An Empirical Study on the Evolution of Retail Format and Enterprise Performance in the Era of Digital Economy
TIAN Hongbin1,2, YANG Xiuyun1, TIAN Qitao3
1. School of Economics and Finance, Xi'an Jiaotong University, Xi'an 710061, China; 2. School of International Economics and Business, Henan University of Economics and Law, Zhengzhou 450046, China; 3. School of Business Administration, Henan University of Economics and Law, Zhengzhou 450046, China
Abstract Based on the micro-data of retail enterprise level from 2005 to 2018, this paper uses the double difference method to analyze the impact of retailer business model choices at different stages on enterprise performance from the evolution of the retail industry. The results show that the “pure entity” retail has shifted to “online” retail. Due to the substantial increase in operating costs, operating expenses and the management complexity in the process of expanding network retailing channel, the retail enterprises have suffered significant profit loses. Therefore, the physical retailers who carry out online retailing do not get an increase in their business performance. However, at the stage of “online” retail shifting to “new retail”, the synergy effect of digital operation and “omni-channel” improve the enterprise's operational efficiency and capital turnover efficiency, and promotes retail enterprises to obtain higher profits and performance. Therefore, it can be said that “new retail” improves the performance of retail enterprises. The heterogeneity results indicate that the impact of business format evolution on retail enterprises in the eastern region is higher than that of the central and the western regions, but there is no significant impact on retail enterprises with different attributes. This conclusion can provide micro-level empirical evidence support for the development of retail industry formats and changes in enterprise performance in the context of the digital economy.
2021, Vol. 38 
