PurposeThe purpose of this study was to ascertain the determinants of firm performance for Malaysian retailers.Design/methodology/approachAn online survey was conducted to collect responses from members of the Malaysian Retailers' Chain Association. A total of 126 responses were obtained. Data analysis was done by using the PLS-SEM method.FindingsThe results of the study indicate that Retail 4.0 adoption is able to improve retailers' performance as-a-whole by improving the four perspectives of firm performance as given in the Balanced Scorecard, i.e. the finance perspective, the customer perspective, the internal processes' perspective and also learning and growth perspective. Further, enterprise risk management was found to have a positive moderating effect on retailers' performance as-a-whole and also on the finance and customer perspectives of performance.Research limitations/implicationsThe study was conducted only in Malaysia and so, it might be geographically limited. Besides, it is cross-sectional in nature and therefore, the impact might be different if the study had been conducted over a longer period.Practical implicationsThis study provides a useful framework for retailers who are seeking to improve firm performance.Originality/valueThis is one of the first studies to show the impact of Retail 4.0 adoption on firm performance. Besides, this is also the first time, enterprise risk management has been introduced as a positive moderator on the impact of technology adoption on retailers' performance.
Purpose The Malaysian retail industry, which contributes toward almost 45 per cent of the country's Gross Domestic Product (GDP) is on a downward trend. As such, the main purpose of this study is to improve the performance of the Malaysian retail industry through the incorporation of Industry 4.0 technologies. The incorporation of Industry 4.0 technologies in the retail industry has led to the emergence of Retail 4.0 which can also be defined as omni-channel retailing. Design/methodology/approach The adoption of Retail 4.0, which is a combination of omni-channel retailing and also novel technologies, has been proven to improve the performance of retailers in many countries. As such, the authors have given suggestions on how Retail 4.0 can be incorporated by Malaysian retailers for the betterment of the Malaysian retail industry. Findings Problems faced by retailers these days are boring `brick and mortar' stores, out of stock (OOS) issues, price discrepancy and long queues. Retail 4.0 has enabled retailers to overcome these problems by creating novel shopping experiences, better inventory management, and improved operational efficiency and also more informed decision making in real time. Limitations The incorporation of Industry 4.0 technologies in Malaysia is still in the infancy stage. As such, skilled professionals need to be brought in to help implement these technologies in the retail industry. Practical implications Omni-channel retailing and the usage of various technologies by `brick and mortar' stores is very appealing to Malaysia's Gen Y and Gen Z who make up 67 per cent of the country's population. The spending power of this young generation can help to boost the performance of the Malaysian retail industry. Originality/value To date, no known study has been done on the impact of Retail 4.0 on Malaysian retailers. The results of this study will be very valuable to managers who are keen to improve the performance of their respective retail channels.
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This paper is a modest review spanning a 20-year period on Enterprise Risk Management. Enterprise Risk Management (ERM) deals with risks and opportunities which have an impact on value creation. Unlike traditional risk management (TRM) which is silobased, ERM is a holistic approach to risk management. Past studies have produced many contradicting results on the impact of ERM implementation on firm performance and also on the factors which are crucial for the successful implementation of ERM. As such, it is of absolute necessity to identify the determinants of ERM implementation and also how ERM improves performance. The research methodology for this paper began with a literature search for ERM-related articles from journals of various rankings from 2000 to 2020. Relevant papers for the review were selected by using the `going backward’ and `going forward’ process. Fifty research papers were selected in this manner for this review. Prior studies have used different variables to show how implementation of ERM can create value. Further, in recent years, there has been an increase in studies reporting the importance of strong ERM and its link with performance. Although only fifty research papers were reviewed for this paper, yet a few gaps in the extant literature on ERM have been identified. As such, suggestions on how future research can be conducted in this field are given at the end of the review.
The younger generation, i.e., Gen Y and Gen Z, would make up 67% of Malaysia's population in 2019. They are technically savvy and have huge spending power. Since this young generation is attracted to novel and exciting shopping experiences, Malaysian retailers should entice them by incorporating Retail 4.0 technologies into their existing retail formats. This paper used the technology construct from the Technology-Organization-Environment (TOE) Framework to study the factors which will play a crucial part in the adoption of Retail 4.0 technologies. Although retailers are likely to face many challenges during the technology adoption process, proper strategy and also financial aid from the government will help retailers to overcome these obstacles and will eventually lead to the full digitalization of the Malaysian retail industry.
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