| Category | Variable | Description | Data source |
| Merchant social-economic Variables (55 in total) | Registered capital | Obtain via web crawlers | Web crawler |
| Business category | Binary categorical variables, split into 46 categories including accommodation and retail | Web crawler | |
| Operating time | In days, from the registration date to August 1, 2019 | Web crawler | |
| Staff size | Binary categorical variables, divided into 7 categories including less than 50 people, 50 - 99 people, etc. | Web crawler | |
| Merchant Dynamic Transaction Variables (4 in total) | Average daily transactions | Average daily trading volume in July 2019 | Commercial bank database |
| Average Daily Spending Amount | Average spending amount in July 2019 | Commercial bank database | |
| Maximum Daily Spending Amount | Maximum daily average consumption amount in July 2019 | Commercial bank database | |
| Minimum daily consumption amount | Minimum daily spending amount in July 2019 | Commercial bank database | |
| Merchant clustering effect (8 in total) | Merchant adoption within 100 meters | Including the total number of merchants and the proportion of merchants’ adoption | Location business system (Baidu) |
| Merchant adoption within 200 meters | Including the total number of merchants and the proportion of merchants’ adoption | Location business system (Baidu) | |
| Merchant adoption within 500 meters | Including the total number of merchants and the proportion of merchants’ adoption | Location business system (Baidu) | |
| Merchant adoption within 1000 meters | Including the total number of merchants and the proportion of merchants’ adoption | Location business system (Baidu) |