of the world stock market are analyzed.

How Far Can Chicken Feet Travel?

Abstract This article analyses Chinese women's e-entrepreneurship of trading nostalgic and/or contested goods in the disputed sovereign borders and virtual marketplace in the borderland between China and Taiwan. Using physical and digital ethnography, and drawing on the case study of the journey of chicken feet and other goods traded through WeChat by Chinese women in Taiwan, this article shows how the online and offline trails of these goods and the virtual marketplace generate new forms of transnationalism and connectedness between the two rivaling societies. Calling attention to Chinese women's emotions and nostalgia embedded in their e-entrepreneurship, their goods’ geographical movements, and their social networks, these findings enrich our understanding of transnational entrepreneurship as well as migrants’ agency-making and digital connectivity. However, highlighting how the worsening Taiwan-China relationship has diminished micro e-entrepreneurship, this article also reveals the vulnerability, instability, and uncertainty of the virtual marketplace, which is threatened by the politics of sovereignty contestation.