Issue #1 (Volume 22 2026)

Type of the article: Research Article

Abstract
The aim of this study is to examine the impact of rebranding, which includes three key activities: repositioning, redesign, and relaunching on the four fundamental pillars of brand equity: brand awareness, perceived quality, brand associations, and brand loyalty. The study focuses on three typical Vietnamese companies that rebranded in the past 5 years in different business sectors, including Vinamilk, Viettel and Highland Coffee, with a sample size of 528 consumers aged 16 to 55 who are customers of these businesses. The results reveal that rebranding has a significant positive effect on brand awareness, perceived quality, and brand association, with brand association being the most responsive factor, reflecting consumers’ strong emotional and symbolic reactions to brand changes. Brand awareness and perceived quality significantly mediate the relationship between rebranding and brand loyalty, highlighting their crucial roles in strengthening long-term customer relationships. In contrast, brand association does not exhibit a significant mediating effect, suggesting that emotional and symbolic associations may require more time to influence loyalty. ANOVA results show clear perceptual differences across the three brands: Highland Coffee scores highest in awareness, quality, and associations, followed by Vinamilk, while Viettel ranks lowest. However, brand loyalty remains relatively stable across all three firms, indicating its enduring nature and resistance to short-term branding changes. This study enhances theoretical understanding of how rebranding drives brand equity in emerging markets and offers practical implications for managers aiming to sustain competitive advantage through strategic brand transformation.

Acknowledgment
This research has been done under the research project QG.25.95 “A study on the impact of rebranding on the brand equity of businesses in Vietnam in the digital transformation context” of Vietnam National University, Hanoi.

Type of the article: Research Article

Abstract
Spiritual care has gained increasing relevance as an essential component of holistic healthcare, particularly within Islamic hospitals where religious values guide patient expectations and service experiences. This study aims to examine the influence of consumer trust, satisfaction, and service quality on the implementation of Integrated Islamic Spiritual Care (IISC), as well as to assess the mediating role of IISC in shaping consumer loyalty. A quantitative approach was employed, and data were collected through online and offline surveys, resulting in 265 valid patient responses from several Islamic hospitals in Indonesia. Structural Equation Modeling using the Partial Least Squares method was applied to evaluate the proposed relationships. The findings indicate that consumer trust (β = 0.330, p < 0.05), consumer satisfaction (β = 0.255, p < 0.05), and service quality (β = 0.366, p < 0.05) significantly contribute to the implementation of IISC. In turn, IISC exerts a substantial positive effect on consumer loyalty (β = 0.595, p = 0.000). The analysis of direct effects further reveals that only service quality has a significant impact on consumer loyalty (β = 0.703, p = 0.000), while the effects of trust and satisfaction are positive but not statistically significant (p > 0.05). Mediation testing confirms that IISC significantly mediates the effects of trust, satisfaction, and service quality on loyalty. These results demonstrate the strategic importance of spiritually integrated services in enhancing patient loyalty within Islamic hospital management.

Type of the article: Research Article

Abstract
As influencer marketing intensifies within the hyper-competitive personal care industry, selecting the optimal brand endorser ranging from high-profile celebrities to niche social media influencers has become a critical strategy for fostering sustainable consumer loyalty. Grounded in the Source Credibility Model and Match-Up Hypothesis, this study empirically investigates the impact of four key endorser attributes (attractiveness, trustworthiness, popularity, and brand-endorser congruency) on brand advocacy, while examining the mediating mechanism of customer experience. Primary data were collected from April to June 2025 through a mixed-mode survey targeting consumers in Hanoi and Ho Chi Minh City who had recently purchased endorsed personal care products. Using a convenience sampling method across major shopping centers and relevant online beauty communities, the study analyzed 231 valid responses via Partial Least Squares Structural Equation Modeling (PLS-SEM). The findings reveal that brand-endorser congruency exerts a direct positive influence on brand advocacy (β = 0.284, p < 0.01). Conversely, attractiveness (β = 0.198, p < 0.01), trustworthiness (β = 0.224, p < 0.001), and popularity (β = 0.173, p < 0.05) impact advocacy solely through the mediation of customer experience. The structural model demonstrates substantial explanatory power, accounting for 61.2% of the variance in brand advocacy. These findings imply that in the Vietnamese market, the strategic alignment between the endorser’s persona and the brand’s image is more decisive for advocacy than fame or physical appeal alone, underscoring the necessity of creating meaningful customer experiences over superficial endorsements to transform passive followers into active brand advocates.

Type of the article: Research Article

Abstract
Augmented Reality has emerged as a powerful marketing tool that is transforming online shopping by making products more tangible and engaging; however, there remains limited empirical evidence of understanding its personalized effects on consumer trust and repurchase intention. This study investigates how personalized augmented reality experiences influence consumer trust and repurchase intention among consumers in Tabuk, Saudi Arabia, proposing consumer trust as a mediating variable. Data were collected through an online survey conducted between September and October 2025, using random sampling techniques to select 152 consumers in Tabuk who are familiar with mobile shopping and augmented reality applications through diverse platforms such as Instagram, Snapchat, TikTok, WhatsApp, and shopping centers, to ensure heterogeneity and consistency. Analytical methods included path analysis, correlation analysis, and bootstrapping techniques. The findings revealed that personalized augmented reality experiences significantly enhance consumer trust (R² = 0.573) and positively influence repurchase intention (β = 0.331, p < .001). Furthermore, consumer trust proved a strong predictor of repurchase intention (R² = 0.691), indicating that consumer trust is a powerful driver of repurchase intention. Finally, the mediation model confirmed that consumer trust partially mediates the relationship between personalized augmented reality and repurchase intention, with the overall model explaining 74.9% of the variance. Theoretically, this study extends Stimulus-Organism-Response theory by integrating personalization, consumer trust, and repurchase intention into one holistic model. Practically, it offers actionable insights to retailers, marketers, and augmented reality developers in Saudi Arabia by identifying how to balance customization to foster trust and loyalty.

Type of the article: Research Article

Abstract
The purpose of this study is to investigate how digital payment services affect customer satisfaction in commercial banks of Nepal. Employing a quantitative design, it evaluates crucial determinants such as perceived usefulness, security, privacy, trust, and ease of use to understand their role in shaping consumers’ satisfaction with digital payment services. A structured online questionnaire was distributed in 2025 to users of digital banking services. Out of 460 questionnaires, 386 valid responses were collected, giving a response rate of 83.91%. The dataset was analyzed using descriptive statistics to outline respondent characteristics, while Pearson correlation and multiple linear regression were employed to identify significant relationships among the study variables. To ensure the reliability and validity of the measurements, reliability tests were conducted, and the Shapiro-Wilk normality test was applied to assess data distribution. The respondent demographics show that 53.63% of participants were female, whereas 46.37% were male. The finding shows that perceived usefulness (p = 0.001), privacy (p = 0.000), trust (p = 0.000) and ease of use (p = 0.000) were found through multiple regression analysis to have statistically significant positive effects on customer satisfaction, while security had no significant effect (p = 0.713). A strong overall fit was indicated by the model’s ability to explain 56.2% of the variance in customer satisfaction (R2 = 0.562). This emphasizes the crucial role digital payment services play in boosting customer satisfaction in banking sector of Nepal.

Type of the article: Research Article

Abstract
E-commerce has become one of Vietnam’s most dynamic and fastest-growing sectors, reshaping consumer purchasing behavior in the digital economy. This study investigates the key determinants of consumers’ trust and its mediating role in online purchase decisions in Vietnam. Primary data were collected through an online survey of 419 Vietnamese consumers who had made at least one purchase on major e-commerce platforms (e.g., Shopee, TikTok, Facebook) during the previous six months. This sampling frame ensured that all respondents had recent and relevant experience with online shopping in Vietnam’s e-commerce market. Data were collected between October 2024 and August 2025 using a structured questionnaire and analyzed with PLS-SEM in SmartPLS 4.1. The findings reveal that website quality (β = 0.235, p < 0.01), reference groups (β = 0.209, p < 0.01), perceived service quality (β = 0.184, p < 0.01), and information security (β = 0.171, p < 0.01) significantly enhance Vietnamese consumers’ trust in online shopping. Suppliers’ reputation (β = 0.106, p < 0.01) and suppliers’ size (β = 0.067, p < 0.01) indirectly strengthen consumers’ trust through website quality and perceived service quality, respectively. The study further confirms that trust serves as an essential mediating construct, meaningfully strengthening online purchase decisions among Vietnamese consumers (β = 0.608, p < 0.01). These findings underscore the central importance of trust in shaping consumer behavior in emerging e-commerce markets, indicating that enhancing website quality, improving service reliability, and strengthening data protection can contribute to more sustainable online purchasing behavior among Vietnamese consumers.

Acknowledgments
The authors received no financial support or external funding for conducting this research or preparing the manuscript. All analyses and interpretations were carried out independently by the authors.

Type of the article: Research Article

Abstract
Profitability is a key indicator of marketing performance and is essential for the success of small and medium-sized enterprises (SMEs), particularly in the food and beverage sector. With the growing adoption of mobile applications like Talabat, understanding how these platforms affect profitability is critical. This study explores the impact of technological, organizational, and environmental factors on profitability through Talabat adoption in Kuwaiti SMEs. A survey of 330 SME owners and managers, primarily from restaurants, cafes, and catering services, was conducted. The analysis showed that relative advantage (β = 0.186, t = 2.386, p = 0.017), top management support (β = 0.272, t = 3.272, p = 0.001), competitive pressure (β = 0.224, t= 3.533, p < 0.001), mobile payment gateways (β = 0.195, t = 2.915, p = 0.004), and information intensity (β = 0.298, t = 4.873, p < 0.001) all had significant positive effects on Talabat adoption. In contrast, compatibility (β = 0.043, t = 0.662, p = 0.508) and complexity (β = -0.029, t = 0.850, p = 0.395) showed no significant effects. Furthermore, Talabat adoption had a strong positive impact on profitability (β = 0.516, t = 7.208, p < 0.001), demonstrating its significant role in enhancing profitability. Moreover, the mediation analysis revealed that Talabat adoption mediated the relationships between relative advantage, top management support, competitive pressure, mobile payment gateways, and profitability. The findings provide valuable insights for SME managers and policymakers.

Type of the article: Research Article

Abstract
The rapid transformation of live streaming commerce in Indonesia highlights the need to understand the psychological factors that drive Consumer Engagement (CE) and Loyalty. Therefore, this study aims to examine the dual mediating role of seller trust and platform trust in bridging the influence of customer-perceived value (utilitarian, hedonic, and symbolic) on customer engagement. The method used was a quantitative survey with a purposive sampling technique in Indonesia. The survey was conducted in early 2025, targeting 300 active TikTok Shop users who had made at least one purchase in the past three months. This sample is relevant because Gen Z (59%) and women (75.3%), which are the dominant market segments in the social commerce ecosystem, dominate it. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) as an extension of the Stimulus-Organism-Response (S-O-R) framework. The analysis results confirmed all significant hypotheses (p<0.01). This structural model explained 42.4% of the variance in Customer Engagement (CE). It was found that all three value dimensions had a positive direct effect, with utilitarian value (β = 0.250), hedonic value (β = 0.179), and symbolic value (β = 0.202). Crucially, seller trust (β = 0.239) and platform trust (β = 0.186) served as significant, complementary partial mediators, strengthening the value-engagement relationship. Furthermore, the strongest path relationship in the overall model was between utilitarian value and Seller Trust (β = 0.388), indicating that the foundation of interpersonal trust in sellers relies heavily on functional signals and transparent information.

Acknowledgment
Conflict of interest: The authors declare that they have no conflict of interest.

Type of the article: Research Article

Abstract
Digital menu systems have revolutionized restaurant operations by catering to consumers’ demand for convenience and personalized dining experiences. However, the performance of the ordering system varies across restaurants, making it essential to understand how digital menu system satisfaction influences key drivers of dining experience. Cross-sectional, self-administered online survey (convenience sampling) was conducted among 448 Malaysian restaurant patrons from December 2023 to May 2025 to capture recent dining behavior. Respondents were recruited from a broad range of income groups and dining contexts across urban, suburban, and rural areas in Malaysia, encompassing experiences at low-cost casual eateries, mid-range family, chain restaurants, and upscale venues, thereby capturing socioeconomic variation. The study examines the relationship between performance expectancy, effort expectancy, visual appeal, and perceived engagement, as well as their impact on restaurant loyalty, with the moderating role of satisfaction with digital menu systems. The analysis, conducted using Partial Least Squares Path Modeling (PLS-PM) in SmartPLS 4, assessed the relationships between variables. The results show that performance expectancy (β = 0.173, p < 0.002), effort expectancy (β = 0.208, p < 0.001), visual appeal (β = 0.262, p < .001), and perceived engagement (β = 0.189, p < 0.001) positively predict restaurant loyalty, explaining R² = 57% of variance in loyalty. Nevertheless, digital menu system satisfaction moderates only the relationship between visual appeal and restaurant loyalty (interaction β = 0.089, p = 0.042). The findings demonstrate that well-designed digital menu systems enhance order accuracy, navigation, and decision-making, highlighting the importance of functionality and visual design in fostering customer loyalty.

Acknowledgment
The authors gratefully acknowledge funding from the Ministry of Higher Education Malaysia through the Fundamental Research Grant Scheme with Project Code: FRGS/1/2022/SS01/USM/02/11.

Type of the article: Research Article

Abstract
A fresh market is a marketplace that offers various daily necessities such as vegetables, meat, and fruits through a modern self-service concept. This study aims to analyze the factors influencing purchase decisions at fresh markets. The method used is descriptive with a quantitative approach using the Theory of Reasoned Action as the research model. The research location was selected purposively, specifically at a fresh market in Sukoharjo Regency, Indonesia, involving 120 consumers through accidental sampling between June and August 2025, taking into account the ratio of variables to samples. Data were analyzed using Structural Equation Modeling-Partial Least Squares (SEM-PLS) with SmartPLS 4.0 software. The top three segments of the fresh market are private employees, civil servants, and housewives, the majority of whom are women aged 35-43. The results revealed that consumer attitudes (β = 0.134, p < 0.05), lifestyle (β = 0.514, p < 0.05), and perceived ease of purchase (β = 0.193, p < 0.05) significantly influence purchase intentions. In contrast, subjective norms were found to have no significant effect on purchase intentions (β = 0.116, p > 0.05) as the majority of consumers are individualistic. Purchase intention plays an important role in shaping purchase decisions (β = 0.715, p < 0.05). Thus, personal factors play a greater role in purchase decisions regarding the fresh market than external factors. This study provides practical implications for fresh market business practitioners as a reference for formulating effective marketing strategies and offers theoretical implications by enriching TRA and encouraging further research.

Acknowledgment
The authors would like to express their sincere gratitude to Universitas Sebelas Maret for funding this study under Grant No. 371/UN27.22/PT.01.03/2025.

Type of the article: Research Article

Abstract
The Indonesian cocoa sector faces a significant gap between traditional sustainability practices and the necessity of digital transformation. This study aims to analyze the extent to which multidimensional sustainable marketing practices catalyze digital entrepreneurial intentions among small-scale cocoa producers in Indonesia through the mediating role of perceived usefulness. Utilizing a quantitative cross-sectional design, empirical data were collected between January and August 2025 from a purposive sample of 420 small-scale cocoa producers in the central production of West Sulawesi, Indonesia. This sample was selected because these individuals are direct targets of national sustainability programs and have basic digital literacy. Through Partial Least Squares Structural Equation Modeling (PLS-SEM) using SmartPLS 4, the analysis substantiates that sustainable marketing significantly influences perceived usefulness 0.582 and digital entrepreneurial intention 0.253. Furthermore, perceived usefulness was found to be a robust mediator 0.274. The model explains 51.2% of the variance in digital entrepreneurial intention R² = 0.512. Practically, these results demonstrate that sustainability programs serve as a strategic catalyst that reframes digital technology as a useful tool for economic gain, rather than just an ethical obligation. Consequently, fostering digital transformation in agriculture requires holistic interventions that combine socioeconomic empowerment with targeted digital literacy.

Type of the article: Research Article

Abstract
Nowadays, shopping on e-commerce platforms has become a prevailing consumption trend among young consumers, particularly Generation Z (Gen Z), due to rapid digitalization and changes in consumption behavior. This study aims to examine the effects of online shopping convenience, trust in retailers, and sales promotion on Gen Z’s online repurchase intention, while specifically investigating the mediating role of customer satisfaction in the relationship between online shopping convenience and repurchase intention. Data from 282 Gen Z respondents, who are regular online shoppers in Vietnam, were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) to examine the underlying relationships. The results reveal that online shopping convenience has a strong positive effect on customer satisfaction (β = 0.530, p < 0.01), while satisfaction significantly enhances Gen Z’s repurchase intention (β = 0.232, p < 0.05). The indirect effect of convenience on repurchase intention through satisfaction is statistically significant (β = 0.123, p < 0.05), confirming the mediating role of satisfaction. Besides, trust in retailers positively influences repurchase intention (β = 0.158, p < 0.05), whereas sales promotion does not show a significant effect (β = 0.021, ns). These findings highlight the central role of customer satisfaction and trust in shaping Gen Z’s online repurchase intention, indicating that experience-driven value creation exerts a stronger influence than short-term promotional incentives in sustaining consumer loyalty within emerging e-commerce markets. This study offers practical managerial implications for optimizing digital marketing strategies in an increasingly competitive online environment.

Acknowledgment
The authors express a sincere gratitude to all the participants who generously took part in this research study.

Type of the article: Research Article

Abstract
The rapid growth of Muslim-friendly tourism has intensified competition among halal destinations, making effective digital communication and trust-building mechanisms increasingly important. User-Generated Content (UGC) and religiosity are considered important factors influencing Muslim tourists’ decision-making processes; however, empirical evidence on their combined effects remains limited. This study aims to examine the influence of UGC on travel decisions to Muslim-friendly tourism destinations, with tourists’ expectations as a mediating variable and religiosity as a moderating variable. This study employed a quantitative approach, utilizing primary data collected in between June and August 2025 through structured questionnaires administered to 400 Muslim tourists visiting Muslim-friendly destinations in East Java, Indonesia. The data were analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM) to test direct, mediation, and moderation relationships. The results indicate that UGC has a positive and significant influence on tourists’ expectations and visit decisions. Tourist expectations also showed a significant positive influence on visit decisions and acted as a partial mediator in the relationship between UGC and visit decisions, confirming its central role in shaping travel behavior. Conversely, religiosity was found not to strengthen the relationship between tourist expectations and visit decisions, suggesting that highly religious tourists rely less on experiential expectations when making travel choices. These findings imply that halal destination managers should prioritize credible and emotionally engaging UGC strategies while considering varying levels of tourist religiosity. This study provides new empirical evidence by highlighting the moderating role of religiosity in Muslim-friendly tourism decision-making.

Acknowledgments
The authors would like to express their sincere gratitude to all parties who have supported this research, notably the Fundamental Research Grant Scheme funded by the Ministry of Higher Education, Science, and Technology; Universitas Brawijaya and Technology and the Centre for Higher Education Funding and Assessment (PPAPT) of the Ministry of Higher Education, Science, and Technology and the Indonesia Endowment Fund for Education Agency (LPDP).

Type of the article: Research Article

Abstract
Vietnam’s rapid transition toward cashless payments offers a pertinent context for examining post-adoption behavior in digital finance. This study investigates the determinants of customer satisfaction and loyalty among MoMo e-wallet users, with particular attention to the mediating role of satisfaction and the moderating influence of the Urban-Rural Digital Divide. A cross-sectional survey of 1,015 active users across Vietnam’s North, Central, and South regions was conducted from September 2023 to September 2024 using both online and offline methods. Integrating TAM, UTAUT2, SERVQUAL, and Expectation-Confirmation Theory, the model includes perceived usefulness, perceived ease of use, trust, service quality, social influence, hedonic motivation, and regulatory awareness as antecedents of satisfaction and loyalty. Covariance-based structural equation modeling and multi-group analysis were employed to test the hypothesized relationships.
The findings confirm the central mediating role of satisfaction: service quality, trust, perceived usefulness, hedonic motiva-tion, and regulatory awareness significantly enhance satisfaction, which in turn strongly predicts loyalty. Loyalty is additionally shaped by service quality, trust, social influence, and perceived ease of use. Perceived ease of use and social influence do not significantly influence satisfaction, indicating that these factors diminish in importance as users gain experience. The Urban-Rural Digital Divide moderates several relationships, with rural users placing greater emphasis on trust and hedonic motivation, whereas urban users prioritize perceived usefulness and regulatory awareness. The study contributes to post-adoption FinTech research and provides context-specific implications for improving service performance, regulatory communication, and digital financial inclusion in Vietnam.

Acknowledgment
This study would not have been possible without the support and guidance of several individuals and organizations. We extend our sincere gratitude to Thuyloi University; International school- Vietnam National University, Hanoi, and Banking Academy of Vietnam for providing the academic environment and financial support that made this research possible.
Furthermore, we would like to express our gratitude to our family and friends for their unwavering support and encourage-ment throughout this research journey.

Type of the article: Research Article

Abstract
The growing competitiveness of India’s FMCG personal care sector has increased the strategic importance of strengthening Consumer-Based Brand Equity (CBBE), particularly in categories with high product similarity and low switching costs. Under-standing the determinants of brand equity is therefore essential for guiding brand differentiation and long-term consumer loyalty. This study aims to identify and examine the determinants of consumer-based brand equity in the FMCG personal care sector using PLS-SEM. Primary data were collected from 1,137 consumers across five major Indian regions between October 2024 and March 2025 using purposive sampling and structured questionnaire. Eight constructs and sixteen hypotheses were tested using Partial Least Squares Structural Equation Modelling. The results show strong and statistically significant effects across all hypothesized paths (p < 0.001). Brand association demonstrated the strongest influence on brand preference (β = 0.400, t = 12.633), while brand awareness had its highest effect on brand trust (β = 0.333, t = 9.912). Perceived quality showed the strongest influence on brand experience (β = 0.261, t = 7.970). The mediating constructs — brand experience, preference, trust, and loyalty — significantly predicted overall brand equity, with brand trust exerting the greatest influence (β = 0.242, t = 6.034). The model demonstrated substantial explanatory power, with R² values ranging from 0.425 to 0.491, and acceptable model fit (SRMR = 0.054; NFI = 0.765). The results establish that cognitive and experiential brand drivers jointly shape CBBE, offering actionable insights for marketers aiming to strengthen loyalty and competitive positioning in the Indian FMCG personal care market.

Type of the article: Research Article

Abstract
Organizational agility and service innovation have become critical strategies for strengthening customer-based brand equity in highly competitive hospitality markets. However, how customers perceive firms’ dynamic capabilities and how such perceptions translate into brand-related outcomes remains insufficiently understood. Drawing on perception-based extensions of dynamic capabilities theory, this study examines the direct and indirect effects of customer-perceived dynamic capabilities on customer-based brand equity, with customer-perceived service innovation as a mediating mechanism, in the Indonesian hotel industry. Data were collected from 340 customers who stayed at three- to five-star hotels in Indonesia between June and August 2024 using a structured questionnaire. Two-stage Structural Equation Modelling (SEM) approach was employed to test the proposed relationships. The results indicate that customer-perceived dynamic capabilities have a significant positive effect on customer-based brand equity (β = 0.389, p < 0.001) and on customer-perceived service innovation (β = 0.768, p < 0.001). Customer-perceived service innovation positively influences customer-based brand equity (β = 0.309, p < 0.001) and partially mediates the relationship between dynamic capabilities and brand equity. Existing brand strength positively moderates the relationship between customer-perceived dynamic capabilities and perceived service innovation (β = 0.109, p < 0.001), while no moderating effect is observed between service innovation and brand equity. The model explains 77.78% of the variance in customer-based brand equity and 68.10% of the variance in customer-perceived service innovation. These findings demonstrate that dynamic capabilities contribute to brand equity not only through innovation outcomes but also as customer-recognized signals of organizational adaptability in service-intensive contexts.

Acknowledgment
The authors declare that there is no conflict of interest. The study received no external funding. All authors contributed equally to the conceptualization, analysis, and writing of this paper. 

Type of the article: Research Article

Abstract
The COVID-19 boosted the adoption of mobile wallets, which resulted in heightened competition among the digital payment providers, and customer loyalty became a decisive factor to remain in use. This paper examines customer loyalty determinants to mobile wallet applications in Jordan by applying the Technology Acceptance Model (TAM) to determine trust, information quality, perceived security, customer engagement, and moderating effect of engagement. Online survey of the users of mobile wallets in Amman, Jordan, from January to April 2025, was used to collect the data that consisted of 365 valid responses. The proposed model was tested using the Partial Least Squares Structural Equation Modeling (PLS-SEM). The findings have shown significant positive impact of customer loyalty on perceived usefulness (β = 0.24, p = 0.001), perceived ease of use (β = 0.21, p = 0.001), information quality (β = 0.18, p = 0.003), trust (β = 0.27, p = 0.001), perceived security (β = 0.22, p = 0.001), and customer engagement (β = 0.20, p = 0.00). The customer engagement has a moderate moderating effect on the relationships between the perceived usefulness and loyalty (β = 0.130, p = 0.006) and between the trust and the loyalty (β = 0.150, p = 0.001), but other paths do not have significant moderating effect. The model describes 64% in customer loyalty. The results show the significance of functional value, trust, and customer engagement in maintaining mobile wallets use in emerging economies and empirically support the idea of extending TAM to digital financial services setting.

Type of the article: Research Article

Abstract
In the context of Vietnam’s rapidly expanding digital ecosystem, understanding how psychological differences shape brand cognition among Generation Z has become increasingly important. This study aims to examine the influence of the Big Five personality traits on brand awareness across major digital touchpoints, addressing the limited empirical evidence from emerging markets. A quantitative survey was conducted in January 2025 with 898 Gen Z consumers residing in Hanoi and Ho Chi Minh City. Using Cronbach’s Alpha, Exploratory Factor Analysis, and multiple regression, the study assessed the reliability of measurement scales and the effects of personality traits on brand awareness indicators derived from Aaker’s (1991) framework. The findings show that four personality traits – openness, conscientiousness, extraversion, and neuroticism – positively and significantly predict brand awareness on digital platforms (β = 0.171–0.250; p < 0.001). Conscientiousness exhibits the strongest impact (β = 0.250), followed by neuroticism (β = 0.240), extraversion (β = 0.224), and openness (β = 0.171). Agreeableness does not demonstrate adequate construct validity and is excluded from the final model. Additional analyses using ANOVA reveal significant differences in brand awareness across regions but not across genders. These results illustrate that personality-driven tendencies, such as exploratory behavior, systematic information processing, social interaction, and risk-avoidance, play a substantial role in determining how frequently and effectively young consumers encode brand cues in digital environments. The study concludes that integrating personality insights into digital brand communication strategies can enhance relevance, memorability, and consumer-brand alignment, especially within dynamic Gen Z segments.

Acknowledgment(s)
The researchers express sincere gratitude to all the participants who generously participated in this study.

Type of the article: Research Article

Abstract
This paper examines how marketing capability and product advantage influence market performance in creative culinary SMEs operating in North Sumatra, Indonesia. Recognizing that internal strategic resources must align with consumer perceptions to drive success, the study positions perceptual product congruity as a psychological mediator linking organizational capabilities to market outcomes. Using Partial Least Squares-Structural Equation Modeling (PLS-SEM) with data from 334 culinary businesses, the analysis reveals three key direct effects: marketing capability on perceptual product congruity (β = 0.413; f² = 0.218), product advantage on perceptual product congruity (β = 0.369; f² = 0.146), and perceptual product congruity on market performance (β = 0.456; f² = 0.239). Importantly, perceptual product congruity also mediates the relationships between marketing capability and performance (β = 0.144, p = 0.001) and between product advantage and performance (β = 0.162, p < 0.001). These findings demonstrate that psychological alignment between products and consumer identity drives performance, particularly for culturally meaningful offerings like traditional culinary products. The research extends self-image congruity theory to resource-constrained SMEs in emerging markets while offering practical guidance for perception-based marketing strategies that leverage cultural narratives and identity alignment.

Type of the article: Research Article

Abstract
The rapid adoption of Artificial Intelligence (AI) in advertising raises questions about consumer trust and behavioral responses, particularly in emerging collectivistic markets. This study aims to examine whether AI disclosure in advertising affects purchase intention through trust and whether collectivistic orientation moderates the effect of AI disclosure on trust among Gen Z consumers in Vietnam. Using a between-subjects online experiment and survey, data were collected in Da Nang, Vietnam, from May 1 to May 20, 2025, with 400 Gen Z social media users randomly assigned to an AI disclosure condition or a non-disclosure condition. Partial Least Squares Structural Equation Modeling (PLS-SEM) was applied to test direct, mediated, and moderated effects while controlling for ad authenticity. The results indicate that AI disclosure increases trust (β = 0.469, p < 0.001), and trust positively predicts purchase intention (β = 0.279, p < 0.001). The indirect effect of AI disclosure on purchase intention through trust is significant (β = 0.131, p = 0.001), whereas the direct effect on purchase intention is not significant (β = -0.091, p = 0.093). Collectivistic orientation weakens the AI disclosure-trust relationship (β = -0.068, p = 0.018). Ad authenticity remains a strong predictor of purchase intention (β = 0.646, p < 0.001). These findings suggest that transparency can build trust, but its effectiveness depends on cultural orientation, implying that managers should combine AI disclosure with authenticity cues in collectivistic settings.

Type of the article: Research Article

Abstract
In the face of growing competition, it has become important to understand the role of data-driven strategic orientation in customer value creation. This study aims to examine the impact of data-driven strategic orientation on customer value creation and to test the mediating role of digital marketing transformation within the Jordanian telecommunications sector, focusing on Zain, Umniah, and Orange. This study was conducted among a sample of 423 managerial employees using an electronic questionnaire. Data were collected in July and August 2025. SPSS was used as a tool to analyze the data. The findings of the study reveal that data-driven strategic orientation has a significant and direct impact on customer value creation (β = 0.280, p < 0.05). Besides, data-driven strategic orientation has a significant impact on digital marketing transformation (β = 0.571, p < 0.001). Furthermore, digital marketing transformation has a significant impact on customer value creation (β = 0.446, p < 0.001). Besides, the findings of the study reveal that digital marketing transformation has a partial mediating impact between data-driven strategic orientation and customer value creation (β = 0.255, p < 0.001). These results indicate that data-driven strategic orientation strengthens digital marketing transformation, thereby enhancing customer value creation.

Type of the article: Research Article

Abstract
This study seeks to clarify the psychological mechanism through which trust, perceived financial security, and satisfaction jointly shape customer loyalty in Ukraine’s banking sector under heightened uncertainty. Building on the concept of institutional confidence, we conceptualize customers’ assurance as a unified latent state in which trust (relational expectation of reliability and integrity) and perceived security (cognitive sense of protection of funds and data) function as tightly interconnected facets rather than independent predictors. Employing Structural Equation Modelling (SEM) on a survey dataset obtained through Computer-Assisted Web Interviewing (CAWI) (n = 251), we ascertain that institutional confidence has a direct impact on loyalty (β = 0.33, p < 0.001) and an indirect impact through satisfaction (β = 0.35, p < 0.001), resulting in a cumulative effect of β = 0.68. The model explains 59% of the variance in loyalty. These findings indicate that customer satisfaction functions as the mechanism through which institutional confidence is transformed into customer loyalty. Institutional confidence creates a favorable baseline for evaluating the bank, whereas satisfaction reflects customers’ accumulated experience with service delivery; together they explain why confidence results in stable loyalty and recommendation intentions. These findings enhance behavioral finance and relationship marketing views by empirically validating the sequential route “security/trust → satisfaction → loyalty” and by establishing institutional confidence as a higher-order psychological factor of customer loyalty. The results highlight the strategic significance of transparency, data ethics, and protective infrastructure as essential factors for customer retention in crisis-prone settings.

Type of the article: Research Article

Abstract
In the wake of Lebanon’s economic crisis, the energy crisis, and the resulting high oil-product prices, electric vehicle technology is a lifeline for eco-conscious consumers, promising energy independence and lasting savings. This paper aims to evaluate the effect of perceived value factors on electric vehicle purchasing intention. It evaluates the moderating effect of the Lebanese economic crisis on the relationship between constructs. The study employed a quantitative, deductive approach. Data were collected from 124 potential car buyers via an online questionnaire in 2025, selected using purposive sampling. A pre-screening questionnaire reinforced the actual purchasing intention as an inclusion criterion. The results show that maintenance and technical performance constitute the most influential direct determinant of purchase intention (β = 2.084; p < 0.001), followed by the direct effect of the economic crisis (β = 1.724). These findings underscore that consumers prioritize reliability and functionality. Financial incentives have a significant effect (β = 1.219), while media awareness has a more variable positive effect (β = 1.275). Environmental awareness has a more moderate but still significant direct effect (β = 0.520). Analysis of moderating effects reveals that the economic crisis strongly amplifies the impact of financial incentives (β = 0.860) and strengthens the influence of environmental and media awareness, while mitigating the effect of technical performance (β = -0.619). The intention to purchase electric vehicles is primarily shaped by technical and economic considerations, whereas environmental and informational dimensions play a conditional role, strongly dependent on the crisis context, thereby offering clear guidelines for marketing positioning and supporting public policies.

Type of the article: Research Article

Abstract
The exponential rise of social media users has reshaped marketing and enabled entrepreneurs to access wider markets at minimal cost. This study examines how Social Media Marketing (SMM) practices influence the perceived business growth and success of women entrepreneurs in Assam, India, an emerging and under-researched context. The study aims to analyze the effects of SMM frequency, platform diversity, and customer-engagement activities on entrepreneurial growth outcomes. A descriptive quantitative design was applied. Primary data were collected through a structured, face-to-face survey conducted between January and June 2025 among registered women entrepreneurs in seven major urban-agglomeration cities of Assam: Guwahati, Silchar, Dibrugarh, Jorhat, Nagaon, Tezpur, and Tinsukia. Respondents were selected based on two criteria: operating their businesses for at least one year and actively using social media for business purposes. A total of 206 valid responses were obtained. Regression analysis was used to test the hypotheses.
The results show that frequent SMM use significantly enhances perceived business growth (β = 0.716), while using multiple platforms strongly predicts higher growth and success (β = 0.810). Engagement activities including prompt responses, interactive content, and customer-review sharing also significantly contribute to growth perceptions (β = 0.803). These findings quantitatively confirm that SMM functions not only as a promotional mechanism but also as a strategic enabler that strengthens women’s entrepreneurial capabilities, visibility, and market reach. The study concludes that structured, multi-platform, engagement-oriented SMM strategies can meaningfully support the entrepreneurial development of women in emerging markets such as Assam.

Acknowledgments
Conflict of interest: The authors declare that they have no conflict of interest.