Informed Merchants: A Randomized Field Experiment on Peer Data of SMEs

Last registered on June 23, 2026
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Pre-Trial

Trial Information

General Information

Title
Informed Merchants: A Randomized Field Experiment on Peer Data of SMEs
RCT ID
AEARCTR-0018631
Initial registration date
June 22, 2026

Initial registration date is when the trial was registered.

It corresponds to when the registration was submitted to the Registry to be reviewed for publication.

First published
June 23, 2026, 8:38 AM EDT

First published corresponds to when the trial was first made public on the Registry after being reviewed.

Locations

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Primary Investigator

Name
Shubo Zhang
Affiliation
Shanghai Jiao Tong University
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Other Primary Investigator(s)

PI Name
Kai Guo
PI Affiliation
Shanghai Jiao Tong University
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PI Name
T.J. Wong
PI Affiliation
University of Southern California
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PI Name
Gwen Yu
PI Affiliation
University of Michigan
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PI Name
Wenruo Wu
PI Affiliation
Shanghai International Studies University
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Additional Trial Information

Status
In development
Start date
2026-06-29
End date
2026-08-31
Keywords
Finance & Microfinance, Firms & Productivity
Additional Keywords
Peer effects, Small micro firms, Information frictions, Learning, Randomized controlled trial, Benchmarking, Competition, China
JEL code(s)
C93, D83, L11, L25, M41, O12
Secondary IDs
Prior work
This trial does not extend or rely on any prior RCTs.
Abstract
Small and micro enterprises are the foundation of emerging market economies. Despite their aggregate importance, these firms often operate with limited market information. A small merchant may observe her own performance, but she rarely observes the performance of comparable nearby peers. This lack of peer information may prevent merchants from accurately assessing their market position and from making effective business decisions. This study uses a randomized field experiment to examine whether providing merchants with peer benchmark information affects their future decisions and performance. Eligible stores are randomly assigned to either a control group or an informational treatment group. Treated stores receive weekly in-app access to peer-information (revenue and relative standing) based on comparable stores in the same industry category and within a 3-kilometer radius. We then compare treated merchants with control merchants to estimate whether access to peer benchmark information improves revenue and other business outcomes. We also examine whether the effect of peer information depends on the competitive environment in which it is deployed. Overall, the study estimates the causal impact of peer information on the future decision-making and performance of small and micro stores.
External Link(s)

Registration Citation

Citation
Guo, Kai et al. 2026. "Informed Merchants: A Randomized Field Experiment on Peer Data of SMEs." AEA RCT Registry. June 23. https://doi.org/10.1257/rct.18631-1.0
Sponsors & Partners
Experimental Details

Interventions

Intervention(s)
The intervention provides small and micro stores with weekly peer-performance information through the Shouqianba app. Peers are defined as stores in the same industry category, and within a 3-kilometer radius of the focal store. Treated stores receive an in-app message notifying them that a new peer-information feature has been launched.The main experiment randomly assigns 100,000 vendors to euqal sized treatment and control groups: 50,000 vendors to the control group and 50,000 vendors to the treatment group. Treated vendors receive weekly peer-information (revenue and relative standing) displays through the app. Vendors in the control group receive no change to the app interface and do not receive access to the new peer-information feature. Outcomes are measured using administrative data from the platform at the store-week level.
Intervention Start Date
2026-06-29
Intervention End Date
2026-08-31

Primary Outcomes

Primary Outcomes (end points)
Weekly store revenue, measured using Shouqianba administrative transaction data.
Primary Outcomes (explanation)
Weekly revenue is the main measure of store performance. It captures whether access to peer benchmark information improves merchants’ business outcomes relative to the control group.

Secondary Outcomes

Secondary Outcomes (end points)
Weekly average transaction value
Weekly transaction count
Weekly share of revenue from returning customers
Opening hours
Adoption of value-added services
Other important outcomes
Secondary Outcomes (explanation)
These outcomes capture the potential margins through which merchants may respond to peer information.

Experimental Design

Experimental Design
The intervention provides small and micro stores with weekly peer-performance information through the Shouqianba app. Peers are defined as stores in the same industry category, and within a 3-kilometer radius of the focal store. Treated stores receive an in-app message notifying them that a new peer-information feature has been launched.The main experiment randomly assigns 100,000 vendors to euqal sized treatment and control groups: 50,000 vendors to the control group and 50,000 vendors to the treatment group. Treated vendors receive weekly peer-information (revenue and relative standing) displays through the app. Vendors in the control group receive no change to the app interface and do not receive access to the new peer-information feature.Outcomes are measured using administrative data from the platform at the store-week level.
Experimental Design Details
Not available
Randomization Method
Eligible stores in the main experiment will be randomly assigned at the store level to the control or treatment groups using computer-Eligible stores are randomly assigned at the vendor level to either the control group or the treatment group using computer-generated random assignment. Assignment is fixed for the duration of the experiment.
Randomization is stratified by industry, city, and market-intensity level. These variables are central to the research design because the effect of peer information may depend on the competitive environment in which the information is provided. Vendors in different industries face different demand conditions, pricing structures, and customer-retention strategies. Vendors in different cities operate in different local markets, with different consumer bases and business environments. Market intensity captures the degree of local competition and the density of comparable peers, which may shape how vendors interpret and respond to peer benchmarks.
Stratifying on these three dimensions helps ensure balance between the treatment and control groups across key determinants of vendors’ future decisions. It also allows us to examine heterogeneity in treatment effects across different competitive environments.
Randomization Unit
Vendor
Was the treatment clustered?
No

Experiment Characteristics

Sample size: planned number of clusters
Not applicable. Treatment is assigned at the vendor level and is not clustered.
Sample size: planned number of observations
100,000 vendors.
Sample size (or number of clusters) by treatment arms
Control group: 50,000 vendors.
Treatment group: 50,000 vendors.
Minimum detectable effect size for main outcomes (accounting for sample design and clustering)
Supporting Documents and Materials
IRB

Institutional Review Boards (IRBs)

IRB Name
Shanghai Jiao Tong University
IRB Approval Date
2026-01-12
IRB Approval Number
LL2025000672-01
IRB Name
Shanghai International Studies University
IRB Approval Date
2025-12-23
IRB Approval Number
2025BC082
IRB Name
University of Michigan
IRB Approval Date
2026-01-12
IRB Approval Number
HUM00286893
IRB Name
University of Southern California
IRB Approval Date
2026-02-02
IRB Approval Number
UP-26-00008
Analysis Plan