Advances in Economics, Management and Political Sciences

- The Open Access Proceedings Series for Conferences

Volume Info.

  • Title

    Proceedings of the 2nd International Conference on Business and Policy Studies

    Conference Date






    978-1-915371-45-4 (Print)

    978-1-915371-46-1 (Online)

    Published Date



    Canh Thien Dang, King's College London

    Javier Cifuentes-Faura, University of Murcia


  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230342

    Analysis of Tesla’s Organisational ManagementIn the Chinese Market and Countermeasures

    This paper first introduces the development trend of new energy vehicles in the world, and then focuses on the development of new energy vehicles in the Chinese market. It also focuses on the development of the Chinese market for new energy vehicles in the next fifteen years from a policy perspective. Then it comes the current situation of the new energy industry, from its development history, to the current situation of China's new energy vehicle industry, and then to the prospect of new energy in China. After that, Tesla is analysed with Porter's five forces model, followed by a deeper analysis in terms of employee management, environmental impact, product impact, and marketing campaign. Later it discusses difficulties encountered by Tesla in terms of tax, localisation, brand competition, the impact of COVID-19, and safety issues. Lastly, a few recommendations are provided to encounter the difficulties mentioned above.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230344

    The Way and Necessity of Leadership Promoting the Efficient Operation of Human Resources in Pucheng Power Plant under the Transformation of New Energy

    The largest thermal power plant in Shaanxi Province, Dang Pucheng (No. 2) Power Generation Co., Ltd. (hereafter referred to as Pudian business), is situated in Sunzhen Town, Pucheng County. On October 1,2020, Pudian's affiliation with China Huadian Group was terminated and transferred to China Datang Group. They are divided into Datang Pucheng Power Generation Co., Ltd. and Datang Pucheng No. 2 Power Generation Co., Ltd. with two brands and a specific set of organizational operation modes as a result of the various investors. The Pudian Company employs around 1400 people in 15 departments, and Pudian company's main business are: building and running power supply projects; producing and selling electricity; fully using and managing waste generated by power plants; providing consultancy services in the field of power technology; and training professionals in the field of thermal power operation and maintenance.Rapid Transfer of Talents from Thermal Power Plants to New Energy Power Generation Industry under "Double Carbon Goal" The human resource management of Pucheng Power Plant in the new energy power generating industry has not been extensively evaluated in the prior literature. Using Porter's five forces model and Maslow's demand theory. this study analyzes and proposes solutions to the challenges of Pucheng Power Plant in the growth of the new energy power generating industry. A brief introduction to the challenges in human resource management at Pucheng Power Plant Difficulties and Solutions in the Process of Green Transformation of Pucheng Power Plant Application and Suggestions Based on Porter's Five Forces Model and Maslow's Demand Theory.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230345

    Antecedents of Organizational Performance: A Literature Review

    Organizational performance is an important indicator for the survival and development of organizations, especially nowadays, the spread of the new crown epidemic, the declining international economic situation, and the increasing difficulties in the operation of domestic and international organizations have forced all organizations to actively seek ways to improve organizational performance. The measurement and influencing factors of organizational performance in different times and industries vary for each organization, but there are commonalities. This paper reviews a number of papers that attempt to identify the factors that influence organizational performance as a reference for organizations to improve their own performance. The literature review summarizes four antecedent variables that have a significant impact on organizational performance: organizational risk, organizational human resource management, organizational heterogeneity, and organizational leadership style.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230346

    Nintendo’s Development Status and Prospects in the Chinese Market

    The video game industry has been a rapidly developing industry in recent years and has great market influence. This article starts with an analysis of the problems and difficulties that Nintendo has encountered in the Chinese market environment with rapid economic and technological development, based on consumer feedback, media reports, the company’s direction, and the company’s economic changes during the COVID-19 period. According to the survey, the author will analyze the advantages and disadvantages of Nintendo in the Chinese market and the future development prospects, and finally come to the conclusion that Nintendo has great development potential in the Chinese market and consumers can also buy the company’s products with confidence.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230347

    Securitization:The “curse” of the Financial System during the 2008 Crisis

    During the 2008 financial crisis, many investment and commercial banks were hit hard. The primary reasons that caused the financial crisis were the abuse of mortgage securitization and the housing bubble. In this paper, our group mainly focused on the potential issue of the mortgage securitization structure and the impact that the abuse of securitization caused. Our group analyzed the correlation between mortgage defaults through the OLS linear regression model. It showed an underestimation of the possibility of defaulting on securitization products (MBS, CDO, etc.). Furthermore, our group analyzed the expansion of this potential risk due to the raised housing bubble. After analyzing the potential risk, our group analyzed the impacts that the securitization caused in macro and micro views. First, our group analyzed vital factors that affect bank performance using the OLS linear regression model. Moreover, based on the change of these critical factors caused by the exposed potential risk from the securitization structure, our group analyzed the bank’s performance during the financial crisis. Second, our group analyzed the macro impacts before, during, and after the financial crisis due to the abuse of securitization. Overall, according to the potential risk in the securitization structure and the macro and micro impacts caused by the exposed potential risk, our group concluded that the abuse of securitization was the “curse” for the whole financial system at that time.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230348

    Does Resettlement Settled the Poverty?Poverty Alleviation Resettlement Programme and Multidimensional Poverty in Rural China

    Poverty Alleviation Resettlement is a key component of China’s ‘Five-Batch’ policy in Targeted Poverty Alleviation. This work introduces the history of the PAR programme in China and the current phase of work arrangement. It presents findings from the literature on internal and rural-urban migration in China and other countries as well as some of the experiences and problems faced by the previous poverty alleviation resettlement projects. In addition, it attempts to build a simple DiD model to determine the impact of participation in the PAR programmes on the multidimensional poverty status of the poor in China, taking subjective and objective factors into account. It finally illustrates some shortcomings of this research for future refinement.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230349

    A Surging Company Against the Odds of Adversity in New Normal: The Case Analysis of Tesla

    As one of the most ambitious and innovative companies in the automobile manufacturing industry across the world, Tesla visions itself with the mission to change and redefine the industry landscape of future mobility empowered by innovation and new transportation technologies. This research is conducted to examine how Tesla manages to surge against the odds of all the adversity manifested in the new normal through the lens of financial analysis of Tesla’s annual reports. In light of the key concepts and financial performance and accounting data presented in the company report, the financial situation and growth of Tesla, specifically regarding its strengths and weaknesses, are analyzed. Besides, possible suggestions on risk control and financial viability, in the long run, are provided. Furthermore, the financial performance of Tesla analyzed from the key metrics are linked to the macroeconomic environment presented in the new normal, so as to consider the impacts on the company’s revenues and the validity of the company’s stock price performance for investment selection.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230351

    A Survey of Using Blockchain to Build a Decentralized and Trustless Marketplace for Brokered IoT Data Trading

    As the data market becomes ubiquitous, it is necessary to study the data streams generated by Internet of Things (IoT) devices. For example, nowadays, security problems are crucial to the process of data transaction. Due to the decentralization of blockchain and difficult data tampering, blockchain can well solve the security problems in data transaction. However, the transaction efficiency of blockchain can hardly meet the current market due to latency and other problems. This article mainly reviews existing research on blockchain and IoT data and put forward possible solutions for dealing with some of the current problems. The present study is mainly divided into three parts, including the classification of research problems, research methods, and the classification of experiments. The main research questions are about insufficient functionality and poor performance on the Internet of Things and data markets. In addition to the discussion on whether to use blockchain, this article also proposes some feasible research directions for future research.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230352

    Research On Management Quality of Starbucks in China's Business Expansion

    This paper gives a general introduction of Starbucks including its scale in China, the changes of its sales in these years and use Five Forces Model to analyse the threats of Starbucks. From six aspects to show the potential risks of Starbucks. This essay also explores some problems Starbucks caused in expansion, leadership behaviour, personnel management, brand positioning. The main problems are the low-quality service, the ignoring of the individual management, bad performance of some workers and the broken end-up brand positioning respectively. The Maslow’s hierarchy of needs model is used to motivate the workers and solve the problems in expansion. The Multiple-Linkage model is divided into two parts to solve the rest problems.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230353

    Analysis on Text Mining in Stock Market Applications

    Stocks are a financial product with high risk but high reward and flexible trading that many investors prefer. If an investor can accurately predict the price of a stock, he or she will be rewarded handsomely. Stock prices, on the other hand, are influenced by a variety of factors, including macroeconomic conditions, market conditions, major socioeconomic events, investor preferences, and company business decisions. As a result, stock price forecasting has become the focus and difficulty of research in a variety of fields. Stock price prediction entails gathering news and commentaries, analyzing historical data, and determining the impact of news events on investor sentiment and stock price trends. The purpose of this paper is to provide an introduction to the application of text mining in the stock market, including commonly used text mining and prediction models, as well as to highlight problems in the field and suggest some future directions for improvement or research. Finally, many unresolved issues are raised in order to contribute to future research in this area.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230355

    A Study on the Management of Staff Remuneration in Wuhan Wanda Realm Hotel before and after the Epidemic

    In modern human resources management theory, compensation management is the most important and difficult module: the design of the compensation system and its conformity to the needs of the company's development strategy are the most crucial. Its strategy to meet the needs of employees is simultaneously confronted with a complex external environment. Compensation strategies must also be adapted to maintain the effectiveness of the compensation system. This is a central issue facing hotel operators. This paper takes Wuhan Wanda Realm Hotel as the subject of this study and analyses its compensation structure, pay allocation, performance bonuses, benefits package and employee satisfaction. By comparing industry data, we can understand how Wanda Realm Hotel is operating in the face of the epidemic. To understand how to adjust the remuneration strategy, this study explores the problems in the existing remuneration system, applying theories such as two-factor and profit-sharing, through forwarding specific suggestions on salary differentiation, positions’ grading standard and salary incentive, this research intends to improve the overall salary incentive system of the Wanda Realm Hotel.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230362

    Analysis of the Reasons behind the Rise in Watch Prices

    The prices of luxury goods are soaring. Among them, the price of luxury watches fluctuates considerably. Some styles are even out of stock for a long time. This article analyzes the reasons for the large price fluctuations of luxury watches by comparing different watch brands and types. The data in this article mainly comes from watch buying and selling websites. Watch prices can fluctuate for 3 reasons. The first is that the relationship between supply and demand determines the rise and fall of prices. Secondly, the relationship between retailer sales and scalpers also contributed to the volatility of watch prices. Finally, ordinary consumers buy watches from oligarchic merchants at higher prices, which also causes watch prices to rise a lot.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230363

    Advancing Legal Research on Gender Diversity in Chinese Corporate Leadership

    At present, with the development of economic globalization, in order to create a better business environment and improve the efficiency of enterprises, the optimization of the gender structure of enterprise leaders has increasingly become our new focus of attention. The leadership composition of Chinese enterprises, whether state-owned or private, is still predominantly male, with significantly fewer female leaders than male. With relatively balanced education levels, women still seem to be excluded from the core power of management for some implicit reasons, making it difficult for them to participate in major decisions in an equal capacity. The purpose of this paper is to analyze the obstacles to women's access to leadership positions in enterprises and to propose legal regulation ideas for gender equality in China's workplace and the optimization of the gender structure of corporate leadership.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230365

    Research on the Influence of ConsumerPsychological Motivation on Luxury Consumption Behavior

    The rapid development of the world economy and the improvement of the income level of residents this has promoted the rapid increase in the luxury consumption market to a certain extent. This study aims to determine the influence of consumer psychological motivation on luxury consumption behavior. The population of this study was people coming from different classes. The data analysis techniques used were survey and literature research/analysis. This study showed that finance, culture, and social development significantly affect people’s purchasing psychology. In addition, the psychology of contrast, the psychology of seeking common ground, and the psychology of showing off produced by these objective factors promote the consumption of luxury goods. In the final analysis, luxury brands can promote their brands through social media, highlight brand logos and add new design elements to attract consumers and increase sales. This study can provide ideas for the luxury industry to solve the problem of maintaining a stable source of customers and even attract new consumer groups in the case of an economic downturn.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230366

    Research on the Status Quo and Strategy of Luxury Brand Sales Model in the Post-epidemic Era -- Taking Chanel as an Example

    This paper’s research concerns luxury brands’ marketing strategies in the post-epidemic era. Most of the literature examining the marketing of luxury goods considers economic value. This literature explains marketing strategies by analyzing large amounts of data. This paper hopes to examine luxury marketing strategies in the post-epidemic era from a new perspective. The luxury marketing strategies and case studies examined in this paper examine the DNA of consumer groups and luxury brands. The research method used in this paper is documentary analysis. This paper analyses the marketing strategy of the Chanel brand in the post-epidemic era by reading the literature and finding secondary sources. This paper analyses the shortcomings of the current marketing strategy by analyzing the needs of consumers and society and the consumers’ evaluation of the brand. This paper hopes that the luxury marketing strategy will allow the DNA of the brand to be more powerful and bring higher economic and social value to the luxury brand.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230369

    The Financial Performance Analysis of Adidas

    This article uses Adidas as a case study of financial performance analysis to evaluate the decision to invest in the brand or not. Adidas has just been through the COVID-19 period with the demand for expansion of their digital efforts. It is worthwhile to examine Adidas' performance in detail to obtain a better understanding of the techniques employed by the company and how the company functioned during this particular period. Ratio analysis on three of Adida’s financial statements and its track record is demonstrated. Then, risk factors are evaluated by using Porter's Five Forces analysis and SWOT analysis. Finally, dividend history is also critical to reflect the income for investors. This article provides investors with a method to analyze the state of the company's operations. Hope to shed some light on how to analyze whether a company is suitable for investment.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230370

    Research on Marketing Strategies of Small and Medium-sized Enterprises in the Era of New Consumption--Taking Genki Forest as An Example

    With the continuous popularization of network and 5g technology, Chinese society has gradually entered an era of new consumption. The economic contribution of small and medium-sized enterprises has always occupied a decisive position in society. Therefore, for small and medium-sized enterprises, what kind of marketing methods should be adopted to stabilize their position in the wave of new consumption has become a hot topic. In this article, we will take the enterprise Genki Forest, which is very popular in recent years, as an example, and analyze its marketing methods in the new consumption era with the help of marketing models. In the research, we found that the main target customers of Genki Forest are young female consumers. It makes full use of the network platform, including live broadcast, short videos and other ways to carry out advertising promotion. At the same time, it sold both online and offline, and form its unique brand characteristics. The purpose of this study is to give other small and medium-sized enterprises suggestions on marketing, so as to help them take advantage of the new consumption era and improve the sales of products. In conclusion, small and medium-sized enterprises need to form their own features and develop more platforms to increase brand visibility.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230371

    The Influence of Share Pledging on Corporate Financial Performance: Evidence from a Case Study in China

    Share pledging has been developing rapidly in China, which has an essential impact on the capital market and corporate operation. This paper aims to figure out the influence of controlling shareholder’s share pledging behavior on corporate financial performance based on a case study. Collecting the data of Nanjing Xinjiekou Department Store Co., Ltd., a series of ratio analyses was made to evaluate the corporate financial performance impacted by the share pledging of controlling shareholders from 2015 to 2021. It is found that large-scale share pledging can lead to poor liquidity and solvency abilities of a company. The profitability and developing capacity can theoretically be decreased by share pledging behavior when the enterprise tend to make in highly risky investments. Furthermore, this study suggests that enterprises should make rational use of funds, improve the internal control mechanism and enhance the information transparency to achieve better development through share pledging behaviors. The findings are theoretically and practically meaningful for the enterprises and capital market.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230373

    Analysis of the Current Situation of China's Catering Industry under the Background of Covid 19

    Under the attack from Covid-19, there has been a significant drop in Chinese catering industry. This article carefully studied the impact of COVID-19 on China's food business by applying data and literature analysis, in order to properly deal with the shock of COVID-19 and its following effects, as well as to support the stable and healthy growth of the food industry. The new Covid-19 virus has caused a lot of trauma to the Chinese catering industry, causing China's total catering revenue fell below 4 trillion yuan. But at the same time, some companies persisted and even performed better. The aim of this research is to find the reasons for why those companies had operating issues, and find solutions to resolve the problems. Data from different authorized sources is analyzed to find the trend of the changes. Opinions from published articles are also considered and evaluated. As the result of the study, it is concluded that the impact of the new Covid-19 virus on the Chinese catering industry is undoubtedly a big one, but as long as companies have reasonable countermeasures, they can survive the difficulties safely, and even improve the original level. With the development of the epidemic, these enterprises will become more and more mature. Based on this result, the Chinese catering industry should encourage more innovation and technology improvement to survive under such conditions.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230374

    A Review of Climate Finance

    Climate finance is a financial solution to cope with climate change and develop a low-carbon economy, which is a very important trend in the development of the modern financial industry. The author conducts an analysis of climate finance based on the relevant literature. Specifically, on the basis of summarizing the impact path of climate change risks on the financial system and sorting out the measures taken by major economies at home and abroad to cope with climate change risks, this paper analyzes and studies the shortcomings of China’s financial system in coping with climate change and puts forward policy suggestions for strengthening top-level design and overall coordination, attaching importance to climate risk management, strengthening incentives and constraints, and further increasing international cooperation.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230375

    Reduce Fraud: From Fraud Motivation to Fraud Avoidance

    The development of information technology and digital transformation in recent years, not only brings the innovation of fraud detection and the progress of fraud avoidance but also brings new fraud motivation and more serious fraud impact. This paper mainly studies the motivation, impact, detection, and avoidance of fraud, through the discussion of these aspects to assist to reduce the occurrence of fraud. The research method of this paper is to summarize and analyze the literature related to the fraud in recent 10 years. This paper finds that starting from the motivation of fraud, impact, detection, and avoidance are closely related to the motivation, especially the study shows that there is a strong connection between fraud motivation and fraud avoidance, in other words, the most effective way to avoid fraud is to cut off the source of the motivation.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230376

    Analysis of the New Changes in Monetary Policy under Powell and the Current Situation in the U.S.

    When Powell assumed office on February 5, 2018, his main monetary idea was to adopt a risk management strategy based on the core components of the traditional Fed policy in order to stabilize the market economy. The 2% inflation target was changed to an average inflation control of 2% over a period of time, meaning that the inflation rate may exceed 2% over time; in addition, the unemployment rate was repositioned to adopt the principle of employment maximization and no longer specify a target. However, as a result of its previous policy, the U.S. stock market equity index experienced a significant year-long decline. When this policy is implemented, the U.S. economy experienced a significant boost after the epidemic's impact on February 2020. There were numerous negative effects, though, and in 2022 the U.S.'s inflation rate shot up quickly and is now a startling 9%. Is the current state a result of the new monetary policy framework's introduction? Is there another reason? Using the time period from Powell's inauguration in 2018 to June 2022, this paper will examine the causes of the change between the old and new U.S. frameworks as well as the current state of the country's economy under the new framework.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230377

    The Impact of COVID-19 on the Stock Market-- Taking China’s and the United States’ Stock Markets as Examples

    As COVID-19 spreads over the world, the economy has suffered greatly since the Great Depression of the early twentieth century. The outbreak has a significant negative influence on financial markets in China and the United States, the world's two largest economies. This study addresses the influence of COVID-19 on the stock market in China and the United States, and investigates the impact on emerging stock markets in China and the United States using weekly closing prices from June 1st, 2018 to June 30th, 2022. The paper also conducts an empirical investigation of the influence of COVID-19 on the stock market using the Augmented Dickey-Fuller Test, Moving Average model, and GARCH model, and then focuses on policy variations between two countries. According to the data, the COVID-19 epidemic has had a considerable detrimental influence on stock markets and volatility in both countries. According to the research, the United States' stock market is more likely to be affected by COVID-19 than that of China, and the volatility of stock market indexes is higher in the United States during the most dangerous period of the pandemic. When compared to the United States, China had a faster response and recovery rate when COVID-19 first surfaced, but as the pandemic normalizes, China had a higher volatility rate.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230378

    Reflections on China's Economic Law Triggered by the EconomicCrisis and COVID-19 Epidemic

    The 2008 U.S. subprime mortgage crisis had a significant effect on the global economy, particularly on China's real economy. The subprime crisis has caused turmoil in China's financial market, which is evidence of weaknesses in China's financial regulations and legal framework. China needs to strengthen its financial supervision, establish a risk prevention system, and improve its economic legal framework in response to the shocks brought on by changes in the global financial market. Beginning with the economic challenges brought by the two distinct causes of the subprime mortgage crisis and the Corona Virus Disease in 2019, this paper will concentrate on the difficulties the Chinese economy is experiencing. Then, the paper will examine China's economic situation in light of the overall economic climate, look at the opportunities and challenges presented by China's economic law in light of COVID-19, and offer a prognosis for the future development of China's economic law.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230379

    Empirical Evidence of Cognitive Biases among Chinese Investors

    The convoluted world of finance is filled with a number of irrationalities that the science of behavioral finance seeks to explain by bringing cognitive biases. Cognitive bias is a systematic pattern of deviation from rationality and is caused by limited cognitive capacities. By specifically analyzing Chinese investors, the paper aims to identify common cognitive biases exercised by high net-worth Chinese investors that lead to insufficient diversification and naive diversification in portfolio construction and to explain the following scenarios that are not commensurate with classic financial theories: the reason why investors prefer rule of thumbs instead of complete diversification; or when they do diversify, they simply takes N instruments and consider it done; the fact that people stick with a chosen stock or fund even when their prospects are not favored and other opportunity has arisen; and that investors from the same social background as a whole might have experienced certain preferences. And finally, when the cognitive biases are exercised by large enough of a population, stock market might suffer abnormal variances from it. The answers to these questions are studied by qualitative research methodology in this paper, narrative inquiry and inductive approach, to generalize and conclude to observed examples.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230380

    The Impact of Culture Clashes on Employee Satisfaction in Multinational Companies in China

    With the globalisation of the economy, more and more companies are operating abroad and developing into multinational companies. Due to the differences in political systems, cultural backgrounds and language environments in different countries and regions, cross-cultural conflicts in companies are inevitable and are becoming more pronounced over time. This paper examines whether cross-cultural conflict has an impact on employee satisfaction through a review of previous literature. The paper first examines the four dimensions of culture, uncertainty avoidance, religion and language, and then examines employee satisfaction in terms of religion, language, management style and cross-cultural competencies, and finally combines the two to identify the links. It was found that language, religion and culture conflict are the main reasons for the decline in employee satisfaction, while for managers, their own intercultural competencies also have an impact on their satisfaction. The research in this paper helps to make companies pay more attention to cross-cultural conflicts within the company as a way to maintain employee satisfaction.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230382

    Digital Transformation of Commercial Banks under the Impact of the Epidemic

    Commercial banks are about to undergo a digital transformation, which will give Chinese commercial banks a competitive edge. This transformation will take place in light of the unfavorable global economic situation following the epidemic and the rapid development of new generation information technology. based on the three fundamental ideas of competitive thinking, client focus, and transformation direction Our systematic analysis and summary of the real-world experience of the digital transformation of foreign commercial banks is based on the three fundamental ideas of customer orientation, competitive thinking, and transformation direction. We then suggest the fundamental concepts and approaches for the digital transformation of commercial banks in China. The fundamental concepts and defenses against the digital revolution of Chinese commercial banks are put out.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230384

    The Effects of Cultural and Creative Product Attributes on Consumers' Purchase Intention: Based on Customer Perception Value Theory

    It is still unclear how cultural and artistic product characteristics affect customers’ purchase intention. Based on the comparative study of cultural and creative products in two typical museums—the Palace Museum and the British Museum—this paper explores the influence mechanism of product characteristics on purchase intention according to the theory of customer perceived value and finds that tool properties could promote functional value, the cultural metaphor could facilitate spiritual value, social orientation could enhance social value, and the richness of media has the function of promotion and spreading. The contribution of this study is to enlighten the marketing strategies of cultural and creative products.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230386

    The Influence of Status Quo Bias in Marketing and Reasons Leading to this Tendency

    Status quo bias refers to the emotional preference to the present situation. It could also be defined as the tendency to resist changes, even there are better alternatives being provided. Status quo bias significantly influences individuals’ behavior in variously fields. This essay mainly investigated the extent of status quo bias, affecting consumers’ purchasing preferences in marketing, as well as the reasons behind. Through the study on historic concepts, analysis on typical cases and 2 specially designed experiments, the conclusion reached is that status quo bias is consistently influential in marketing, and reasons include preference to familiar subjects and aversion of lost. Based on the previous theories and studies, typical case (Coca-Cola, 1985) is analyzed and online experiments are designed to illustrate the reasons people choose status quo when facing consumption choices. Results show that status quo bias is consistently influential in marketing, due to loss aversion, cognitive tendency and the rejection of risk and uncertainty. Enterprises therefore could use status quo bias as an effective selling strategy, in order to increase sales and profits.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230387

    Post-Apocalyptic Food Production and Distribution Modalities Driven by Private Sector Businesses

    Facing the emergence of more world issues, preparing for the arrival of post-apocalypse becomes necessary. Among various problems people might face, lack of food sources is the most critical one. This paper examines how relatively sensitive and responsive private sector businesses can lead and collaborate with other segments of society to build a sustainable long-term food production and distribution system when the post-apocalypse comes. This 2-period system introduces the role of the Chamber of Commerce, and describes the progress of redistribution of resources and cooperation between companies. The feasibility of the system is assessed from different perspectives with the prediction and analysis of possible problems. The profit motives of companies taking part in the system are also studied.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230388

    Did Fed’s Rate Policy Benefit U.S. Company: Evidence from Tesla

    This paper studies the impact of the Federal Reserve's interest rate policy on American companies, taking Tesla as evidence. Data on the Tesla stock as well as the USD/RMB exchange rate for the previous year were gathered. The impact of a rising exchange rate on companies goes in two directions. On the one hand, the appreciation of the dollar means the depreciation of foreign operating income, and the depreciation of the domestic currency is bad for exports. On the other hand, it will affect how the stock market operates. An increase in dollar holdings in international financial markets would increase the demand for stocks, which would increase stock prices. The conclusion is that the Fed's interest rate policy to control inflation in the United States has, to some extent, come at the expense of stock market growth. The VAR model and ARMA-GARCH model were used to model and analyze the data, and forecast the trend of the company's stock price, then make recommendations for policymakers and investors. For policymakers, it is necessary to adjust the policy appropriately to minimize the volatility of stock market returns, and investors should turn to assets with lower risk instead of blindly investing.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230389

    The Analysis of Bright Food Company’s M&A Behaviors

    Merger and acquisition has become a popular way for companies to increase their market shares. This paper focuses on the analysis of the M&A strategies of Bright Food Company. The goal is to identify the strategies made by Bright Food Company and its future goals. The whole paper uses credible sources and data from different websites. This paper reveals the reason why some M&A strategies made by Bright Food Company are not successful.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230390

    The Marketing Position and Strategy of IKEA in China under New Retail Background

    With the development of economic globalization and technological informatization, the home furnishing industry is facing the transformation from traditional retail to a new retail model. Based on literature analysis and case studies, this paper discusses the concept of new retail and its difference from the traditional retail model and analyzes the challenges faced by IKEA in the Chinese market, such as slowing sales and traffic growth, late e-commerce layout, and fierce competition. Using the STP model and the 4P model, we analyze IKEA's marketing strategy in the Chinese market and suggest improvements to the product, promotion, and publicity strategies. It will promote IKEA's development and innovation, and bring thoughts and strategic value to the Chinese home furnishing industry in the new retail era. Through the analysis of IKEA's marketing strategy, it can be determined that in the new era, home marketing should start from product diversification and networking to win consumers with more appropriate prices and convenient channels.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230393

    Research on the Impact of Climate Change on Insurance Companies

    The global climate is changing with more and more extreme weather, including typhoons, extreme temperatures and other disasters. Climate change has an extraordinary impact on the insurance industry. However, according to research, a third of insurers are not paying enough attention to the impacts of climate change. This paper analyzes and demonstrates the impact of weather changes from two parts of non-life insurance and life insurance through cases. Taking the typhoon as the cut-in perspective, the impact on the climate is analyzed from three aspects: strong wind, storm surge and heavy rain. Additionally, this article offers some advice to insurers on how to benefit from global events. The findings suggest that insurers should recalculate all catastrophe risks and rebuild risk models. Catastrophe bonds can also help businesses raise capital. Insurers need to recognize how far-reaching climate change will affect the insurance sector, and how risks present opportunities.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230391

    Real Estate’s Developing Situation after 21 Century and FuturePredictions Towards Its Possible Trend

    With the emergence of real estate aiming for commercial usage, the Chinese economy had built an unbreakable chain with the real estate market. Real estate is indeed a subject that needs to be researched but still doesn’t draw enough attention from the academic circle. This paper analyzes the changes of real estate as a property accompanying the national economy's indexed changes and makes predictions of their future growth trends in order to give some suggestions to people who would like to purchase China Mainland houses, buildings, apartments, etc. The author wrote this paper mainly by collecting information and statistical information from JOURNAL OF SHANGHAI ECONOMIC MANAGEMENT CADRE COLLEGE, a research report from business school, Guangxi University, papers from The 15th meeting of the National Symposium on the theory and practice of socialist economy in Colleges and Universities and so on. The conclusion of this paper is that real estate in China will experience an appreciation in at least the next 10 years, This paper also gives recommendations for purchasing real estate properties instead of saving cash in the banks to not only China residents but also investors all over the world.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230392

    To the Economy and Workers: Challenges and Opportunity

    The rapid development of automation and new technologies over nearly two centuries has sparked heated discussions. Programmable, repetitive jobs are being replaced by technology, leaving large numbers of middle-skilled workers unemployable, and causing employment difficulties. But at the same time, the development of automation has created new employment opportunities for another group of laborers. Similarly, the development of automation once accelerated economic growth, but as the development of automation slowed down, economic growth encountered a corresponding bottleneck as well. In this paper, it is mainly used to refer to the historical development of literature research, analyze and summarize, so that the observed specific situation can be summarized. In addition, there are also descriptive studies, which generally describe the experience of the predecessors, play a revealing role, and further analyze and demonstrate. The research questions in this paper revolve around the economic and workforce implications of advances in automation. The source of this thinking is that automation replaces labor, resulting in a large number of middle-skilled workers being unemployed and abandoned by the market because they do not have the ability to use new technologies. This group has a huge base in society, and improving this situation will help reduce poverty, break through the economic bottleneck. The conclusion of this paper is that workers need to improve their competitiveness in the market, and the government needs to adjust policies to adapt the labor force to the market, and that the market is close to meeting the employment needs of the labor force.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230394

    Research on ABS Project Financing and SPV Establishmentin China

    Due to the impact of the COVID-19, there is a shortage of funds in all countries. As a new project financing mode, Asset-Backed Securitization(ABS) is undoubtedly the most dynamic one. At the same time, the existence of Special Purpose Vehicle(SPV) makes ABS project financing mode become the most reliable one. This paper mainly introduces the operation process of ABS project financing mode and the influencing factors of SPV establishment and countermeasures in China. In short, ABS financing mode is to collect those stable cash flows that lack liquidity but can generate forecasts, and then issue securities in the market through SPV rating and credit enhancement to obtain a large amount of founds. As the most important part of ABS project financing mode, SPV determines whether the project can proceed smoothly. SPV can be a professional financing institution, and it can also be a shell company. The main purpose of SPV is to carry out credit rating and upgrading of issued securities so as to enter the high-level securities trading market and obtain more funds.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230395

    The Impact of the Economy on the Plastic Surgery Industry in the Post-pandemic Era

    In today's era of rising aesthetics, there is growing consumer demand for cosmetic surgery, and more and more people are using plastic surgery as a way to achieve their high expectations for appearance and body. According to the data of the American Society for Aesthetic Plastic Surgery, the number of people who undergo plastic surgery activities in the United States each year is very large. Therefore, the plastic surgery industry is a very important industry in the United States and has a huge market. With the impact of COVID-19, the revenue of the U.S. plastic surgery industry continues to change from 2018 to 2021, with a significant downward trend in the most severe year, 2019. Several studies have argued that there may be a link between the plastic surgery industry and economic indicators, but the experimental subjects and results still differ. This study uses the Pearson correlation to conduct an experiment whose purpose is to explore the relationship between the revenue of plastic surgery in the United States and U.S. economic indicators. The results achieved show that GDP and CPI, among the economic indicators, are positively associated with the benefits of plastic surgery in the United States.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230396

    Predicting Prices of Different Cryptocurrencies Based on LSTM Models

    For more than a decade, as the number and value of cryptocurrencies exploded, more and more investors flocked to the cryptocurrency market with the expectation of positive returns. The price of cryptocurrencies, on the other hand, is extremely volatile. As a result, there is a great need to develop an accurate price prediction model to assist investors in making decisions and profit. This paper focuses on developing an LSTM-based prediction model for Bitcoin, Ethereum, EOS, and Solana cryptocurrency price prediction and calculating their RMSE and MAPE. Furthermore, four models are compared using this calculated MAPE. Based on the comparison results, the impact of cryptocurrency volatility, liquidity, and technology level on the accuracy of the LSTM prediction model is also examined. The paper concludes that the LSTM model can predict the price of Bitcoin more accurately because Bitcoin has the least volatility, the most liquidity and uses the oldest but most secure consensus mechanism.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230398

    Analysis of the Application of Modern Slavery in Responsible Business

    The United Nations enacted the 17 Sustainable Development Goals in 2015 and the social impact of modern business has become particularly important, but unfortunately several companies face the problem of modern slavery, this paper provides a specific analysis of Mondelēz International Inc's business practices and combines 1, 2, 3, 4, 5, 8, 10, 16 and 17 SDGs. The 17D thinking tool is used to help companies analyse responsible business be-haviour in a specific business context; a judgement is made on whether companies should eliminate modern slavery from a utilitarian and Kantian perspective respectively. The re-sults found that companies that approach modern slavery from a utilitarian perspective are in violation of the UN's 17 Sustainable Development Goals. And utilitarianism has be-come a justification for external sophistry by multinational corporations such as Mondelez.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230399

    An Analysis of the Factors that Have Determined the Success of Macroeconomic Stabilization Programs in Transition Economies

    It is important to know the determinants of the transition process to help different countries develop strategies that are appropriate to their national context and ultimately successful. Central and Eastern Europe is a typical transition country, and the disparity in the degree of transition between individual countries provides scholars with valuable research experience and food for thought. This article outlines the reasons why different countries in Central and Eastern Europe succeeded or failed, and how different strategies had positive or negative effects after starting the transition. In conclusion, the success of transition economies depends on the establishment of good market systems on the economic front, effective systems on the political front, and the development of approaches that are appropriate to the national context.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230400

    The Impact of the COVID-19 Pandemic on Small and Medium-Sized Enterprises(SMES) in China

    In the era of the epidemic, many small and medium-sized enterprises have suffered great blows, including insufficient funds, unable to finance, limited imports and exports, increased production costs and declining user demand. At the same time, there are also small and medium-sized enterprises that will also have relative solutions and development strategies. This paper focuses on the problems encountered by SMEs and how to deal with them. This research can provide some solutions to the SMEs which is suffering from the pandemic. This paper uses both the literature analysis method and the case analysis method. The conclusion is that although the economy is sluggish and many small and medium-sized enterprises will encounter economic crises, there are still some ways to alleviate the problem.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230402

    Empirical Test on CAPM Model of China's Stock Market by Industry Grouping

    Capital Asset Pricing Model (CAPM) is a hotly debated issue of modern financial theory research, and the viability of the capital resource evaluating model in China's flow capital market requires further experimental examination and testing. The indexes of 27 industries and the Shanghai Shenzhen 300 index are taken as the research objects, and the day to day exchanging information from January 5, 2015 to December 31, 2021 are used for regression analysis. This study assesses the risks and rewards of each business by computing the coefficients for various industries throughout various time periods. It then verifies the accuracy of the CAPM model by using the linear relationship between the average return rate and β coefficients. Although the return on the stock market is linearly connected with the beta coefficient for the majority of regression findings with a shorter time horizon (less than 100 days), systematic risk is insufficient to account for the expected return on the stock portfolio, which is in conflict with the theoretical assumptions of the capital asset pricing model. Meanwhile, the regression's fit coefficient is modest, indicating that other risk factors have a non-negligible impact on stock returns. For the regression results divided by longer maturity as well as 40 days as maturity, the stock market return shows a non-linear correlation with the beta coefficient. Thus, it may be said that the CAPM model does not apply to the stock market in China.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230403

    Analysis of Supply Chain Management Solutions in Commodity Distribution Enterprises

    At the present stage, at the level of supply chain management in the development of commodity distribution enterprises, supply chain management enterprises are located in the dominant position and have great rights in the overall supply chain management approach. If the commodity distribution enterprise holds strong influence, it will definitely cause the deterioration of the relationship between the specific commodity distribution enterprise and the supplier, thus invariably endangering the mutual gains. The strategic development plan of supply chain management of commodity distribution enterprises will be scientifically studied in this paper, and the current situation of supply chain management of commodity distribution enterprises will be introduced in detail, and the strategic development plan of optimized management will be formulated for the existing deficiencies to promote the stronger development of commodity distribution enterprises in the future. In general, improving the supply chain management countermeasures of commodity distribution enterprises, ensuring that commodity distribution enterprises and suppliers become excellent partners from supply chain management, analyzing and improving the development of strategic suppliers, and improving the relationship management between commodity distribution enterprises and suppliers will be beneficial to the economic benefits of commodity distribution enterprises.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230405

    The Application and Inspiration of Mental Accounting: Spending of Different Income Source, Consumption During Valentine’s Day

    It is always being a common phenomenon of seeing people act differently in consumption of a same amount of money. In the practice of mental accounting, people place different sources of income in different account and spend with different attitude and belief. Studies are developing more explanations of the theory, but still there is a lack of awareness of how mental accounting would impact a person's life. This article provides a holistic review of mental accounting by presenting two practical applications through comparative analysis method which result in discussions and analyze about the theory, existed problems and workable solutions that can be applied. In the application part, the focus is on the difference between two sources of income in concern with mental accounting and their traces of laws to follow and the different performance and changes are made in sales of rose under different environment and scenarios. There are clear findings of how people treat their money in separate ways based on how they get it under different situations, such as wasteful spending of lottery payoff and carefully spending of salary. Thus, raising awareness of this effect could bring educational benefits that prevent irrational behavioral and unpleasant results.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230408

    The Impacts of Social Media Marketingon Gen Z During the COVID-19 Period

    Gen Z, as digital natives, has caused a shift to e-commerce and promoted further development of social media during the pandemic, so that has become the most promising group of customers. The marketers plan to design social media marketing strategies collaborating with two trending topics, social issues and influencers, which were further exposed and developed during the pandemic for Gen Z. This research tells marketers, merchants and educators how to utilize trending topics during the pandemic to attract Gen Z. The questionnaire, which contains 16 specific questions, states change in consumption habits of 336 Gen Zs before and after COVID-19. Its results demonstrate the increase of e-commerce overall and in specific fields which actively interact with social issues and influencers during the pandemic. Furthermore, it concludes that trending topics, such as social issues, influencer marketing and live commerce, profoundly affected Gen Z's view of the world and caused consumption behaviour variation, generating either positive or negative word-of-mouth.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230409

    The K-POP Phenomenon: Analyzing Success Secrets of S.M. Entertainment in Global Fandom

    Korean-pop (K-pop) lead a global phenomenon over the world, K-pop music, Korean TV dramas and Korean movies and other entertainment culture permeates every corner of our life. With the popularity of PSY's Gangnam Style on YouTube in 2012 and BTS attend American Music Awards as the first Korean idol group in 2017, bringing K-pop to more people and attracting more loyal fans. They see their idols as spiritual salvation, buying albums, attending concerts and vote for charts. Behind these loyal behaviors, the sophisticated marketing model of Korean entertainment companies is inseparable. This research will take S.M. Entertainment, one of South Korea's top four entertainment companies, as an example to explore the secrets of K-pop develop strong fandom in the worldwide. To be specific, this research will analyze the strategies of South Korean entertainment companies to build a strong fan empire from four perspectives: business model, social media marketing, cultural branding, and fandom community. By implementing a comprehensive marketing strategy, Korean idols have successfully driven the fan economy and made K-pop grow on the international stage.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230410

    The Analysis of Marketing Strategy of Short Video Platforms---- Taking “Douyin” as Example

    With the advent of the new media era, short videos are becoming more and more influential to people and the short video industry is growing, of which Douyin is one of the representative platforms. In this paper, Douyin is taken as the representative of short video platform and analyse the marketing strategy of short video platform by describing the strategy, explaining the theory and listing the brand cases for the three marketing strategies of brand positioning, content production and traffic acquisition. Based on some novel marketing theories such as the 4V marketing theory, the meaning and purpose of marketing strategies on short video platforms will also be explored.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230411

    Two Giants of the Chinese Coffee Market Different Marketing Paths of Starbucks and Luckin Coffee

    Different coffee brands have joined the Chinese market in the last decade as the market has grown and the number of users has risen. The global coffee brand Starbucks and the regional Chinese coffee brands have always been able to occupy a higher market share against the context of a steadily growing number of competitors. This study uses a questionnaire survey to explore the causes behind this and applies 4Ps to compare and contrast the two coffee brands' marketing approaches as well as their advantages and disadvantages. Starbucks and Luckin Coffee shouldn't relax and take it easy on the Chinese coffee market; instead, they should innovate and improve their marketing strategies to keep hold of their current clients and continue exploring potential customers.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230413

    A Study of the Incentive Theory Embodied in the Operation Process of "Haidilao"

    This paper examines the issue of motivation theory embodied in the operation process. Taking Sichuan Haidilao Company as the object of study, the paper examines the use of motivation theory in management to analyse and outlook on Haidilao's operation mode, and puts forward rationalised suggestions. The core of an enterprise's development lies in the cultivation of talents, and scientific motivation theory, "people-oriented" and valuing employees, is favorable to enhancing employee engagement and increasing the company's development benefits in order to create a situation that is profitable for both parties. In order to adapt to the changing and complex competitive market environment, the incentive theory of Haidilao should be determined from a variety of directions and different areas to determine the incentive scheme and countermeasures. However, in order to maximise the company's benefits, the most important thing is for the managers of the company to pay attention to and motivate the talents. Companies should develop their own incentive schemes to suit their employees, to stimulate their efficiency and to promote their rapid development, according to their own development and the changing environment of market competitiveness.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230361

    Apple Inc's Massive Demand for Chips and Semiconductors under COVID-19 and its Response Strategies

    COVID-19 has been in the spotlight since the end of 2019. The impact of the spread of the epidemic is not only limited to the inconvenience of people's lives, but also leads to the inability of most companies and related industries to operate and produce normally. Not only can most human resources not be restored to normal in a short period of time, but also the chip supply chain's untimely supply leads to the emergence of chip supply shortages, which also reflects the fragility of the supply chain network. This study focuses on the impact of the global chip supply chain shortage on Apple in recent years and how to address it. The study was conducted by understanding Apple's current business strategy and how it has been adjusted according to the chip market. At the same time, the company's current data analysis of the main products, you can clearly see the current chip shortage problem for Apple's impact. The main problems of the chip industry are in the chip production supply chain, the complexity of chip production, and the lack of raw materials, so the semiconductor can not be normalized production, but the market demand for chips is increasing day by day. To reduce the chip shortage brought about by the loss of profits, Apple needs to further develop its own supply chain to achieve chip supply sustainability.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230372

    Analysis of Whether Bitcoin Can Help Individual Investors Hedge Their Risks as a Safe-haven Asset

    Nowadays, investment in Bitcoin has become the focus of many investors. Many researchers have conducted a lot of research and discussion on the value of Bitcoin. To this day, there is still a lot of debate about the investment value of Bitcoin. This paper mainly reviews the origin of Bitcoin, its development degree in today’s economic life, and some of its advantages and disadvantages based on relevant literature research. The author compares it to Safe-Haven Asset from an investor’s point of view. Bitcoin investments are still, in many ways, less safe-haven and valuable than traditional gold, for example. Finally, it is concluded that investors should not use Bitcoin as a safe-haven asset to make a lot of inappropriate investments.

  • Open Access | Article 2023-09-13 Doi: 10.54254/2754-1169/9/20230404

    Fresh Hippo's New Retail Strategy to Become the Most Profitable Chinese Supermarket

    Fresh Hippo has become one of the most popular supermarkets in China since 2016, and its revenue per square meter, an indicator of retail efficiency, is the largest among Chinese supermarkets [1]. This research is to analyze and explain its success through frameworks, theories, and reasonings. The research question is how Fresh Hippo redefines the concept of retail and becomes the most profitable supermarket in China. The main content of this research is to describe and explore Fresh Hippo’s strategy and to answer two related questions.. The first is how the company improves its operating efficiency to fit the definition of new retail. The second is how Fresh Hippo reinvent the retail business model. The topic of this research is about new retail strategy of Fresh Hippo. The research methodology is literature research method, in which the researcher applies several frameworks that can explain the new retail strategy of Fresh Hippo. The purpose of this research is to provide a guidance for other Chinese retailers, showing how the innovation is applied and produced. The research conclusion is that Fresh Hippo improves its efficiency by increasing the revenue per square meter through online and offline sales, and the business model changes to “Eat-Convert-Deliver”. The new business model allows the company to serve customers within 3 kilometres without coming to the store, largely increasing the average order value and the shopping frequency at the same time [1].

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