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http://dx.doi.org/10.14400/JDC.2021.19.1.187

The Internet of Things(IoT) applications and value creation in the retail industry: focusing on consumer decision-making stages  

Park, In-hyoung (Division of Social Innovation Convergence, Sungkyunkwan University)
Jeong, So Won (School of Global Convergence Studies, Inha University)
Publication Information
Journal of Digital Convergence / v.19, no.1, 2021 , pp. 187-198 More about this Journal
Abstract
This study aims to understand the current status of the use of IoT-based products and services from the perspective of consumers and analyze the role and consumption value of each service-generated from the products and services. Their features and generated consumption value have been identified The decision-making process was divided into based on three stages (pre-purchase, purchase, and post-purchase) stages, and IoT services were classified in stages. In the pre-purchase stage, the IoT service provides information and alternatives, and is used for interaction and automatic payment systems in the purchasing stage. In the post-purchase stage, repetitive purchases are encouraged and after-sale services are provided. Throughout the decision-making process, smart retai application and servicel provides epistemic and functional value. In addition, it provides conditional and social value in the pre-purchase stage, and conditional value in the post-purchase stage. This study aims to provideprovides marketers and retailers an insight advice for the enhanced satisfaction of consumersimproving the satisfaction of consumers and the development of smart retail by examining the consumer-centered consumption value.
Keywords
IoT; Retail; Smart Retail; Consumption Value; Decision-making;
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