A study on the perception of mental benefits, hedonic value, and online trust impact on electronic loyalty a view of customer’s anxiety

MINISTRY OF EDUCATION AND TRAINING HO CHI MINH CITY OPEN UNIVERSITY BUI THANH KHOA A STUDY ON THE PERCEPTION OF MENTAL BENEFITS, HEDONIC VALUE, AND ONLINE TRUST IMPACT ON ELECTRONIC LOYALTY: A VIEW OF CUSTOMER’S ANXIETY Major : Business Administration Major Code: 62 34 01 02 SUMMARY OF BUSINESS ADMINISTRATION DOCTORAL DISSERTATION SUPERVISOR: Assoc Prof NGUYEN MINH HA, Ph.D Ho Chi Minh City, 2020 The work was complete at:: HO CHI MINH CITY OPEN UNIVERSITY Scientific instructors: Assoc Prof NGUYEN MINH HA, Ph.D Reviewers 1: Le Tan Nghiem, Ph.D Reviewers 2: Nguyen Van Thang Long, Ph.D Reviewers 3: Van Thi Hong Loan, Ph.D The dissertation will be defended in front of the Dissertation Evaluation Council at: HO CHI MINH CITY OPEN UNIVERSITY In 9:00 AM, May 16th, 2020 The dissertation can also be found at: GENERAL SCIENCES LIBRARY OF HOCHIMINH CITY HO CHI MINH CITY OPEN UNIVERSITY LIBRARY ABSTRACT Vietnam's e-commerce market is growing at a breakneck pace, especially since 2013 This development brings many benefits to businesses but it also creates fierce competition to retain old customers As people's lives become more and more upgraded, the values of benefits that they desire also change The aspect of mental benefits is increasingly concerned and appreciated by customers about their behavior However, the relationship between internal motivations such as mental benefits, trust, perceived hedonic value, anxiety, and customer loyalty behavior is not paying much attention, especially for new markets like Vietnam This dissertation aims to understand better the perceived mental benefits of customers as well as the manifestations of loyalty in the context of online shopping in Vietnam, and to study the effects of anxiety on the relationship between perceived mental benefits, online trust, perceived hedonic value, and electronic loyalty To achieve the set goals, the study used qualitative and quantitative research methods In particular, qualitative research is used to develop a scale and scale adjustment Moreover, quantitative research is aimed at testing scales and testing research hypotheses The dissertation has discovered and contributed empirical evidence on the relationship of concepts in the research model in Vietnam market through a survey of 917 online shopping customers in five provinces and cities with the High e-commerce index as reported by the Vietnam E-Commerce Association, including four major cities (Hanoi, Hai Phong, Da Nang, and Ho Chi Minh City) and Binh Duong Province The research results show that (1) electronic loyalty in the context of Vietnam consists of components, namely, preference, interaction, and the personal information disclosure; (2) a perceived mental benefit of components, including, perceived shopping enjoyment, perceived social interaction, perceived discreet shopping, and perceived control; (3) There is a positive relationship between perceived mental benefits, online trust, perceived hedonic value, and electronic loyalty; and (4) levels of anxiety that affect the relationship between the constructs mentioned above At the same time, this research also contributes practically to e-commerce businesses in the Vietnam market through suggestions to help businesses improve customer loyalty ii TABLE OF CONTENT ABSTRACT ii TABLE OF CONTENT iii LIST OF TABLE iv LIST OF FIGURE iv CHAPTER INTRODUCTION 1.1 THE RESEARCH PROBLEM 1.2 RESEARCH OBJECTIVE 1.3 RESEARCH OBJECT AND RESEARCH SCOPE 1.4 RESEARCH METHODOLOGY 1.5 THE CONTRIBUTION OF RESEARCH 1.6 THE STRUCTURE OF DISSERTATION CHAPTER LITERATURE REVIEW 2.1 THEORETICAL THEORY FOR RESEARCH 2.2 ELECTRONIC LOYALTY 2.3 PERCEIVED MENTAL BENEFITS 2.4 PERCEIVED HEDONIC VALUE 2.5 ONLINE TRUST 2.6 ANXIETY 2.7 OVERVIEW OF THE PREVIOUS RESEARCH 2.8 THE RELATIONSHIP BETWEEN PERCEPTION OF MENTAL BENEFITS, HEDONIC VALUE, AND ONLINE TRUST, ANXIETY, AND ELECTRONIC LOYALTY 2.9 THE RESEARCH MODEL AND PROPOSED HYPOTHESES 10 CHAPTER RESEARCH DESIGN 12 3.1 THE RESEARCH PROCESS 12 3.2 DEVELOPMENT AND VALIDATION THE SCALE OF ELECTRONIC LOYALTY AND PERCEIVED MENTAL BENEFITS 12 3.3 QUALITATIVE RESEARCH for scale ADJUSTMENT 16 3.4 QUANTITATIVE RESEARCH 17 3.5 PRELIMINARY RESEARCH FOR RELIABILITY EVALUATION 18 3.6 CONCLUSION OF SCALE USED FOR OFFICIAL RESEARCH 18 CHAPTER ANALYZE THE RESEARCH RESULT 21 4.1 ANALYZE THE RESEARCH SAMPLE 21 4.2 ASSESSMENT OF THE PERCEIVED MENTAL BENEFITS CONCEPT 21 4.3 ASSESSMENT OF THE ELECTRONIC LOYALTY CONCEPT 21 4.4 THE TEST OF RESEARCH MODEL AND RESEARCH HYPOTHESES 22 4.5 ASSESS THE MEDIATING ROLE OF ONLINE TRUST AND PERCEIVED HEDONIC VALUE 23 4.6 ASSESS THE MODERATING ROLE OF ANXIETY TOWARD THE RELATIONSHIP IN THE RESEARCH MODEL 23 iii 4.7 DISCUSSION 24 CHAPTER CONCLUSION AND MANAGERIAL IMPLICATIONS 29 5.1 CONCLUSION 29 5.2 MANAGERIAL IMPLICATIONS 29 5.3 THE LIMITATIONS AND RESEARCH DIRECTIONS 31 REFERENCE 32 LIST OF THE RESEARCHES IN THE IMPLEMENTATION OF THE DISSERTATION LIST OF TABLE Table 2.1 The Table of Proposed Hypotheses 10 Table 3.1 Demographic statistics 15 Table 3.2 The classification of anxiety levels is based on a scale of 14 and observed items 17 Table 3.3 Summary of the official scale 18 Table 4.2 Summary of assessment results of research hypotheses 26 LIST OF FIGURE Figure 2.1 The research model 11 iv CHAPTER INTRODUCTION 1.1 THE RESEARCH PROBLEM E-commerce brings certain advantages for businesses compared to traditional commerce; that is, more flexibility, deeper market penetration, lower costs, faster transactions (Srinivasan et al., 2002) However, these advantages have created particular challenges for businesses because the Internet is near a perfect market due to the availability of instant information (Kuttner, 1998) That feature makes finding and comparing products/services relatively more comfortable and less expensive for customers (Rafiq et al., 2013) Secure replacement services and instant availability of information lead to fierce price competition and loss of brand loyalty In such a competitive environment, it is challenging to achieve two critical goals of online businesses: to attract customers and retain customers Customer retention is more important than attracting new customers because the cost of acquiring a new customer is higher than the cost involved in maintaining existing customers (Olson and Boyer, 2005) Customer loyalty is one of the main tools for achieving retention (Reinartz and Kumar, 2003) E-commerce in Vietnam is a new market and does not have enough reliable and unreliable information; consumers often hesitate and feel uncertain when making buying decisions when making decisions Should I buy online? The study of the factors that create electronic loyalty will help online businesses to survive and develop in an emerging market, but much competitive as Vietnam At the same time, understanding customers' perceptions, attitudes, and behaviors towards the values they bring can affect their competitiveness and sustainability Stemming from the urgency in practice, the Ph.D student chose the topic "Studying the perceptions of mental interests, entertainment value, and online trust that influence electronic loyalty: Consider in customers' anxiety level ”as a research topic For now, electronic loyalty research is based on loyalty research in traditional shopping Electronic loyalty measurement in studies of Lin et al (2018); Vijay et al (2019), Sadeghi et al (2019) is mainly based on the studies of Anderson and Srinivasan (2003) and Srinivasan et al (2002), this electronic loyalty scale is based on the traditional loyalty of Zeithaml et al (1996), Gremler (1996) Toufaily et al (2013) find that the concept of electronic loyalty is an essential concept for e-commerce businesses; however, very few studies have focused on conceptualizing online customer loyalty Therefore, the authors propose that a scale should be developed to help researchers better understand the multidimensional psychological basis of loyalty in the online context, and the continued development of loyalty Research contexts change Therefore, developing a scale of electronic loyalty in the context of e-commerce and social commerce is essential (Toufaily et al., 2013) As life develops, the viewpoint of improving the emotional and mental life is further focused Besides practical benefits (such as ease of use, convenience), the concepts of "fun, happiness", "entertainment," and "shopping are fun" are used in the research The research of Hirschman and Stern (1999) also initiated research on emotions in consumer shopping and formed the concept of cognitive psychology (Cognitive Psychology) The result of cognitive and emotional processes is the development of an individual's attitude and belief The entertainment aspect is perceived as an emotional and mental benefit that becomes the premise of attitudes and behaviors of consumers in the context of e-commerce (Mosunmola et al., 2019) Anxiety in online transactions is fear, anxiety, and fears that individuals encounter when using the Internet to transact (Presno, 1998) Anxiety can negatively impact consumer behavior; understanding consumers' anxiety, therefore, creates more opportunities for businesses to reap the benefits of online commerce for businesses (Thatcher et al., 2007) Anxiety is viewed as a negative emotional structure (Teixeira et al., 2012) However, previous studies on anxiety focused only on technical risks such as computer anxiety (Kang and Lee, 2006; Powell, 2013) or Internet anxiety (Thatcher et al., 2007) ; Joiner et al., 2013), but not much attention to anxiety about online shopping services (Nagar, 2016) Therefore, further research on mental, psychological, and emotional aspects is needed to discover whether an online marketing environment such as emotional messages, functional or mental benefits will enhance or undermine the long-term relationship between buyer and seller Therefore, studying the relationship between perceived emotional benefits, trust, pastime and electronic loyalty, as well as the level of anxiety as a concept affecting relationship marketing will create He added that understanding, as well as exceptional knowledge for a country that is rushing from traditional commerce to e-commerce like Vietnam 1.2 RESEARCH OBJECTIVE From the above analysis, the overall objective of the topic is to research, identity, analyze and measure the relationship between perceived mental benefits, online trust, perceived hedonic value and electronic loyalty, as well as the impact of anxiety levels on relationship marketing; thereby discovering and making new contributions to the theoretical basis, management implications and solutions to increase profits for online businesses The study focuses on the following issues, with the following specific objectives: i ii iii iv v Develop and validate the scale of perceived mental benefits of customers when buying online, based on the context of Vietnam e-commerce Develop and validate online customer loyalty scales when shopping online, based on the context of Vietnam e-commerce and the research of Srivastava and Rai (2018) Analyze the relationship and evaluate the influence between perceived mental benefits, online trust, perceived hedonic value, and electronic loyalty of Vietnamese customers when making purchases on merchant sites e-commerce Analyze the effect of anxiety level on the relationship between perceived mental benefits, online trust, perceived hedonic value, and electronic loyalty of Vietnamese customers when buying on e-commerce merchant sites Provide suggestions and recommendations for online businesses to increase the perceived hedonic value, online trust, and customer loyalty, suitable for each group of customers with different anxiety levels 1.3 RESEARCH OBJECT AND RESEARCH SCOPE 1.3.1 Research Object According to the above objective, the dissertation focuses on research on perceived mental benefits; electronic loyalty; the relationship between perceived mental benefits, online trust, perceived hedonic value, and electronic loyalty, as well as, the influence of anxiety levels on the relationship between constructs in research model when buying on e-commerce websites of Vietnamese customers 1.3.2 Research Respondent With the above criteria, the study will focus on customers aged 16 to 45, whose career is pupil/student, office worker, lecturer, civil servant, housewife, businessman, workers because these are the objects wishing to shop online, and have a good awareness of e-commerce Participants in group discussions, as well as in-depth interviews, are individuals with managerial positions (directors, managers) of online business or online marketing businesses, lecturers of e-commerce, customers with a precise understanding of e-commerce The e-commerce businesses used in the study were the leading businesses in the famous ecommerce market in the world and businesses in Vietnam in the last three years as the report of the Ministry of Industry and Trade; and reputable websites in the world such as Lazada, Shopee, Tiki, Adayroi, Amazon, Aliexpress, eBay Because e-commerce is still new in Vietnam, customers will consider it carefully Factors affecting pre-purchase include brand, reputation, and coverage of ecommerce businesses 1.3.3 Research Scope The study was conducted in the e-commerce industry in Vietnam For the survey, individual consumers have been shopping online to discover and test research objectives in some provinces and cities of Vietnam The number of allocation samples will be based on the Vietnam E-Commerce Index (EIB) report, the four largest cities and one province with the highest index are Ho Chi Minh City, Hanoi, Hai Phong, and Da Nang, Binh Duong (Vietnam E-Commerce Association, 2018) 1.4 RESEARCH METHODOLOGY The dissertation uses mixed research methods (combining qualitative and quantitative) in the research Regarding qualitative methods, the research uses narrative research and phenomenological research by in-depth interviews and group discussions with e-commerce businesses Directors, managers), lecturers of e-commerce, individuals with specific knowledge of e-commerce For quantitative methods, the study will be conducted through the use of survey questionnaires (building and developing scales, preliminary and official) and using SPSS 23, AMOS 23, SmartPLS 3.2 software .7 to perform descriptive statistical analyzes, test Cronbach's Alpha scales, exploratory factor analysis (EFA), confirmatory factor analysis (CFA), the partial least squares structural equation model (PLS-SEM) 1.5 THE CONTRIBUTION OF RESEARCH 1.5.1 The Academic Contributions The study of perceived benefits has been conducted by many researchers in business administration and marketing around the world However, the concept of perceived benefits is often studied about other variables in the form of unidimensional as well as in terms of utilitarian benefits On the other hand, the concept of electronic loyalty has been studied by many researchers, but mainly re-used the concept of loyalty in traditional shopping At the same time, the study of online trust as the mediator in the relationship between perceived mental benefits, perceived hedonic value, electronic loyalty has not received much attention from academic researchers Moreover, most of the studies are mainly conducted in developed countries and are still new in the context of developing countries The online transaction brings many risks for customers from the order to receiving goods, so anxiety is an essential factor that needs to be considered in the relationship between buyers and sellers Research results in Vietnam, where has specific cultures and levels of economic development are lower than developed countries, may be significantly different from previous studies The research on the perceptions of mental benefits, perceived hedonic value, and online trust that influences consumer electronic loyalty have the following academic contributions: • First, the concept of perceived benefits is relatively much studied in traditional trade and is studied as a unidimensional concept This study developed and validated a conceptual scale of the perceived mental benefits of customers in the context of e-commerce in Vietnam, which is a country that mainly buys traditional and gradually switch to e-commerce recently • Secondly, loyalty has been studied quite extensively in not only traditional commerce also in e-commerce as a unidimensional or multidimensional concept, which is presented by the attitude, the behavior, or a combination of both forms This dissertation developed and validated a loyalty scale in the context of an online environment and is associated with the concept of social commerce in Vietnam based on the qualitative research of Srivastava and Rai (2018) • Thirdly, the dissertation analyzed the relationship and assessing the level of influence between the perceived mental benefits, online trust, perceived hedonic value, and electronic loyalty of Vietnamese customers when buying from e-commerce sites • Finally, the dissertation analyzed the impact of anxiety levels on the relationship between customers and online business in Vietnam 1.5.2 The practical Contributions The study showed an online business that the aspects of perceived mental benefits, electronic loyalty; as well as the relationship between perceived mental benefits, online trust, perceived hedonic value and electronic loyalty; and the affecting anxiety levels in relationship marketing of the online business and Vietnamese customer in electronic commerce Thereby, the managerial implications of improving activities to increase mental benefits as well as overcome existing limitations will help online businesses to have specific directions in increasing the customer loyalty when buying online, consequently, promoting the development of Vietnam's e-commerce activities 1.6 THE STRUCTURE OF DISSERTATION Chapter Introduction Chapter Literature review Chapter Research design Chapter Analysis of research results Chapter Conclusion and managerial implications CHAPTER LITERATURE REVIEW 2.1 THEORETICAL THEORY FOR RESEARCH 2.1.1 The theoretical framework of relationship marketing Verma et al (2016) based on Palmatier et al (2006) to expand the relationship marketing framework to online retail to identify strategies that help build relationships with online customers The online relationship marketing model consists of 13 structures Six relationship benefit premise, depending on the seller, relationship investment, seller expertise, communication and similarity are classified into three groups of customer-oriented prefixes (relationship benefits system, depending on the seller), the seller-oriented prefix (investing in the relationship, the seller's expertise), and the directional prefix from both sides (communication, similarity) Moreover, as in the original model, in the context of online retail, the authors also identified commitment, trust, relationship satisfaction, and relationship quality as an intermediary in the customer relationship Commitment is defined as the desire to maintain a valuable relationship Trust is defined as trust in the credibility and integrity of partners Trust and commitment are the most frequently studied structures, although they have been studied as prerequisites, intermediaries and even results Trust is often defined as the premise of a commitment Relationship quality is an evaluation of the relationship's strength Relationship satisfaction is defined as consumer satisfaction from the overall relationship Finally, this study also identifies the three results of relationship marketing, which are expectations of continuity, word of mouth and customer loyalty When customers buy at an e-commerce site, they will receive the mental benefits brought by that site, such as the fun of shopping experience, the discreet shopping and control Specifically, in the relationship with e-commerce sites, it will help shoppers have a reliable place to shop during stressful times, and at the same time, give customers the satisfaction of their own needs Besides, buying online at an existing e-commerce site will make it easier for customers to recommend related products based on customer information or Customer behavior on the e-commerce site Moreover, with modern technology, customers can create products that are right for themselves by customizing them directly on the e-commerce site Moreover, in particular, these factors are even more evident when customers have a secure attachment to an e-commerce site Benefit values are considered as a prefix in the relationship marketing model Besides, building trust in customers' capabilities, consistency, and trustworthiness of online sellers is also a concern of many customers when buying online (Morgan and Hunt, 1994) Online trust is defined as a mediator in the relationship between perceived mental benefits and online customer loyalty in this study 2.1.2 SOR model (stimulus - organism - response) in behavioral research The SOR model has been widely applied to examine the impact of environmental stimuli on consumer reactions in the online context, in which factors such as e-commerce page attributes, design, etc product or social relationship as a stimulus to online buyers (Liu et al., 2013; Song et al., 2013; Wang and Chang, 2013) Eroglu et al (2001), applying the SOR model for the online retail environment, shows that the level of participation of shoppers and stimuli from the online context mediates the relationship between environmental signals and shopping fruits McKinney (2004) used the S-O-R model to determine that consumers have different internal motivations for online shopping, and these motivations have a significant influence on shopping satisfaction Richard (2005) proposed a new factor, seeking information, within the SOR framework and deriving from research findings that high task-related information has a positive impact on consumers regarding an e-commerce site and their next shopping behavior Koo and Ju (2010) have confirmed that online environmental signals affect customer emotions and intentions The S-O-R model provides a specific and structured guide to building an integrated model that demonstrates how online merchants build user loyalty In summary, there are two main topics among SOR studies in the online environment, and one is to study the impact of the online shopping environment on beliefs and the other on the effect of the environment Online school for cognition and emotion (Kawaf and Tagg, 2012) Thus, this study applies the SOR model when determining the mental benefit values (S) as stimuli affecting the perception of recreational perceived value as well as online trust ( O) of consumers; thereby, creating online consumer loyalty (R) 2.1.3 Value chain theory One of the main functions of marketing is to create a psychological relationship between consumers and a product or service That is, marketing must convince consumers to associate the product or service with satisfying certain benefits, goals, or values that are important to consumers By influencing how consumers perceive a related product or service, marketers can influence the level of consumer self-study, and ultimately purchase the product or service of the consumer A specific brand From this perspective, marketers need to analyze and explain how consumers perceive products related to themselves The most well-understood theories are the Means-end chain theory (Gutman, 1982), value chain theory (The value chain) (Bruhn, 2015) The primary attribute - benefit - value - behavior relationship provides the necessary framework to investigate factors that evoke purchasing behavior such as intent to buy, repurchase and loyalty The underlying assumption of the theory is that consumer behavior is often directed towards goals and can be considered as consumer motivation through a target hierarchy (Gutman, 1997) In such a hierarchy, values can be considered as the ultimate goal of driving consumers to engage in shopping behavior, and the benefits are that goals are dependent on values (Chiu) et al., 2014) Customers gain cumulative benefits from attributes (Gutman, 1982) The means-end theory has been applied in online consumer behavior such as online shopping (Chiu et al., 2014) and online auctions (Matook, 2013) to provide more detailed information about consumer perception structures when buying products or services However, models can be studied more extensively, such as demonstrating the relationship between users themselves and the form of product procurement, where the means represent aspects of shopping knowledge such as The benefits and costs of e-commerce and end represent aspects of online customer loyalty in the growing e-commerce context Another theory is the value chain theory proposed by Bruhn (2015) Motivation is a mental structure that positively influences a person's behavior towards a favorite object or situation (Zlate, 2009) Motivation originates from the needs and goals of each individual and, at the same time, is the premise of learning (Schiffman and Kanuk, 2009) Kotler points out that motivation, awareness, personality, learning, and attitudes are factors that belong to an individual that influences consumer behavior Motivation, therefore, is seen as a stimulus that motivates the change of the individual state from rest to action Motivation, along with other mental structures, can be said that the effect on consumer behavior is positive or negative Percy and Rossiter (1997) consider motivation to be harmful if based on fear or dislike and reinforces positivity if based on need or desire Motivation is a mental element that starts an individual's course of action with an internal stress state due to one or more unfulfilled needs and ends with taking several observed behaviors to satisfy (such as buying behavior) If based on reasons of use, motivation can be divided into two categories including rational motivation and emotional motivation (Cătoiu and Teodorescu, 2004) 2.1.4 The theory relates to perceived mental benefits The concept of "mental" is related to intelligence, such as being interpreted with emotional activity or involved in the thought process (Oxford, 2010), from which we can conclude the mental benefits when online shopping is the benefit of the psychological and emotional value that individuals feel when shopping online, this study focuses on analyzing aspects of mental benefits of customers when buying online Routes include the recreational, symbolic, and psychological benefits that consumers achieve when shopping online The study of perceived mental benefits is primarily based on hedonic consumption theory (Hirschman and Holbrook, 1982) on flow theory (Csikszentmihalyi, 1990; Hoffman and Novak, 1996) and self-determination theory (Sheth, 1981; Deci and Ryan, 1985) The self-determination theory is studied by Deci and Ryan (1985) The theory of selfdetermination is an approach to motivation and personality in a social context According to this theory, three basic psychological needs meet internal motivation and are associated with actions to achieve a non-action-related outcome (Ryan and Deci, 2000) These three psychological needs include the need for self-determination, the need for relevance, and the need for power The study suggests that motivation involves energy, orientation, perseverance, and equality - all aspects of motivation and intent Motivation is essential in the real world because of its results Besides, motivation will lead people to act in different ways to achieve what they want Flow theory is one of two theories of internal dynamics developed according to the positive psychology model (Seligman and Csikszentmihalyi, 2014); the other is the self-determination theory (3) The perceived mental benefit has a positive effect on electronic loyalty in e-commerce, with the impact level being 3 = 0.291 (p-value = 0.000) Therefore, the study accepts the hypothesis H3 The study also agrees with the conclusion that monetary and non-monetary benefits, such as saving money, exploration, entertainment, recognition, and social benefits, will attract customers and entice them go back to trading with e-commerce (Mimouni-Chaabane and Volle, 2010) The mental impact is used as a framing strategy with the customer The perceived mental benefit has many positive effects on product evaluation, including improved consumer attitudes towards the product (Escalas and Luce, 2003) At the same time, awareness of the mental benefits enhances the evaluation of the target product by engaging participants in different types of treatment, such as reporting, persuading others through positive emotions Moreover, reducing critical thinking (Green and Brock, 2000; Van Laer and De Ruyter, 2010) Customers tend to repurchase or interact with e-commerce sites that benefit them; the concept of WOM has shifted to eWOM in recent years When web 2.0 technology came along, customers' involvement in business activities like co-creation increased more and more as they benefited from the service provider (Kang et al., 2014; Apenes, 2016; Hajli et al., 2017) For Vietnamese consumers, the values of mental benefits are associated with personality traits such as shame when purchasing directly sensitive products, like designs or proposed products, collectivism like to interact with others, or nature likes to experience Therefore, Vietnamese customers often return to e-commerce sites to meet their own needs for safety, society, respect and self-expression (4) The perceived mental benefit has a positive effect on the perceived hedonic value in ecommerce, with the impact level being 4 = 0.612 (p-value = 0.000) Therefore, the hypothesis H4 is supported The perceived hedonic value is seen as an overall assessment of users about the benefits they receive compared to the costs they have to pay (Chen and Dubinsky, 2003; Sánchez-Fernández and Iniesta-Bonillo, 2007); therefore, online shoppers may feel happy, comfortable, or excited when using e-commerce sites to select and shop products because of features like entertainment, personalization, discreetly or may develop friendships during the shopping process (5) The perceived mental benefit has a positive effect on online trust in e-commerce, with the impact level being 5 = 0.715 (p-value = 0,000) Since then, H5 has been accepted This is the largest of the relationships between the perceived mental benefit and its suffixes Customer's trust in a supplier will exist when the supplier complies with its commitments and delivers the products and services that match its needs (Kim and Peterson, 2017) As societies grow, the customer in addition to pragmatic benefits, the mental benefits are what they concern (Babin et al., 1994) When businesses provide the right products/services that customers need (through a sense of quality) (Brown and Jayakody, 2008) will help them solve life's difficulties, worries and pressures; Ensuring the privacy and security in transactions is also considered as a factor creating an online trust for customers (Bart et al., 2005) (6) The perceived hedonic value and online trust have a partial mediating role in the relationship between perceived mental benefits and electronic loyalty This is consistent with previous studies of Palmatier et al (2006), Verma et al (2016) This result is consistent with the theory of commitment and trust of Morgan and Hunt (1994) For a country where people have just switched to new forms of shopping, online shopping, businesses have good and timely customer support, customer support, commitment and full implementation of policies with the customer business and publicize these policies, and especially in the technology development stage, collecting customer information as well as making appropriate recommendations as a customer trust and want to continue using the online sales page The concept of online trust contributes to differentiating one business from another and is shown to affect the relationship between perceived mental benefits and electronic loyalty Besides, perceived hedonic value had been shown to mediate between customer benefits or marketing and customer loyalty (Yoo et al., 2000; Lemon et al., 200; Li and Green, 2011) Therefore, the perceived hedonic value that mediates the perceived mental benefit and electronic loyalty are understandable Besides, both are related to the psychological aspect of the purchase process, so there will be a close relationship with each other in affecting online customer loyalty 27 (7) The level of anxiety among customers when shopping online is divided into three levels based on a combination of six observed variables of psychological symptoms of Hamilton (1959), including low levels of anxiety and anxiety moderate and severe anxiety The results of the non-parametric multi-group analysis (PLS-MGA) show that the level of anxiety does not affect the relationship between pastime value and electronic loyalty, between perceived mental benefits and entertainment value, and between perceived mental benefits and online trust in e-commerce Therefore, the hypotheses H6a, H6d and H6e are rejected However, there is a difference in the influence of online trust on electronic loyalty between the low anxiety group, the average anxiety group and the heavy anxiety group; and there is a difference in the influence of perceived mental benefits on online trust between the low anxiety group and the high anxiety group Thus, hypotheses H6b and H6c are accepted This result also reflects the psychology of Vietnamese consumers in the field of ecommerce today The typical issues reflected and complaints include wrong delivery of products/products with different specifications compared to advertising on e-commerce websites; slow delivery; lack of promotion goods; delivery is broken but not recovered; posting wrong prices (typically posting very cheap prices then canceling orders from consumers); unreasonable cancellation - consumers must re-order at a higher price than the previous time; non-branded products/labels made in China, even though the ads are US/Japanese; notice of stock out although the e-commerce site is still in stock but with a higher price; not provide invoices; Vouchers cannot be used although they are still valid; fraud when booking hotels (Ministry of Industry and Trade, 2017) Research by Gupta and Arora (2017) shows that consumers not accept online shopping on mobile devices because of (1) self-efficacy (2) consumer anxiety, and (3) relatively advantages 28 CHAPTER CONCLUSION AND MANAGERIAL IMPLICATIONS 5.1 CONCLUSION Research topic "A study on the perception of mental benefits, hedonic value, and online trust impact on the electronic loyalty: A view of customer’s anxiety " with development and validation the scale of Perceived Mental Benefits, Electronic Loyalty; testing the relationship model between Perceived Mental Benefits, Online Trust, Perceived Hedonic Value and Electronic Loyalty; and the analysis of research models based on the level of anxiety when consumers buy online The theoretical model consists of five hypotheses testing the relationship between the study variables and five hypotheses testing the effects of anxiety level on the relationships in the research model To accomplish the above research objectives, the dissertation has implemented the research and development process and confirmed the scale with qualitative research and two quantitative surveys Qualitative research was conducted through group discussions and in-depth interviews to adjust the scale, the results of four research concepts were formed (including, two concepts of perceived mental benefits and electronic loyalty are the second-order concepts) Preliminary quantitative research was conducted through a survey of 252 online customers, using Cronbach’s alpha test and EFA to test the reliability and value of the scale Second, the formal study was conducted through a sample of 917 observations The formal study uses PLS-SEM to test hypotheses The research results have made theoretical and practical contributions Theoretically, the research has developed and confirmed two scales of perceived mental benefits and Electronic Loyalty, proposing and testing the relationships between the concepts in the model and evaluation Effect of anxiety levels (low, moderate, severe) on the relationships in the research model In practical terms, the contribution of the study is to add governance implications to enhance Electronic Loyalty, Perceived Hedonic Value, and Online trust of customers when e-commerce transactions in Vietnam 5.2 MANAGERIAL IMPLICATIONS From the actual research results, the author proposes many policy implications that ecommerce businesses should implement in order to maximize the mental benefits for online customers In practical terms, the research's contribution has helped businesses realize a problem that is in the context of fierce competition leading to the fact that goods and services are no different between e-commerce businesses Then, it is essential to shape and enhance the benefits related to the mental aspect as well as make a difference between one business and another Besides, building online trust and hedonic value is also an essential task for online businesses Theoretically, the research has synthesized, built, and tested a scale of components of the perceived mental benefits from actual market research data, thereby building a new element in the psychological research science, consumer behavior, e-commerce from here are the basis for further research Through the research results from the online customer survey, from the research results, we can generalize some of the following administrative implications: 5.2.1 Perceived shopping Enjoyment For e-commerce sites, there are still many pages that use relatively small product images, which makes it difficult for customers to find the details of the product, leading to an exciting feeling when shopping decreases To enhance the customer experience during the buying process, online sales businesses improve the image quality better and bigger than proposed Use larger images so customers can see more details about the product Besides, also related to the form of product presentation during the purchase process of customers Currently, the status of simplifying product details is standard, leaving customers with insufficient information Missing or incomplete representations of information that are necessary for product evaluation can lead to product misunderstandings To improve this, but still be consistent with the aesthetic goal, the product description should be sufficient to be able to answer customer questions about the product, how to use, benefits, storage, resources Whether Product information on the page can be in multiple layers 29 If space is tight, businesses must have a summary or description at the top of the page, with a neat link to add details Make sure the summary information is clear and descriptive 5.2.2 Perceived Social Interaction In order to improve social interaction on e-commerce sites, businesses can consider improving the right relationship building between customers and customers through social channels, forums or directly through the page E-commerce in the "Comments and reviews" section There are many e-commerce sites with no comment section for each product on the e-commerce site Comments - ratings or forums are also information channels for other customers; Moreover, by responding to customer reviews about the product, businesses can improve the quality of their services to deliver them to customers Another way for online businesses is to switch to social commerce Allow customers to buy products together at a discount compared to individual purchases Create link modes when making purchases or sharing information about an item among people with similar goods interests 5.2.3 Perceived Discreet Shopping This study will suggest that businesses propose to promote safe purchases for their customers Online businesses should focus on back-end systems Specifically, businesses should provide customers with discreet shopping options if they buy something sensitive such as condoms, diapers, tampons, or sensitive products From there, customers can choose the option to keep product information confidential during distribution In other words, the packages will be packed simply and included with little information but enough for shipping When they receive the package, customers will not be ashamed or worry about others knowing what they buy Besides, businesses should allow their customers to request product/service information or post feedback on an e-commerce site without providing their personal information Moreover, businesses also guarantee that they will not sell their customer information to make customers feel private when interacting with their e-commerce site Also, businesses must publish their privacy policy on their e-commerce site to ensure customer privacy 5.2.4 Perceived Control Currently, product customization and personalization methods are widely and regularly used by businesses Especially in e-commerce, this is an indispensable element to attract consumers The process of customization and personalized marketing allows consumers to satisfy their needs more efficiently and accurately At the same time, it enhances the feeling of customers in creating a unique product by themselves Moreover, if online retailers not readily collect information from consumers because no customers share personal information, online retailers can associate with customers in a more friendly way, like providing social networks (Facebook, Instagram, Tweets) 5.2.5 Perceived Hedonic Value Businesses need to focus more on the mental aspect as well as the emotional - social needs of customers Businesses need to create online shopping communities by building forums or allowing customers to exchange and interact with each other in the buying process Besides, businesses can organize customer surveys to improve the service or support customers to use the product following the product's functions in order to improve product efficiency and improve customer action Develop regular or year-end customer conference programs Praise customers who buy a lot of the company as well as honor close customers 5.2.6 Online trust To avoid feeling frustrated for customers about the quality and shape of products, businesses need to have many images and clearly describe the functions and uses of the product Besides, businesses should provide additional evidence from reliable sources so customers can evaluate when choosing or deciding to buy the product Moreover, businesses need to build a system of comments and reviews by customers so that customers can share experiences about products and services; Since then, as a basis for other customers to choose products and services 30 Despite the great potential, trade growth in Vietnam is constrained by many factors, including the freight delivery infrastructure - a critical stage because it directly affects product costs and customer satisfaction A common problem encountered in shipping units is late delivery By the time of receipt of the goods but still not delivered Buyers complained about the slow delivery of goods, while the seller himself did not take any intervention because the goods were delivered to the shipping unit For delay delivery, businesses need to identify the specific cause of the problem, thereby improving workflow, restructuring personnel, working with shipping companies, to ensure delivery always has a clear schedule, anticipating the risks incurred to deliver the goods on time 5.2.7 Perceived anxiety For low anxiety groups, online businesses should focus on building sensory benefits to their customers; The next is to make customers feel the hedonic value when buying from e-commerce sites In contrast, for the average anxiety group, develop policies to create perceived value for customers; The next is to create perceptual mental benefits for online customers Particularly for customers who have a state of high anxiety when buying online, the trust factor is the most important; businesses need to build trust online for customers first; then, it is to provide values of mental benefits and finally, the perceived hedonic value for customers 5.3 THE LIMITATIONS AND RESEARCH DIRECTIONS 5.3.1 The limitations Firstly, due to limited time in conducting research and money for research costs, this study was conducted in limited time and place This study was only conducted in large cities The ability to generalize the results of the study may be negligible due to the limited scope of the study Secondly, the general research topic on the e-commerce industry has not gone into specific types such as mobile commerce, social commerce or a specific type of product/service, etc Helping the dissertation create generalizations about online transactions but lack specificity in building scales and research contexts 5.3.2 Research directions To increase the reliability of the research model, research should be conducted on a national scale, not only in Ho Chi Minh City or in large cities The expansion of research in many localities with different levels may create more generalized research The sampling method can use the probability method to increase the reliability of results by combining with large e-commerce businesses to get a specific sample list Research can identify specific areas of online transactions (mobile commerce, social commerce) or specific products/services to create specificity in the construction of scales and distribution results In the context of increasingly worried online customers, the online economy is facing many risks such as stealing user information, fraud to steal credit card information; 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values –online trust: Applications in mobile commerce in Vietnam Journal of Applied Economic Sciences, Volume XIV, Spring, 1(63): 269-280 Khoa, B.T & Khánh, T 2019 Nghiên cứu yếu tố ảnh hưởng đến lòng tin trực tuyến khách hàng Việt Nam: Trường hợp thương mại xã hội Tạp chí Cơng Thương, số (4/2019), 198 – 204 Khoa, B.T 2015 Nghiên cứu nhân tố tác động đến lòng trung thành khách hàng mua theo nhóm Internet Tạp chí Đại học Công nghiệp, 3(20), 99-111 Khoa, B.T 2015 Ảnh hưởng mạng xã hội đến lòng trung thành khách hàng: ứng dụng trường hợp Facebook Tạp chí Đại học Công nghiệp, 1(18),86-97 Khoa, B.T 2018 Ảnh hưởng rủi ro cảm nhận đến ý định mua hàng trực tuyến khách hàng thành phố Hồ Chí Minh Tạp chí Khoa học cơng nghệ, 34(04), 87 – 97 II LIST OF THE OTHER RESEACHES Khoa, B.T & Nguyen, V.T.T (2016) A study about financial stress affect to the absenteeism at work of textile employee in Ho Chi Minh City in integrating into TPP Vietnam Trade and Industry Review, 8, 148-158 Khoa, B.T (2020) The Antecedents of Relationship Marketing and Customer Loyalty: A Case of the Designed Fashion Product The Journal of Asian Finance, Economics and Business, 7(2), 195-204 Khoa, B.T., Nguyen, T.D., & Nguyen, V.T.T (2020) Factors affecting Customer Relationship and the Repurchase Intention of Designed Fashion Products The Journal of Distribution Science , 18(2), 17-28 Khoa, B T., & Khanh, T (2020) The Impact of Electronic Word-Of-Mouth on Admission Intention to Private University Test Engineering and Management, 83(May -June 2020), 14956-14970 Khoa, B T., Nguyen, H M., Tran, N V H., & Nguyen, B H (2020) Lecturers' adoption to use the online Learning Management System (LMS): Empirical evidence from TAM2 model for Vietnam Journal of Science Hcmcou - Economics & Business Administration, 10(1), 3-17 https://doi.org/10.46223/HCMCOUJS.econ.en.10.1.216.2020 Khoa, B T., & Nguyễn, M H (2019) Nghiên cứu đánh đổi lợi ích chi phí sử dụng dịch vụ trực tuyến: Trường hợp thương mại di động Việt Nam Tạp chí Khoa học Cơng nghệ, 41, 141 - 155 Nguyen, M T., & Khoa, B T (2020) Improving the Competitiveness of Exporting Enterprises: A Case of Kien Giang Province in Vietnam The Journal of Asian Finance, Economics and Business, 7(6), 495-508 Nguyễn, T D., Khoa, B T., & Nguyễn, V T T (2020) Các yếu tố ảnh hưởng đến mối quan hệ khách hàng ý định mua sắm sản phẩm thời trang Việt Nam Tap chí Cơng Thương, 1(1/2020), 230-235 Vũ, T M C., Khoa, B T., & Trần, H M Q (2020) Mối quan hệ trải nghiệm lòng trung thành khách hàng - vai trò điều tiết động nhận thức: Trường hợp ngành kinh doanh dịch vụ Tạp chí Kinh tế Phát triển, 276(6/2020), 103-112 10 Khoa, B.T (2015) Nghiên cứu nhận thức bảo vệ thông tin riêng tư người mua hàng trực tuyến TPHCM, Đề tài nghiên cứu khoa học cấp sở Chủ nhiệm đề tài Đã nghiệm thu bàn giao kết quả, Xếp loại: Tốt 11 Khoa, B.T (2017) Ảnh hưởng rủi ro cảm nhận đến ý định mua hàng trực tuyến khách hàng Thành phố Hồ Chí Minh Đề tài nghiên cứu khoa học cấp sở Chủ nhiệm đề tài Đã nghiệm thu bàn giao kết quả, Xếp loại: Khá ... consumer anxiety, and (3) relatively advantages 28 CHAPTER CONCLUSION AND MANAGERIAL IMPLICATIONS 5.1 CONCLUSION Research topic "A study on the perception of mental benefits, hedonic value, and. .. and online trust impact on the electronic loyalty: A view of customer’s anxiety " with development and validation the scale of Perceived Mental Benefits, Electronic Loyalty; testing the relationship... shopping online, based on the context of Vietnam e-commerce and the research of Srivastava and Rai (2018) Analyze the relationship and evaluate the influence between perceived mental benefits, online