Các yếu tố ảnh hưởng đến giá trị thương hiệu thương mại điện tử tại Việt Nam

Kỷ yếu Hội thảo quốc tế “Thương mại và phân phối” lần 2 năm 2020

THE FACTORS AFFECT TO E-COMMERCE’S BRAND EQUITY IN VIETNAM

CÁC YẾU TỐ ẢNH HƯỞNG ĐẾN GIÁ TRỊ THƯƠNG HIỆU THƯƠNG MẠI ĐIỆN TỬ TẠI

VIỆT NAM

Mai Lưu Huy

Khoa Kinh tế, Đại học Văn Hiến

[email protected].vn

Abstract

The fourth industrial revolution, called the digital revolution, gradually transforming the real world

into a digital one, will strongly promote the development of the digital economy and e-commerce. Researching

the Brand equity model on e-commerce companies in Vietnam helps businesses set up strategies and solutions

suitable for development. The author conducted a survey based on the questionnaires which were launched

period from June 2019 to August 2018, which was distributed to e-commerce enterprises and implemented by

the regression method. The results show that factors such as brand awareness, brand loyalty, brand interest,

and perceived quality have all influenced the value of Vietnam e-commerce’s brand.

Keywords: Brand Equity, E-commerce.

Tóm tắt

Cuộc cách mạng công nghiệp lần thứ tư, được gọi là cuộc cách mạng kỹ thuật số, dần dần biến thế giới

thực thành thế giới số, sẽ thúc đẩy mạnh mẽ sự phát triển của nền kinh tế kỹ thuật số và thương mại điện tử.

Nghiên cứu mô hình giá trị thương hiệu trên các công ty thương mại điện tử tại Việt Nam giúp doanh nghiệp

thiết lập các chiến lược và giải pháp phù hợp để phát triển. Tác giả đã thực hiện một cuộc khảo sát dựa trên

các câu hỏi được đưa ra trong khoảng thời gian từ tháng 06 năm 2019 đến tháng 08 năm 2018, được phát cho

các doanh nghiệp thương mại điện tử và thực hiện theo phương pháp hồi quy. Kết quả cho thấy các yếu tố như

nhận biết về thương hiệu, lòng trung thành với thương hiệu, sự quan tâm của thương hiệu và chất lượng cảm

nhận đều ảnh hưởng đến giá trị của thương hiệu thương mại điện tử Việt Nam.

Từ khóa: Giá trị thương hiệu, Thương mại điện tử.

1. Introduction

Vietnam is one of Asia’s unexplored markets in terms of the compelling potential in E-

Commerce. E-commerce has managed to gain some attention in Vietnam only after 2011. The retail

market in Vietnam has been considered as being one of the most dynamic markets in the South East

Asia with such a high growth rate. Ha Noi and Ho Chi Minh City were ranked in the top 10 cities in

the entire Asia for retail expansion. Ha Noi was ranked third after Beijing and Shanghai as the city

with the liveliest retail market.

In the early 2000s, no Vietnamese brands appeared in the international rankings, while by

2019, the total value of the top 50 Vietnamese brands reached more than $9.3 billion, according to

Forbes rankings, of which 50 percent are national brands such as Thaco, Hòa Phát, Vinamilk, Habeco,

Vietcombank, Vietnam Airlines, Cadivi, Viglacera, and Saigontourist.

For 2020-30, the national brand program will attach the building and developing Vietnamese

brands to the positive and outstanding values of the product brands with specific goals. The

implementation will match with the country’s import-export strategy, targeting to lift export turnover

of national brand products higher than the average export value.

The program also targets a 10 percent rise in the number of the most valuable brands listed by

the world’s major ratings agencies. All products that obtain national brand recognition will be

promoted in the domestic and key export markets.

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Vietnam is one of the top three countries with the highest rate of growth of internet and mobile

phone subscribers in Vietnam, with more than four million people using the internet a day, offering

great potential for online shopping development. In 2014, Vietnam had a total population of 90.7

million people out of which 35.4 million people have access to the internet, making the internet

penetration rate of 39%, amongst the highest in the region. Though the E-commerce market is not very

old but still the country has many big players such as Lazada, Hot deals, Vatgia and others which are

driving the E-commerce in Vietnam. Vietnam E-Commerce is one of the fastest-growing E-commerce

markets in South East Asia. Cash on Delivery in Vietnam is the most preferred mode of making

payments online.

2. Literature Review, Theoretical Framework, and Methodology

2.1. Literature Review and Theoretical Framework

A brand is a combination of all the material, aesthetic, theoretical and emotional elements of a

product, or a product line, including the product itself, its name, logo, image, and everything

visualization, gradually over time clearly created in the minds of customers to establish a place there

(Moore, 2003). According to Hankinson and Cowking (1996), products not only provide consumers

with functional and brand benefits but also provide consumers with both functional and psychological

benefits. Broader, the brand encompasses everything that customers and the community really feel

about the business.

The service is provided by the business, and the product is just what the business wants to

communicate to its customers.

In other words, the brand is a concept that goes through the whole process from the message

conveyed by the business to the message the customer feels. It represents the reciprocal relationship

between the message's transmitter and receiver, which is the interaction between the sentimental

psychology and the mentality of the receiver.

The concept of brand equity began to be widely used in the 1980s and was subsequently

popularized by Aaker's publication of popular publications. According to Aaker (1996), brand equity is

a collection of assets and debt assets related to their name and emblem, which adds to or subtracted the

value generated by a product or service for one company or customer of the company. He says the

brand equity consists of five components: brand loyalty, brand awareness, perceived quality, brand

association, and other brand equity. In particular, the composition of the brand is considered quite

important components. According to Keller, brand equity includes: (1) brand awareness (consumers

will recognize and recall brand-related things), (2) brand image (performance associations) (3) brand

reaction (evaluations, brand affection such as warmth, joy, excitement, safety, social acceptance, and

self-esteem), (4) Branding or brand resonance means behavioral loyalty, attitudes, community

awareness, and commitment to action. According to Nguyen Dinh Tho et al. (2002), the brand equity

includes brand awareness, perceived quality, brand passion, and attitude promot. ion).

In fact, e-commerce products have not been studied in detail and the brand equity but mainly

focus and branding for each destination. Therefore, the author proposes five components of the brand

equity of e-commerce in Vietnam as follows: brand awareness, brand desire, destination image, brand

loyalty, and promotion.

• The relationship between brand awareness and brand equity

Knowing the brand is an important component of brand equity. It refers to the ability of a

customer to recognize or remember a brand as a constituent element of a given product (Aaker, 1991).

The level of brand awareness can be divided into 3 different levels. The highest level is the top of

mind, the second is the recognition, the lowest in the recall. When we add 3 levels of brand awareness,

we have total brand awareness (Aaker 1991).

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Particularly in the e-commerce industry, when it comes to recognizing the brand name E-

commerce Vietnam, consumers need to know the product Vietnam e-commerce strength in the product

aspects. Besides, when purchasing a specific product or service that consumers can easily recognize it

as a brand of e-commerce in Vietnam or not?

Hypothesis H1: Brand awareness has a positive impact on the brand equity of E-commerce.

• The relationship between brand lust and brand equity

When a person expresses interest and behavioral tendencies toward an object, they often exhibit

behavior toward the object (Ajzen and Fishbein, 1980). Thus, when a consumer expresses his or her

desire for a particular brand, they often have the habit of consuming the brand. Thus brand loyalty is

an important component of brand equity (Nguyen Dinh Tho and Nguyen Thi Mai Trang, 2002). The

desire of the brand in E-commerce is reflected in the fact that consumers want to choose the products

when deciding whether to purchase, reflected by the buyers think that when choosing products they

tend to choose products in Vietnam.

The H2 hypothesis is: Brand passion has a positive effect on the brand equity of e-commerce.

• The relationship between the perceived quality and the brand equity

Wang and colleagues (2004) referred to the concept of ‘‘customer value,’’ while Kim and

colleagues (2007) used the term ‘‘perceived value’’ to depict the concept. Although the concept has

been labeled differently, it seems that consensus is there when it comes to its semantics.

In e-banking, the concept of value is usually created when a customer receives benefits

exceeding the sacrifices associated with an e-banking service. This research posits that strong branding

increases the perceived customer value. Berry (2000) found that strong brands enable customers to

better visualize the intangible product, as a reliable brand can boost customer trust and reduce the

perceived risk.

Furthermore, Keller (2008) also argued that compelling brands enhance the perceived

performance of products due to the fact that high brand awareness products can lower the search cost

and effort required to finish the shopping experience. Customers will not engage in additional

information processes when making their decisions because shoppers will use these cues to infer

additional information such as product quality (Campbell 2002; Keller 2008; Tsao and Tseng 2011).

This will also contribute to the overall positive emotional states of customers (Akroush, Abu-ElSamen,

and Jaradat 2011).

Hypothesis H3: The Perceived quality has a positive effect on the brand equity of E-commerce.

•The relationship between brand loyalty and brand equity

Brand loyalty is the core of brand equity (Aaker, 1991). Brand loyalty is a measure of customer

engagement with the brand. When brand loyalty is high, customers are less likely to switch brands

simply (Bowen and Shoemaker, 1998). The existence of loyal customers reduces opportunities for

competitors. Customer loyalty gives the company a tremendous benefit by introducing its products to

other customers. "The brand that creates the loyalty of the consumer is higher, the higher the profit for

the company, that is, the brand is high" (Nguyen Dinh Tho and Nguyen Thi Mai Trang, 2002, pages. 16).

Consumer loyalty to E-commerce products is an important factor and determines the success of

each business in particular and of a whole geographical area. Consumers using a brand name more

often than a prerequisite for business can survive and develop in a sustainable way.

Hypothesis H4: Brand loyalty has a positive impact on the brand equity of E-commerce.

The author proposes four hypotheses because current domestic research on the brand equity of

e-commerce mainly focuses on branding through individual articles or TV shows, not to mention It's

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Kỷ yếu Hội thảo quốc tế “Thương mại và phân phối” lần 2 năm 2020

important to build on consumer perceptions. In fact, from the studies of Aaker (1996) or Tho (2002) on

brand equity, there are also factors such as perception, desire, loyalty. These factors have not been

focused on in the past. In addition, according to Tho (2002), the promotion factor also influences the

brand equity. However, in Vietnam, this factor has not been properly considered in the past.

Recommended research model

From the above hypotheses and reasons, the author proposes the regression equation for the

study as follows:

BE = β₁*AW + β₂*BI + β₃*PQ + β₄*LY

With:

BE: Brand Equity

AW: Awareness

BI: Brand Interest

PQ: Perceived Quality

LY: Brand Loyalty

2.2. Methodology

Research conducted through two steps is a preliminary study and formal study. Preliminary

research was conducted through qualitative research by collecting information from previous

qualitative studies in order to discover, adjust, and supplement the measure of the components that

affect the travel direction. The formal study was conducted using quantitative methods, using a survey

method to collect information through questionnaires. With the convenient sampling method chosen

for the formal study, the team developed a questionnaire and conducted it with consumers from

Northeast Asian countries during the tours in June 2019 by August 2019. Data were collected by

interviews in 12 weeks. The number of questionnaires distributed was 350. The post-survey

questionnaires were reviewed and the non-compliant tables were eliminated. Research using SPSS

data analysis software 23.0. (Cronbach's Alpha), exploratory factor analysis (EFA) and multiple

regression analysis.

3. Results

The official sample was selected using a convenient sampling method with 370 questionnaires

distributed for direct interviews. After 12 weeks of interviewing consumers in Ho Chi Minh City, there

are 24 questionnaires eliminated after cleaning the data. With a sample size of 320, it was analyzed

and processed.

Before exploring the exploratory factor, the author examines the reliability of the scale with the

Cronbach α tool. The reliability of the scale was evaluated by the Cronbach Alpha reliability

coefficient (Hair, 2017).

After the Cronbach Alpha reliability test, the results were satisfactory and appropriate for the

analysis of the exploratory factor by variable groups.

Analyzing Discovery Factor (EFA) to test the convergence value and the discriminant value of

the scale. The selected extraction method is Principal Component with Varimax rotation for factor

analysis. In this topic, the author conducts an analysis of EFAs for mutations at the same time. The

dependent variable (brand equity overview) is analyzed separately. A satisfactory scale in the

exploratory factor analysis should meet the following criteria: KMO 0.5 to 1; Bartlett's test was

significant for sig <0.05; Eigenvalue criterion> 1; Total variance ≥ 50%; Load factor ≥ 0.3.

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The results of factor analysis (EFA) show that independent variables and dependent variables

in the model after grouping variables achieve convergence values and acceptable discriminating

values. Therefore, EFA analysis is appropriate for research data.

After being tested for reliability and validity of the scales in the proposed model, the study

continued to test the significance level in the theoretical model through regression analysis to find out

whether the instrument The weight of each component influences the overall value of the "Travel" brand.

After encoding the variables and analyzing correlations between variables, the author conducts

a regression analysis with the Enter method. In this method, four independent variables (brand loyalty,

perceived quality, brand desirability, and brand awareness) and a dependent variable (BE) will be

introduced into the model at the same time and for the following results:

Table 1. Model Summary

R

Adjusted R

Square

Std. Error of

the Estimate

Durbin-

Watson

Model

R

Square

1

0.798

0.637

0.632

0.69012

1.688

(source: research results)

Linear regression results showed that the coefficient of determination (R2) was 0.637 and R2

adjusted (0.632). The F test (Table 2) had significance levels p = 0.000 <0.05. Thus, the regression

model is consistent with the data set (Hoang Trong and Chu Nguyen Mong Ngoc, 2008). In other

words, the four components of the research model (brand awareness, brand interesting, perceived

quality and brand loyalty) account for 63.2% of the variance of the review. However, this explanation

rate is not high, proving that the model does not mention some other factors outside the model that

affect the E-commerce’s Brand equity.

Table 2. ANOVA Result

Sum of

Squares

Model

Df

Mean Square

61.040

F

Sig.

Regression

244.161

4

0,000

1

Residual

Total

139.068

383.229

292

296

.476

(source: research results)

Table 3. Coefficients

Unstandardized

Coefficients

Standardized

Coefficients

Collinearity

Statistics

T

Sig.

Model

B

Std.Error

Beta

Tolerance

VIP

Const

.433

.061

.412

.335

.105

.254

.052

.047

.035

.047

1.705

AW

PQ

LY

BI

.152

.414

.405

.104

1.187 .006

8.689 .000

9.606 .000

2.239 .026

.655 1.527

.547 1.827

.699 1.431

.573 1.745

Dependent Variable: BE

(source: research results)

BE: Brand Equity; AW: Brand Awareness; BI: Brand Interest; PQ: Perceived Quality; LY: Brand Loyalty

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All variables have VIF <2 variance magnification coefficients, indicating that there is no

hyperbolic multiplication in the model.

In the weight table we see that the AW, BI, PQ, LY components have the same effect on the

dependent BE because the regression weight of these 4 components is statistically significant (p

<0.05). Comparing the effects of these 4 variables to the BE dependent variable, we see that the beta of

PQ is 0.414; AW is 0.152; LY is 0.405 and BI is 0.104, which means that in the 4 components PQ and

LY are the most powerful, followed by AW and LY, respectively.

From the results of the regression analysis in Table 3, we have the following regression based

on the Beta coefficient:

BE = 0,152*AW + 0,104*BI + 0,414*PQ + 0,405*LY

Weighted regression of brand desirability, perceived quality, brand loyalty (sig. <0.05) and

positive. Thus, we can conclude that the hypotheses are accepted except for H1 (brand identity is not

statistically significant)

4. Conclusions

In terms of practicality, the author's analysis has helped e-commerce managers in Vietnam have a

more detailed view of the strengths and weaknesses of e-commerce in Vietnam, incentives and interventions

to attract new investors as well as maintain the return from the consumers who have bought products.

Research findings imply that e-commerce businesses need to consider the prominent elements in the

brand value to identify potential customers for specific marketing steps and strategies for each. Target

customers at each specific product.

Companies have to post products on e-commerce websites. This way of selling had advantages

of reducing management and human resources costs, even as information on products was readily

available to customers. However, there were shortcomings, such as high costs paid to e-commerce

websites and risks of canceled orders by customers, adding that there was no penalty mechanism for

people canceling orders.

To increase perceived quality, the company must invest in product innovations, change the

product’s shape and packing methods, researching and developing products to create products of

higher quality than other brands.

Besides, they need to provide high-quality customer services and conduct to utilize valuation

methods to offer the best price and maintain a competitive edge over other brands.

Brand loyalty can be improved by setting a reasonable commission rate, paying attention to

promotions to stimulate the market and offering gifts on holidays and anniversaries for distributors,

wholesalers, etc.

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