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INNOVATION, DISRUPTION AND CONSUMER HARM IN THE BUY NOW PAY LATER INDUSTRY: AN EMPIRICAL STUDYLUCINDA O'Brien,1* IAN RAMSAY2** AND PAUL ALI3***Buy now pay later (BNP) has been described as an Australian
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Innovation disruption refers to the process by which new technologies or ideas significantly alter the marketplace or consumer behavior, often leading to the decline of existing products or services. Consumers in this context are the individuals or entities that utilize these innovations, which can redefine their purchasing habits and expectations.
Entities involved in the development or introduction of innovative products, services, or technologies that disrupt traditional markets are often required to file reports regarding innovation disruption and consumer impact.
Filling out the innovation disruption and consumer report typically involves providing detailed descriptions of the innovation, its impact on current consumer behaviors, market analysis, and any relevant quantitative data supporting the claims of disruption.
The purpose of the innovation disruption and consumer report is to assess the impact of new innovations on existing markets and consumer behaviors, enabling policymakers, businesses, and stakeholders to understand trends and adapt strategies accordingly.
Reports should include information such as a description of the innovation, its market relevance, consumer impact statistics, comparison with existing products, and projections for future market trends.
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