This paper studies the impact of business modernization on the sales performance of traditional retailers. We define modernization as adopting tangible structures and business practices of organized retail chains (for example, exterior signage with store name and logo, or a database to record product-level information). To address our research question, we implement a randomized field experiment in Mexico City with 1148 traditional retail firms. Our sample is randomized into three groups: 385 firms that we externally modernize in ways that are visible to customers; 383 firms that we internally modernize in ways that are not visible to customers; and 380 firms form a control group. We find a significant and persistent main effect of modernization on sales: firms in both treatment groups increase monthly sales by 15% to 19%, even 24 months after study recruitment. In terms of novel mechanism evidence, we find that externally-modernizing firms improve their store-level branding, while internally-modernizing firms strengthen their product management. These results have important implications for multinational managers who distribute products through traditional retail channels, and for policymakers interested in improving firm performance in the retail sector of emerging markets.
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An IFC report launched in November shows that the historic global agreement on climate change adopted in Paris helped open up nearly $23 trillion in opportunities for climate-smart investments in emerging markets between now and 2030.
Whilst emerging markets are increasingly presenting an increasing wealth of opportunities for e-commerce, shortcomings such as poor logistics infrastructure are creating barriers that must be overcome if the potential is to be tapped. Nonetheless, as internet access continues to grow and the middle class expands with increased spending power, the growth of e-commerce will continue. CSRI forecasts that online retail spending in the surveyed group of markets may grow from $1 trillion today to in excess of $2.5 trillion by 2025, and that, indeed, is giving retailers in developed countries something very interesting to think about.
2. Gross/Net Expense Ratios 0.45%/0.00%. The Investment Adviser has agreed to waive its management fee in order to achieve an effective net management fee rate of 0.00% as an annual percentage rate of average daily net assets of the Fund through at least February 17, 2023, after which a portion of its management fee will be waived in order to achieve an effective net management fee rate of 0.39% as an annual percentage rate of average daily net assets of the Fund until February 17, 2025, and prior to such dates the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. The average net expense ratio for Emerging Markets Bond ETFs in the Morningstar Emerging Markets Bond category is 43 bps as of December 31, 2021. Category expense ratios represent category averages for all funds in the emerging markets bond category as defined by Morningstar. In an effort to distinguish funds by what they own, as well as by their prospectus objectives and styles, Morningstar developed the Morningstar Categories. While the prospectus objective identifies a fund's investment goals based on the wording in the fund prospectus, the Morningstar Category identifies funds based on their actual investment styles as measured by their underlying portfolio holdings (portfolio and other statistics over the past three years). Please note the figures shown above are the unitary management fees. Ordinary brokerage commissions apply. Brokerage commissions will reduce returns.
Internet retailing is the modern way of shopping. With the growing penetration of smartphones and mobile devices and internet services, e-commerce has emerged as a major shopping platform in the world. The retail e-commerce market is driven by an increasing set of suppliers selling online and a change in consumers' buying behavior, among others. The rise of online fresh groceries sales along with growing numbers of prepared food delivery companies entering this space could propel category growth by several-fold times in the next five years. Mobile-first sites, dedicated apps, emerging payment methods, and other tools are making shopping on smartphones much easier. Many retailers operate an omnichannel model, which aims to integrate offline and online channels. Asia has some of the biggest retail markets in the world in China, Japan, and India. E-commerce sales in Q2 2020 accounted for 16.1% of total sales in the US market.
In addition to its uptake by the financial industry, 2DII has helped introduce climate scenario analysis and stress-testing into regulatory practices, through high-level collaborations with more than a dozen governments and financial supervisors around the globe. These include the Bank of England, European Insurance & Occupational Pensions Authority (EIOPA), Japan Financial Services Agency, California Department of Insurance, Colombian Financial Superintendence, and more. 2DII is also working with a number of governments, including Switzerland, Austria, Norway, the Netherlands and more, to measure the alignment of their financial sectors with climate benchmarks at a national level. Finally, through its work in emerging markets, 2DII is collaborating with government institutions across Latin America, Africa and Southeast Asia on capacity building, climate scenario analysis and risk management issues.
Daily portfolio flows is a database of daily portfolio flows to emerging markets that is usually updated every day. Daily portfolio flows can help analysts monitor shifts in investor sentiment, understand the drivers of flows, and predict future changes in flows and asset prices.
The Global Debt Monitor, Frontier Markets Debt Monitor, and Sustainable Debt Monitor track indebtedness by sector across key mature, emerging and frontier markets, offering a unique like-for-like comparison across countries. Looking across different aspects of debt dynamics, these monitors offer a snapshot of key trends using a variety of international and national-level data sources. Recent Monitors.
Retail payments are a major component of the digital payment landscape and in particular systems that allow instant access to funds have been revolutionising retail payments for decades. Whilst implementation of instant payments in developed markets has grabbed headlines, emerging markets too have been developing their own versions of instant payments. The dynamic nature of emerging markets creates challenges that are rarely confronted in the developed world, but also opens up opportunities for innovation and growth.
The challenges are big, but emerging markets have the opportunity to adopt new and in many ways more versatile technology. CMA Small Systems has been facilitating many emerging markets in making their instant payments dreams a reality.
P2P trade volume makes up a significant percentage of all cryptocurrency activity, especially in emerging markets. For this index, we rank countries by their P2P trade volume and weight it to favor countries with lower PPP per capita and fewer internet users, the goal being to highlight countries where more residents are putting a larger share of their overall wealth into P2P cryptocurrency transactions.
Many emerging markets face significant currency devaluation, driving residents to buy cryptocurrency on P2P platforms in order to preserve their savings. Others in these areas use cryptocurrency to carry out international transactions, either for individual remittances or for commercial use cases, such as purchasing goods to import and sell. Many emerging markets represented here limit the amount of the national currency that residents can move out of the country. Cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and stablecoins give those residents a way to circumvent those limits to meet their financial needs. 1e1e36bf2d