Cross-channel integration – is it valued by customers?

It has been common for retail companies to use multiple channels simultaneously. However, simultaneous use is only the first step in creating a customer-centric multichannel system that demands channel synergies rather than parallel retail formats. Therefore, the perceived integration of customer-related functions and processes between the channels of multichannel systems is analyzed with respect to its significance for customer loyalty and usage of a multichannel system. Drawing on a sample (n) of 981 customers, the results indicate that linkages between retail channels positively affect customer loyalty and verify the importance of establishing a well-integrated – ‘seamless’ as perceived by the customer – multichannel system.     

Innovations in the international financial markets

The appearance of the international financial markets is changing rapidly; new instruments are constantly being hatched and marketed, often with considerable success. However, the ingenuity of the markets does not always meet with applause; the banking supervisory authorities and central banks view the rapid pace of innovation with concern and the banking community also displays occasional unease. On balance, do the positive aspects outweigh the negative ones?     

Consumer dissatisfaction — Search for causes and alleviation outside the marketplace

This paper is an attempt to provide a theoretical basis for the design of new, more effective, directions for institutions and consumer leaders whose goal is the alleviation of today's widespread dissatisfaction among consumers. In contrast to the common assumption that consumer dissatisfaction is caused by inequalities and imperfections in the marketplace, the author introduces, and defends by use of the framework of E. R. G. theory, the concept that a large portion of the dissatisfaction experienced and expressed by an individual in the area of material consumption reflects his dissatisfaction with need fulfillment at the higher level of interpersonal relationships. The new concept suggests that the most effective route to greater satisfaction among consumers is not likely to be found in increased consumption opportunities through higher incomes and/or better deals in a more perfect marketplace, but in improved satisfaction of relatedness needs.

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Zusammenfassung Der Beitrag versucht, einen neuen Ansatz zur Verringerung der Unzufriedenheit von Verbrauchern theoretisch zu begründen. Im Gegensatz zu der sonst üblichen Annahme, daß Verbraucherunzufriedenheit auf Unzulänglichkeiten von Produkten und Märkten zurückgeht, wird hier die Auffassung vertreten, daß sie weitgehend auf unzureichender Befriedigung von Bedürfnissen nach zwischenmenschlichen Beziehungen beruht. Diese Auffassung wird bedürfnistheoretisch (mit der E. R. G.-Theorie) abgeleitet. Sie legt nahe, daß höhere Zufriedenheit von Verbrauchern nicht so sehr durch bessere Marktbedingungen, bessere Produkte oder höhere Einkommen erreicht werden kann, als vielmehr durch verbesserte Möglichkeiten zur Befriedigung von zwischenmenschlichen Beziehungen.

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Gerhard W. H. Scherf is an Associate Professor at University of Guelph, Department of Consumer Studies, Guelph, Ontario, Canada N1G 2 W1.     

Inflation und Schuldenabbau

The European Central Bank (ECB) recently announced its willingness to do whatever is needed to save the euro. This has raised the question whether such a role of the ECB must lead to higher rates of infl ation. Under current recessive macroeconomic conditions in the eurozone, the ECB’s expansionary monetary policy will not lead to higher infl ation. On the contrary, there is a serious danger of defl ation. Higher infl ation would likely occur only if a permanent stabilisation function were assigned to the ECB. Yet historical examples show that mistakes can be made. During the stagnation in Japan, US economists heavily criticised the Bank of Japan’s timid monetary policy response. But in some sense, current Fed policy seems to be a direct copy of that strategy, caused by uncertainty about the proper communication channel. An infl ation tax could help to bring down the mounting public debt in the wake of the fi nancial crisis, but higher wealth taxes have more transparent distributional effects.     

Kommentar zu Beiers Beitrag

Ohne ZusammenfassungGerhard Scherhorn ist Professor für Konsumtheorie und Verbraucherpolitik an der Universität Hohenheim, Postfach 106, D-7000 Stuttgart 70.     

Gernot Wersig 60 Jahre

Ohne Zusammenfassung     

The goal of consumer advice: Transparency or autonomy?

To improve the transparency of consumer markets by means of information is an important task but it cannot be served efficiently by consumer advice. The genuine aim of consumer advice is described here as promoting consumer autonomy by, first, decision counselling and related means and, second, coordinating consumer interests. The paper is centred on two main issues: the responsibility of suppliers of consumer goods to meet the consumers' information needs, and the potential and chance for consumers to progress towards a higher degree of autonomy.     

Contribution of financial market segments at different stages of development: Transition,cohesion and mature economies compared

What is the impact of financial sector segments at different stages of development? We apply a production function approach to investigate the impact of the credit, bond and stock segments in nine EU-accession countries over early years of transition (1996–2000) and compare these to mature market economies and to countries at intermediate stage. We find that the transfer mechanisms differ over the development cycle (from bond markets to educational attainment to labor participation) and that financial market segments with links to the public sector (but not stock markets) contributed to stability and growth in transition economies.