On relations between the index of innovation and the b2c e-commerce index
(a regressive analysis), using a quality management holistic approach, as
well as descriptive statistics for western balkans
ENRIKO CEKO
Business Administration and Information Technology Department
Canadian Institute of Technology
Street “Xhanfize Keko”, No 12, Tirana
ALBANIA
Orcid Number: 0000-0002-3372-2785
REIS MULITA
Canadian Institute of Technology
Street “Xhanfize Keko”, No 12, Tirana
ALBANIA
DIMITRIOS A. KARRAS
National and Kapodistrian University of Athens (NKUA), GREECE
and EPOKA university, Computer Eng, Dept., Tirana, ALBANIA
Abstract: Purpose – My goal in conducting this study is to clarify and present the relationship and strong connections
between the innovation index and the B2C E-Commerce index worldwide, as a response to the new normalcy, because
innovation and B2C E-commerce issues, as well as quality and quality management, have been subject to an increasing
interest all over the world, and the position of Western Balkan countries for innovation index and B2C E-commerce
index, using descriptive and interdisciplinary methods.
Design/methodology/approach – The article used exploratory research based on correlation and regression analysis to
discover relationships between innovation and the B2C E-commerce index, using data supplemented by the Global
Innovation Index and the B2C E-commerce index. The study technique consisted of gathering data and information
regarding the global innovation index and B2C E-commerce index as well as explaining the recently launched ISO
56000 family of standards, handling a correlation and a regressive analysis for relations between the innovation index
and the B2C E-commerce index, which resulted in the main conclusion of this study that statistically verified relations
between the innovation and the B2C E-commerce are strong, so ISO standards in general, and ISO 56000 standards
family application in particular, is required in the time of B2C E-commerce, achieving competitive advantage. In terms
of descriptive statistics, a comparison between the Western Balkans and the rest of the globe has been conducted.
Findings – Because innovation is covered by the ISO 56000 standard, this research gives statistical insights into the
relationships between innovation and the B2C E-commerce index. It indicates that to get a competitive edge, successful
business organizations should invest in innovation, B2C E-commerce, and quality management. The main
recommendation is that the use of ISO standards in general, and the ISO 56000 family of standards in particular, helps
companies strengthen their commitment to their clients by improving innovation and B2C E-commerce activities,
processes, and procedures, and economies worldwide to gain a competitive advantage. The study's descriptive data on
Western Balkan economies reveal that a significant effort is still required for EU integration.
Research limitations/implications – Because of the selected study technique, the research results may necessitate more
examination; consequently, researchers are urged to investigate the presented propositions further.
Practical implications – The study discusses the implications of developing a strong tool that combines innovation, B2C
E-commerce, and quality control to gain a competitive edge.
Originality/value – This work addresses for the first time, using correlation and regression analysis, a recognized need
to investigate how innovation, B2C E-commerce, and the ISO 56000 family of standards are significantly connected, as
well as descriptive data for a region (the Western Balkans).
Article Type – Research paper.
Keywords: Innovation index, B2C E-commerce index, ISO standards, ISO 56000, quality, quality management,
competitive advantage, Western Balkans.
Received: April 13, 2024. Revised: September 8, 2024. Accepted: October 11, 2024. Published: November 4, 2024.
Financial Engineering
DOI: 10.37394/232032.2024.2.34
Enriko Ceko, Reis Mulita, Dimitrios A. Karras
E-ISSN: 2945-1140
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Volume 2, 2024
1. Introduction
Business development and strategy (1), technology
advancements (2), and social and legal challenges and
repercussions (3) are the three fundamental driving
forces that pervade all elements of e-commerce.
Improvement and advancements in IT, innovation,
doing business, marketing practices, etc., have been
more evident during the last ten years, compared with
20 – 30 years ago. The twenty-first century will usher
in a digitally empowered social and economic life, the
contours of which we can only just now begin to see.
Analysts predict that by 2023, consumers would spend
over $7.3 trillion on digital transactions, while
companies will spend around $34 trillion. If not sooner,
it looks like most of the commerce shall be e-commerce
by the next 30 years. Discussing innovation and e-
business which often is expressed through the
innovation index and B2C E-commerce index, we
immediately think about new products and/or services,
as well as new combinations that result in improved
ones, new methods of processing, manufacturing,
assembling, entering new markets, a new way of
utilizing resources, innovated business models, and so
on, all of which are related to the effectiveness and
efficiency of processes, procedures, methodologies,
methods, tools, and technologies involved in the process
of producing goods and services and delivering them
from manufacturers to final consumers via online e-
commerce services.
Innovation and e-business may not necessarily
necessitate innovations, but rather simple approaches to
making decisions, individual and group activity-based
ideas implementation, and so on.
There is a growing interest in innovation and e-business,
particularly concerning a quality culture and ISO
standards. Quality culture acts as a guide for continual
development, and it belongs to all members of an
organization(s), providing a link between internal
clients and suppliers.
The essential principle of quality culture is expressed in
ISO standards, which are gaining popularity globally as
a means of gaining a competitive edge. The most
required standards are ISO 9000, ISO 14000, ISO
20000, ISO 22301, ISO 27000, ISO 45000, ISO 50000
family of standards, and especially the ISO 56000
family of standards, which is directly related to
Innovation management and creativity, introduced in
2019, which coincides with the period of Covid - 19
pandemics as well.
Under the new reality and new normalcy, innovation, e-
business, quality, quality culture, quality culture
management, and ISO standards are becoming
important as aspects of business models attaining
competitive advantage.
2. Literature review
Aside from the nation and degree of economic growth,
there has been an improvement in the literature for
innovation, e-business, quality, ISO standards, the
culture of quality, etc. globally. This is because
concepts like innovation, B2C E-commerce index,
quality, quality management, and ISO standards, when
properly applied, aid both private and public
organizations in becoming more competitive in an open
market when and where the offer is significantly greater
than the demand, a situation that has characterized the
last 50 years of the global economy.
2.1 Megatrends of 2020 – 2030 and worldwide
economies respond to Crisis and post-crisis
period
For the next 10 years, the main megatrends shall be (1)
Population increase, which is at the center of the change
in economic power, (2) The effects of global warming,
which are everywhere where and have a big influence
on coastal areas and crop productivity, (3) Thanks to the
fast development of technology, artificial intelligence
(AI), and machine learning, we are currently
experiencing the fourth industrial revolution,
sometimes known as the "digital revolution.", (4)
Changes in the world's population, density, ethnicity,
level of education, and other factors affecting the human
population will result in considerable societal
transformation, which will present possibilities and
challenges for both industry and government. These
megatrends have a significant impact on regional,
international, and national markets and society by
supporting structural changes, technical advancements,
changing economic power, etc (Peter Fisk. 2019).
The world is moving toward the following major trends
in response to these major shifts/megatrends, the crisis,
and the post-crisis period: (1) the information
revolution; (2) flexible & learning organizations and
innovation systems; (3) an explosion of skills,
knowledge, and competencies; (4) improving systems
of creation, production, and distribution; (5) usage and
expansion of innovation systems, creativity, and quality
management culture, etc., generally and also about e-
commerce.
2.2 Definition of Quality and quality culture
Numerous authors have identified the fundamental
definition of quality as a set of principles that guide how
improvement is carried out in daily operations involving
works and outputs, a collection of practices taken for
granted that constitutes the working philosophy of
organizations or working groups. To paraphrase, quality
culture is a "social attack that supports people in the
organization to stay together" (Robbins, 1999).
Both the variety of goods and services available as well
as their features and applications have greatly increased.
These difficulties are manifestations of this culture: (1)
Personal development, (2) Tolerance and Respect, (3)
Entrepreneurship, (4) Capability ( a proven capacity).
The definition of "culture of quality" is "a group of
common, respected, and integrally formed approaches
of features of products and services, identified on the
culture of organizations and systems of management"
(Vlăsceanu, Grünberg, & Pârlea, 2007, Ceko 2021).
"The importance of quality culture and quality
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management culture on conducting business and
gaining a competitive advantage, and their connections
to corporate social responsibility, sustainable business,
business ethics, diversity issues, international, cross-
cultural management, national/international
organizational culture, culture and sectors of the
economy in a country, as well as currently as an
important part of the history of economic thought
(related to business management cult)" Harvey and
Stensaker (2008), Gordon and Owen (2008), and Schein
(2010) and (2013).
Numerous publications have discussed ISO standards,
their significance, how they are used in practice, etc.
(Harrington & Mathers, 1997).
Currently, the most important ISO requirements are:
QMS – Quality Management System - ISO 9000
Family
Document management — Business process baselining
and analysis ISO 10244:2010
Environment protection ISO 14000
IT – Information Technology - ISO 20000
BCMS – Business Continuity Management – Security
& Resilience - ISO 22301:2019
ICM – Information Security Management - ISO 27000
HSW – Health And Safety At Work - ISO 45000
Energy Efficiency - ISO 50000
IMS – Innovation Management System 56002:2019
Etc.
The following three sorts of advantages of using
standards are listed by ISO (ISO, 2014):
Key benefit 1: Streamlining internal operations
One key conclusion is that standards may be utilized to
speed up internal business operations, for instance by
lowering the time required to complete certain tasks
across a range of business functions, eliminating waste,
lowering procurement prices, and boosting productivity
(ISO, 2014). According to case studies, standards
contribute between 0.15 and 5 percent of yearly sales
revenues to the gross profit of businesses (ISO, 2014).
Key benefit 2: Innovating and scaling up operations
Some case studies give instances of how standards were
used as the foundation for creative business procedures,
enabling businesses to increase their network of
suppliers or introduce and successfully manage new
product lines. In other cases, standards assisted
businesses in reducing the risk associated with
launching new products onto domestic markets (ISO,
2014).
Key benefit 3: Creating or entering new markets
According to ISO (2014), standards have served as the
foundation for the creation of new markets as well as
for the development of new goods and their entry into
new markets (both local and international). In
exceptional circumstances, the impact of standards is
substantially beyond the aforementioned amount, with
businesses realizing a contribution to gross profit of up
to 33% of their annual revenue, which enabled them to
establish themselves as industry leaders, at least for a
while (ISO. 2014).
2.3 Innovation
Entrepreneurship was described as an innovative act
that combines existing resources and productive ability
in an OECD report (Nadim Ahmad and Richard G.
Seymour 2006) from roughly 30 years ago (Drucker,
1985), and, with the use of skills for doing business
(Shane 2003), including creativity, which begins and
develops throughout this process (Sarasvathy 2001).
According to a Manual published by the OECD (OECD
2005), creativity and innovation are related to the
improvement of products/services, and the launch of
new products/services on the market, this, is
accompanied by innovative marketing activities, new
ways of organization, etc. Schumpeter has long
emphasized the role of innovation as a gear that
constitutes industrial mutation in the reformation of the
economy and its structure, eliminating the old and
continuously bringing the newer (Schumpeter. 1942)".
it is precisely this concept that takes on great
importance, especially in the period of transnationalism,
where the basis of the economy remains skills,
knowledge, and competencies, i.e. non-material
resources, which take more and more advantage
compared to material resources. it is clear from the past
innovation constitutes a clear incentive for businesses’
success and the economy accordingly. this is because
innovation directly affects the efficiency and
effectiveness of entrepreneurship, its productivity, as
well as the level of the national, regional, and global
economy. As a practical implementation of new and
rational ideas, which bring new and improved products
and services (Schumpeter. 1993). new standards for
innovation management, ISO 56000:2020 (ISO 2020),
have now been presented, where innovation is defined
as a concept through which value can be changed and
spread. It is precisely the International Organization of
Standards, which presents innovation as something
new, a process, a procedure, or a product different from
before, which is presented to users. This is also one of
the reasons why ISO standards are applied to evaluate
innovation within an organization and between them
(ISO. 2019). The commonality of almost all definitions
regarding innovation is that they present innovation as
something new or as an improvement. According to
some researchers, innovation is not invention, but it is
still related to it since we are not always dealing with
new products and services, but also with improvements
in processes, procedures, ways of realizing products and
services, etc. (Bhasin, Kim April 2, 2012), and all this
to influence as much as possible one or several markets
and the society of one or several countries or even
globally (Morgan 2015), even without necessarily
bringing inventions (Schumpeter 1939). In every
country, there is a system of institutions, legislation,
rules, processes, and procedures according to which it
is the system itself that absorbs, builds, spreads, and
uses the skills, knowledge, and competencies, which are
the foundation of innovation. To have internal and
regional and wider development, there is a tendency to
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always use more and more developing and new skills,
knowledge, and competencies, which are obtained
during the development process of the country, the
region, and the world, where innovation has a very big
role. This is also the main reason why to innovate, a
suitable climate is required for doing business and for
research and development.
The suitable climate for doing business and for
innovation, combined with having the skills,
knowledge, and competencies, which require suitable
conditions to be applied, make it possible for creativity
and innovation to exist in developing countries,
according to local requirements. This combined with
the freedom of the market from the bureaucratic
approach, the approach of the diversity of harmful
regulations and procedures that hinder business and
innovative ideas (WB Institute, 2005).
Ultimately, achieving and maintaining economic
advantages requires a favorable environment for
innovation and this can only be achieved with two-way
support of the private and public sectors, and this is
related to appropriate investments and the promotion of
R&D activities, the existence of scientific research
institutions, cooperation with academia, industries,
aspects of intellectual property protection, etc. (Porter
& Schwab, 2008).
New ways of communication, innovative business
models and new technologies, etc., are what bring
innovation (Chaffey. 2015).
Sources of innovation
It is the failure of systems and the engagement of
economic agents that bring innovation, as innovation
can also happen by chance. It is the successive
economic structural changes and developing industry,
demographic changes, changes in the structure of the
markets, and changes in people's perception of life and
the future, including their spiritual state, that bring
innovation (Drucker 2002).
Engineer in robotics Joseph F. Engelberger
demonstrated that innovation simply needs three things:
• a known request for a need
• people to be suitable for the right technologies
• financial incentive (Engelberger 1982).
The competition is accelerating more and more, and
products, services, and production methods are
becoming more and more global, as well as new
technologies, and this makes businesses succeed only
through the intensity through which effectiveness is
achieved. and efficiency of innovations. This
constitutes an important prerequisite for achieving and
maintaining the economic advantages of business and
the economy of a country. this is a process that is carried
out through several interdependent actions carried out
by different actors and that constitutes a very important
factor in the success of these businesses and economies.
According to some authors, now the increasing results
in production do not have the effect of fixed
manufacturing elements such as labor, capital, and land,
but are related to non-fixed factors that are innovation
and changing technologies (Ceko. 2022, Anderson,
Potočnik, Zhou, 2015).
Some other authors also focus on the relationships
between doing business, leadership, strategic
management, research and development, innovation,
etc. (Shin, Zhang, Bartol (2015), Byron, Khazanchi
(2015), Gilson, Lim, Litchfield, Gilson (2015), Perry-
Smith, Mannucci, (2015).
As above, it seems that priority is given to the economic
advantages that constitute an incentive for creativity and
innovation, two elements that require dedicated support
to achieve the desired result.
Now the crises are seen as an opportunity for creativity
and innovation, and now activities such as health
consultancy, online learning, e-commerce, etc., have
best solved the problem of mobility. The sustainable
future of systems is now considered inseparable from
innovation and this includes areas such as control and
reduction of changes affecting climate aspects, green
economy, circular economy, waste management, etc.
(GII 2021).
The COVID-19 pandemic brought an unprecedented
crisis to the global arena, and at the same time
encouraged the explosion of innovative ideas in almost
all areas of life, with the aim of economic growth and
financial stability.
The crisis brought about by this pandemic was also
accompanied by profound changes and impacts that
need time to learn that they will be sustainable. The very
fact that scientific research during the pandemic period
in the field of health was immediately oriented toward
the production of quality vaccines, shows that the
awareness of the role of innovation, technologies, and
scientific research performed its function, awareness
that pushes you as such also in the field others.
This means that innovation is now seen as a tool for
promoting, developing, and making business and trade
sustainable in the transnational arena. The world of
global commerce has transformed, particularly during
the last two decades, with economies of scale
increasingly being displaced by an innovation economy
centered on goods and services with high added value.
(GII. 2021).
2.4 ISO 56000 – a new ISO standard family for
Innovation
The element that sets a business in motion and makes it
successful is innovation. He is the fuel. The businesses
that give this fuel to employees and managers are
exactly the ones that have more profits and bring more
benefits to society. Enterprises, regardless of their size
and business model, through innovation improve their
position in the market and achieve their business goals
better and faster. It is these ventures that show even
more agility in responding to challenges and unforeseen
events (Ann Brady. 2021).
It is precisely the innovation management system that
supports and encourages business organizations to
grasp the best ideas and support continuous
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improvement to be as competitive as possible in a more
global market and even more difficult to be successful.
In these management systems, one of the latest families
of standards published by the International
Organization of Standards (ISO), precisely ISO 56000 -
the family of ISO standards related to innovation (Clare
Naden. 2020) is a part.
It is this standard, says Casanove, technical committee
head at ISOI, in charge for this standard, that makes
enterprises develop and evolve, create products and
services, business models, etc., that add value, which is
not without value in the monetary or financial aspect,
but it can be of value to society, the environment, etc.
Applying the standards that are part of this family (ISO
56000) makes it possible for organizations to
significantly improve their survival in conditions of
change and uncertainty, allowing these organizations to
make inventions and reinventions in a sustainable way
(Clare Naden. 2020).
The IMS – Innovation Management System - ISO
56000 family consists of the following standards,
published already:
• Innovation management - ISO 56000:2019 -
Guidelines
• Innovation management System - ISO 56002 –
Guidelines
• Innovation management – Tools and methods for
innovation partnership - ISO 56003 – Guidelines
• Innovation management assessment – Guidelines -
ISO/TR 56004
• Innovation management – Tools and methods for
intellectual property management - ISO 56005 –
Guidelines
• Innovation management – Strategic intelligence
management - ISO 56006 – Guidelines
• Innovation management – Ideas management - ISO
56007
• Innovation management – Tools and methods for
measuring innovation performance - ISO 56008 –
Guidelines (ISO. 2019)
The International Organization for Standards
emphasizes that, including this standard, the
relationship between innovation and creativity is seen
as inseparable, and strong, and ISO standards
application as a whole and use and application of the
standards that make up the ISO 56000 family in
particular, make companies improve their commitment
concerning to customers, continuously improving
processes, procedures, regulations, data retention and
their business activities, in search of economic
advantage, maintaining this advantage and in search of
other advantages, which makes these enterprises
respond even better and more successfully to crises and
disasters.
Changes in value over time (employee value,
shareholder value, proportion, and value of sales from
new items) may be used to gauge innovation.
Management teams will create goals, precise metrics,
goals, and activities to attain these goals for each of
these four areas (Chaffey. 2015)
2.5 Innovation Index
The World Intellectual Property Organization publishes
the Global Innovation Index each year, which ranks
nations based on their propensity for and success in
innovation. It was established in 2007 by INSEAD and
the British business journal World Business (Aubert,
2010). The World Intellectual Property Organization
released it up to 2021 in collaboration with Cornell
University, INSEAD, and other businesses and
institutions. (Matthews & Brueggemann. 2015).
It is founded on subjective and factual data gathered
from various and factual data gathered from a variety of
sources, such as the World Bank, the International
Telecommunication Union, and the World Economic
Forum.
Since the GII's launch in 2007, an increasing number of
countries have developed policy solutions to enhance
their performance by methodically analyzing their
yearly GII findings. The United Nations General
Assembly passed a resolution on science, technology,
and innovation for sustainable development on
December 19, 2019, and it refers to the index (UN.
2019).
Global Innovation Index (GII)
With the ongoing COVID-19 epidemic, sluggish
productivity growth, and other shifting issues in the
background, the Global Innovation Index (GII)
monitors the most current global innovation trends. It
identifies the nations with the most inventive economy
while outlining the strengths and shortcomings of
innovation in 132 economies.
The Index consists of over 80 factors, including
assessments of each economy's political climate,
educational system, infrastructure, and knowledge
generation, to provide the most comprehensive picture
possible of innovation.
The many measures provided by the GII assist in
tracking progress and comparing it to economies in the
same area or income bracket (GII. 2021).
2.6 Internet, E-Commerce, and Innovation
We have entered a new economic age as a result of the
creation of communication infrastructure in the shape of
the Internet in the late 1980s and early 1990s, as well as
associated advancements in information, publication,
and distribution technologies (together referred to as
Web technologies). The digital economy is another
name for this new economy, which is fueled by the
Internet and web technologies (Bhasker, 2013).
Innovative businesses like Dell Computers,
Amazon.com, Intel, Cisco, and Yahoo! saw the
potential and were among the first to leverage the
internet and online as a tool for Integrated Information
Management. These businesses established systems for
accepting orders from customers, processing payments,
providing customer support, gathering marketing data,
and receiving online reviews by integrating various
online information management technologies over the
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Internet, E-commerce, or online commerce, is the
umbrella term for these operations. These businesses
have improved their profitability, net worth, and
competitive dynamics by using e-commerce methods.
With its expansion, e-commerce has already become a
technical advancement. With the constant introduction
of new technology, business models, and
communication strategies, innovation is relentless. In
today’s continuing risks like security and performance,
all businesses must evaluate new electronic and
Internet-based communication technologies for their
potential to increase corporate competitiveness. For
instance, as part of initiatives to change their operations
digitally, many companies are evaluating the
advantages, disadvantages, and dangers of the digital
business technology they are now using. Consider the
takeaways from the dot-com busts as well as the fact
that innovation and the expansion of Internet pure-plays
did not halt in 2000 and that several online businesses,
like digital publishers and social networks, have
continued to thrive since then (Chaffey. 2015).
Internet and innovation
Despite journalists' casual use of the term "Internet"
time to suggest a mechanism for rapid, nearly
instantaneous global change, the modern Internet
actually began almost 69 years ago and developed
slowly for the first few decades before accelerating with
the rise of the Web and mobile platforms.
Three distinct periods may be identified in the
development of the Internet.
The core components of the Internet, including packet-
switching hardware, the TCP/IP communications
protocol, and client/server computing (all of which are
covered in more detail later in this section), were
conceptualized during the Innovation Phase, which
lasted from 1961 to 1974.
Linking massive mainframe computers on various
college campuses was the initial goal of the Internet.
Until recently, the main means of direct connectivity
between campuses were the telephone network and
private networks run by major computer manufacturers.
Large organizations like the National Science
Foundation (NSF) and the U.S. Department of Defense
(DoD) provided financing and legitimacy for the
developing Internet during the Institutionalization
Phase, which lasted from 1975 to 1995.
The Department of Defense (DoD) made a $1 million
contribution to further develop the principles
underlying the Internet into a reliable military
communications system after they had been validated in
several government-supported demonstration projects.
Through this initiative, the Advanced Research Projects
Agency Network, or ARPANET, was established. The
NSF initiated a $200 million expansion effort and took
over the construction of the civilian Internet (then
known as NSFNET) in 1986.
The U.S. government urged private firms to take over
and broaden local service beyond military installations
and college campuses to the rest of the world's
population during the Commercialization Phase, which
ran from 1995 until the present. Only when paired with
investments in process redesign, organizational change
management, and innovation does the digital business
contribute to productivity increases (Chaffey. 2015)
E-Commerce and innovation
E-commerce is the practice of conducting business via
the Internet, the World Wide Web (Web), mobile
applications, and mobile browsers. Even though the
phrases Internet and Web are sometimes used
synonymously, they refer to two completely distinct
concepts. The Web, which offers access to billions of
web pages, is one of the Internet's most well-known
services. The Internet is a global network of computer
networks. A software application is referred to as an app
(short for application). Although it is occasionally used
to apply to desktop computer programs as well, the
phrase is primarily used to describe mobile applications.
A mobile browser is a type of web browser application
used to access the internet from a mobile device. E-
commerce, as it is more technically known, is the
exchange of goods and services between and among
businesses and individuals using digital technology.
These are the parts of our working definition of e-
commerce, and each one is significant. All transactions
that use digital technology as a medium are considered
digitally enabled transactions. This mostly refers to
transactions that take place through the Internet, the
Web, and/or through mobile devices.
In exchange for goods and services, commercial
transactions entail the transfer of value (such as money)
across organizational or human borders. knowledge of
the boundaries of e-commerce requires a knowledge of
the value exchange. There is no commerce if there is no
exchange of value. The number of individuals who have
access to the Internet has been increasing at an
astounding rate as a result of the convergence of
communication technologies and gadgets. Because
internal and external procedures are more effective as a
result of the switch from traditional to electronic
commerce, practically every firm may benefit from
these improvements.
While some additional models have evolved as a result
of the development of the Internet, many electronic
commerce enterprises are founded on models that have
been imported from conventional commerce. For
electronic commerce to grow, the supporting
technologies must converge as well as for business
processes that support the transactional environment to
change and for public policy concerns to be resolved.
Once online enterprises have been established, the
electronic market needs infrastructure resembling
traditional commerce to deal with the issue of
discovering, identifying, and luring clients to these
businesses. Better, more effective, and more appealing
shopping experiences are essential to the expansion and
success of internet commerce. When a consumer is
attempting to find and identify the greatest offer in the
broad Internet business environment, reference-based,
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Volume 2, 2024
search-based, and directory-lookup-based techniques
only provide a restricted answer. Today, we are seeing
the emergence of agent-mediated electronic commerce
approaches that may automate the process of searching
through the massive amount of information and
bargains on the Internet while also enhancing the
shopping experience. (Bhasker. 2013), keeping in mind
that e-commerce has had three stages—innovation,
consolidation, and reinvention—since its inception,
including a period of explosive expansion and
tremendous innovation.
• The early years of e-commerce saw mixed business
and technological success, with significant revenue
growth and customer usage but low-profit margins. The
digital infrastructure built during this time was strong
enough to support significant growth in e-commerce
during the following decade.
• In 2001, e-commerce began a phase of consolidation
that lasted until 2006.
• With the development of the mobile digital platform,
social networks, and Web 2.0 apps in 2007, e-commerce
underwent a phase of reinvention and quickly garnered
massive audiences (Laudon and Traver, 2021).
The remarkable expansion of electronic commerce can
be ascribed to the lowering of network-based business
transaction friction. This decrease has improved
customer service, reduced prices to consumers, and
sped up transaction execution, allowing immediate
delivery of items in some circumstances (software,
digital music). Electronic commerce is concerned with
technology and business processes that enable the
transfer of information through international networks
and interaction between producers, customers,
middlemen, and sellers, which must be successful and
efficient.
In the modern economy, it has become difficult to keep
pace with technical development since there are so
many different technological orientations being driven
by competing discoveries. Although ideal in the early
stages of new technology, the lack of any standards
makes the work even more challenging. Competitive
forces emerge from non-traditional sources for
established businesses with typical business practices.
As more people had access to the Internet, new markets
arose and old businesses were compelled to use
electronic commerce to survive and expand. The 1980s
personal computer revolution has now reached a point
beyond which it can no longer be reversed, and Internet
connection and digital transformation have propelled
the economy into the age of electronic business and
trade. A new force resulting from the innovation
occurring in wireless technologies has already started to
drive enterprises farther up the ladder of evolution as
the present advancements in digital transformation that
are driving the electronic commerce age are being
solidified (Bhasker. 2013).
The new catchphrase is mobility, and advancements in
wireless technology are what's making it happen.
Customers are no longer compelled to reach for their
computers, as is the case with internet commerce. They
may access information, pay bills, make reservations,
play games, download music, and movies, chat with
friends and family, and conduct transactions all on the
little screens of their mobile devices (Bhasker. 2013)
Of course, a successful company plan does not ensure
success. The start-up will fail if there are issues with
certain components of the idea's execution (Chaffey,
2015). The following execution-related elements can be
considered as having failed for certain businesses:
Promotion - Online or offline marketing
strategies are insufficient to get enough site
visitors.
Performance, availability, and security - Some websites
have suffered from their success and are unable to
provide quick access to the websites, or technological
issues have led to the unavailability or insecurity of the
service. Due to delays in building the website and its
accompanying infrastructure, several sites have
remained inaccessible despite extensive advertising
campaigns (Chaffey, 2015).
Fulfillment - The site may be efficient in and of
itself, but if things are not shipped accurately or
on time, customer service and, in turn, business
image, will suffer (Chaffey, 2015)
The ability to determine which new technology
developments may be implemented to create a
competitive advantage—what is "the next big thing"—
is one of the major issues of managing e-commerce. The
fact is that no one can foretell the future, and many
businesses have misread the product market (Chaffey,
2015)
Trott (1998) lists some prerequisites that must be met
by an organization to enable it to successfully adapt to
technological change or innovation:
Growth orientation is a long-term perspective
as opposed to a short-term one.
Vigilance is the capacity to monitor the
environment.
Technology commitment is the readiness to
invest in it. Accepting risk is being willed to
accept calculated chances.
Cross-functional cooperation is the capacity for
cross-functional cooperation.
Receptivity is the capacity to react to
technological advancements made by outside
parties.
Allowing time to research new technical
prospects is slack.
Adaptability is the capacity to adapt to change.
Wide variety of abilities, including
technological and business expertise.
Being an early adopter (as an organization) has its
drawbacks because of the possibility of failure; the
leading edge is sometimes referred to as the "bleeding
edge." Bugs will be present in new technology, they
might not integrate well with the current systems, or the
marketing advantages might not materialize as
promised. Naturally, taking risks is motivated by the
potential for great benefits; for example, if you employ
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a strategy that your competitors do not, you will have
an advantage over them (Chaffey. 2015).
2.7 B2C E-commerce index
An economy's readiness to accommodate online
shopping is gauged by the UNCTAD B2C E-commerce
Index. Four variables with a strong connection to online
purchasing make up the index. Eight of the top 10
economies, much like the 2019 ranking, are located in
Europe. With only 4.1 points separating first and tenth
place, index values are quite close. As the top-ranked
nation on the survey, Switzerland has just barely
surpassed the Netherlands. The top ten's makeup only
changed a little, with Australia being replaced by China,
Hong Kong, and SAR. Despite being the largest B2C
marketplaces in the world, China and the US are ranked
12th and 55th on the index, respectively. They are not
placed higher in part because the index does not take
into account their scale. Even while the two nations are
ahead in several absolute comparisons, they fall behind.
For instance, China ranks 87th in the world for Internet
penetration, whereas the United States has lower
Internet penetration than any of the top 10 economies.
The United States is ranked 12th in terms of shopping
penetration, whereas China is ranked 33rd (UNCTAD
B2C Index. 2020).
Asian nations dominate the top positions among
developing economies
The top ten emerging economies in the 2020 index are
all from Asia and all have incomes in the upper middle
or high range (Table 2). The range of index values is
bigger than it is for the top ten countries in the world,
with Singapore at the top and Oman at the bottom,
separated by a 24-point difference.
There was only one difference in this group's makeup
from the 2019 index: Oman took Turkey's place when it
left. Malaysia saw the greatest index value
improvement.
Some emerging nations had the biggest gains in index
scores. Algeria, Ghana, Brazil, and Lao PDR were the
top four, and each of their ratings increased by at least
five points as a result of considerable increases in postal
reliability (UNCTAD B2C Index. 2020).
Least developed countries are trailing the most in e-
commerce readiness
The index's opposite-end nations are the ones that are
least prepared to participate in and profit from e-
commerce. The Congo and the Syrian Arab Republic
are the only non-LDC economies in the group of the 20
economies with the lowest 2020 index scores, which
include 18 LDCs.
In light of this, 25 Rapid e-Trade Readiness
Assessments of LDCs have been conducted by
UNCTAD during the last few years.15 These
evaluations aim to offer an analysis of what issues need
to be resolved in many policy areas to improve a
country's ability to engage successfully in e-commerce.
Since most LDCs lack the knowledge and awareness
necessary to articulate their needs for development
assistance in the area of e-commerce, donors have seen
a relatively low demand for such assistance, which can
help to overcome a significant market failure. There are
significant geographical variations. Less than one-third
of people in Africa have access to the Internet,
compared to three-quarters of people in Western Asia.
The proportional advantages and disadvantages are
often different. The levels of the four indicators are
often comparable throughout East, South, and Southeast
Asia; Internet use is the only indication that is below the
global average. The most significant need for
development in Latin America and the Caribbean is
postal dependability. African nations would profit from
catching up in all policy areas to enable more inclusive
e-commerce. There is no overall change in the index
value from the 2019 index. Latin America and the
Caribbean was the only region where the value
increased (UNCTAD B2C Index. 2020).
3. Research framework, the purpose of
the case study
The degree of innovation, the B2C E-commerce index,
and their relationships within a worldwide ecosystem of
entrepreneurship served as the basis for the study.
The link between innovation and the B2C E-commerce
index has not been supported by any numerical,
statistical, or algebraic reasoning; thus, this study
employs a theory-building approach and tries to answer
the following research questions:
• RQ1: Does the B2C E-commerce index have any
relationship to innovation?
• Two possibilities have been developed in light of this:
• Ho: There is no relationship between the B2C E-
commerce index and innovation.
• H1: The innovation index and the B2C e-commerce
index are related.
... considering that there are few different types of
research on the relationships between innovation and
the B2C E-commerce index, which are listed in the
literature review of this paper research, and considering
that theoretical approaches to the relationships between
innovation and the B2C E-commerce index exist, but
there aren't any arguments based on numbers, statistics,
or math studies.
4. Methodology
While recognizing the significance of innovation, the
B2C E-commerce index, and quality management in the
business and entrepreneurship ecosystem, previous
empirical research has not explained how innovation
and the B2C E-commerce index influence and connect
quality management. In addition, only a few serious
theoretical studies have demonstrated the strong
relationship between innovation and the B2C E-
commerce index; no numerical, statistical, or algebraic
studies have been conducted in this area. Thus, a
hypothesis that is backed by research and data must be
developed. A single comprehensive case study
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technique should be used with an exploratory strategy,
which is suitable for developing a deep understanding
of phenomena and enabling a deeper examination of
theoretical structures.
4.1 Case selection
The example was chosen based on three key factors: a
theoretical approach, applicability of relationships, and
practical benefits of relationships between innovation
and the B2C E-commerce index, taking into account
innovation as a characteristic of the ISO 56000 family
of standards.
The case project was broken down into three phases:
determining the needs for quality management,
determining the rank of the nations for innovation, and
determining the needs for the B2C E-commerce index.
4.2 Data collection
• The World Intellectual Property
Organization's Global Innovation Index Report
2021, 14th Edition, served as the source for the
innovation data. Every year, nations are ranked
according to their propensity for and success
with innovation in the Global Innovation Index
(GII).
• Information for the B2C E-commerce
index was also taken from the 14th edition of
the World Intellectual Property Organization's
Global Innovation Index Report 2021.
4.3 Data analysis
1. The Global Innovation Index Report 2021
(World Intellectual Property Organization, 14th
Edition) was used to compile statistics on
innovation throughout the world.
2. The Global Innovation Index Report 2021
(World Intellectual Property Organization, 14th
Edition) was used to compile statistics on B2C e-
commerce globally.
3. For 132 countries globally, descriptive statistics
for the Innovation Index and Creativity output were
conducted, as well as a correlation and regression
analysis (inferential statistics) between the
Innovation Index and the B2C E-commerce Index.
RELATIONS BETWEEN INNOVATION AND B2C E-COMMERCE INDEX
(128 COUNTRIES WORLDWIDE)
Table 1. Innovation index and B2C E-commerce index
Rank for
B2C
from top
to
bottom
Rank for
the
innovation
about
rank for
B2C
Economy
Innovation
index
Rank for
innovatio
n from
the top to
bottom
Economy
Innovation
index
1
1
Switzerland
66.1
1
Switzerland
66.1
2
5
Netherlands
58.8
2
Sweden
62.5
3
6
Denmark
57.5
3
USA
60.6
4
8
Singapore
56.6
4
UK
59.8
5
4
UK
59.8
5
Netherlands
58.8
6
9
Germany
56.5
6
Denmark
57.5
7
7
Finland
57.0
7
Finland
57.0
8
15
Ireland
53.0
8
Singapore
56.6
9
20
Norway
49.3
9
Germany
56.5
10
11
Hong Kong
54.2
10
Korea
56.1
11
26
New Zealand
47.0
11
Hong Kong
54.2
12
3
USA
60.6
12
France
53.7
13
17
Canada
52.3
13
Israel
53.5
14
24
Estonia
48.3
14
China
53.3
15
2
Sweden
62.5
15
Ireland
53.0
16
23
Australia
48.4
16
Japan
52.7
17
12
France
53.7
17
Canada
52.3
18
10
Korea
56.1
18
Luxembourg
50.8
19
19
Austria
50.1
19
Austria
50.1
20
16
Japan
52.7
20
Norway
49.3
21
22
Belgium
49.1
21
Iceland
49.2
22
25
Czechia
48.3
22
Belgium
49.1
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23
38
Slovakia
39.7
23
Australia
48.4
24
30
Spain
45.6
24
Estonia
48.3
25
41
Croatia
37.3
25
Czechia
48.3
26
13
Israel
53.5
26
New Zealand
47.0
27
39
Lithuania
39.2
27
Malta
46.4
28
37
Poland
40.0
28
Italy
45.7
29
28
Italy
45.7
29
Cyprus
45.7
30
33
Malaysia
42.4
30
Spain
45.6
31
35
Hungary
41.5
31
Portugal
43.5
32
21
Iceland
49.2
32
Slovenia
42.9
33
43
Greece
36.8
33
Malaysia
42.4
34
32
Slovenia
42.9
34
UAE
41.8
35
64
Belarus
31.3
35
Hungary
41.5
36
18
Luxembourg
50.8
36
Latvia
41.1
37
34
UAE
41.8
37
Poland
40.0
38
29
Cyprus
45.7
38
Bulgaria
40.0
39
36
Latvia
41.1
39
Slovakia
39.7
40
31
Portugal
43.5
40
Lithuania
39.2
41
47
Russian Fed
35.6
41
Croatia
37.3
42
44
Thailand
36.7
42
Viet Nam
37.1
43
53
Serbia
34.3
43
Greece
36.8
44
66
Iran
30.9
44
Thailand
36.7
45
46
Romania
36.0
45
Ukraine
36.3
46
38
Bulgaria
40.0
46
Romania
36.0
47
63
Georgia
31.8
47
Russian Fed
35.6
48
27
Malta
46.4
48
India
35.6
49
67
Saudi Arabia
30.9
49
Montenegro
35.4
50
68
Qatar
30.8
50
Philippines
35.2
51
45
Ukraine
36.3
51
Turkey
34.9
52
57
N.R Macedonia
33.4
52
Mauritius
34.4
53
59
Moldova
33.0
53
Serbia
34.3
54
83
Oman
26.5
54
Chile
33.9(mean)
55
14
China
53.3
55
Mexico
33.6
56
56
Costa Rica
33.5
56
Costa Rica
33.5
57
51
Turkey
34.9
57
N.R Macedonia
33.4
58
77
Kuwait
28.4
58
Mongolia
33.4
59
54
Chile
33.9
59
Moldova
33.0
60
76
Kazakhstan
28.6
60
South Africa
32.7
61
58
Mongolia
33.4
61
Armenia
32.6
62
62
Brazil
31.9
62
Brazil
31.9
63
42
Viet Nam
37.1
63
Georgia
31.8
64
86
Lebanon
26.0
64
Belarus
31.3
65
81
Azerbaijan
27.2
65
Tunisia
31.2
66
78
Bahrain
28.4
66
Iran
30.9
67
89
Dominican
Rep
25.1
67
Saudi Arabia
30.9
68
69
Colombia
30.8
68
Qatar
30.8
69
52
Mauritius
34.4
69
Colombia
30.8
70
72
Bosn&Herzg
29.0
70
Uruguay
30.8
71
48
India
35.6
71
Jamaica
29.1
72
70
Uruguay
30.8
72
Bosn&Herzg
29.0
73
60
South Africa
32.7
73
Panama
29.0
74
71
Jamaica
29.1
74
Morocco
29.0
75
96
Trnd & Tbg
24.1
75
Peru
28.8
76
80
Jordan
27.8
76
Kazakhstan
28.6
77
65
Tunisia
31.2
77
Kuwait
28.4
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78
49
Montenegro
35.4
78
Bahrain
28.4
79
75
Peru
28.8
79
Argentina
28.3
80
119
Algeria
19.5
80
Jordan
27.8
81
105
Ghana
22.3
81
Azerbaijan
27.2
82
79
Argentina
28.3
82
Albania
27.1
83
84
Indonesia
26.5
83
Oman
26.5
84
61
Armenia
32.6
84
Indonesia
26.5
85
82
Albania
27.1
85
Kenya
26.1
86
73
Panama
29.0
86
Lebanon
26.0
87
85
Kenya
26.1
87
Tanzania
25.6
88
99
Sri Lanka
23.8
88
Botswana
25.4
89
97
Paraguay
24.1
89
Dominican Rep
25.1
90
55
Mexico
33.6
90
Rwanda
25.1
91
115
Nigeria
20.1
91
El Salvador
24.8
92
74
Morocco
29.0
92
Kyrgyzstan
24.5
93
50
Philippines
35.2
93
Uzbekistan
24.5
94
92
Kyrgyzstan
24.5
94
Nepal
24.4
95
101
Honduras
23.0
95
Egypt
24.2
96
100
Senegal
23.7
96
Trnd & Tbg
24.1
97
102
Namibia
22.5
97
Paraguay
24.1
98
111
Laos
20.6
98
Ecuador
24.1
99
98
Ecuador
24.1
99
Sri Lanka
23.8
100
103
Bolivia
22.4
100
Senegal
23.7
101
88
Botswana
25.4
101
Honduras
23.0
102
91
El Salvador
24.8
102
Namibia
22.5
103
93
Uzbekistan
24.5
103
Bolivia
22.4
104
104
Guatemala
22.4
104
Guatemala
22.4
105
95
Egypt
24.2
105
Ghana
22.3
106
87
Tanzania
25.6
106
Pakistan
22.3
107
116
Cameroon
20.0
107
Tajikistan
22.2
108
112
Uganda
20.5
108
Cambodia
21.5
109
94
Nepal
24.4
109
Malawi
21.4
110
113
Bangladesh
20.4
110
Cōte d'Ivoire
21.2
111
106
Pakistan
22.3
111
Laos
20.6
112
108
Cambodia
21.5
112
Uganda
20.5
113
117
Zimbabwe
20.0
113
Bangladesh
20.4
114
110
Cōte d'Ivoire
21.2
114
Madagascar
20.4
115
120
Zambia
19.4
115
Nigeria
20.1
116
107
Tajikistan
22.2
116
Cameroon
20.0
117
90
Rwanda
25.1
117
Zimbabwe
20.0
118
124
Ethiopia
18.1
118
Burkina Faso
20.0
119
127
Myanmar
17.7
119
Algeria
19.5
120
123
Togo
18.5
120
Zambia
19.4
121
125
Benin
18.1
121
Mali
19.2
122
122
Mozambique
18.7
122
Mozambique
18.7
123
114
Madagascar
20.4
123
Togo
18.5
124
129
Yemen
13.6
124
Ethiopia
18.1
125
118
Burkina Faso
20.0
125
Benin
18.1
126
128
Guinea
17.3
126
Niger
17.8
127
109
Malawi
21.4
127
Myanmar
17.7
128
121
Mali
19.2
128
Guinea
17.3
129
126
Niger
17.8
129
Yemen
13.6
Graphic 1. B2C E-commerce Index and Innovation
Index Correlation (Drawn by Authors Using GII 2020
and UNDP B2C Data), with Innovation Index at X
Axis and B2C Index at Y-Axis
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371
Volume 2, 2024
Y = ax + b
y = 0.5518x
R² = 0.9737
r = 0.986963
These findings demonstrate an association between
innovation and the B2C E-commerce index.
(Hypothesis 1).
DESCRIPTIVE STATISTICS
Rank for
innovation
Economy
Innovation
index
Maximum
66.1
49
Montenegro
35.4
53
Serbia
34.3
Mean
33.97364
57
N.R
Macedonia
33.4
72
Bosnia &
Herzgovina
29.0
82
Albania
27.1
Minimum
13.6
Rank for
B2C
Economy
B2C index
Maximum
95.9
43
Serbia
75.3
52
N.R
Macedonia
71.1
Mean
60.38295
70
Bosn&Herzg
58.1
78
Montenegro
54.0
85
Albania
49.5
Minimum
5.6
About the innovation index, in a total of 129 economies,
values of the innovation index vary between a
maximum of 66.1 and a minimum of 13.6, Western
Balkan countries are around the middle of the list, far
away from the EU countries, most of which are on top
of the list for this index, with Montenegro and Serbia
above the mean 33.97364, with the respective values of
35.4 and 34.3.1, while NR Macedonia, Bosnia &
Herzegovina, and Albania are below the mean
33.97364, with the respective values of 33.4, 29.0, and
27.1.
About the B2C E-commerce index, in a total of 129
economies, values of the B2C E-commerce index vary
between a maximum of 95.5 and a minimum of 5.6,
Western Balkan countries are around the middle of the
y = 0,5518x
R² = 0,7773
0
10
20
30
40
50
60
70
0,0 20,0 40,0 60,0 80,0 100,0 120,0
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Volume 2, 2024
list, far away from the EU countries, most which are on
top of the list for this index, with Serbia and NR
Macedonia above the mean 60.38295, with respective
values of 75.3 and 71.1, while Bosnia & Herzegovina,
Montenegro, and Albania are below the mean 60.38295,
with the respective values of 58.1, 54.0, and 49.5.
Implications for theory and practice
Regarding the theory, based on the study's final
findings, a new avenue for investigation into the
relationship between innovation and the B2C E-
commerce index has been opened, to use it to help
businesses and nations' economies gain a competitive
edge.
Limitations and further research
This study was conducted utilizing a wealth of
information on the Innovation Index and B2C E-
commerce Index for the year 2021.
If these relations hold for other times, more
investigation is required to confirm this.
5. Conclusions and recommendations
1. Innovation and creativity are innovation and
creativity is crucial in overcoming resource
limitations due to the fixed nature of natural
resources and limitations on unrestricted
economic expansion.
2. Innovations have a propensity to save finite
resources. Fixed factors may not be a
significant impediment to growth if
technological advancement will be fixed-factor
saving. Since both the B2C E-commerce index
and quality management are not fixed resources
and have a close relationship with innovation,
the same justification and logic may be used to
support both.
3. Improving innovation, B2C E-commerce
index, quality management, and business
climate in SMEs are necessary to achieve
competitive advantage. From a general
microeconomic perspective, this study
broadens our understanding of the relationships
between innovation, the B2C E-commerce
index, and quality management, which will be
useful for future managerial decisions, with a
possibility, future studies may concentrate on
creating and validating the suggested
framework and exploring the problem in other
contexts and situations.
4. A regressive study confirmed the theoretical
findings that a high correlation exists a high
correlation between the Innovation index and
the B2C E-commerce index.
5. The main advice is that, as a response to the
crisis and post-crisis period, applying ISO
standards generally and the ISO 56000 family
of standards will help businesses strengthen
their commitment to their customers while also
enhancing innovation and B2C E-commerce
index activities, processes, and procedures, and
economies worldwide to achieve a competitive
advantage.
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Contribution of Individual Authors to the Creation
of a Scientific Article (Ghostwriting Policy)
Enriko Ceko carried out the paper research in all issues.
Sources of Funding for Research Presented in a
Scientific Article or Scientific Article Itself
No funding was received for conducting this study.
Conflict of Interest
The author has no conflicts of interest to declare that are
relevant to the content of this article.
Creative Commons Attribution License 4.0
(Attribution 4.0 International, CC BY 4.0)
This article is published under the terms of the Creative
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US
Financial Engineering
DOI: 10.37394/232032.2024.2.34
Enriko Ceko, Reis Mulita, Dimitrios A. Karras
E-ISSN: 2945-1140
375
Volume 2, 2024