Academic literature on the topic 'Purchase experience'
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Journal articles on the topic "Purchase experience"
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Pelletier, Mark J., and Joel E. Collier. "Experiential Purchase Quality." Journal of Service Research 21, no. 4 (April 24, 2018): 456–73. http://dx.doi.org/10.1177/1094670518770042.
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Experiential purchases, such as movies, theme parks, and vacations, represent a unique, and exceedingly popular, type of marketing behavior. Despite the increasing popularity of purchased experiences, the question of what makes one experiential purchase superior to another remains elusive. Using a multimethod, grounded theory approach, the authors perform two qualitative studies that reveal high-quality experiential purchases are composed of five dimensions: uniqueness, fun, escapism, servicescape quality, and social congruence. Next, an empirical model of experiential purchase quality (EPQ) and its outcome variables is tested in two different settings. The results find support for the EPQ conceptualization and uncover that a high-quality experiential purchase can positively influence braggart word of mouth, nostalgia, and self-connectedness to the experience while also lowering price consciousness perceptions to repeat the experience. A comparison of short and long experiences found that customers put a heavier weighting on concepts such as escapism and social congruence in shorter experiences where longer experiences had a heavier emphasis on the servicescape and perceptions of fun. From a managerial perspective, our results highlight that a one-size-fits all approach in experiential management is problematic. Managers need to understand that customers have different evaluative criteria depending on the length of an experiential purchase.
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Rhee, Ha-Lim, and Kyu-Hye Lee. "Enhancing the Sneakers Shopping Experience through Virtual Fitting Using Augmented Reality." Sustainability 13, no. 11 (June 3, 2021): 6336. http://dx.doi.org/10.3390/su13116336.
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The fashion industry is undergoing a digital transformation due to the emergence of new shopping channels and external factors such as the COVID-19 pandemic. This study examined the relationship between virtual fitting (VF) experience satisfaction, brand advocacy, mobile purchase intention, and offline purchase intention from an omnichannel perspective to understand how VF based on augmented reality (AR) impacts the customer purchase journey. The study also investigated the moderating effect of a customer’s product involvement, which is a personal characteristic. The results reveal that high satisfaction with the VF experience had a positive effect only on mobile purchase intentions. Brand advocacy formed after the VF experience had a positive effect on both mobile and offline purchase intentions and showed a mediating effect in the relationship between VF experience satisfaction and purchase intention. The moderating effect of product involvement was also confirmed. Moreover, a significantly negative influence of VF experience satisfaction on offline purchase intention was detected for customers who were more involved in sneakers products. These results indicate that VF, which is used as a tool in shopping apps, can achieve customer satisfaction and drive mobile purchases, thus leading to offline purchases based on brand advocacy.
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Takaya, Rowlan. "Antecedents Analysis of Purchase Intention." Business and Entrepreneurial Review 16, no. 1 (July 23, 2019): 1. http://dx.doi.org/10.25105/ber.v16i1.4906.
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The advancement of technology has resulted in the creation of a new form of shopping transactions. This technology is used by residents to shop online. Thus, customers’ involvements in online purchasing have become an important trend. The objective of this research was to identify the determinants of customer purchases online. This study used a surveymethod using questionnaires and the target is an online customer in Central Jakarta.This research used simple regression to determine the effect of purchace intention to factors that influence it. Data questionnaire distributed directly to the respondents who never buy online shopping. Findings revealed that impulse purchase intention, quality orientation, brand orientation, online trust and prior online purchase experience were positively related to the customer online purchase intention.
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BESSOUH, NADIRA, AHMED MIR, and ALI IZNASNI. "A TEST OF THE RELATIONSHIP BETWEEN BUYING IMPULSIVENESS AND IMPULSE PURCHASES." International Journal for Innovation Education and Research 3, no. 5 (May 31, 2015): 73–81. http://dx.doi.org/10.31686/ijier.vol3.iss5.361.
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This research work aims to show the contribution of individual factors, specifically the buying impulsiveness, to making an impulse purchase. For this purpose, Rook and Fisher’s scale (1995) is proposed to measure the level of impulsive purchase in Algerian buyers. Following an empirical study done on 385 impulse purchasers, it was possible to see that consumers are more impulsive when they experience high levels of impulsivity. These results would help managers attract customers and lower their guards, as a result of several stimuli, to push them make emotional and functional impulse purchases.
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Hung, Chao-Chih, Min-Jiun Su, and Wen-Long Zhuang. "3D Experiential Marketing in International Industrial Fair." Journal of Economics and Behavioral Studies 8, no. 1(J) (April 5, 2016): 69–78. http://dx.doi.org/10.22610/jebs.v8i1(j).1207.
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This study explores the effect of buyers’ 3D experiences on their purchase intention, as well as the moderating effect of exhibitors’ corporate image on the above relationship. This study uses the purposive sampling method to survey buyers of the famous International Woodworking Machine Fair in China. Analytical results from 91 visitors are summarized as: the higher the international mechanical fair buyers’ feel experience, think experience and act experience, then the higher their purchase intention; buyers’ relate experience has a negative prediction effect on purchase intention; exhibitors’ corporate image has a moderating effect on the relationship between buyers’ feel experiences and purchase intention; exhibitors’ corporate image has a moderating effect on the relationship between buyers’ relate experience and purchase intention.
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Miller, Chadwick J., Adriana Samper, Naomi Mandel, Daniel C. Brannon, Jim Salas, and Martha Troncoza. "Activity apprehension in experiential purchases." Journal of Services Marketing 35, no. 4 (January 22, 2021): 516–34. http://dx.doi.org/10.1108/jsm-09-2020-0391.
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Purpose The purpose of this paper is to examine how the number of activities within a multi-activity experience influences consumer preferences before and after consumption. Design/methodology/approach The hypotheses are tested using four experiments and a secondary data set from a river cruise firm that includes first-time river cruise purchases by consumers from this firm between January 2011 and December 2015 (n = 337,457). Findings Consumers prefer experiences with fewer (vs more) activities before consumption – a phenomenon, this paper calls “activity apprehension” – but prefer experiences with more (vs fewer) activities after consumption. A mediation analysis indicates that this phenomenon occurs because the highly perishable nature of activities makes consumers uncertain about their ability to use all the activities within the experience (usage uncertainty). Practical implications Evaluations of a multi-activity experience depend on both the number of activities and on whether the consumer is at the pre- or post-consumption stage of the customer journey. As such, firms looking to sell multi-activity experiences should design and promote these experiences in a way that minimizes activity apprehension. Originality/value This study is the first to demonstrate that consumer perceptions of an optimal experience depend on both the number of included activities and on the stage of the customer journey (i.e. pre- or post-purchase). It further contributes to the consumer experience literature by examining an unexplored activity characteristic, perishability, in shaping experiential purchase decisions. Finally, it demonstrates a new way in which experiential purchases differ from tangible product purchases.
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Mahapatra, Sabita, and Saumya Sharma. "My experience of laptop purchase." Emerald Emerging Markets Case Studies 6, no. 2 (May 15, 2016): 1–13. http://dx.doi.org/10.1108/eemcs-04-2015-0060.
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Subject area Marketing/Consumer behaviour. Study level/applicability The case can be used for the postgraduate students and executives in a first-year Marketing Management class for an introductory session on understanding consumer decision in a business-to-consumer context. The case can be also used in a second-year elective course on Consumer Behaviour for the topic on consumer decision-making journey and managing customer experience through service excellence. This case would be most befitting to be used for the first introductory session of 75 minutes to give an overview on consumer behaviour. Case overview The dismal failure of Natasha’s desktop while preparing an important presentation due for submission compels Natasha (the protagonist) to make up her mind to buy a laptop. After consulting her friends and relatives, followed with intense search from different retail stores, Natasha finally decides to buy a Sony laptop from a multi-brand retail outlet with a price discount and freebies. Finally, when Natasha settled down to work on her new laptop on her pending presentation, she confronts some problem. Unable to identify the problem, she contacted the store sales representative to resolve the problem. However, the representative’s ineffectiveness in addressing the problem and promptly delivering the service leaves Natasha in a state of uncertainty and confusion. She seemed to be in a fix and undecided, wondering whether she should immediately rush to the repair centre with her desktop to fix the problem for the time being or she should leave the laptop and wait till the problem gets resolved. Expected learning outcomes The case aims to provide interesting inputs on various phases of consumer decision-making journey and appropriate marketing strategy for each phase. The objective is to make students appreciate how poor after-sales service results in post-purchase dissonance and conflict in the consumer's mind. The case provides an opportunity for students to come up with possible solutions to resolve the post-purchase dissonance and conflict and share their views or ideas of how a seller can create a lasting impression in the mind of the buyer. Supplementary materials Teaching notes are available for educators only. Please contact your library to gain login details or email support@emeraldinsight.com to request teaching notes. Subject code CSS 8: Marketing
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Bhatnagar, Apoorva, Sidhi Verma, Vinod K. Singh, and Aparajita Dasgupta. "Openness to Experience and Green Purchase Behavior: A Multiple Mediation Analysis." Management and Economics Research Journal 6, no. 3 (August 21, 2020): 1–9. http://dx.doi.org/10.18639/merj.2020.9900018.
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The aim of this study was to examine if there is an effect of openness to experience on green purchase behavior. Furthermore, the study also aimed to analyze if the attitude toward advertisement and green product knowledge mediates the relationship between openness to experience and green purchase behavior. The data for this study were collected in front of malls and departmental stores of Delhi-NCR (National Capital Region) with the help of survey method. The population consists of both the purchasers and non-purchasers of green products. Two hundred and fifty people participated in the study, out of which 200 questionnaires were used for data analysis after cleaning the data. To test the hypotheses, hierarchical multiple regression was conducted using model 4 of Process Macro. The findings of this study indicate that openness to experience strongly predicts green purchase behavior but no mediation effect of green product knowledge and attitude toward advertisements are seen. This study finds its importance in the fact that there has been a rise in the environmental concerns which may induce consumers to indulge into green purchase behavior. This study is one of the first, at least to the authors’ knowledge, to empirically examine and confirm the effect of openness to experience on green purchase behavior as well as check the mediation effect of green product knowledge and attitude toward advertisement.
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Haenlein, Michael, and Andreas M. Kaplan. "Flagship Brand Stores within Virtual Worlds: The Impact of Virtual Store Exposure on Real-Life Attitude toward the Brand and Purchase Intent." Recherche et Applications en Marketing (English Edition) 24, no. 3 (September 2009): 57–79. http://dx.doi.org/10.1177/205157070902400303.
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Virtual hyperrealities, also referred to as virtual social worlds, have experienced increasing managerial interest in recent years. Although they have also received some attention in the academic literature, the extent to which corporate presences within such environments can influence attitude toward the brand and purchase intent in real life remains unclear. Based on a survey conducted among 580 Second Life residents, we show that exposure to flagship brand stores within virtual worlds positively influences attitude toward the associated brand and real life purchase intent. We furthermore show that a user's purchase experience (shopping frequency, purchase frequency, spending per purchase) and the gratification derived from the use of their purchases have a significant moderating effect on these relationships. Our results are of managerial and theoretical importance as they provide empirical evidence for spill-over effects between virtual worlds and real life and help to develop recommendations on optimal store design within virtual social worlds.
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Blasco-Arcas, Lorena, Blanca Hernandez-Ortega, and Julio Jimenez-Martinez. "The online purchase as a context for co-creating experiences. Drivers of and consequences for customer behavior." Internet Research 24, no. 3 (May 27, 2014): 393–412. http://dx.doi.org/10.1108/intr-02-2013-0023.
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Purpose – The purpose of this paper is to elaborate on the concept of engagement platforms and the theories of co-creation of value to analyze the purchase as a context for customers to co-create their own experiences. Specifically, the paper proposes that including online cues related to Customer to customer (C2C) interactions and coproduction in the engagement platform determines customer co-creation experiences. Moreover, the paper tests for the relationship between the co-creation experience and customer's purchase intentions. Design/methodology/approach – An online platform was designed and a purchase situation was simulated, in which the participants were asked to buy a pair of sneakers. To make the experience more realistic, participants could navigate and undertake activities related to the available cues, thus obtaining a direct experience of the possibilities of the platform. Structural equation modeling analyses were used to test the hypothesized relationships. Findings – The results confirm the importance of including cues related to C2C interactions and coproduction in order to increase co-creation experience possibilities for the customer during the online purchase. Moreover, if customers perceive that they are co-creating the experience, their purchase intentions increase. Practical implications – This paper addresses the importance of virtual engagement platforms as touch points for interaction and the importance of their characteristics for facilitating co-creation. These platforms provide customers with cues that promote their participation, the establishment of collaborative relationships and the co-creation of the purchase experience. Originality/value – There is a growing interest in understanding how customers interact with firms to co-create experiences and in the influence of IT-related service in this process. Nevertheless, to date, the online purchase experience as a co-creation context has not been fully investigated.
Dissertations / Theses on the topic "Purchase experience"
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Hahn, Jasper. "From Discovery to Purchase: Improving the User Experience for Buyers in eCommerce." Thesis, KTH, Skolan för informations- och kommunikationsteknik (ICT), 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-177473.
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The Internet has revolutionized many areas of our lives. New forms of exchanging and retrieving information, making business and communication in general have been made possible with the Internet and have gone through a rapid development since its creation. In an age of nearly ubiquitous access to the Internet and a majority of the western world actively using social media, retail markets have changed, too. But compared to the rapidly changing services in other sectors, retail businesses have only converted an existing model to a new technology rather than coming up with a new one. Social Commerce is an approach that wants to change that. It takes into account lessons learned from social media and shifting marketing strategies and tries to create a better shopping experience for customers while giving brands and fashion influencers a new platform to engage with them. This thesis project uses literature from different fields such as interaction design, online marketing and fashion along with user interviews to identify the most important aspects that will lead towards a more social online shopping experience, particularly in fashion. It is conducted in collaboration with the local start-up Apprl (www.apprl.com) and includes an implementation part of realizing the identified most promising features as part of the agile development process within the company. The field of social commerce is promising to radically change the way we buy things online and Apprl is one of many examples trying to make that happen.
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Dini, Alina L. "Influence of new car buyers' purchase experience on plug-in electric vehicle demand." Thesis, Queensland University of Technology, 2018. https://eprints.qut.edu.au/116541/1/Alina_Dini_Thesis.pdf.
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Plug-in electric vehicles (PEVs) are one new technology which offers promise for transport sustainability and improving energy efficiency. Global enthusiasm for PEVs has spurred broad-reaching interest, but for jurisdictions where PEV policies are absent, as in Australia, consumer adoption continues to be low. Research into the barriers of adoption for PEVs often identifies cost and lack of infrastructure as key barriers, but consumer's purchase experience plays a pivotal role in technology adoption. This research will help the PEV industry and governments to understand how critical the consumer purchase experience is to overall market success.
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Sharma, Mukesh, and mukesh sharma au@gmail com. "Role of Beliefs and Past Experience in Forming Resort Accommodation Purchase behaviour: A Study of Australian Tourists." RMIT University. Management, 2009. http://adt.lib.rmit.edu.au/adt/public/adt-VIT20090507.121635.
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Hospitality industry has a long history of providing accommodation along with recreation facilities. Resorts are a more recent phenomenon in offering similar services. The similarity stops there as the people who use resorts have different expectations and motives to be there. While hotels are mainly used by the business people and are busier during the weekdays, resorts are generally used for vacation and rest and are busy during holiday season. The difference in the clientele's motivations makes it difficult for the resort marketers to effectively position and market the property to the right segment. There have been many studies done primarily on hotel clients, while resorts have largely been neglected. This study is the first step in evaluating the level of contribution beliefs and past experiences make when Australian tourists decide on their resort accommodation purchase. To achieve this aim the Australian resort market was segmented and then every segment was tested on the model developed for the study. In this study, 412 people responded by filling out the questionnaires that were put in their rooms, by the participating resorts they were staying in. The study targeted all states and Territories of Australia. Every possible precaution was taken to maintain the anonymity of the respondents and the participating resorts to avoid compromising their financial interests. The study found four segments of resort tourists. They were named active conventionalists, young conservatives, elite regulars and veterans. The role of beliefs and past experience in purchase decision was found to be of varying degrees amongst the segments. It was also found that benefit beliefs had the bigger role in resort accommodation selection compared to normative beliefs. Control beliefs had the least role in the formation of the purchase behaviour. It was also found that while the Theory of Planned Behaviour was incapable of predicting resort accommodation purchase behaviour on its own, the addition of past behaviour to the mix increased the predictability perceptibly. The main limitation of the research was that the researcher and the respondents were far removed from each other. It is recommended that in future studies; there must be a provision for qualitative data to complement the quantitative approach. Besides this, there are many more important recommendations made relating to design and application of the questionnaire for future studies. The study also stresses that similar studies should be conducted, preferably on longitudinal basis to confirm or reject the findings of the present study. The present study contributed to the body of knowledge by providing a theoretical framework and suggesting a resort accommodation purchase predictability model incorporating beliefs and past experience of resort tourists. It also provided resort marketing planners with practical recommendations and implications in terms of attracting the right clients to their resorts as well as how to position their resorts for the intended market segment to get the best returns on their investment in marketing.
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Dybdal, Andersen Anne, and Leonie Schreck. "Enhancing consumers' purchase intention by augmented reality : The relationship between augmented reality and Swedish millennials’ online purchase intention of shopping goods." Thesis, Högskolan Dalarna, Företagsekonomi, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:du-27921.
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Aim The aim of the study is to test the relationship between augmented reality and the Swedish millennials’ purchase intention of shopping goods. Methods A survey was distributed online to Swedish millennials (born between the years of 1982 and 2000). Non-probability sampling was conducted in order to collect primary data by making use of convenience and snowball sampling. A total amount of 408 valid responses were collected which were analysed by correlation, linear regression and moderation regression analyses. Results The variables related to augmented reality (product perception, risk perception, augmented reality experience, hedonic experience and utilitarian experience) were found to be significantly related to the consumers’ purchase intention. The relationship between product perception and purchase intention was found to be moderated by the online experience with augmented reality. However, no proof was found that perceived risk when shopping online is moderated by using augmented reality. Conclusion Augmented reality can be used as a tool to enhance the consumers’ perception of the offered product and therewith raise the online purchase intention of Swedish millennials for shopping goods. The efficiency and informative aspects that augmented reality can provide are especially appreciated. Therefore, this study can recommend online retailers to introduce an augmented reality strategy in order to raise Swedish millennials’ purchase intention of shopping goods and therewith increase the sales numbers.
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Arciniega, Giurcovich Fadia. "Factores asociados a la compra de pasajes low cost en hombres y mujeres de 20 a 50 años de Lima Metropolitana." Bachelor's thesis, Universidad Peruana de Ciencias Aplicadas (UPC), 2020. http://hdl.handle.net/10757/652772.
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El formato de pasajes low cost es una tendencia que ha ido estableciéndose en el mercado peruano. No obstante, no han logrado tener la acogida esperada por parte de los consumidores peruanos, debido a diferentes aspectos. Por ello, en la presente investigación se analizarán factores asociados a la compra de pasajes low cost en hombres y mujeres de 20 a 50 años. De esta manera, se han seleccionado las variables valor hedónico, valor utilitario, influencia social, precio, promociones, página web, experiencia de compra y riesgo percibido.
Con la finalidad de poder comprobar las hipótesis se ha desarrollado una investigación mixta. Por un lado, en el estudio cualitativo se realizaron dos focus groups al público objetivo y tres encuestas a profundidad a expertos en el sector. Por otro lado, para el estudio cuantitativo se aplicó un cuestionario a 355 personas. Cabe mencionar que se hizo un estudio de regresión lineal múltiple. De esta manera, se obtuvo que las variables valor hedónico, página web y experiencia de compra fueron que las que presentaron una relación con la intención de compra.
Finalmente, es importante mencionar que la presente investigación es una de las pocas investigaciones realizadas sobre los factores que pueden presentar una relación sobre compra de pasajes low cost en el mercado peruano.The low-cost ticket format is a trend that has been establishing itself in the Peruvian market. However, due to different aspects the low-cost airlines have not managed to achieve the expected reception by Peruvian consumers. For this reason, this research will analyze factors associated with the purchase of low-cost tickets for men and women between 20 and 50 years of age in Lima. In this way, we select the variables hedonic value, utility value, social influence, price, promotions, website, purchase experience and perceived risk. In order to be able to evaluate the hypotheses, a mixed investigation has been developed. On the one hand, the qualitative study will analyze two focus groups on the target audience and three in-depth surveys of experts in the sector. On the other hand, for the quantitative study, a questionnaire was applied to 355 people. It should be noted that a multiple linear regression study was done. In this way, it was obtained the variables hedonic value, website and purchase experience had a relationship with the purchase intention. Finally, it is important that this investigation be one of the few investigations carried out on the factors that may present a relationship on the purchase of low-cost tickets in the Peruvian market.
Trabajo de investigación
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Lai, Hing-hong. "An analysis on the effectiveness of the home ownership strategy of the SAR government : the experience of the Tenant Purchase Scheme /." Hong Kong : University of Hong Kong, 2000. http://sunzi.lib.hku.hk/hkuto/record.jsp?B25940673.
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Jhun, Janete Hee Youn. "The effect of price framing and customer experience in purchase decision: field experimente with a jewelry store." reponame:Repositório Institucional do FGV, 2018. http://hdl.handle.net/10438/24599.
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Price promotions are a ubiquitous practice in the retail market and often consumers are overwhelmed by the variety of price schemes. Using a natural field experiment with a jewelry store, the present study tested the price framing effect and customer experience in purchase decision. The price framing effect was tested using three similar products offered alongside one another: 1 control with the regular price, 2 treatments designed to provide a positive transaction utility and price-quality perception - their prices were initially raised and then proportional discounts (10% and 20%) were applied, so that the final prices of all products amounted to be the same. The effect of customer experience was observed measuring the sales of two customers groups with different experience levels: retail customers (less experienced consumers) and wholesale customers (more experienced since they work as resellers). However, the hypotheses of the study were not confirmed, since the products treated with the price framing effect presented regression coefficients with low statistical significance, for both retail and wholesale customers. Considering that the experiment manipulated both price and discount, current literature on the subject indicates that the effects of quality perception that both present ended up conjoint and led to a null result. Some possible avenues to isolate these effects, as well as other lessons learned in the experiment, are discussed for future research.
Promoções de preço são práticas onipresentes no mercado varejista e frequentemente os consumidores se sentem sobrecarregados com a variedade de esquemas de preço. Através de um experimento de campo natural com uma loja de semi-joias, o presente estudo testou o efeito do framing de preço e experiência do cliente na decisão de compra. O efeito do framing de preço foi testado através de três produtos similares oferecidos um ao lado do outro: 1 controle com o preço regular, 2 tratamentos desenhados para prover uma utilidade transacional e percepção de qualidade positivas - os seus preços foram aumentados inicialmente e depois descontos proporcionais (10% e 20%) foram aplicados, chegando ao mesmo preço final. O efeito da experiência do cliente foi observado com a mensuração das vendas de dois grupos de clientes com diferentes níveis de experiência: clientes de varejo (consumidores menos experientes) e clientes de atacado (mais experientes pois atuam como revendedores). No entanto, as hipóteses do estudo não foram confirmadas, dado que os produtos tratados com o efeito de framing de preço apresentaram coeficientes de regressão com baixa significância estatística, para ambos os clientes de varejo e atacado. Considerando que o experimento manipulou tanto preço como desconto, a literatura atual sobre o tema indica que os efeitos de qualidade percebida que ambos apresentam acabaram se conjugando e podem ter levado a um resultado nulo. Alguns caminhos possíveis para isolar estes efeitos, bem como outras lições aprendidas no experimento, são discutidos para pesquisa futura.
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Dedic, Arnela. "The phenomena of Online Purchasing : Why do consumers make the choice of canceling their purchase online?" Thesis, Linnéuniversitetet, Institutionen för marknadsföring (MF), 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-68302.
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Purpose: This study aims to identify the most influential aspects that affect the consumer’s behavior regarding purchasing online, also why consumers choose not to complete their purchase or actually do complete it.
Research questions: How do an online retail store companies create a consumer experience resulting in a purchase or cancellation, and how do consumers perceive online experience? Methodology: A qualitative research approach was conducted, utilizing semi-structured interviews with two online retailing stores and five online consumers. Conclusion: The wants and needs in order to fulfill a purchase is the same for the companies and the consumers. However, the companies are clearly lacking on some aspects since they both confirmed that they have plenty of cancellations and items left in the basket. Consumers base their knowledge on previous experience, and companies base their knowledge on their own investigations. The connection is lost sometimes, and then i results in cancellations and left items.
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Wilhelmsson, Linn, and Patricia Matsson. "Influencerupplevelse och dess effekt på konsumenter genom Instagram : En studie kring svenska influencers påverkan på konsumenters köpintentioner." Thesis, Karlstads universitet, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:kau:diva-68343.
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Bakgrund: I dagens samhälle växer uppmärksamheten kring kända profiler på sociala medier i takt med att användandet av sociala medier ökar. Personer som blivit kända via sina sociala medier benämns ofta som influencers och ses som ett växande fenomen inom marknadsföring då de kan bidra till en ökad viral tillväxt för företag. För att konsumenter ska vilja köpa en produkt är det av vikt att det skapas attraktiva upplevelser kring ett varumärke. Det är därförav intresse att studera om influencers, som ett varumärke, på Instagram kan skapa upplevelser för konsumenter, som i sin tur har en påverkan på konsumenters köpintentioner av produkter och tjänster som syns i influencersinnehåll på Instagram. Syfte: Givet tidigare forskning är syftet med denna studie att studera om influencerupplevelse, eller delar av upplevelsen, på Instagram har en påverkan på konsumenters köpintentioner. Metod: En kvantitativ forskningsmetod har tillämpats i denna studie. Insamlande av data har skett genom en enkätundersökning som innefattade 200 studenter i åldrarna 19–39 år från Karlstads universitet. Data analyserades med hjälp av faktoranalys samt enkel- och multipel linjär regression. Slutsats: Den upplevelse som skapas kring influencers har i denna studie en påverkan på konsumenternas köpintentioner. Dessutom har varje del i upplevelsen på egen hand en effekt, vilket visar att de dimensioner som ingår ien influencerupplevelse inte är beroende av varandra för att påverka köpintentioner, däremot har de bäst effekt tillsammans. Marknadsföring via influencers kan därför ses som effektivt, genom att de upplevelser som en influencer skapar påverkar konsumenternas vilja att köpa produkter och tjänster.Background: In today’s society, famous social media profiles are gaining more attention due to the increasing use of social media. People who have become famous through their social media are often referred to as influencers and is a growing phenomenon in marketing, as they can contribute to an increased viral growth for companies. In order for consumers to want to buy a product, it is important to create attractive experiences in the encounter of a brand. Therefore, it is interesting to study whether influencers at Instagram can create experiences and if these experiences in turn have an impact on consumers’ purchase intentions of products and services seen in an influencers content on Instagram. Purpose: Given previous research, the purpose of this paper is to study whether influencer experience, or parts of the experience, at Instagram has an impact on consumers’ purchase intentions. Method: A quantitative research method has been used in this study. The data collection was conducted through a survey that comprised 200 students at the age of 19-39 from Karlstad University. The data was analysed using factoranalysis, as well as simple and multiple linear regression. Conclusion: In this study, the experience that is created around influencers has an impact on consumers’ buying behaviour. Additionally, every dimensionof the experience alone has an impact on purchase intentions, which shows that the dimensions are not dependent on each other to influence purchase intentions. However, they do have a better effect when they are put together. Influencer marketing can therefore be seen as effective, since the experiences that an influencer creates has an effect on the consumers’ intention to buy products and services.
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Eneh, Sandra. "Showroom the Future of Online Fashion Retailing 2.0 : Enhancing the online shopping experience." Thesis, Högskolan i Borås, Akademin för textil, teknik och ekonomi, 2015. http://urn.kb.se/resolve?urn=urn:nbn:se:hb:diva-159.
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The following have been rectified in response to previous evaluation by examiner Olof Bruninge. -We have solely chosen qualitative methods in data collection and analysis by making use of data gathered from focus group workshop. The findings have been coded and analysed descriptively. -We have reformulated research questions and replaced the hypothesis with open questions. Allowing us to explore the participants’ behaviour rather than testing hypothesis. -All quantitative measures have been replaced with qualitative analysis and descriptions. -We have provided tables with results from focus group findings to increase transparency in our data
Books on the topic "Purchase experience"
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Fermin, Jose D. 1904 World's Fair: The Filipino experience. West Conshohocken, PA: Infinity Publishing.com, 2004.
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Fermin, Jose D. 1904 World's Fair: The Filipino experience. West Conshohocken, PA: Infinity Publishing.com, 2004.
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Whose fair?: Experience, memory, and the history of the great St. Louis Exposition. Chicago: The University of Chicago Press, 2009.
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Dunn, Elizabeth Gay. The FUNDACEN experience: Factors for success and failure in a Guatemalan land purchase-sale program. Madision, Wis: Land Tenure Center, University of Wisconsin- Madison, 1992.
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Os, Henk. St Francis for Protestants. NL Amsterdam: Amsterdam University Press, 2016. http://dx.doi.org/10.5117/9789462985025.
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Lorenzo Monaco's striking fifteenth-century portrayal of the stigmatisation of St. Francis was once owned by the art collector Otto Lanz. What prompted Lanz to buy Monaco's painting in the 1920s? Was it simply because he saw it as a beautiful, unique work of art? Or was there something more-could Lanz have been drawn in by the mystical experience that the painting depicts? In this essay, Henk van Os attempts to uncover the motivation for Otto Lanz's purchase, in the process raising provocative questions about our relationship to religious art in a more secular era.
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Esterhazy, The Town of. STAGe FRIGHT: The THRILLusion Show! Esterhazy, Canada: The Town of Esterhazy : A Great Community with Great People, 1989.
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Staff, Houghton Mifflin Company. Houghton Mifflin Experience Science Maryland: Purchase Package General Education Level 3. Houghton Mifflin Harcourt Publishing Company, 2008.
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Staff, Houghton Mifflin Company. Houghton Mifflin Experience Science Maryland: Purchase Package Special Education Level 4. Houghton Mifflin Harcourt Publishing Company, 2008.
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Staff, Houghton Mifflin Company. Houghton Mifflin Experience Science Maryland: Purchase Package General Education Level 4. Houghton Mifflin Harcourt Publishing Company, 2008.
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Staff, Houghton Mifflin Company. Houghton Mifflin Experience Science Maryland: Purchase Package General Education Level 1. Houghton Mifflin Harcourt Publishing Company, 2009.
Find full textBook chapters on the topic "Purchase experience"
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Solelhac, Armelle. "The customer experience: From need, to purchase, and experience to loyalty." In Mountain Resort Marketing and Management, 149–63. London: Routledge, 2021. http://dx.doi.org/10.4324/9781003039396-6.
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Gibelman, Margaret. "Theory, Practice, and Experience in the Purchase of Services." In The Privatization of Human Services, 1–51. Berlin, Heidelberg: Springer Berlin Heidelberg, 1998. http://dx.doi.org/10.1007/978-3-662-30309-2_1.
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Gürvardar, İrfan, Kerem Rızvanoğlu, Özgürol Öztürk, and Özgür Yavuz. "How to Improve the Overall Pre-purchase Experience Through a New Category Structure Based on a Compatible Database: Gittigidiyor (Ebay Turkey) Case." In Design, User Experience, and Usability: Novel User Experiences, 366–76. Cham: Springer International Publishing, 2016. http://dx.doi.org/10.1007/978-3-319-40355-7_35.
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Prata, Wilson, Claudia Renata Mont’ Alvão, and Manuela Quaresma. "Usability Testing of Mobile Applications Store: Purchase, Search and Reviews." In Design, User Experience, and Usability. Web, Mobile, and Product Design, 714–22. Berlin, Heidelberg: Springer Berlin Heidelberg, 2013. http://dx.doi.org/10.1007/978-3-642-39253-5_80.
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Leonard, Myron, Keith Stephens, and Derek Brooks. "Attitudes Concerning the Purchase of Domestic vs. Imported Products: The Jamaican Experience." In Proceedings of the 1983 Academy of Marketing Science (AMS) Annual Conference, 586. Cham: Springer International Publishing, 2015. http://dx.doi.org/10.1007/978-3-319-16937-8_162.
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Qu, Jia, and Can Huang. "The Influence of Short Text Ad. on Consumer Purchase Intention: An Empirical Study." In Design, User Experience, and Usability: Users, Contexts and Case Studies, 693–702. Cham: Springer International Publishing, 2018. http://dx.doi.org/10.1007/978-3-319-91806-8_54.
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Yi, Wooyong, Jungyeon Sung, and Kwangsu Cho. "The Effect of User Experience Factors of Tablet Devices on Behavioral Intention to Purchase in the Experience Zone." In Human Centric Technology and Service in Smart Space, 25–36. Dordrecht: Springer Netherlands, 2012. http://dx.doi.org/10.1007/978-94-007-5086-9_4.
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Ramos, Célia M. Q., and João M. F. Rodrigues. "Social Network Behavior, from Information Search to Purchase: The Case of Generation X and Millennials." In Universal Access in Human-Computer Interaction. Design Methods and User Experience, 312–25. Cham: Springer International Publishing, 2021. http://dx.doi.org/10.1007/978-3-030-78092-0_20.
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Lopes, Inês, and Mafalda Nogueira. "The Impact of the Post-purchase Experience on Online Cosmetic Consumer Satisfaction: Case Study Pluricosmética." In Marketing and Smart Technologies, 723–36. Singapore: Springer Singapore, 2022. http://dx.doi.org/10.1007/978-981-16-9272-7_60.
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Morais, Mafalda, José Luís Reis, Mafalda Nogueira, and Mafalda Ferreira. "The Influence of Post-purchase Experience on Customer Loyalty in the Telecommunications Sector in Portugal." In Marketing and Smart Technologies, 149–61. Singapore: Springer Singapore, 2022. http://dx.doi.org/10.1007/978-981-16-9272-7_13.
Full textConference papers on the topic "Purchase experience"
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Wang, Jiazhen, Sanda Erdelez, and James Thome. "Online consumer information encountering experience for planned purchase and unplanned purchase." In the 2011 iConference. New York, New York, USA: ACM Press, 2011. http://dx.doi.org/10.1145/1940761.1940908.
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Liu, Feiqi, Han Hao, Fuquan Zhao, and Zongwei Liu. "The Review of Vehicle Purchase Restriction in China." In WCX SAE World Congress Experience. 400 Commonwealth Drive, Warrendale, PA, United States: SAE International, 2020. http://dx.doi.org/10.4271/2020-01-0972.
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Abd Razak, Nurul Fardila, Abdullah Muhamed Yusoff, Nur Azimah Othman, Derweanna Bah Simpong, and Noriza Ishak. "FACTORS THAT DETERMINE TOURIST’S PURCHASE INTENTION TOWARD KELANTANESE LOCAL CUISINE." In GLOBAL TOURISM CONFERENCE 2021. PENERBIT UMT, 2021. http://dx.doi.org/10.46754/gtc.2021.11.014.
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Local foods are one of the cravings of travelers wanting to experience the joys of domestic tourism. Some of the other reasons tourists visit a place is to experience the lifestyle, and culture. Besides these motivational factors, tourist visit places based on word -of- mouth and their own past experiences. The state of Kelantan, Malaysia is identified as a vibrant tourist destination as it has beautiful natural environs and has a rich and diverse cultural heritage that is easy to promote to tourists. Kelantan is also well known for its local cuisines that can attract the foodies. The uniqueness of the local cuisine also influences tourists to make other purchases. Using the quantitative research approach, this study aims to identify the relationship between food quality, price, and service quality towards the tourists intention to purchase local cuisine in Kelantan. These three independent variables will have a different role in explaining the factors that influence a tourist’s intent to purchase Kelantanese foodstuff.
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Yoon, Sojung, and Jai-Yeol Son. "The Roles of Digital Exhibition in Enhancing Immersive Experience and Purchase Intention." In Hawaii International Conference on System Sciences. Hawaii International Conference on System Sciences, 2021. http://dx.doi.org/10.24251/hicss.2021.545.
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García-Salirrosas, Elizabeth Emperatriz, and Dany Yudet Millones-Liza. "USAWEB: An Usability Metrics to Measure the Online Store Consumer's Purchase Experience." In ICEEG 2022: 2022 6th International Conference on E-Commerce, E-Business and E-Government. New York, NY, USA: ACM, 2022. http://dx.doi.org/10.1145/3537693.3537721.
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"CO-EXPERIENCE AND DIGITAL INCENTIVES: UNDERSTANDING PURCHASE INTENTION IN THE P2E METAVERSE." In 16th International Conference on Interfaces and Human Computer Interaction 2022 and 15th International Conference on Game and Entertainment Technologies 2022. IADIS Press, 2022. http://dx.doi.org/10.33965/ihci_get2022_202205r032.
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Liu, Lin. "Mobile Shopping and Impulse Buying: Chain Mediation of Flow Experience and Purchase Intention." In Proceedings of the 2018 3rd International Conference on Education, E-learning and Management Technology (EEMT 2018). Paris, France: Atlantis Press, 2018. http://dx.doi.org/10.2991/iceemt-18.2018.133.
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Prisilla, Anastasia, and Pepey Riawati Kurnia. "The Effects of Customer Experience on Purchase Intention in the Shopping Centers in Jakarta." In 3rd Asia Pacific Management Research Conference (APMRC 2019). Paris, France: Atlantis Press, 2020. http://dx.doi.org/10.2991/aebmr.k.200812.030.
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Wang, Mengyuan, and Yiwen Chen. "An Empirical Study of the Effect of Knowledge Product Experience on Impulse Purchase Intention." In ICEME 2021: The 2021 12th International Conference on E-business, Management and Economics. New York, NY, USA: ACM, 2021. http://dx.doi.org/10.1145/3481127.3481187.
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Roethke, Konstantin, Martin Adam, and Alexander Benlian. "Loot Box Purchase Decisions in Digital Business Models: The Role of Certainty and Loss Experience." In Hawaii International Conference on System Sciences. Hawaii International Conference on System Sciences, 2020. http://dx.doi.org/10.24251/hicss.2020.150.
Full textReports on the topic "Purchase experience"
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Syvash, Kateryna. AUDIENCE FEEDBACK AS AN ELEMENT OF PARASOCIAL COMMUNICATION WITH SCREEN MEDIA-PERSONS. Ivan Franko National University of Lviv, February 2021. http://dx.doi.org/10.30970/vjo.2021.49.11062.
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Parasocial communication is defined as an illusory and one-sided interaction between the viewer and the media person, which is analogous to interpersonal communication. Among the classic media, television has the greatest potential for such interaction through a combination of audio and visual series and a wide range of television content – from newscasts to talent shows. Viewers’ reaction to this product can be seen as a defining element of parasociality and directly affect the popularity of a media person and the ratings of the TV channel. In this article we will consider feedback as part of parasocial communication and describe ways to express it in times of media transformations. The psychological interaction «media person – viewer» had been the focus of research by both psychologists and media experts for over 60 years. During the study, scientists described the predictors, functions, manifestations and possible consequences of paracommunication. One of the key elements of the formed parasocial connections is the real audience reaction. Our goal is to conceptualize the concept of feedback in the paradigm of parasocial communication and describe the main types of reactions to the media person in long-term parasocial relationships. The research focuses on the ways in which the viewer’s feedback on the television media person is expressed, bypassing the issue of classifying the audience’s feedback as «positive» and «negative». For this purpose, more than 20 interdisciplinary scientific works on the issue of parasocial interaction were analyzed and their generalization was carried out. Based on previous research, the types and methods of feedback in the television context are separated. With successful parasocial interaction, the viewer can react in different ways to the media person. The type of feedback will directly depend on the strength of the already established communication with the media person. We distinguish seven types of feedback and divide them into those that occur during or after a television show; those that are spontaneous or planned; aimed directly at the media person or third parties. We offer the following types of feedback from TV viewers: «talking to the TV»; telling about the experience of parasocial communication to others; following on social networks; likes and comments; imitation of behavior and appearance; purchase of recommended brands; fanart.
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Brody, Fern, Judith Brink, Anne Koenig, Dan Przybylak, and Berenika M. Webster. Library Impact Research Report: Discovery of Published Information by Early-Career Science Faculty. Association of Research Libraries, November 2022. http://dx.doi.org/10.29242/report.pitt2022a.
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As part of ARL’s Research Library Impact Framework initiative, a team from the University of Pittsburgh Library System conducted a study to understand the information-seeking behavior of early-career faculty in the hard sciences. The team sought to learn how those faculty discover published content and if they use library-purchased commercial databases in the process. Additionally, the team wished to understand how much time and effort researchers invest when looking for content and what pain points they experience. Another objective of this project was to develop and evaluate a methodology for collecting and analyzing information about the library’s role in the research discovery process, for any part of the research life cycle. Thus, the results will guide library services, as well as shed light on ways libraries can support researchers in research discovery.
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Belcher, Scott, Terri Belcher, Kathryn Seckman, Brandon Thomas, and Homayun Yaqub. Aligning the Transit Industry and Their Vendors in the Face of Increasing Cyber Risk: Recommendations for Identifying and Addressing Cybersecurity Challenges. Mineta Transportation Institute, July 2022. http://dx.doi.org/10.31979/mti.2022.2113.
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Public transit agencies in the United States depend on external vendors to help deliver and maintain many essential services and to provide critical technologies, from ticket purchases to scheduling to email management. While the integration of new, advanced technologies into the public transit industry brings important advancements to U.S. critical transportation infrastructure, the application of digital technologies also brings with it a new assortment of digital risks. Transit agencies of all sizes are finding themselves subject to cyber incidents—most notably ransomware attacks—like those experienced by larger, more prominent companies and critical infrastructure providers. The findings in this report focus on helping all parties involved improve in three key areas: cyber literacy and procurement practices, the lifecycle of technology vis-à-vis transit hardware, and the importance of embracing risk as a road to resiliency.
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Agrawal, Asha Weinstein, Serena Alexander, and Ashley M. Hooper. Understanding COVID-19’s Impact on Local Transportation Revenue –A Mid-Crisis View from Experts. Mineta Transportation Institute, October 2022. http://dx.doi.org/10.31979/mti.2022.1938b.
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When COVID-19 swept into the United States in early 2020, it upended two patterns of behavior critical to transportation funding: how people traveled and where economic activity occurred. This study explored how, one year into the pandemic, experts in California believed that the COVID-19 pandemic was impacting local transportation budgets. We interviewed 34 funding experts who represented local transportation and public works departments, state officials, and municipal finance experts. In these conversations, conducted from December 2020 to March 2021, we asked interviewees how they saw COVID-19 impacting their overall local transportation budgets in the short and long term as well as which specific revenue sources were particularly effected. Key findings were as follows: the transportation revenue impacts from COVID-19 varied greatly by place, mode, and type of local government; public transit was the mode that experienced the most drastic change in transportation revenues; federal coronavirus relief funds allowed essential services to continue through the pandemic; the shift to telework had an enormous impact on transportation budgets by changing the location of taxable activities and thus reallocating revenue differently across local jurisdictions; and COVID-19 spotlighted long-term challenges with both motor fuel taxes and the distribution of sales tax from online purchases.
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Prysyazhnyi, Mykhaylo. UNIQUE, BUT UNCOMPLETED PROJECTS (FROM HISTORY OF THE UKRAINIAN EMIGRANT PRESS). Ivan Franko National University of Lviv, March 2021. http://dx.doi.org/10.30970/vjo.2021.50.11093.
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In the article investigational three magazines which went out after Second World war in Germany and Austria in the environment of the Ukrainian emigrants, is «Theater» (edition of association of artists of the Ukrainian stage), «Student flag» (a magazine of the Ukrainian academic young people is in Austria), «Young friends» (a plastoviy magazine is for senior children and youth). The thematic structure of magazines, which is inferior the association of different on age, is considered, by vital experience and professional orientation of people in the conditions of the forced emigration, paid regard to graphic registration of magazines, which, without regard to absence of the proper publisher-polydiene bases, marked structuralness and expressiveness. A repertoire of periodicals of Ukrainian migration is in the American, English and French areas of occupation of Germany and Austria after Second world war, which consists of 200 names, strikes the tipologichnoy vseokhopnistyu and testifies to the high intellectual level of the moved persons, desire of yaknaynovishe, to realize the considerable potential in new terms with hope on transference of the purchased experience to Ukraine. On ruins of Europe for two-three years the network of the press, which could be proud of the European state is separately taken, is created. Different was a period of their appearance: from odnogo-dvokh there are to a few hundred numbers, that it is related to intensive migration of Ukrainians to the USA, Canada, countries of South America, Australia. But indisputable is a fact of forming of conceptions of newspapers and magazines, which it follows to study, doslidzhuvati and adjust them to present Ukrainian realities. Here not superfluous will be an example of a few editions on the thematic range of which the names – «Plastun» specify, «Skob», «Mali druzi», «Sonechko», «Yunackiy shliah», «Iyzhak», «Lys Mykyta» (satire, humour), «Literaturna gazeta», «Ukraina і svit», «Ridne slovo», «Hrystyianskyi shliah», «Golos derzhavnyka», «Ukrainskyi samostiynyk», «Gart», «Zmag» (sport), «Litopys politviaznia», «Ukrains’ka shkola», «Torgivlia i promysel», «Gospodars’ko-kooperatyvne zhyttia», «Ukrainskyi gospodar», «Ukrainskyi esperantist», «Radiotehnik», «Politviazen’», «Ukrainskyi selianyn» Considering three riznovektorni magazines «Teatr» (edition of Association Mistciv the Ukrainian Stage), «Studentskyi prapor» (a magazine of the Ukrainian academic young people is in Austria), «Yuni druzi» (a plastoviy magazine is for senior children and youth) assert that maintenance all three magazines directed on creation of different on age and by the professional orientation of national associations for achievement of the unique purpose – cherishing and maintainance of environments of ukrainstva, identity, in the conditions of strange land. Without regard to unfavorable publisher-polydiene possibilities, absence of financial support and proper encouragement, release, followed the intensive necessity of concentration of efforts for achievement of primary purpose – receipt and re-erecting of the Ukrainian State.
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Payment Systems Report - June of 2021. Banco de la República, February 2022. http://dx.doi.org/10.32468/rept-sist-pag.eng.2021.
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Banco de la República provides a comprehensive overview of Colombia’s finan¬cial infrastructure in its Payment Systems Report, which is an important product of the work it does to oversee that infrastructure. The figures published in this edition of the report are for the year 2020, a pandemic period in which the con¬tainment measures designed and adopted to alleviate the strain on the health system led to a sharp reduction in economic activity and consumption in Colom¬bia, as was the case in most countries. At the start of the pandemic, the Board of Directors of Banco de la República adopted decisions that were necessary to supply the market with ample liquid¬ity in pesos and US dollars to guarantee market stability, protect the payment system and preserve the supply of credit. The pronounced growth in mone¬tary aggregates reflected an increased preference for liquidity, which Banco de la República addressed at the right time. These decisions were implemented through operations that were cleared and settled via the financial infrastructure. The second section of this report, following the introduction, offers an analysis of how the various financial infrastructures in Colombia have evolved and per¬formed. One of the highlights is the large-value payment system (CUD), which registered more momentum in 2020 than during the previous year, mainly be¬cause of an increase in average daily remunerated deposits made with Banco de la República by the General Directorate of Public Credit and the National Treasury (DGCPTN), as well as more activity in the sell/buy-back market with sovereign debt. Consequently, with more activity in the CUD, the Central Securi¬ties Depository (DCV) experienced an added impetus sparked by an increase in the money market for bonds and securities placed on the primary market by the national government. The value of operations cleared and settled through the Colombian Central Counterparty (CRCC) continues to grow, propelled largely by peso/dollar non-deliverable forward (NDF) contracts. With respect to the CRCC, it is important to note this clearing house has been in charge of managing risks and clearing and settling operations in the peso/dollar spot market since the end of last year, following its merger with the Foreign Exchange Clearing House of Colombia (CCDC). Since the final quarter of 2020, the CRCC has also been re¬sponsible for clearing and settlement in the equities market, which was former¬ly done by the Colombian Stock Exchange (BVC). The third section of this report provides an all-inclusive view of payments in the market for goods and services; namely, transactions carried out by members of the public and non-financial institutions. During the pandemic, inter- and intra-bank electronic funds transfers, which originate mostly with companies, increased in both the number and value of transactions with respect to 2019. However, debit and credit card payments, which are made largely by private citizens, declined compared to 2019. The incidence of payment by check contin¬ue to drop, exhibiting quite a pronounced downward trend during the past last year. To supplement to the information on electronic funds transfers, section three includes a segment (Box 4) characterizing the population with savings and checking accounts, based on data from a survey by Banco de la República con-cerning the perception of the use of payment instruments in 2019. There also is segment (Box 2) on the growth in transactions with a mobile wallet provided by a company specialized in electronic deposits and payments (Sedpe). It shows the number of users and the value of their transactions have increased since the wallet was introduced in late 2017, particularly during the pandemic. In addition, there is a diagnosis of the effects of the pandemic on the payment patterns of the population, based on data related to the use of cash in circu¬lation, payments with electronic instruments, and consumption and consumer confidence. The conclusion is that the collapse in the consumer confidence in¬dex and the drop in private consumption led to changes in the public’s pay¬ment patterns. Credit and debit card purchases were down, while payments for goods and services through electronic funds transfers increased. These findings, coupled with the considerable increase in cash in circulation, might indicate a possible precautionary cash hoarding by individuals and more use of cash as a payment instrument. There is also a segment (in Focus 3) on the major changes introduced in regulations on the retail-value payment system in Colombia, as provided for in Decree 1692 of December 2020. The fourth section of this report refers to the important innovations and tech¬nological changes that have occurred in the retail-value payment system. Four themes are highlighted in this respect. The first is a key point in building the financial infrastructure for instant payments. It involves of the design and im¬plementation of overlay schemes, a technological development that allows the various participants in the payment chain to communicate openly. The result is a high degree of interoperability among the different payment service providers. The second topic explores developments in the international debate on central bank digital currency (CBDC). The purpose is to understand how it could impact the retail-value payment system and the use of cash if it were to be issued. The third topic is related to new forms of payment initiation, such as QR codes, bio¬metrics or near field communication (NFC) technology. These seemingly small changes can have a major impact on the user’s experience with the retail-value payment system. The fourth theme is the growth in payments via mobile tele¬phone and the internet. The report ends in section five with a review of two papers on applied research done at Banco de la República in 2020. The first analyzes the extent of the CRCC’s capital, acknowledging the relevant role this infrastructure has acquired in pro¬viding clearing and settlement services for various financial markets in Colom¬bia. The capital requirements defined for central counterparties in some jurisdic¬tions are explored, and the risks to be hedged are identified from the standpoint of the service these type of institutions offer to the market and those associated with their corporate activity. The CRCC’s capital levels are analyzed in light of what has been observed in the European Union’s regulations, and the conclusion is that the CRCC has a scheme of security rings very similar to those applied internationally and the extent of its capital exceeds what is stipulated in Colombian regulations, being sufficient to hedge other risks. The second study presents an algorithm used to identify and quantify the liquidity sources that CUD’s participants use under normal conditions to meet their daily obligations in the local financial market. This algorithm can be used as a tool to monitor intraday liquidity. Leonardo Villar Gómez Governor
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Financial Stability Report - Second Semester of 2020. Banco de la República de Colombia, March 2021. http://dx.doi.org/10.32468/rept-estab-fin.sem2.eng-2020.
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The Colombian financial system has not suffered major structural disruptions during these months of deep economic contraction and has continued to carry out its basic functions as usual, thus facilitating the economy's response to extreme conditions. This is the result of the soundness of financial institutions at the beginning of the crisis, which was reflected in high liquidity and capital adequacy indicators as well as in the timely response of various authorities. Banco de la República lowered its policy interest rates 250 points to 1.75%, the lowest level since the creation of the new independent bank in 1991, and provided ample temporary and permanent liquidity in both pesos and foreign currency. The Office of the Financial Superintendent of Colombia, in turn, adopted prudential measures to facilitate changes in the conditions for loans in effect and temporary rules for rating and loan-loss provisions. Finally, the national government expanded the transfers as well as the guaranteed credit programs for the economy. The supply of real credit (i.e. discounting inflation) in the economy is 4% higher today than it was 12 months ago with especially marked growth in the housing (5.6%) and commercial (4.7%) loan portfolios (2.3% in consumer and -0.1% in microloans), but there have been significant changes over time. During the first few months of the quarantine, firms increased their demands for liquidity sharply while consumers reduced theirs. Since then, the growth of credit to firms has tended to slow down, while consumer and housing credit has grown. The financial system has responded satisfactorily to the changes in the respective demands of each group or sector and loans may grow at high rates in 2021 if GDP grows at rates close to 4.6% as the technical staff at the Bank expects; but the forecasts are highly uncertain. After the strict quarantine implemented by authorities in Colombia, the turmoil seen in March and early April, which was evident in the sudden reddening of macroeconomic variables on the risk heatmap in Graph A,[1] and the drop in crude oil and coal prices (note the high volatility registered in market risk for the region on Graph A) the local financial markets stabilized relatively quickly. Banco de la República’s credible and sustained policy response played a decisive role in this stabilization in terms of liquidity provision through a sharp expansion of repo operations (and changes in amounts, terms, counterparties, and eligible instruments), the purchases of public and private debt, and the reduction in bank reserve requirements. In this respect, there is now abundant aggregate liquidity and significant improvements in the liquidity position of investment funds. In this context, the main vulnerability factor for financial stability in the short term is still the high degree of uncertainty surrounding loan quality. First, the future trajectory of the number of people infected and deceased by the virus and the possible need for additional health measures is uncertain. For that reason, there is also uncertainty about the path for economic recovery in the short and medium term. Second, the degree to which the current shock will be reflected in loan quality once the risk materializes in banks’ financial statements is uncertain. For the time being, the credit risk heatmap (Graph B) indicates that non-performing and risky loans have not shown major deterioration, but past experience indicates that periods of sharp economic slowdown eventually tend to coincide with rises in non-performing loans: the calculations included in this report suggest that the impact of the recession on credit quality could be significant in the short term. This is particularly worrying since the profitability of credit establishments has been declining in recent months, and this could affect their ability to provide credit to the real sector of the economy. In order to adopt a forward-looking approach to this vulnerability, this Report presents several stress tests that evaluate the resilience of the liquidity and capital adequacy of credit institutions and investment funds in the event of a hypothetical scenario that seeks to simulate an extreme version of current macroeconomic conditions. The results suggest that even though there could be strong impacts on the credit institutions’ volume of credit and profitability under such scenarios, aggregate indicators of total and core capital adequacy will probably remain at levels that are above the regulatory limits over the horizon of a year. At the same time, the exercises highlight the high capacity of the system's liquidity to face adverse scenarios. In compliance with its constitutional objectives and in coordination with the financial system's security network, Banco de la República will continue to closely monitor the outlook for financial stability at this juncture and will make the decisions that are necessary to ensure the proper functioning of the economy, facilitate the flow of sufficient credit and liquidity resources, and further the smooth operation of the payment systems. Juan José Echavarría Governor
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Payment Systems Report - June of 2020. Banco de la República de Colombia, February 2021. http://dx.doi.org/10.32468/rept-sist-pag.eng.2020.
Full textAbstract:
With its annual Payment Systems Report, Banco de la República offers a complete overview of the infrastructure of Colombia’s financial market. Each edition of the report has four objectives: 1) to publicize a consolidated account of how the figures for payment infrastructures have evolved with respect to both financial assets and goods and services; 2) to summarize the issues that are being debated internationally and are of interest to the industry that provides payment clearing and settlement services; 3) to offer the public an explanation of the ideas and concepts behind retail-value payment processes and the trends in retail payments within the circuit of individuals and companies; and 4) to familiarize the public, the industry, and all other financial authorities with the methodological progress that has been achieved through applied research to analyze the stability of payment systems. This edition introduces changes that have been made in the structure of the report, which are intended to make it easier and more enjoyable to read. The initial sections in this edition, which is the eleventh, contain an analysis of the statistics on the evolution and performance of financial market infrastructures. These are understood as multilateral systems wherein the participating entities clear, settle and register payments, securities, derivatives and other financial assets. The large-value payment system (CUD) saw less momentum in 2019 than it did the year before, mainly because of a decline in the amount of secondary market operations for government bonds, both in cash and sell/buy-backs, which was offset by an increase in operations with collective investment funds (CIFs) and Banco de la República’s operations to increase the money supply (repos). Consequently, the Central Securities Depository (DCV) registered less activity, due to fewer negotiations on the secondary market for public debt. This trend was also observed in the private debt market, as evidenced by the decline in the average amounts cleared and settled through the Central Securities Depository of Colombia (Deceval) and in the value of operations with financial derivatives cleared and settled through the Central Counterparty of Colombia (CRCC). Section three offers a comprehensive look at the market for retail-value payments; that is, transactions made by individuals and companies. During 2019, electronic transfers increased, and payments made with debit and credit cards continued to trend upward. In contrast, payments by check continued to decline, although the average daily value was almost four times the value of debit and credit card purchases. The same section contains the results of the fourth survey on how the use of retail-value payment instruments (for usual payments) is perceived. Conducted at the end of 2019, the main purpose of the survey was to identify the availability of these payment instruments, the public’s preferences for them, and their acceptance by merchants. It is worth noting that cash continues to be the instrument most used by the population for usual monthly payments (88.1% with respect to the number of payments and 87.4% in value). However, its use in terms of value has declined, having registered 89.6% in the 2017 survey. In turn, the level of acceptance by merchants of payment instruments other than cash is 14.1% for debit cards, 13.4% for credit cards, 8.2% for electronic transfers of funds and 1.8% for checks. The main reason for the use of cash is the absence of point-of-sale terminals at commercial establishments. Considering that the retail-payment market worldwide is influenced by constant innovation in payment services, by the modernization of clearing and settlement systems, and by the efforts of regulators to redefine the payment industry for the future, these trends are addressed in the fourth section of the report. There is an account of how innovations in technology-based financial payment services have developed, and it shows that while this topic is not new, it has evolved, particularly in terms of origin and vocation. One of the boxes that accompanies the fourth section deals with certain payment aspects of open banking and international experience in that regard, which has given the customers of a financial entity sovereignty over their data, allowing them, under transparent and secure conditions, to authorize a third party, other than their financial entity, to request information on their accounts with financial entities, thus enabling the third party to offer various financial services or initiate payments. Innovation also has sparked interest among international organizations, central banks, and research groups concerning the creation of digital currencies. Accordingly, the last box deals with the recent international debate on issuance of central bank digital currencies. In terms of the methodological progress that has been made, it is important to underscore the work that has been done on the role of central counterparties (CCPs) in mitigating liquidity and counterparty risk. The fifth section of the report offers an explanation of a document in which the work of CCPs in financial markets is analyzed and corroborated through an exercise that was built around the Central Counterparty of Colombia (CRCC) in the Colombian market for non-delivery peso-dollar forward exchange transactions, using the methodology of network topology. The results provide empirical support for the different theoretical models developed to study the effect of CCPs on financial markets. Finally, the results of research using artificial intelligence with information from the large-value payment system are presented. Based on the payments made among financial institutions in the large-value payment system, a methodology is used to compare different payment networks, as well as to determine which ones can be considered abnormal. The methodology shows signs that indicate when a network moves away from its historical trend, so it can be studied and monitored. A methodology similar to the one applied to classify images is used to make this comparison, the idea being to extract the main characteristics of the networks and use them as a parameter for comparison. Juan José Echavarría Governor