Cơ hội marketing số cho doanh nghiệp nhỏ và vừa ở việt nam nghiên cứu từ hành vi người tiêu dùng

Cơ hội marketing số cho doanh nghiệp nhỏ vừa Việt Nam: Nghiên cứu từ hành vi người tiêu dùng Vũ Thị Thanh Hà, Doti Chee Lee Leng, Roberto Ercole, Martin Ortega Azurduy, Phan Mỹ Linh Viện Đào tạo quốc tế, Học viện Ngân hàng Ngày nhận: 05/08/2022 Ngày nhận sửa: 19/09/2022 Ngày duyệt đăng: 20/09/2022 Tóm tắt: Trong thời đại chuyển đổi số với việc gia tăng nhanh chóng số lượng người tiêu dùng sử dụng Internet, ngày có nhiều hội thách thức hoạt động marketing số đòi hỏi doanh nghiệp phải hiểu rõ hành vi người tiêu dùng trước đưa chiến lược marketing số Mục đích viết nhằm nghiên cứu hành vi phản ứng người tiêu dùng ảnh hưởng đến định mua sắm họ Cụ thể, viết tập trung phân tích phản ứng người tiêu dùng hoạt động trực tuyến nhằm tìm Digital marketing for small and medium enterprises in Vietnam: A consumer behavior study Abstract: Under the digital transformation occupied by the increase use of Internet by consumers, many opportunities and challenges has been presented in digital marketing, which requires businesses to understand deeply the consumer behavior before having their own digital marketing strategies Therefore, this paper is to investigate the consumer behaviors that might influence decision to purchase of consumers Especially, the paper will focus on consumer reactions to online activities to find out which factors have possibility in influencing purchasing decisions of consumers The secondary data method is used through the analysis of previous researches in order to have deeper understanding and knowledge on customer shopping behaviors The reviews indicate that social influence, word of mouth, online sales strategies, hedonism and utilitarianism, switching cost may influence the decision to make a purchase of consumers, and based on these, chances and also the challenges for the development of digital marketing strategies can be identified Recommendations for a further empirical study on consumer behaviors to online performance are raised with the purpose to find out the opportunities and challenges in digital marketing for small and medium enterprises (SMEs) in Vietnam Keywords: SMEs, consumer behavior, digital marketing Vu, Thi Thanh Ha Doti Chee Lee Leng Roberto Ercole Martin Ortega Azurduy Phan, My Linh Organization of all: International School, Banking Academy of Vietnam © Học viện Ngân hàng ISSN 1859 - 011X 59 Tạp chí Khoa học & Đào tạo Ngân hàng Số 244- Tháng 2022 Tai ngay!!! Ban co the xoa dong chu nay!!! 17014126146061000000 Cơ hội marketing số cho doanh nghiệp nhỏ vừa Việt Nam: Nghiên cứu từ hành vi người tiêu dùng hiểu nhân tố tác động đến định mua sắm Bài viết khai thác liệu thứ cấp từ nghiên cứu lý thuyết trước nhằm hiểu rõ hành vi người tiêu dùng, đặc biệt hoạt động trực tuyến Các nghiên cứu cho thấy tác động xã hội, yếu tố truyền miệng, chiến lược bán hàng trực tuyến, tính hữu dụng sản phẩm, độ thỏa mãn người tiêu dùng, chi phí chuyển đổi sang sử dụng sản phẩm doanh nghiệp khác nhân tố ảnh hưởng đến định mua sản phẩm người tiêu dùng, nhân tố sở để giúp doanh nghiệp xác định hội khó khăn q trình phát triển chiến lược marketing số Căn vào nghiên cứu, viết đưa đề xuất cần có nghiên cứu thực nghiệm hành vi người tiêu dùng hoạt động trực tuyến nhằm xác định hội thách thức hoạt động marketing số doanh nghiệp nhỏ vừa Việt Nam Từ khóa: SMEs, hành vi người tiêu dùng, marketing số Introduction There is no doubt that the increasing use of the Internet by consumers, using multiple devices, has presented numerous opportunities and challenges in the field of digital marketing, thus unfolding the online consumer behavior becomes a priority for businesses (Pomirleanu et al., 2013) Understanding the online consumer behavior is a crucial element to compete in today’s online marketplaces given by the tendency of increasing competition and globalization In particular, the factors that influence the decision making need to be redefined considering idiosyncratic elements of online purchase behaviors in comparison to the traditional factors that influence the offline decision making within a physical environment Given by the rapid evolution and adoption of the Internet around the world as well as in Vietnam, e-commerce exponentially grows raising concern for businesses how to exploit opportunities and cope with challenges in this fast-growing online marketplace Based on this current tendency of digital 60 transformation and under the impact of Covid- 19 globally, the paper will study related theories and researches to reveal the critical factors that might affect the actual purchase by consumers Thereby recommendation is associated for a further empirical study of consumer behavior in online performance to help SMEs in Vietnam understand deeply consumer reactions of digital marketing, which might lead to an increase in the online performance and specifically the digital marketing strategies by SMEs in Vietnam Literature review Literature reviews start briefly with the important roles and the chance for further developments of SMEs under the digital economy, in which the rapid expand of digital marketing is one of the effective tools to allow SMEs to afford and make use of to attract more consumers globally Recently, impact of Covid-19 has made changes the consumer behaviours towards online performances and as the result, provides an opportunity for marketers to be aggressive with their digital strategies and Tạp chí Khoa học & Đào tạo Ngân hàng- Số 244- Tháng 2022 VŨ THỊ THANH HÀ DOTI CHEE LEE LENG - ROBERTO ERCOLE - MARTIN ORTEGA AZURDUY - PHAN MỸ LINH should have a stronger and visible presence online Penetrating into the world of digital marketing will create many opportunities and also make SMEs face with challenges Therefore, understanding consumer behaviours of online activities might help to capture market under severe competition through the power of digital and informational technology has strengthened business activities across the globe by providing opportunities for improved creativity (Ashraful, 2021) 2.1 Theoretical conceptualization The technology-based evolutionary process of digital marketing Digital transformation is having a vital role and contributing to the economic development in many economies globally Nowadays, smart devices and the Internet significantly occupy in every daily life, which is not just useful for entertainment purposes but more importantly, it is especially helpful and convenient in helping solve people necessary needs such as getting to know about the products, shopping, making payment at any time and make it belong to you whenever needed, etc., (Brooke, 2017) Under digital innovation, businesses take advantage from the supply as well as demand side to access consumers using a fast, convenient, efficient way through the use of digital marketing Digital marketing is simply known as the promotion of products or brands using electronic devices of the Internet (Torreno, 2018) Businesses make use of digital channels such as search engines, social media, email and other websites to connect with current and prospective customers (Kotler et al., 2016) With the evolution of technologies, such as email, social media, mobile phone, a more interactive environment and content creation by users was enable The use of social media has been widespread between 2019 and 2021 in which the social media users accounted for almost billion in 2019 and it is predicted to growth in the a SMEs and its growth under digital economy SMEs are businesses with the number of employees ranging from less than 100 or less than 200, or sales revenues of less than 100 million or 300 million Vietnam Dong are categorized as small or medium enterprises, correspondingly (Degree No 80/2021/NĐ-CP, 2021) SMEs have significant contribution to the economic development in any country or any region First, SMEs create jobs for workers, contributing to reduce unemployment Second, SMEs have its crucial roles in stabilizing and boosting the economic growth Third, SMEs exploit and utilize local resources, leading to the economic restructuring Fourth, small and mediumsized enterprises drive a dynamic economy (Michael, 2014) Nowadays, as an effect of globalization and digital technology advances that connect people and countries around the world, SMEs have further opportunities to grow and expand outside their local environment (Kumar, 2022) Using the Internet as an advantage, SMEs are now able to reach internationally (Bucko et al., 2018) Together with the development of information technology, market borders and obstacles which have long existed now have been removed As a result, the convergence of countries and companies b Digital marketing: opportunities and challenges Số 244- Tháng 2022- Tạp chí Khoa học & Đào tạo Ngân hàng 61 Cơ hội marketing số cho doanh nghiệp nhỏ vừa Việt Nam: Nghiên cứu từ hành vi người tiêu dùng forthcoming years where more than 80% of users are active on social media (Insider Intelligence, 2021) The number of smartphone users was more than billion in 2012 and it is three times higher than that in 2021 (Ngoc Nguyen, 2022) Nowadays given the variety of instruments accessible of digital marketing, marketers use multichannel strategy to market their products and brands in the virtual space by various digital marketing activities with the greatest commercial impact in 2017 It is notable that the content marketing communities and the Big Data management is having the highest commercial impact on the business of the company followed by marketing automation, mobile marketing and social media (Han et al., 2001) Impacts of Covid-19 upon consumer behavior and a shift towards e-commerce Research by Kim et al., (2007) shows that Covid-19 is changing how consumers behave across all spheres of life, in which new remote behaviors emerging across eight areas, in which shopping and consumption are moving towards surging in e-commerce and reduction in shopping frequency Nielsen report (2020) showed that Vietnamese people have also changed their daily media habits due to Covid-19, 35% spending more time watching online content, while 25% of them have increased their online shopping “Vietnamese now are spending more time online and are also shopping more online This provides an opportunity for marketers to be aggressive with their digital strategies and should have a stronger and visible presence online” (Nielsen, 2020) In term of future forecast, Ngoc (2022) suggests that the online shopping new 62 habits that many Vietnamese consumers have picked up during the Covid-19 period may become permanent changes and e-commerce players need to adapt Opportunities and challenges in digital marketing Digital marketing creates many opportunities and offer much potential for brands and organizations Angell (2020) stated that digital marketing makes market reachable globally within 24 hours Digital marketing allows direct advertising to customers and helps customers to become aware of the product or brand quickly (Ashraful, 2021) It also builds customer relationships and increasing customer retention, e.g., initiating a long-term relationship by sending an email to confirm the transaction and thanks the customer (Brooke, 2017) Overall, it helps to generate revenue and high conversion rates Companies also need to get along with challenges of digital marketing Tien (2020) show that skills, training, budget and high competitions are factors needed to consider Digital marketing requires a level of specialization of staff Staff must have knowledge, expertise and skills to implement digital marketing and process data and also be under pressure of rapid changes in digital transformation Budget must be prepared for technology investment and innovation to catch up with the changes of technology and reactions of customers High competition under digital marketing era will challenge businesses in grabbing attention among many messages aimed at consumers online Any negative feedback or criticism for a brand can be visible to other customers through social media and review websites, which can damage your brand reputation and requires an effective carrying out of the Tạp chí Khoa học & Đào tạo Ngân hàng- Số 244- Tháng 2022 VŨ THỊ THANH HÀ DOTI CHEE LEE LENG - ROBERTO ERCOLE - MARTIN ORTEGA AZURDUY - PHAN MỸ LINH customers online Legal aspects such as privacy and data protection around collecting and using customer data for digital marketing purposes must be complied In Vietnam, the rapid explosion of digitalization and new advertising platforms has become the opportunities as well as a pressure for SMEs Accessing to Internet is popular in Vietnam, even in rural and remote areas, with Vietnam is ranked the 5th in the South East Asean region, after Singapore and Thailand (Duong, 2021) The population of over 96 million people and average age of 30 years old with digital knowledge can be considered as the favorable conditions for the development of digital marketing in Vietnam Also, with over 69 million Vietnamese and even more in the upcoming years are accessing to Internet and social media for daily activities or businesses, frequency of using social media online of Vietnamese people are increasing (Duong, 2021) Covid – 19 affecting towards online purchasing behavior of consumers also contributes significantly to the opportunities for SMEs in Vietnam to approach more consumers to launch their new products or services Furthermore, the development of digital transformation allows SMEs to take significant advantage of the availability of digital tools to access a broader market at a very low cost SMEs in Vietnam can make use of available platforms such as Tiktok, Zalo, Facebook with free or low cost to approach large consumers quickly and at any time available This will help SMEs to catch up with market demand anytime or even on special occasions Besides, to approach digital transformation, not many SMEs in Vietnam have the capacity to compete and keep pace with large enterprises SMEs need more time to understand and familiarize with digital tools before decide to invest for digital marketing Also, it is not easy for them to access supportive technical experts due to the low level of availability of Vietnamese experts and it is costly (VIR, 2021) Duong (2021) shows that many Vietnamese SMEs find difficulties in applying digital marketing, finding experts or having proper digital marketing strategies Getting to know the opportunities and challenges of digital transformation and consumer behaviors will help SMEs to apply digital marketing strategies effectively 2.2 Theories and research on consumer behavior influencing factors Many theories and researches have focused on consumer behavior to observe consumer reactions or decision to make a purchase, which can help to shape the influencing factors to online consumer purchasing decision Theory of reason action Theory of Reasoned Action (Fishbein, 1980) will be the basis theory to develop a research framework on factors that influence a purchase online, which is the consequence of digital marketing strategy Source: Fishbein (1980) Figure Theory of reasoned action Số 244- Tháng 2022- Tạp chí Khoa học & Đào tạo Ngân hàng 63 Cơ hội marketing số cho doanh nghiệp nhỏ vừa Việt Nam: Nghiên cứu từ hành vi người tiêu dùng Source: www.marketingtutor.net Figure Online consumer decision model The theory states that a person’s intention to perform a behaviour is the main predictor of whether or not they actually perform that behaviour Additionally, the subjective components (i.e., social norms surrounding the act) and attitudes also contribute to whether or not the person will actually perform the behaviour (Ajzen and Fishbein, 1980) Online shopping behavior and online decision-making process According to online consumer decision model, consumers purchase decision basically begins with need recognition, information search, evaluation of alternatives, purchase decisions and finally, post purchase behavior (Kim, 2007) + Need recognition Before making a purchase, a customer’s needs are triggered by a problem or a desire to own a particular product or service + Information search When searching for information, traditional customers often seek information from sales people, packaging of products, family and friends for recommendations (Shaw, 2018) but for online customers, 64 they tend to search information on retailer website and search engines (Collins, 2018) + Evaluation of alternatives When consumers have gathered enough information, customers would make use of information technology to read reviews, compare products, services and eventually search for the company or brand that best fit their expectations (Torreno, 2018) + Purchase decision Koo et al (2008) emphasized that a company with an attractive design and well-organized web site structure are able to persuade consumers to buy its products and services during this stage; furthermore, the consumer’s decision to from which company also depends on product varieties; sale services and the quality of the information + Post purchase behavior After purchasing the product or service, whether they would become repeat customers depends on whether the product or service has matched their expectations; leading them to offer positive or negative advice to potential customers (Michael Tạp chí Khoa học & Đào tạo Ngân hàng- Số 244- Tháng 2022 VŨ THỊ THANH HÀ DOTI CHEE LEE LENG - ROBERTO ERCOLE - MARTIN ORTEGA AZURDUY - PHAN MỸ LINH Source: Forrester Research, Inc (2020) Figure Forrester’s 5Is Solomon, 2021) Applying forrester’s 5Is in today’s digital landscape  In the Forrester’s 5Is model, which is used to measure digital consumer behavior (Hanlon 2020), Ahn (2020) stressed that engagement is a significant factor, therefore, marketers should observe consumer communication engagement with their company and include these studies into its marketing channel In the following diagram, Ahn (2020) Source: McEachern (2014) Figure Online shopper hierarchy of needs pointed out “What and How to track” in the components when observing the consumer’s activity with a brand as Figure Adapting Maslow’s hierarchy of needs on online shoppers needs McEachern (2014) adapted Maslow’s hierarchy of needs theory to the needs of the online shoppers in an ecommerce site For example, the online shoppers begin with meeting their basic needs and they move upwards to brand advocacy through the hierarchy The tiers adapted from Maslow’s hierarchy are functional needs, safety needs, connectedness, individualism, and brand advocacy Functional needs in the adapted version are the components in the site that customers require them to complete their purchase, such as shopping cart / ecommerce platform, a product catalogue as well as a domain Safety needs refer to satisfying the online shoppers safety needs in the ecommerce site, in terms of secure checkouts, product reviews, credible look and feel to trust the site enough to make a purchase Connectedness relates to belongingness, whereby the online Số 244- Tháng 2022- Tạp chí Khoa học & Đào tạo Ngân hàng 65 Cơ hội marketing số cho doanh nghiệp nhỏ vừa Việt Nam: Nghiên cứu từ hành vi người tiêu dùng shoppers look to fulfil their social needs, such as friendship, family, and romantic relationships Individualism relates to esteem needs in Maslow’s hierarchy such as respect from others, achievement, and confidence Therefore, ecommerce companies should tailor their marketing campaigns by promoting offer products to their online customers who have bought from them in the past or made recommendations based on personal interests Additional, ecommerce companies should also remember customer information so that it saves customer’s time log in every visit, re-enter billing or delivery information Brand advocates are customers loving the company’s site and brand They will stay loyal with the company and are willing to share the company’s site with their friends and families It is recommended to reward social shares and customer referral with points to motivate them (McEachern, 2014) The online shopper hierarchy is similar to Maslow’s hierarchy in many ways Firstly, online shoppers focus on the first two sets needs in the hierarchy before making their purchase Next, lower set of needs must be satisfied first without jumping from the bottom of the pyramid to the top (McEachern, 2014) Social influence Social influence often occurs because people believe that others have a more in-depth knowledge about, for instance, a brand or a product This information is used to help them to make an informative purchase decision based on another people’s knowledge (Kim, 2007) The main sources of social influence are from reference groups (social groups, work groups, family, or close friends), opinion leaders and aspirational reference 66 groups that consumers admire given their popularity and notoriety These sources of social influence are essential concepts in digital marketing where marketers should understand which groups/leaders influence their target segments in order to develop suitable strategies and policies to influence their consumers, which might lead to an increase of purchase intention and actual purchase (Michael, 2021) Utilitarianism & hedonism Utilitarianism value can be characterized as task-related needs fulfillment Constructs like monetary savings and convenience contribute to utilitarian value, as hedonic value can be described by using entertainment and exploration constructs (Michael et al., 2014) The utilitarian attribute of the product provides a rational explanation for consumers’ purchasing behavior The hedonistic property of a product can attract consumers, induce buying behavior, and bring positive emotional reaction to consumers These two attributes of the product will have a direct impact on consumer satisfaction Consumers are not completely rational people If the products only pay attention to utilitarian attributes and the consumption lacks emotional experience, consumer satisfaction will be affected If a product only focuses on the hedonistic attribute, even if some factors effectively induce consumers to buy the product, consumers will still have a feeling of guilt for buying the unpractical product, which will also affect the satisfaction level of consumers In addition, due to the upgrading of consumers’ consumption preferences, researchers have found that starting from the utilitarian attributes of products to seek the differentiation of technological quality, comfort and cost performance can only achieve half the Tạp chí Khoa học & Đào tạo Ngân hàng- Số 244- Tháng 2022 VŨ THỊ THANH HÀ DOTI CHEE LEE LENG - ROBERTO ERCOLE - MARTIN ORTEGA AZURDUY - PHAN MỸ LINH result with double effort, and the key to improve satisfaction lies in the hedonistic attribute (Collins, 2018) Word-of mouth marketing Angell (2020) said that people trust each other more than brands: more than 90% of the consumers trust their family and friends’ suggestions more than advertising Rise of influencer marketing such as reaching out to a key opinion leader (KOL) to review a product helps businesses gain brand awareness, increase sales and conversions, and reach out to new customers Consumers trust influencers and therefore, acts as an ambassador for brands Brooke (2017) pointed out various forms of word-of-mouth marketing to include social shout-outs, generated user contents, recommendations, reviews, press mentions, employee advocacy, brand ambassadors or influencers Word-of-mouth marketing could be encouraged by providing great products and customer service, offering an amazing shopping experience; curate and share user-generated content and use incentive to boost referrals They will help to increase brand awareness, gives positive impact on trust and loyalty, connecting with shoppers and increase sales Switching costs Switching costs are costs a consumer must pay because of changing a service, product or supplier (Sinha, 2022) Switching costs are important as it impacts purchasing choices of customers such as repeating purchasing from the same company or making a purchase from a competitor Source: Wall Street Prep.com (2022) Figure Switching costs if switching costs are high or low (Indeed.com, 2021) The three categories of switching costs are Financial switching costs, Procedural switching costs, Relational Switching Costs (wallstreetprep com, 2022) Switching costs not only affect market shares of existing SMEs but also the new entrants as it deters new entrants from entering the market, which makes new entrants difficult to obtain market share (Wallstreetprep.cm, 2022) However, SMEs could seek a favorable position by building brand value on the web for their consumers (Smith, 2022), likewise for the new entrants who are Source: visual-paradigm.com (2022) Figure Porter’s five forces Số 244- Tháng 2022- Tạp chí Khoa học & Đào tạo Ngân hàng 67 Cơ hội marketing số cho doanh nghiệp nhỏ vừa Việt Nam: Nghiên cứu từ hành vi người tiêu dùng facing strong and durable barriers to entry (Mindtools.com, 2022) Smith (2022) highlighted some ways of building brand value on the web for SMEs and they are telling your story; ask for reviews; build an email list; community outreach; create valuable content; invest in social media advertising; engage on social media; focus on customer service, embrace video and use live videos In conclusion, the reviews provided the understanding and knowledge of SMEs, digital marketing, the chance and challenges in digital marketing under digital transformation and the pressure of Covid-19 impacts More importantly, some influencing factors can be withdrawn from the reviews to help ecommerce companies in doing digital marketing strategies First, consumer purchase decision is basically influenced by the searched information, alternatives products online, attractive design and well - organized website structure, engagement of consumers Secondly, hierarchy of needs of shoppers such as functional needs, safety needs, connectedness, individualism and brand advocates are all needed to memorized in doing digital marketing Thirdly, consumers rely on social influence, utilitarianism, hedonism, word of mouth, switching cost to make purchase decisions, which request businesses to take into account Recommendations Based on the reviews, it is recognized that study of consumer behaviors or reactions in Vietnam can help SMEs develop digital marketing strategy successfully A further empirical study will help to identify possible gaps in the scholarly literature and reality in Vietnam Importantly, it helps to provide actionable recommendations to the SMEs to enhance online performance and overcome the challenges in digital marketing in Vietnam The recommended empirical study should focus on the following aspects: Firstly, a quantitative method should be employed and a survey should be executed to examine consumer behaviors to online purchase Based on this method, factors affecting intention or actual purchase will be identified, followed by the recommendations for SMEs in developing digital marketing Secondly, review of previous research suggests some influencing factors to be employed in the quantitative model that may affect the online actual purchase by consumers, covering hedonism, influencing factors, online sales strategy, switching cost, past buying experience, and utilitarianism The result will help to answer the significant factors affecting the actual purchase or purchase intention of consumers Thirdly, targeted respondents of the survey for the model are important to provide precise information and recommendation Target population should limit to specific groups of individuals who are utilizing digital marketing or online shopping ■ References Age, N., 2021 The Online Decision Making Process - Net Age [online] Net Age Available at: [Accessed 28 January 2021] Ahn, T., 2020 What Marketing Models Can Help in Developing Your Strategy? [online] Viral Solutions Available at: [Accessed 20 March 2022] Angell, A., 2020 Challenges of Small Business Digital Marketing [online] Web Design Greenville SC | Website 68 Tạp chí Khoa học & Đào tạo Ngân hàng- Số 244- Tháng 2022 VŨ THỊ THANH HÀ DOTI CHEE LEE LENG - ROBERTO ERCOLE - MARTIN ORTEGA AZURDUY - PHAN MỸ LINH Development | BIGFOOT MEDIA Available at: [Accessed August 2022] Ashraful, A., 2021 “Opportunities and challenges in digital marketing in Bangladesh” https://www.theseus.fi/bitstream/ handle/10024/505922/Ashraful_Alam.pdf?sequence=2&isAllowed=y Asia Pacific Journal of Marketing and Logistics, vol 20, no 2, pp 156-173 Brooke, C., 2017 [online] Why Digital Marketing is Failing Most SMEs Available at: [Accessed August 2022] Bucko, J., Kakalejčík, L and Ferencová, M., 2018 Online shopping: Factors that affect consumer purchasing behaviour [online] Taylor & Francis Available at: [Accessed 11 August 2022] Collins, K., 2018 Online customer behavior in 2018: Where consumers browse and purchase -– ClickZ [online] ClickZ Available at: [Accessed 28 January 2021] Duong, Mai 2021 Tiep thi ky thuat so tai Viet Nam: Co hoi va thach thuc Available at: < https://vir.com.vn/over-575per-cent-of-vietnamese-smes-struggle-with-digital-transformation-how-can-they-cope-with-the-challenge-83754 html> [Accessed September 2022] Kotler, P, Kartajaya, H & Setiawan, I 2016, Marketing 4.0: Moving from Traditional to Digital, Wiley, New Jersey Grant, M., 2020 Switching Costs [online] Investopedia Available at: [Accessed August 2022] Fishbein, M & Ajzen, I 1980 Predicting and understanding consumer behavior: Attitude-behavior correspondence In Ajzen, I & Fishbein, M (eds.). Understanding Attitudes and Predicting Social Behavior (pp 148-172) Englewood Cliffs, NJ: Prentice Hall Han, J & Han, D., 2001 A framework for analyzing customer value of internet business Journal of Information Technology Theory and Application, Available at: < https://www.researchgate.net/publication/237061749_ Exploring_the_Business_Potential_of_Social_Media_An_Utilitarian_and_Hedonic_Motivation_Approach> [Accessed 15 August 2022] Hanlon, A., 2020 Are you exploiting the 5Is of online marketing? | Smart Insights [online] Smart Insights Available at: [Accessed 20 March 2022] Indeed.com 2021 What Are Switching Costs and Why Are They Important? [online] Available at: [Accessed August 2022] Kapoor, N., 2021 Reasons Why You Should Shop Online [online] YourStory.com Available at: [Accessed 23 January 2021] Kim, Y and Srivastava, J., 2007 Impact of social influence in e-commerce decision making [online] Available at: [Accessed August 2022] Koo, D.M., Kim, J.J and Lee, S.H., 2008, “Personal values as underlying motives of shopping online”, Asia Pacific Journal of Marketing and Logistics, vol 20, no 2, pp 156-173 Kumar, R., 2022 A Study on Challenges and issues of SMEs in adopting Digital Marketing [online] Available at: [Accessed 11 August 2022] Market Business News 2021 Online Shopping -– Definition And Meaning -– Market Business News [online] Available at: [Accessed 23 January 2021] McEachern, A 2014 What online shoppers need, adapting Maslow’s hierarchy, Available at: < https://blog.smile.io/ online-shoppers-need/> [Accessed 15 September 2022] Michael Solomon 2021 Consumer Behavior - Michael Solomon - Consumer Behavior & Marketing Expert [online] Available at: [Accessed 23 January 2021] Michael, G., Anna, L P., 2014 “Creating jobs in small businesses Evidence from a systematic review” Millwood, A., 2020 Understanding The Consumer Decision Making Process | Yotpo [online] Yotpo Available at: [Accessed 23 January 2021] Mindtools.com 2022 Porter’’s Five Forces -– The Framework Explained: A Guide to Analyzing Competitiveness Using Michael Porter’’s Strategic Model [online] Available at: [Accessed August 2022] Nielsen, 2020 Despite Covid-19, Vietnam remains in the top most optimistic countries in the world Available at: < https://www.nielsen.com/wp-content/uploads/sites/3/2020/06/PR> [Accessed 18 September 2022] Ngoc Nguyen, Minh, 2022 Number of people buying consumer goods online Vietnam 2019-2021 Available at: < https:// Số 244- Tháng 2022- Tạp chí Khoa học & Đào tạo Ngân hàng 69 Cơ hội marketing số cho doanh nghiệp nhỏ vừa Việt Nam: Nghiên cứu từ hành vi người tiêu dùng www.statista.com/statistics/1297060/vietnam-number-of-people-buying-consumer-goods-online/> [Accessed 10 August 2022] Nguyen, Q., 2020 Nearly Half Of Vietnamese Shop Online: Report -– Vnexpress International [online] VnExpress International – Latest news, business, travel and analysis from Vietnam Available at: [Accessed 23 January 2021] Pomirleanu, N., Schibrowsky, J A., Peltier, J., and Nill, A 2013 A review of internet marketing research over the past 20 years and future research direction J Res Inter Mark 7, 166–181 Sell OEM Parts | Drive OEM Accessory Sales 2021 Comparisons Between Online Shopping And Traditional Shopping - Revolutionparts [online] Available at: [Accessed 23 January 2021] Shaw, A., 2018 Consumer Decision Making Process Definition Stages And Examples [online] Marketing Tutor Available at: [Accessed 24 January 2021] Sinha, S., 2022 Switching Cost [online] WallStreetMojo Available at: [Accessed August 2022] Smith, D., 2022 15 Ways Small Business Can Build Brand Value on the Web -– Cazbah [online] Cazbah Available at: [Accessed August 2022] Torreno, M., 2018 What is the Buyer Purchase Decision Process Online? [online] Retailors Group Available at: [Accessed 28 January 2021] VIR Vietnam Investment Review, 2021, Available at: < https://vir.com.vn/over-575-per-cent-of-vietnamese-smesstruggle-with-digital-transformation-how-can-they-cope-with-the-challenge-83754.html> [Accessed September 2022] Visual-paradigm.com 2022 Porter’’s Five Forces Analysis Tutorial [online] Available at: [Accessed August 2022] Wallstreetprep.com 2022 Switching Costs [online] Available at: [Accessed August 2022] 70 Tạp chí Khoa học & Đào tạo Ngân hàng- Số 244- Tháng 2022