Published
2024-11-29
Section
Research Articles
License
Copyright (c) 2024 Yue Su, Poh-Chuin Teo, Haliyana Khalid

This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
The journal adopts the Attribution-NonCommercial 4.0 International (CC BY-NC 4.0), which means that anyone can reuse and redistribute the materials for non-commercial purposes as long as you follow the license terms and the original source is properly cited.
Author(s) shall retain the copyright of their work and grant the Journal/Publisher rights for the first publication with the work concurrently licensed since 2023 Vol.8 No.2.
Under this license, author(s) will allow third parties to download, reuse, reprint, modify, distribute and/or copy the content under the condition that the authors are given credit. No permission is required from the authors or the publisher.
This broad license intends to facilitate free access, as well as the unrestricted use of original works of all types. This ensures that the published work is freely and openly available in perpetuity.
By providing open access, the following benefits are brought about:
- Higher Visibility, Availability and Citations-free and unlimited accessibility of the publication over the internet without any restrictions increases citation of the article.
- Ease of search-publications are easily searchable in search engines and indexing databases.
- Rapid Publication – accepted papers are immediately published online.
- Available for free download immediately after publication at https://esp.as-pub.com/index.php/ESP
Copyright Statement
1.The authors certify that the submitted manuscripts are original works, do not infringe the rights of others, are free from academic misconduct and confidentiality issues, and that there are no disputes over the authorship scheme of the collaborative articles. In case of infringement, academic misconduct and confidentiality issues, as well as disputes over the authorship scheme, all responsibilities will be borne by the authors.
2. The author agrees to grant the Editorial Office of Environment and Social Psychology a licence to use the reproduction right, distribution right, information network dissemination right, performance right, translation right, and compilation right of the submitted manuscript, including the work as a whole, as well as the diagrams, tables, abstracts, and any other parts that can be extracted from the work and used in accordance with the characteristics of the journal. The Editorial Board of Environment and Social Psychology has the right to use and sub-licence the above mentioned works for wide dissemination in print, electronic and online versions, and, in accordance with the characteristics of the periodical, for the period of legal protection of the property right of the copyright in the work, and for the territorial scope of the work throughout the world.
3. The authors are entitled to the copyright of their works under the relevant laws of Singapore, provided that they do not exercise their rights in a manner prejudicial to the interests of the Journal.
About Licence
Environment and Social Psychology is an open access journal and all published work is available under the Creative Commons Licence, Authors shall retain copyright of their work and grant the journal/publisher the right of first publication, and their work shall be licensed under the Attribution-NonCommercial 4.0 International (CC BY-NC 4.0).
Under this licence, the author grants permission to third parties to download, reuse, reprint, modify, distribute and/or copy the content with attribution to the author. No permission from the author or publisher is required.
This broad licence is intended to facilitate free access to and unrestricted use of original works of all kinds. This ensures that published works remain free and accessible in perpetuity. Submitted manuscripts, once accepted, are immediately available to the public and permanently accessible free of charge on the journal’s official website (https://esp.as-pub.com/index.php/ESP). Allowing users to read, download, copy, print, search for or link to the full text of the article, or use it for other legal purposes. However, the use of the work must retain the author's signature, be limited to non-commercial purposes, and not be interpretative.
Click to download <Agreement on the Licence for the Use of Copyright on Environmental and Social Psychology>.
How to Cite
An Analytical Study of Blockchain Technology on Consumers' Perceived Value and Loyalty Response in Retail Industry under SOR Theory
Yue Su
Azman Hashem International Business School, Universiti Teknologi Malaysia, Kuala Lumpur, Malaysia
Poh-Chuin Teo
Azman Hashem International Business School, Universiti Teknologi Malaysia, Kuala Lumpur, Malaysia
Haliyana Khalid
Azman Hashem International Business School, Universiti Teknologi Malaysia, Kuala Lumpur, Malaysia
DOI: https://doi.org/10.59429/esp.v9i11.3158
Keywords: SOR theory, blockchain technology, regression equation, perceived value
Abstract
This study projects the SOR theoretical model to a retail industry scenario where blockchain technology is applied, setting blockchain technology as the independent variable, perceived value as the mediator variable, and loyalty response as the dependent variable. The questionnaires and scales were designed by combining relevant information and experts' suggestions. The questionnaire is distributed to obtain the initial data of this study, and a statistical model is established to explore the role of blockchain technology in retail industry on consumers' perceived value and loyalty response under the SOR theory. The results of hypothesis testing point out that there is a significant correlation between decentralization, non-counterfeiting, traceability function, public transparency, perceived quality value, perceived economic value, perceived emotional value and loyalty response, and its corresponding regression equation is 0.136+0.611*Decentralization Q1+0.034*Non-counterfeiting Q2+0.141* Traceability Function Q3+0.139*Public Transparency Q4+ 0.016*Perceived quality value Q5+0.089*Perceived economic value + 0.047*Perceived emotional value. This study comprehensively reveals the relationship between blockchain technology, consumer perceived value, and loyalty response, which is of great practical significance to the development of retail industry.
References
[1]. Yli-Huumo, J., Ko, D., Choi, S., Park, S., & Smolander, K. (2016). Where is current research on blockchain technology?—a systematic review. PloS one, 11(10), e0163477.
[2]. Ahram, T., Sargolzaei, A., Sargolzaei, S., Daniels, J., & Amaba, B. (2017, June). Blockchain technology innovations. In 2017 IEEE technology & engineering management conference (TEMSCON) (pp. 137-141). IEEE.
[3]. Golosova, J., & Romanovs, A. (2018, November). The advantages and disadvantages of the blockchain technology. In 2018 IEEE 6th workshop on advances in information, electronic and electrical engineering (AIEEE) (pp. 1-6). IEEE.
[4]. Sarmah, S. S. (2018). Understanding blockchain technology. Computer Science and Engineering, 8(2), 23-29.
[5]. Guo, H., & Yu, X. (2022). A survey on blockchain technology and its security. Blockchain: research and applications, 3(2), 100067.
[6]. Gad, A. G., Mosa, D. T., Abualigah, L., & Abohany, A. A. (2022). Emerging trends in blockchain technology and applications: A review and outlook. Journal of King Saud University-Computer and Information Sciences, 34(9), 6719-6742.
[7]. Belotti, M., Božić, N., Pujolle, G., & Secci, S. (2019). A vademecum on blockchain technologies: When, which, and how. IEEE Communications Surveys & Tutorials, 21(4), 3796-3838.
[8]. Aulia, S. A., Sukati, I., & Sulaiman, Z. (2016). A review: Customer perceived value and its Dimension. Asian Journal of Social Sciences and Management Studies, 3(2), 150-162.
[9]. [9] Javed, F., & Cheema, S. (2017). Customer satisfaction and customer perceived value and its impact on customer loyalty: the mediational role of customer relationship management. Journal of Internet Banking and Commerce, 22(S8).
[10]. Marbach, J., Lages, C. R., & Nunan, D. (2016). Who are you and what do you value? Investigating the role of personality traits and customer-perceived value in online customer engagement. Journal of Marketing Management, 32(5-6), 502-525.
[11]. Ilyas, G. B., Munir, A. R., Tamsah, H., Mustafa, H., & Yusriadi, Y. (2021). The influence of digital marketing and customer perceived value through customer satisfaction on customer loyalty. Pt. 2 J. Legal Ethical & Regul. Isses, 24, 1.
[12]. Liu, P., Li, M., Dai, D., & Guo, L. (2021). The effects of social commerce environmental characteristics on customers’ purchase intentions: The chain mediating effect of customer-to-customer interaction and customer-perceived value. Electronic Commerce Research and Applications, 48, 101073.
[13]. Tran, T. B. H., & Vu, A. D. (2021). From customer value co-creation behaviour to customer perceived value. Journal of Marketing Management, 37(9-10), 993-1026.
[14]. Suryadi, N., Suryana, Y., Komaladewi, R., & Sari, D. (2018). Consumer, customer and perceived value: Past and present. Academy of Strategic Management Journal, 17(4), 1-9.
[15]. Wang, L., Luo, X. R., & Lee, F. (2019). Unveiling the interplay between blockchain and loyalty program participation: A qualitative approach based on Bubichain. International Journal of Information Management, 49, 397-410.
[16]. Zutshi, A., Grilo, A., & Nodehi, T. (2021). The value proposition of blockchain technologies and its impact on Digital Platforms. Computers & industrial engineering, 155, 107187.
[17]. Rejeb, A., Keogh, J. G., & Treiblmaier, H. (2020). How blockchain technology can benefit marketing: Six pending research areas. Frontiers in blockchain, 3, 3.
[18]. Madhani, P. M. (2022). Effective marketing strategy with blockchain implementation: Enhancing customer value propositions. IUP Journal of Business Strategy, 19(1), 7-35.
[19]. Doshi, P., & Sandhane, R. (2022, October). Enhancing marketing capabilities using blockchain. In AIP Conference Proceedings (Vol. 2519, No. 1). AIP Publishing.
[20]. Sharif, K. I. M., Hassan, M. G., Miraz, M. H., Zulkifly, E., Udin, Z. M., & Omar, M. (2021). Factors affecting blockchain in fruit retail market: an unveiling myth of blockchain. In Intelligent Manufacturing and Mechatronics: Proceedings of SympoSIMM 2020 (pp. 1095-1106). Springer Singapore.
[21]. Madhani, P. M. (2022). Blockchain Deployment in the Retail Supply Chain: Enhancing Competitive Advantage. International Journal of Applied Management Sciences and Engineering (IJAMSE), 9(1), 1-23.
[22]. Zhang, Z., Ren, D., Lan, Y., & Yang, S. (2022). Price competition and blockchain adoption in retailing markets. European Journal of Operational Research, 300(2), 647-660.
[23]. Yin, S., & Wang, Y. (2023). Establishment and Cluster Analysis of Performance Evaluation Index System for New Retail Enterprises Driven by Blockchain Technology. Journal of Service Science and Management, 16(5), 535-566.
[24]. Boukis, A. (2020). Exploring the implications of blockchain technology for brand–consumer relationships: a future research agenda. Journal of Product & Brand Management, 29(3), 307-320.
[25]. Nuseir, M. T. (2021). Potential impacts of blockchain technology on business practices of bricks and mortar (B&M) grocery stores. Business Process Management Journal, 27(4), 1256-1274.
[26]. Mukherjee, S., Baral, M. M., Lavanya, B. L., Nagariya, R., Singh Patel, B., & Chittipaka, V. (2023). Intentions to adopt the blockchain: investigation of the retail supply chain. Management Decision, 61(5), 1320-1351.
[27]. Ayse Sengoz,Muhittin Cavusoglu,Uzeyir Kement & Sinan Baran Bayar. (2024). Unveiling the symphony of experience: Exploring flow, inspiration, and revisit intentions among music festival attendees within the SOR model. Journal of Retailing and Consumer Services104043-104043.
[28]. Lei Yang,Xiaolong Yuan & Xiaowen Yang. (2024). Study of the influencing mechanism of user interaction behavior of short video e-commerce live-streaming from the perspective of SOR theory and interactive ritual chains. Current Psychology(prepublish),1-13.
[29]. Jie Gao,Wenjing Jia & Jun Yin. (2024). Exploring Smartphone User Interface Experience-Sharing Behavior: Design Perception and Motivation-Driven Mechanisms through the SOR Model. Sustainability(15),6670-6670.
[30]. Mohan Divya,Kumar Nishant & Upreti Kamal. (2022). Blockchain Adoption for Provenance and Traceability in the Retail Food Supply Chain: A Consumer Perspective. International Journal of E-Business Research (IJEBR)(2),1-17.
[31]. Deqing Ma,Kaifu Li,Jinsong Hu & Xue Wang. (2024). How to leverage blockchain to react to consumer reference effects and develop a distribution strategy in online retailing?. Transportation Research Part E103579-.
[32]. Ava Hajian,Russell Sadeghi,Victor R. Prybutok & Chang E. Koh. (2024). Increasing trust and value of mobile advertising in retailing: A survey design, machine learning approach, and blockchain in the trust path. Journal of Retailing and Consumer Services103794-.
[33]. [33]Zhang Rong,Xia Zhiwei & Liu Bin. (2022). Optimal Pricing Decisions for Dual-Channel Supply Chain: Blockchain Adoption and Consumer Sensitivity. Complexity
[34]. Kojiro Shojima. (2024). Maximal Pearson’s correlation coefficient between Likert items from the viewpoint of Hitchcock’s transportation problem. Behaviormetrika(prepublish),1-24.
[35]. Abderahman Rejeb,Karim Rejeb,Steve Simske & John G. Keogh. (2023). Exploring Blockchain Research in Supply Chain Management: A Latent Dirichlet Allocation-Driven Systematic Review. Information(10),557-.
[36]. [36]Irem Nur Ecemis,Fatih Ekinci,Koray Acici,Mehmet Serdar Guzel,Ihsan Tolga Medeni & Tunc Asuroglu. (2024). Exploring Blockchain for Nuclear Material Tracking: A Scoping Review and Innovative Model Proposal. Energies(12),3028-3028.