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Book launch on Tencent and its rise to being a global tech giant

Lou Lee — Mon, 14 Apr 2025 10:15:24 +0000

Book launch on Tencent and its rise to being a global tech giant

Lou Lee Mon, 14/04/2025 - 10:15

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To mark the publication of their new book, China's 'Everything Online' Company: The Unique Innovation Model of Tencent, Professor George Yip, Emeritus Professor of Marketing & Strategy at 51�Թ�� Business School, and co-author Professor Xiaolan Fu, Professor of Technology and International Development at the University of Oxford, shared insights from their research into one of the world's leading technology companies.

Introduced by Lord Clement-Jones, Liberal Democrat House of Lords spokesperson for Science, Innovation and Technology, the event traced Tencent's evolution from its early instant messaging platform QQ to the creation of WeChat and its vast digital ecosystem spanning social media, gaming, payments, cloud computing and AI.

Drawing on years of research, Professor Yip and Professor Fu explained that Tencent's success stems not only from technological excellence, but also from the way it encourages new ideas to emerge. Their book introduces the company's distinctive OCEAN framework: Openness, Coopetition, Empowerment, Autonomy and Attentiveness as a way of managing stakeholder needs. Together, these principles help Tencent operate more like a connected ecosystem than a traditional corporate hierarchy, encouraging experimentation while allowing new ideas to scale quickly.

“I hope people left with fresh insights into how Tencent combines technology, organisation and ecosystem thinking to create innovation at scale, and why those lessons matter well beyond China.”

Professor George Yip

Emeritus Professor of Marketing & Strategy

Reflecting on the event, Professor Yip said: "The enthusiasm and engagement from the audience showed just how much interest there is in understanding one of the world's most innovative companies. I hope people left with fresh insights into how Tencent combines technology, organisation and ecosystem thinking to create innovation at scale, and why those lessons matter well beyond China, even to the UK's next Prime Minister."

The evening concluded with a lively audience Q&A exploring the future of innovation, digital ecosystems and China's rapidly evolving technology landscape.

Professor Yip and Professor Fu's book offers fresh insights for business leaders, policymakers, researchers and students interested in innovation, digital platforms and the future of technology.

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51�Թ�� Business School welcomed business leaders, academics and alumni for the launch of a new book offering a rare insight into how Chinese technology giant Tencent became one of the world's most innovative companies.

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How MSc Strategic Marketing has shaped me

Helen Richardson — Wed, 12 Feb 2025 14:21:54 +0000

How MSc Strategic Marketing has shaped me

Helen Richardson Wed, 12/02/2025 - 14:21

1 June 2026 Alumni

Lessons, insights and early career advice from 51�Թ�� Business School Master’s alumni

We recently caught up with some of our Master’s alumni, who reflected on their early careers after graduating from 51�Թ�� Business School. In this blog, they draw on their own experience to offer advice to those who are about to enter the job market.

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Things I wish I knew before starting my Master's at 51�Թ�� Business School

From our recent graduates to our new starters; get advice and insights that will help you thrive as you start your 51�Թ�� Business School Master’s journey.

19 August 2024

Student blog

Our MSc Strategic Marketing leverages the Business School's top marketing faculty and experts in strategy, entrepreneurship, and technology. The programme uniquely integrates marketing fundamentals with cutting-edge technology and data-driven decision-making. Suhani Gupta, a MSc Strategic Marketing student, shares her reflections on the enriching journey of studying this dynamic programme.

The MSc Strategic Marketing programme has given me a global perspective and showed that possibilities are endless, so keep on expanding your horizons.

London, a city rich in history and innovation, where cobblestone streets echo with countless tales. Just as Arthur Conan Doyle brought Sherlock Holmes' adventures to life on these very streets, my own journey began when I joined 51�Թ�� Business School.

Choosing 51�Թ�� Business School

With an engineering background and a stint at a top management consulting firm, I felt there were still missing pieces in my career puzzle. It became clear that marketing was the key to completing that picture.

Applying to the MSc Strategic Marketing at 51�Թ�� was a clear choice. It has turned out to be the ideal blend of everything I had envisioned. While the prestigious ranking and the 51�Թ��'s esteemed reputation are significant draws, what truly sets this programme apart is its comprehensive approach. It’s not merely marketing; it’s a fusion of strategy, entrepreneurship, and innovation. As I look back on my journey so far, here are my reflections.

Embracing the unknown

Embrace the unknown there and take risks. Initially daunting, I had to step out of my comfort zone to improve in areas where I felt less confident. The programme has helped me enhance my presentation and time management skills and take on leadership roles, fostering personal growth and newfound confidence in my abilities.

I always thought marketing was just about creativity, but as I near the end of my programme, I realised it’s much more layered. MSc Strategic Marketing has taught us to think strategically and adopt an entrepreneurial mindset, preparing us to be future leaders. It has made me even more curious and observant. Staying abreast of industry trends and continuously learning new skills is crucial to staying ahead in our careers.

Learning at 51�Թ��

There will be opportunities for you to choose your electives, to fill gaps in your knowledge. I thoroughly enjoyed electives like Effective Crisis Management and Market Decision Making which were different from what I had studied and gave me an insight into what goes behind building a successful business. Apart from this, it is imperative to make the right choice for the summer term. I opted for a consulting project from the other options available because I wanted to apply my learnings to a practical setup and working with a client like Pladis, one of the largest biscuit manufacturers in the world has been one of the most rewarding experiences.

Learning at 51�Թ�� goes well beyond the classroom. Since the beginning, I have been actively involved in various clubs, holding positions such as Chief Marketing Officer for the India Business Careers Club and Head of Retail for the FMCG, Luxury, and Retail Careers Club. I also dedicated time to volunteering for 51�Թ��-supported events and social causes. Additionally, I enjoyed the opportunity to choreograph for the annual cultural event of the Indian Society. This involvement has not only enriched my educational journey but also equipped me with leadership skills and provided invaluable exposure to diverse aspects of student life, making my experience fulfilling.

Team work

We’ve all heard the saying "Teamwork makes the Dream work," a significant portion of the coursework here revolves around group projects but experiencing it first-hand was more challenging than I expected. Collaborating with students from diverse backgrounds, each bringing a unique perspective, has been both intellectually stimulating and humbling. It required mastering the art of unlearning and relearning, more than just dividing tasks—it’s been about leveraging each person’s unique strengths to achieve a common goal. And, in this journey, you come to realise that your team members often become lifelong friends.

Value of Networking

You quickly learn that "one's network is their net worth." The programme provides countless avenues like Career fairs, and guest sessions, allowing you to forge strong relationships with leaders you look up to. A standout experience for me was the CMP lectures delivered by the industry experts that helped build a deeper understanding of several topics and breakfast with board events during the Woman@51�Թ�� Week, where sessions offered the chance to engage in profound conversations with trailblazing women.

"The MSc Strategic Marketing programme has given me a global perspective and showed that possibilities are endless, so keep on expanding your horizons. Don’t come here only for just world-class rankings, groundbreaking research or industry-rooted courses, 51�Թ�� is about a transformational journey that prepares you for life and this journey for me has been the culmination of a childhood dream and I would do it all over again."

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You’ve raised prices – now what?: Raconteur speaks to Dr Xinrong Zhu about companies passing rising costs onto consumers

Evie Burrows-Taylor — Mon, 03 Feb 2025 10:02:14 +0000

You’ve raised prices – now what?: Raconteur speaks to Dr Xinrong Zhu about companies passing rising costs onto consumers Evie Burrows-Taylor Mon, 03/02/2025 - 10:02

28 January 2025

Why business leaders should force employees to use AI

Jiankun Sun — Wed, 15 Jan 2025 12:14:02 +0000

Why business leaders should force employees to use AI

Jiankun Sun Wed, 15/01/2025 - 12:14

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Article at a glance:

Forcing staff to use AI helps them overcome instinctive mistrust of the technology, finds Dr Jiankun Sun in new research from 51�Թ��.
When staff are forced to use AI for a short trial period, they tend to continue using it even after the trial ends.
Learning is key to sustained use of AI among employees, as it allows them to develop a comprehensive, unbiased understanding of its performance.

Artificial intelligence (AI) is sweeping through the commercial world, with 88% of companies reporting regular use in at least one function. This is, though, a wave of enthusiasm largely driven by business leaders. Among employees there remains significant scepticism and a lack of enthusiasm about adopting AI.

However, this is something of a chicken-and-egg problem. AI’s impact on productivity can only increase if the technology develops and improves. But this improvement relies on user-generated data through broad adoption and sustained usage, which employees are reluctant to embrace. So how can businesses and leaders encourage employees to make more use of AI and overcome what is known as ‘algorithm aversion’?

Negative bias

Our research explores this question, in particular the potential benefits of mandating the use of AI – in other words, forcing employees to use AI tools in order to help them understand their benefits, learn how to use them productively, and embed continued use to help AI improve. To test this, we worked with an online education company using an AI algorithm to help salespeople select candidates for leads (i.e. matching teachers with students), aiming to maximise post-trial conversion.

Prior to our experiment the company found that the algorithm, despite being designed to maximise sales conversion rates, was underutilised by staff. They tended to use it for low-stakes leads that were less likely to be converted, trusting their tried-and-tested manual processes for higher-importance leads.

We found that a key driver for this was employees’ inherent negative bias against AI, especially at the early stage when the technology is newly introduced to them and they lack knowledge about its capabilities. This creates a vicious cycle, which often goes unnoticed in practice, where negativity means AI is used selectively for low-importance work, which makes its performance appear poor, which reinforces the negative beliefs. This is at the heart of why algorithm aversion persists and deepens over time.

Forcing and learning

We found that forcing workers to use the AI tool increased their post-experiment use of it by almost 16% compared to the control group – a significant rise. What’s more, this held true across staff members with different pre-experiment usage levels, and did not drop over time.

We also observed that among those who were forced to use the AI tool, the ones that experienced a greater uptick in sales conversions during the experiment tended to be more likely to use it going forward, which was not the case in the control group. After the experiment, those in the forced group were also more likely to use AI for high-quality leads compared to beforehand.

Why did this happen? We found that learning is a key mechanism to break the vicious cycle. Forcing workers to use AI across all types of leads allows them to develop a more comprehensive and less biased understanding of its performance. They then realise that rather than performing worse than manual selection, AI performance is actually comparable or possibly even superior. This builds trust and encourages employees to continue using AI voluntarily even after the forced trial period is over.

Lessons for leaders

Our findings suggest that staff tend to have a negative bias against using AI tools from a cold start, as they lack faith in their capabilities, and are more likely to use them for low-stakes work. Forcing staff to make use of AI tools for more important, high-stakes tasks can help to overcome this bias.

In the long term, this can help to move from a vicious cycle of negativity to a positive loop through data network effects. Broader adoption generates more diverse usage data, which enables AI to improve, which encourages further adoption. This is important because AI requires usage data to evolve, and – as AI is capable of improving at a pace faster than humans – this creates the possibility of genuinely AI-integrated organisations.

In turn, this is important for leaders concerned about the return on investment in AI technology. Sinking funds into functionality that nobody takes advantage of is a nightmare scenario for businesses. Understanding that a forced-use trial period can start a sector on the road to high-level AI integration removes this problem and opens up a future of ever-increasing efficiencies through improved AI tools.

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Employees may be willing to use AI for everyday tasks, but many are resistant to adopting it for important work when there is more to lose. New research shows a short period of forced use can help overcome this reticence

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Does influencer marketing really work in 2026?

Omar Merlo — Wed, 15 Jan 2025 12:14:02 +0000

Does influencer marketing really work in 2026?

Omar Merlo Wed, 15/01/2025 - 12:14

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Article at a glance:

Influencer marketing is worth $24 billion as an industry, but followers are becoming cynical. Authenticity is key to building and maintaining consumer trust, but it’s not a single, fixed concept. Research by the Business School’s Omar Merlo, Associate Professor of Marketing Strategy and Andreas B. Eisingerich, Professor of Marketing, explores the vital elements to convey true authenticity and how this can be harnessed by major brands. Dr Merlo shares what will make or break influencer marketing in 2026.

Globally, the influencer marketing industry is estimated to be worth $24 billion. Influencers set trends, raise brand profiles, and shape – directly or indirectly – how many of us live. With this rising impact, however, comes greater scrutiny.

Consumers are now more discerning when consuming influencer content, following some with loyalty and trust while viewing others with suspicion. So why do consumers trust some influencers and not others?

One study found that the most important factor in deciding whether or not to follow an influencer on social media is their authentic and genuinely care about their interests. At the same time, over a third of consumers think influencers misrepresent themselves and the products they promote, and almost half think most of them are fake.

Taken together, these findings suggest that there’s a gap; consumers are seeking genuine, honest influencers, but many influencers struggle to convey this authenticity. This is a problem for brands and their chief marketing officers, as well as influencers themselves.

Figure 1: What our research suggests influencers and brands should leave behind in 2025 and take forward for 2026

Stop	Start
Focusing on formal credentials	Talking about relatable experiences
Relying on big-name recognition	Interacting and engaging to build community
Hiding influencer-brand relationships	Being honest and upfront about self-interest
Forcing brand scripts and lines into content	Leading with original storytelling
Presenting an image of perfection	Admitting flaws and mistakes
Trying to hire authenticity off the shelf	Creating the conditions for true authenticity

How to be more authentic in 2026

So, what can influencers and the brands that hire them, do to move from a transactional to a transformational relationship with the clued-in consumers of 2026?

Our research, through 185 interviews with brand managers, agencies, influencers and consumers across the world, sheds light on what authenticity means and how to better reflect it:

Experience matters more than formal credentials: Our survey respondents tended to trust amateur runners, for example, more than Olympic athletes. Consumers connect with expertise gained through real, relatable human experience.

Engagement is a two-way street: Responding, interacting and engaging with followers is key to influencers building and maintaining a community around them. It creates a space where followers feel heard and respected.

Be honest about self-interest: Research from 51�Թ�� has shown that 96% of sponsored posts are not disclosed. People know that brands pay influencers, so trying to hide it can end up making followers feel like they are being misled, and that they are an asset to be monetised. Being clear about it helps them feel valued.

Authentic voices and stories will shine through: Imposed scripts and brand lines come across as inauthentic and artificial. Original storytelling can be a unique selling point and can even be the reason followers stick around.

Flaws are welcome: Psychologically, revealing a low-impact piece of negative information – such as a mistake or misunderstanding – makes consumers less likely to look for other negatives.

Of course, this can’t be mistaken as a checklist for brands to tick off. Findings suggest that different stakeholders prioritise each dimension differently. Consumers mostly value integrity and transparency, for example, while influencers prioritise originality and expertise.

When influencers miss the mark, they risk losing the trust of their audience. To solve this, brands need to appreciate that authenticity is not an individual trait that influencers do or do not possess – rather, it’s a collective outcome that forms when stakeholder priorities align. Shifting approach to find this alignment can be game-changing for brands, in a global market where authenticity matters most.

The era of renting credibility through one-off posts from influencers is over. Brands that treat influencers as partners rather than media channels and consumers as communities rather than impressions, will earn the most credibility. Those that don’t will simply add to the noise. In 2026, influencer marketing will work only when the conditions needed for true authenticity are prioritised.

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Authentic future: the shape of influencer marketing in 2026

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Swatch: 8 actionable lessons from a pioneering brand

Omar Merlo — Wed, 15 Jan 2025 12:14:02 +0000

Swatch: 8 actionable lessons from a pioneering brand

Omar Merlo Wed, 15/01/2025 - 12:14

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Gen Z may not have the same memories of Swatch that Baby Boomers or Gen X have, but the brand remains a gold standard in entrepreneurship, marketing and leadership. It saved an entire industry in its Swiss homeland and has had a lasting impact on the global watch market.

To ensure these lessons are not lost in the past, I have had the privilege of collaborating with a key member of the brand's original team and its first marketing director, Dr Konstantin Theile. Our book The Dawn of Swatch: Timeless Strategies in Business, Marketing, and Entrepreneurship, reveals lessons that are just as valuable for business leaders today as they were over four decades ago.

Swatch's success offers many lessons – here are just eight of the most actionable for today’s marketers, leaders and entrepreneurs.

1. Flip weaknesses into assets. Swatch was born from an industry on its knees and desperately needing to make a step-change to survive. Cue a small visionary core team of the right people at the right time. It was their perceived weaknesses — youth, naivety and irreverence — that freed them to spurn the established Swiss watch experts and turn the industry on its head. This led them to conceive an injection-moulded, non-repairable, affordable fashion accessory that just happened to tell the time.

2. Marketing can be frugal. In the early days of Swatch, budgets were tiny, and the marketing team became pioneers of guerilla marketing before the phrase was even coined. A 500ft Swatch suspended from the front of the Commerzbank building in Frankfurt would be pretty radical even by today's standards. In 1984, funded largely by the bank itself (persuaded by the potential halo benefits of the Swatch brand), it generated a huge amount of publicity for Swatch in a crucial European market.

3. Think brand experience, not product. The first prototypes (branded Delirium Vulgaris rather than Swatch) were technically impressive but commercially unsellable. The marketing team soon realised that success would hinge on more than engineering; they needed an engaging brand name and story to capture consumers’ imagination. By positioning Swatch as an affordable fashion accessory, they gave customers a reason to buy not just one but several. Their edgy tongue-in-cheek campaigns turned each watch into a statement of individuality.

4. Harness the power of serendipity. While your chance of winning the lottery is in the hands of fate, you do have to be in it to win it. By creating an environment that allows for opportunity and a willingness to take risks, business leaders can create their own luck. For example, when Swatch was struggling to break into the American market, Konstantin's persistence and a fortuitous meeting with a watch buyer named Heidi (a fitting name for a Swiss success story) gave him the opening he needed.

5. Customers may not identify their needs. When it comes to innovation, traditional market research has its limits, especially when consumers can’t yet imagine what’s possible. Early Swatch market tests, for instance, produced negative results; people simply didn’t like the idea. Yet by relying on observation, intuition and belief in their vision, the team discovered unexpressed needs that consumers couldn’t articulate.

6. Embrace change. The Swiss invented quartz watches but their fear of new technology allowed the Japanese to seize the opportunity. By the time the Swiss realised what they’d unleashed, Seiko was already leading the world. Change will happen, whether you like it or not, and at an ever-increasing rate. Ignore it at your peril. As smartwatches reshape the industry, are Swiss brands adapting quickly enough?

7. Trust your instinct. Instinct played a huge role in Swatch's early success. As Konstantin often says: "The test of a good idea is first and foremost does it make the heart sing? If it does, then – and only then – should we apply our rational minds". This prompts anyone to assess the idea emotionally and only then apply rational thought to ensure the idea isn't reckless. Konstantin built his marketing team by prioritising genuine energy, creativity and passion over experience and formal qualifications.

8. Be relentlessly consistent. Swatch executed its fashionable, affordable and imaginative character across every touchpoint with rare obsession and passion. Whether it was product design, pricing, distribution or communication, every detail told the same story: Swatch was a fashion accessory, not just a watch. From fashion-show launches to art collaborations with figures like Vivienne Westwood and Damien Hirst, every move reinforced a single, coherent brand narrative. Branding excellence lies in this obsession with detail.

Gen Z might be more familiar with brands like Apple than with Swatch, but Apple’s success (and that of many leading brands today) borrows from the same timeless lessons Swatch pioneered decades earlier. Let’s make sure those lessons live on.

Note: This article was updated on 11 November 2025 to reflect the author's name and designation in the standfirst.

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Dr Omar Merlo, Associate Professor of Marketing Strategy, offers insights from his latest book on the Swiss watch industry crusader

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Jónas Oddur Jónasson on how healthcare systems can work better for people

Shamita Harsh — Wed, 15 Jan 2025 12:14:02 +0000

Jónas Oddur Jónasson on how healthcare systems can work better for people

Shamita Harsh Wed, 15/01/2025 - 12:14

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Dr Jónasson’s research focuses on how analytics and operations can improve healthcare delivery in resource-limited settings. As Associate Professor of Analytics & Operations at 51�Թ�� Business School, Dr Jónasson is keen to continue developing models that link operational decisions to patient outcomes and public health. His work spans emergency medical services, behavioural health interventions and global health delivery, with collaborations in the UK, Africa and beyond.

His work develops data-driven models to address the pressing operational challenges faced by health systems—from emergency medical services in urban centres to behavioural health interventions and community-based care in lower-income regions.

A defining feature of Dr Jónasson’s approach is his commitment to making research actionable. His collaborations with organisations such as the London Ambulance Service, Riders for Health in Malawi, Keheala in Kenya and the Clinton Health Access Initiative in Mozambique, demonstrate how carefully designed operations models can be translated into meaningful improvements on the ground.

This focus on impact is also evident in his scholarship. His research has been published in leading journals including Operations Research, Management Science, Manufacturing & Service Operations Management, and BMJ Global Health. Beyond publication, he contributes to shaping the field as an associate editor for Management Science and IISE Transactions on Healthcare Systems Engineering.

Academic journey and recognition for research excellence

Dr Jónasson began his academic career in Europe, earning a BSc in Industrial Engineering from the University of Iceland before pursuing postgraduate study in the UK. He completed an MSc in Operational Research at the London School of Economics, an MPhil at the University of Cambridge, and both an MRes and a PhD in Management Science & Operations at London Business School.

Before joining 51�Թ��, he spent nearly a decade at the Massachusetts Institute of Technology (MIT) Sloan School of Management, where he rose from Assistant to Associate Professor of Operations Management. His time at MIT further cemented his reputation as a leader in the study of healthcare operations, while also giving him the opportunity to work closely with healthcare practitioners and global health organisations.

Dr Jónasson’s contributions have earned international recognition. He received the prestigious Bonder Scholarship for applied Operations Research in Health Services in 2014. His work has since been awarded the M&SOM Practice-Based Research Competition prize (2021) and the William Pierskalla award for best paper in Healthcare Management Science (2024). He has also been a finalist for the Sanjay and Panna Mehrotra Research Excellence Award (2021) and twice for the MSOM Society Award for Responsible Research (in 2019 and 2024). These honours underscore the impact of his research in advancing both rigorous scholarship and socially responsible practice.

Looking ahead at 51�Թ��

At 51�Թ��, Dr Jónasson is excited to continue building bridges between rigorous research and healthcare practice.

Reflecting on his move, he said: "I am thrilled to join 51�Թ�� Business School and to work alongside outstanding colleagues in Analytics and Operations. What makes this especially exciting for me is that few business schools in the world can match 51�Թ��’s environment: a top technical university, an exceptional medical school and a leading school of public health. For someone working on health and healthcare, this combination—in my favourite city—is a rare and special opportunity.”

Dr Jónasson looks forward to advancing research that not only deepens academic understanding of healthcare operations but also creates lasting impact for healthcare provides policymakers, patients and communities worldwide.

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Designing systems that build bridges between rigorous research and healthcare practice

Main image: Jónas Oddur Jónasson

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Dr Heeyoung Yoon on consumer judgment, bias and better decision-making

Shamita Harsh — Wed, 15 Jan 2025 12:14:02 +0000

Dr Heeyoung Yoon on consumer judgment, bias and better decision-making

Shamita Harsh Wed, 15/01/2025 - 12:14

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Dr Yoon’s research investigates how consumers predict their consumption and experiences, why those predictions are often systematically biased, and how better-designed choices can improve both individual well-being and broader societal outcomes.

As Assistant Professor of Marketing at 51�Թ�� Business School, Heeyoung Yoon brings a research agenda that blends consumer psychology, marketing, and public policy. Her work focuses on the ways in which consumers form expectations, how these expectations deviate from reality, and how such biases influence everyday choices.

At the heart of her research is the question: why do people so often mispredict their own behaviours? From overestimating how much they will enjoy a product, to underestimating the influence of situational and contextual factors, these biases can have far-reaching consequences. Dr Yoon’s research sheds light on the psychological processes behind these systematic errors, while also identifying interventions that can guide individuals toward more beneficial and sustainable decisions.

From consumer psychology to societal impact

Dr Yoon’s research is motivated not only by curiosity about how people think but also by the desire to improve outcomes for individuals and society. She studies how consumer mispredictions influence decisions with long-term implications for well-being, sustainability, and even carbon emissions. For example, her work reveals how consumers’ misplaced confidence in preference as the primary driver of consumption can lead to inaccurate forecasts and suboptimal decisions.

By highlighting the role of overlooked factors such as habits, motivation and availability, her research demonstrates that small shifts in framing, design, or choice architecture can promote better consumer outcomes. This focus places her work at the intersection of academic inquiry and practical solutions, offering insights for marketers, policymakers, and organisations seeking to encourage prosocial and sustainable behaviour.

The gap between prediction and reality

In a recent article published in the Journal of Consumer Research, Dr Yoon shows that consumers systematically overestimate the role of personal preference in determining how much they consume. While people predict that “liking” will drive consumption quantity, contextual factors like availability and habit often play a stronger role. This disconnect helps explain why consumption predictions are frequently inaccurate and why interventions that take account of these overlooked influences may be more effective in guiding healthier and more sustainable decisions.

In her ongoing projects, she continues to investigate biases in assortment choices, comparison judgments, and sustainability decisions. These lines of inquiry build a comprehensive picture of how expectations and decision structures shape consumer behaviour.

Dr Yoon completed her PhD in Marketing at New York University’s Stern School of Business. Her academic training and research experience equip her with a strong foundation in both experimental methods and theory-driven inquiry. By bringing these approaches to 51�Թ��, she aims to expand collaborations that cut across marketing, psychology, and public policy.

On joining 51�Թ��, she reflected: “51�Թ��’s commitment to world-leading research and global impact makes it an inspiring place to be. I’m excited to contribute to and learn from colleagues who are advancing solutions to some of the most pressing challenges of our time.”

At 51�Թ�� Business School, Dr Yoon looks forward to continuing her research into consumer judgment and decision-making while building connections with colleagues working on sustainability, behavioural science, and social impact. Her goal is to develop insights that not only advance academic knowledge but also create meaningful benefits for consumers and society.

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Dr Yoon talks about consumer behaviour and interventions that can guide towards more sustainable decisions.

Main image: Heeyoung Yoon

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How platforms can win by selling smarter, not harder

Jiahua Wu — Wed, 15 Jan 2025 12:14:02 +0000

How platforms can win by selling smarter, not harder

Jiahua Wu Wed, 15/01/2025 - 12:14

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Many online service platforms - think HomeAdvisor, RatedPeople, or Porch - face a common challenge: they sell job leads to providers who must then compete fiercely for customer attention. Allowing customers to post short-term jobs, these service providers can pay for access. However, if the competition is perceived to be too high, they’ll hold back, hurting both the platforms’ revenues and their growth potential.

We explore an innovative way these online platforms can strategically use information to manage provider expectations, boosting participation and revenues simultaneously.

Understanding provider behaviour

Service providers buy leads hoping to win jobs from customers. However, too many providers chasing a single lead decreases the value of participation. This fear of excessive competition can discourage them from buying leads in the first place.

Platforms possess critical information - the number of providers interested in a particular job -that they typically don’t share openly. This lack of transparency creates uncertainty, often making providers overly cautious.

One of the key benefits highlighted in the study is that partial information disclosure can help manage provider expectations based on the level of competition.

Nudging providers towards participation

Our study uses a framework known as Bayesian persuasion - the strategic sharing of information to influence someone’s decision by shaping what they believe. The framework allowed us to analyse how platforms can optimise the information they reveal about provider competition. The key insight: carefully tailored partial information can significantly increase lead purchases.

One of the key benefits highlighted in the study is that partial information disclosure can help manage provider expectations based on the level of competition. When competition is below a certain threshold, the mechanism allows interested providers to see clear value, as their chances of securing the job remain favourable. Conversely, for leads facing intense competition, i.e., above the threshold, a fixed, limited number of providers are encouraged to purchase the lead, regardless of how many are actually interested. Interestingly, providers respond positively to this consistent approach, perceiving their chances as favourable even in more competitive situations.

Why fixed prices beat flexible ones

Platforms often try dynamic pricing, changing lead prices based on real-time competition. Interestingly, the research finds this common practice is suboptimal. A well-designed fixed-price approach, paired with strategic information disclosure, generates more revenue.

Why? Providers perceive dynamic pricing as a direct signal of competition intensity - higher prices might mean higher demand, but also tougher competition. This direct correlation reduces their willingness to participate. In contrast, a fixed price coupled with carefully managed information reduces uncertainty, minimises coordination failures among providers, and consistently boosts revenue.

Effective real-world implementation

Implementing these insights is straightforward. Platforms need only set clear limits on how many providers can purchase each lead. This is already practiced informally by some platforms, but the study provides a precise method to identify optimal numbers, maximising provider participation and platform profits simultaneously.

By harnessing these insights, platforms can unlock new growth opportunities, sing revenues through smarter management of provider competition, rather than just harder selling.

This article reflects on findings from the paper "Information Design and Pricing in Lead-Selling Platforms with Supply Competition" by Jiahua Wu with co-authors Yanwei Sun, Niloofar Zamani-Foroushani and Zhe Liu from the 51�Թ�� Business School.

This article was updated on 1 August 2025 to credit all the co-authors of the original research paper and their findings cited in the article.

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New research shows how platforms can manage competition more effectively by rethinking how they share information with providers

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AI-powered rental fashion: Smarter recommendations for a sustainable future

Gah-Yi Ban — Wed, 15 Jan 2025 12:14:02 +0000

AI-powered rental fashion: Smarter recommendations for a sustainable future

Gah-Yi Ban Wed, 15/01/2025 - 12:14

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Fashion is one of the most polluting industries in modern times. It produces about 10 per cent of the UK's annual carbon footprint – more than all international flights and maritime shipping combined. Research from Climatetrade, 2023, shows it also consumes vast amounts of water and generates millions of tons of waste. According to Fashion Transparency Index 2023, the constant demand for cheap clothing has made the industry a "key driver of human rights abuses". One of the largest study into clothing habits ever undertaken by climate action NGO WRAP shows the UK's wardrobes hold 1.6 billion items of unworn clothes.

To address some of these challenges, a new business model of subscription rental fashion has sprung up in recent years. Established brands like LK Bennett and Ann Taylor, along with startups such as Hurr, My Wardrobe HQ, nuuly, and Armoire, now offer rental services that allow multiple customers to “share” a much larger wardrobe, reducing the need for constant new purchases. These companies operate on a monthly subscription model, enabling members to rent and swap garments within each period. Returned garments are inspected, cleaned, and recirculated, ensuring efficient inventory use. The rental fashion business model has potential for reducing waste, lowering emissions, and extending the lifecycle of clothing, all the while keeping customers stylish and satisfied.

The challenge of keeping customers engaged

As operations researchers, my colleagues and I, together with a PhD student, Jiannan Xu, were drawn to rental fashion because of the operational complexity it presents. We partnered with a rental fashion startup and analysed its customer data. One issue stood out from the analysis: customers were not staying on the platform long enough. Many left after the initial discounted trial period, citing dissatisfaction with the style or fit of their rented items.

To improve retention and enhance the customer experience, we developed a novel approach to optimising personalised recommendations for rental fashion businesses. Our work focused on two key challenges:

Encouraging customers to subscribe – many companies offer discounted trials, yet potential subscribers hesitate because they’re unsure whether they’ll find styles they like.
Retaining customers beyond the trial period – a large percentage of cancellations stem from product fit uncertainty. Customers may select items based on images and descriptions, only to find that they don’t meet expectations in person. This mismatch leads to frustration, increased returns, and lower renewal rates.

Smarter assortment optimisation with AI

To tackle these issues, we developed an AI-powered algorithm that improves how rental companies curate product recommendations. Instead of relying on generic recommendation engines or brute-force optimisation, our model develops and optimises a stochastic decision model to account for the unique structure of rental fashion businesses. Specifically, it considers:

Initial selection uncertainty – predicting which items are most likely to encourage customers to subscribe.
Renewal uncertainty – identifying which items will maximise customer retention after the first rental cycle.

By carefully balancing these factors and using smart mathematical approximations, we developed a fast, scalable, and personalized ranking algorithm—one of the simplest and quickest methods for optimising the assortment curation process. Essentially, our algorithm gives a personalised score to each garment, whereby the score weighs in the expected consumer surplus (“signal”) and the uncertainties regarding the customer’s initial and post-wear valuations (“noise”). It thus has parallels with finance and engineering applications where good decisions are made by balancing signal-to-noise ratios.

Alternative methods to our algorithm would be either too slow for real-time use, or ineffective as they do not optimise the business objective. In extensive numerical simulations, we show our algorithm ranks and refines product assortments in milliseconds, compared to minutes using brute-force optimisation. We further show that, even under stress-testing scenarios, our algorithm can achieve results within 6.5 per cent of the best possible profit outcomes, making it both effective and scalable.

Practical benefits for rental fashion companies

Beyond technical advancements, our research has real-world implications for the rental fashion industry. By ensuring that customers receive better-matched recommendations, businesses can reduce unnecessary returns and improve overall satisfaction. This leads to:

Fewer shipments and exchanges, reducing logistics costs.
Better use of inventory, maximising item circulation.
Higher customer retention rates, strengthening long-term profitability.

The future of AI in subscription-based rentals

Beyond rental fashion, the principles behind our AI-powered optimisation model extend to subscription-based rentals of experience goods in general. This includes electronics rentals, furniture subscriptions, and toy libraries, where selecting the right assortment is key to customer satisfaction and retention. By refining product recommendations, businesses can optimise customer engagement, reduce churn, and improve profitability.

Our research is among the first to explore assortment optimisation in this space, setting the stage for further studies in inventory and subscription management. While rental businesses may not solve all the environmental challenges, smarter, AI-powered recommendations can significantly enhance business viability and the overall customer experience—paving the way for a smarter, more efficient future in rental commerce.

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Can AI optimise rental fashion sustainably while boosting retention?

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