Work

Society 5.0: Shaping the future of e-commerce

Year: 2024

Type: article

Abstract: This paper explores the impact of Society 5.0, a Japanese initiative that integrates digital and physical spaces to address societal challenges and drive economic growth. It examines the role of decentralized technologies in enhancing e-commerce by adapting to consumer behavior changes and improving market dynamics. The study details the transition from Web 1.0’s basic functionalities to the more interactive and social Web 2.0 , setting the stage for a more integrated and intelligent e-commerce environment under Society 5.0. This new paradigm emphasizes personalized consumer experiences facilitated by AI and big data , focusing on real-time data, predictive analytics , and tailored services. The paper also addresses how Society 5.0 prioritizes sustainability and ethical practices in AI, aligning e-commerce strategies with global sustainability goals through eco-friendly practices and green logistics. The methodology involves a detailed literature review using specified databases over a defined period, applying rigorous criteria for article selection and classification to ensure comprehensive topic coverage. This research highlights the potential of cutting-edge technologies to revolutionize e-commerce by making it more secure, efficient, and aligned with consumer expectations and environmental standards. The research employs a qualitative approach, synthesizing existing literature on Society 5.0 and its potential impact on e-commerce. We explore how blockchain and big data will personalize experiences, enhance operational efficiency, and introduce new products and services. While acknowledging the limitations of relying solely on secondary literature , the paper underscores the need for future research to include empirical studies and address challenges like data privacy, the digital divide, and evolving regulatory frameworks within the e-commerce landscape.

Source: Journal of Open Innovation Technology Market and Complexity

DOI: 10.1016/j.joitmc.2024.100391

Authors: Arturs Bernovskis, Deniss Sceulovs, Agnis Stibe

Institutions: Riga Technical University, RMIT Vietnam, University of Pretoria, University of Oulu

Language: English

Topic: Digital Innovation in Industries

Subfield: Management of Technology and Innovation

Field: Business, Management and Accounting

Domain: Social Sciences

Open Access status: gold

Estimated APC paid: $1,000

Funder: Rīgas Tehniskā Universitāte