Electronic Markets - The International Journal on Networked Business

20/11/2025

We have published new research: "Tracing the trajectory of avatar marketing: An academic exploration through bibliometric analysis and the six-markets stakeholder model" by Ankit Kumar Sinha & Subhro Sarkar, IIM Ranchi
https://doi.org/10.1007/s12525-025-00826-3

Virtual environments and digital identity are changing marketing strategy. This paper looks at how avatar marketing is changing and provides an important academic exploration of this area.

The research team used a thorough review of 232 publications (2005–2024) that were reviewed by other experts to study important publication trends, common themes, and how often the publications were cited. This study uses a special model to show how different markets are affecting the growth of avatar-based technologies.

The findings provide important, data-driven information for managers in charge of planning and using avatar technologies. They show how these technologies can help improve customer connections and the user experience. If you're a researcher looking to understand the main ideas and future gaps in the literature, this is a must-read.

19/11/2025

New research: "How hedonic strategies bring about customer engagement and value for e-retailers—A blended PLS-ANN analysis of the mediating effect of experiential value-in-use" by Inma Rodríguez-Ardura, Antoni Meseguer-Artola & María-Ángeles García-Haro, Universitat Oberta de Catalunya (UOC).
https://doi.org/10.1007/s12525-025-00827-2

E-retailers are always looking for ways to create engaging online environments. Our latest paper investigates how hedonic strategies focused on recreation, escapism, and local presence translate into customer value and business engagement in e-commerce.

Drawing on value-in-use experience theory, the research develops a model that links these strategies to customer engagement value. Using a sophisticated, blended PLS-ANN analytical approach, the authors examined a large sample of 625 online customers to capture potential nonlinear dynamics.

The findings confirm that successfully integrating these hedonic elements enhances experiential customer value, a powerful driver of engagement and ultimately, value for e-retailers. This work offers crucial guidance for practitioners designing impactful customer journeys.

18/11/2025

We have published new research: "Beyond disintermediation: A multiple case study of emerging intermediary roles in blockchain applications" by Simon Feulner, Tobias Guggenberger, Jens-Christian Stoetzer & Nils Urbach.
https://doi.org/10.1007/s12525-025-00832-5

The debate surrounding blockchain's impact on market structure often centers on disintermediation. However, our latest research article explores a more nuanced reality: the emergence of new intermediary roles within these decentralized systems.

This multiple-case study moves "beyond disintermediation" to explore how and why re-intermediation occurs in blockchain applications. Our findings reveal that three key drivers necessitate new coordination layers: system integrity and resilience, boundary and interface management, and governance efficiency.

The paper offers a refined conceptualization of these complex intermediation dynamics, shifting the focus from simple elimination to the essential functions of compliance, governance, and technical integration that these emerging roles fulfill.

Understanding these roles is essential for researchers and practitioners who design and manage distributed systems.

17/11/2025

We have published new research: "Extending business model development tools with design-integrated assessment: An illustration using service business models" by Jürgen Anke & Thorsten Schoormann.
https://doi.org/10.1007/s12525-025-00839-y

Designing novel business models, particularly for service systems, requires continuous assessment to guide design decisions. However, effectively integrating design and assessment remains a significant challenge, even with the rise of business model development tools (BMDTs).

This paper addresses this gap by proposing "factor refinement" as a mechanism to formally link business model designs with essential assessment information within BMDTs. Developed using design science research, this approach enables users to quickly explore new BM ideas and make more informed design decisions.

The solution is demonstrated in a software prototype for service business models and was successfully evaluated through expert workshops and think-aloud sessions. The findings provide practical guidelines for using factor refinement and integrating it into future BMDTs. This approach promises to significantly shorten feedback cycles and improve the quality of business model innovation.

14/11/2025

We have published new research: "Understanding data collaboratives ten years after their definition: Distinctive features, impacts and research priorities" by Federico Bartolomucci & Gianluca Bresolin, Politecnico di Milano.
https://doi.org/10.1007/s12525-025-00831-6

Ten years after their initial definition, data collaboratives—cross-sector partnerships that leverage data for the greater good—continue to grow in importance. However, their rapidly evolving nature has led to conceptual ambiguity.

Our new paper published in Electronic Markets addresses this issue by refining the concept of data collaboratives and clearly distinguishing them from related initiatives, such as open platforms and data ecosystems. Using a dataset of 171 data collaboratives, the authors categorize them into five distinct clusters.

This study provides valuable, comprehensive insights into the scope, domains, and potential impact of these partnerships, emphasizing the significant heterogeneity within the field. The findings inform future research directions, advocating for focused or comparative studies to address development challenges and establish clearer benchmarks. This work is essential for academics and practitioners navigating the landscape of data sharing for social impact.

12/11/2025

We have published new research: "From sharing to profiting: Exploring the interplay between value creation and strategic appropriation in data ecosystems" by Jonas Nienstedt & Manuel Trenz, -August-Universität Göttingen.
https://doi.org/10.1007/s12525-025-00823-6

Data ecosystems offer the promise of shared value creation. But how can organizations ensure they profit fairly from their contributions?

Our new research paper explores the critical interplay between collaborative value creation and strategic value appropriation within data ecosystems. Through a qualitative analysis of a healthcare data ecosystem, the study identifies the main factors that determine an actor's ability to create value from shared data. The authors outline four central elements of Value Appropriation Strategies (VAS): Selective Partnering, Data Tailoring, Benefit Safeguarding, and Control Enforcement.

The findings reveal the dynamic interaction between data's latent potential, an actor's capacity, and the strategies used to secure a fair share of the mutual benefits created.

Understand the conditions and mechanisms necessary for balancing sharing and profiting in complex data partnerships. Read the full paper now! Link in comments.

This study explores the interdependency between collaborative value creation and value appropriation within data ecosystems, focusing on how organizations can effectively share and utilize data for mutual benefits. It examines the factors that influence the capacity to create value from shared data....

11/11/2025

We have published a new research paper: "Assessing the economic value of reducing perceived risk in ride-hailing: Evidence from US cities" by Soo Jeong Hong & Kwangjin Lee.
https://doi.org/10.1007/s12525-025-00850-3

How can ride-hailing platforms maximize adoption and consumer value? Our latest research paper addresses this important question by quantifying the economic value of reducing risk in ride-hailing services.

Using a discrete choice experiment, this research investigates the types of perceived risks that influence consumers’ willingness to pay for specific service attributes. Our findings show that consumer utility increases significantly when platforms implement features such as driver tracking, commercial driver's licenses, and comprehensive incident compensation. The study also introduces perceived fairness risk as a new theoretical dimension, which enriches our understanding of adoption barriers in the sharing economy. These results offer actionable insights for platforms and policymakers seeking to increase trust in and growth of their services.

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The new forms of service provision in ride-hailing raise multiple issues that influence consumer decisions about adopting such services. Empirical data reveal mixed responses: some individuals embrace these services, whereas others remain hesitant during the growth phase. Using a discrete choice exp...

10/11/2025

We have published new research: "Construction of doctors’ reputation systems in online health services: The combination of online and offline mechanisms" by Jin Jiang, Yuanyuan Dang, Shanshan Guo, Yuxin Sun & Wenhui Zhou.
https://doi.org/10.1007/s12525-025-00840-5

We are pleased to announce the publication of a new article examining how physicians navigate online health service (OHS) platforms.

The study explores the intricate dynamics of reputation systems for doctors in hybrid healthcare environments and analyzes their influence on participation in online consultations. Using data from a major Chinese OHS platform, the study applies Resource Allocation Theory (RAT) to examine the relationship between a doctor's online reputation (e.g., visibility and reviews) and their offline reputation (e.g., professional title and hospital rank).

Key insights include:
The findings reveal an inverted U-shaped relationship between a doctor's online reputation and engagement. Moderate online recognition motivates participation, but excessive visibility can lead to resource overload and subsequent withdrawal.

The paper shows that a high offline reputation significantly impacts online behavior. High-status physicians, often burdened by substantial offline obligations, demonstrate reduced overall online engagement and are less motivated by online recognition.

This work reframes reputation as both a motivator and a constraint on professional activity, thereby extending RAT's application to digital professional platforms.

This research offers valuable insights for OHS platform managers seeking to design balanced incentive systems that effectively sustain physician participation while acknowledging their limited cognitive and temporal resources.

07/11/2025

We have published new research: "Development and evaluation of a taxonomy for platform revenue models" by Nedo Bartels, Matthias Koch, Anne Heß & Jaap Gordijn.
https://doi.org/10.1007/s12525-025-00841-4

A common challenge for platform businesses is designing a viable revenue model, specifically determining how value is captured among different platform stakeholders. Previously, there has been limited conceptual clarity in this area, with key dimensions and characteristics fragmented across various studies. This fragmentation has made it difficult to develop robust theories and provide practical guidance to managers on value-capture mechanisms and pricing strategies.

This research addresses this issue by introducing a comprehensive taxonomy of platform revenue models. Developed using a rigorous design science research methodology, the taxonomy comprises 15 dimensions and 64 characteristics.

The authors didn't stop at conceptualization; they also rigorously evaluated the taxonomy through a controlled experiment. Their findings show that using this new framework significantly improves the completeness and accuracy of designed platform revenue models.

This study is a valuable contribution to platform business model theory, providing a clear, empirically assessed framework. It offers researchers a consistent basis for conceptualizing platform revenue models and provides practitioners with a powerful tool for designing effective monetization strategies.

29/10/2025

We have published the Preface of our Special issue on “Fintech and decentralized finance” by Stefano Ferretti, Gabriele D’Angelo, Te Bao & Luyao Zhang.
https://doi.org/10.1007/s12525-025-00846-z

The global financial system is undergoing a fundamental reshaping due to the rise of fintech (financial technology) and decentralized finance (DeFi). Fintech modernizes services ranging from payments to banking, while DeFi, built on blockchain technology, aims to create an open, permissionless financial system that eliminates the need for traditional intermediaries.

Our special issue, "Fintech and Decentralized Finance," explores this intersection of computer science, economics, and law.

The accepted papers address critical opportunities and challenges in this evolving ecosystem:

Market Mechanics: Research contrasts centralized (CEXs) and decentralized (DEXs) exchanges, investigating how automated market makers (AMMs) affect market quality and analyzing the complex dynamics of perpetual future contracts.

Decentralized Risks: A key study defines and categorizes maximal extractable value (MEV), highlighting exploitable profits in blockchain systems and mitigation strategies.

Digital Assets & Trust: Papers explore valuation drivers for NFT art, finding that aesthetic incongruity boosts prices for high-quality art, and the role of banks in increasing public trust in and adoption of crypto assets.

Governance and Advice: Research analyzes participation in blockchain-based fan tokens for decision-making and consolidates design requirements for effective robo-advisors.

These findings underscore the need to balance innovation and regulation. Future efforts must focus on:
- Developing frameworks to compare the efficiency and security of traditional versus decentralized systems;
- Integrating AI and machine learning for automated risk management in DeFi; and
- Addressing the regulatory implications for consumer protection and market stability.
Responsibly guiding the next wave of technological evolution requires deep, interdisciplinary collaboration in the future of finance.

Home Electronic Markets Article Special issue on “Fintech and decentralized finance” Preface Published: 27 October 2025 Volume 35, article number 87, (2025) Cite this article Download PDF Electronic Markets Aims and scope Submit manuscript Special issue on “Fintech and decentralized finance”...

24/10/2025

We have published the preface for the extension of our previous Special Issue on 'Social Welfare Computing for Electronic Markets': "Social Welfare Computing: Managing the harmful consequences of technological innovation" by Eric Clemons, Maximilian Schreieck and Helmut Krcmar.
https://doi.org/10.1007/s12525-025-00828-1

Social Welfare Computing focuses on the crucial and emerging discipline dedicated to limiting the societal harm caused by new technologies, such as data-intensive online applications and advanced AI.

Building on previous work, this collection of articles addresses the negative consequences of rapid technological progress - from the growing influence of online platforms and the pervasive problem of misinformation and polarization to the intricate implications of generative AI.

Key themes explored include:
Combating Data-Driven Disinformation: One paper uses computer simulation to explore how disinformation is amplified by data-driven algorithms and proposes regulatory solutions that respect free speech while limiting the effectiveness of disinformation campaigns.

Protecting Online Personae: Another article addresses the rise of reputation hacking through technologies like deepfakes. It argues for clarifying fundamental rights and requiring platforms to exercise due diligence to protect individuals' online images and voices.

Regulating Manipulation by Design: The research presented suggests that a combination of data protection law (like GDPR) and marketing law can be effective in limiting "dark patterns" in commercial marketing that veer from legitimate persuasion into data-driven manipulation.

Innovative Self-Moderation: A new model is proposed in which users posting content could simultaneously post a warrant of accuracy, or a bond. This would serve as a reliable quality indicator for readers and provide a less coercive, market-based approach to content self-moderation.

This extension underscores the need for proactive research to ensure that society’s ability to control and moderate the unintended consequences of technological evolution does not fall behind its unprecedented speed.

Home Electronic Markets Article Social Welfare Computing: Managing the harmful consequences of technological innovation Preface Published: 23 October 2025 Volume 35, article number 85, (2025) Cite this article Download PDF Electronic Markets Aims and scope Submit manuscript Social Welfare Computing:...

21/10/2025

We have published a new Call for Papers for the special issue on "Responsible and Trustworthy Artificial Intelligence in Tourism and Hospitality".

The special issue is guest edited by Brian EM King, Babak Taheri, Danae Manika and Kyoung Jun Lee. Submission deadline is: September 15, 2026.

You can find more information on our website: https://link.springer.com/collections/chdbfcddeg

We look forward to receiving many interesting submissions!