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How do live stream channels shape impulse buying behaviour

Empirical research on Vietnamese youth
Statistics for Business (Trường Đại học Kinh tế Thành phố Hồ Chí Minh)

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Asia Pacific Business Review

ISSN: (Print) (Online) Journal homepage: https://www.tandfonline.com/loi/fapb20

How do live-stream channels shape impulse

buying behaviour? Empirical research on
Vietnamese youth

Anh D. Pham, Ngoc H. Pham, Minh N. Nguyen, Ngoc T. H. Giap, Dung L. Bui,
Trang L. Bui & Trang T. T. Dao

To cite this article: Anh D. Pham, Ngoc H. Pham, Minh N. Nguyen, Ngoc T. H. Giap, Dung L.
Bui, Trang L. Bui & Trang T. T. Dao (06 Nov 2023): How do live-stream channels shape impulse
buying behaviour? Empirical research on Vietnamese youth, Asia Pacific Business Review, DOI:
10.1080/13602381.2023.2265320
To link to this article: https://doi.org/10.1080/13602381.2023.2265320

Published online: 06 Nov 2023.

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https://doi.org/10.1080/13602381.2023.2265320

How do live-stream channels shape impulse buying

behaviour? Empirical research on Vietnamese youth
Anh D. Pham a, Ngoc H. Phamb, Minh N. Nguyen , Ngoc T. H. Giapb, Dung L. Buib,
a

Trang L. Buib and Trang T. T. Daob

a
Research Institute for Banking, Banking Academy of Vietnam, Hanoi, Vietnam; bFaculty of Business
Administration, Banking Academy of Vietnam, Hanoi, Vietnam

ABSTRACT ARTICLE HISTORY

The emergence of live-streaming commerce in Vietnam has Received 1 June 2023
brought about a transformative shift in the traditional business Accepted 24 September 2023
landscape, facilitating direct interactions between suppliers and KEYWORDS
consumers. This study introduces a novel adaptation of the stimu- Impulse buying behaviour;
lus-organism-response (S-O-R) framework to examine consumer social presence; app brand
behaviours and responses in the context of impulse buying trig- equity; S-O-R theory; live-
gered by specific stimuli. Based on a survey conducted among streaming commerce; flow
young participants from esteemed economics universities and theory
high schools in Hanoi who possessed prior experience with online
shopping on live-streaming platforms and the PLS-SEM technique
for empirical analysis, the research highlights two significant results:
(i) the presence of social interactions positively impacts the state of
flow and consumer trust, thereby stimulating impulsive buying
behaviour; and (ii) the brand equity of the application also exerts
a strong influence on the mediating role of perceived usefulness
and perceived ease of use in spurring impulsive buying behaviour.
This study provides a comprehensive understanding of the psycho-
logical mechanisms underlying consumer impulse buying in the
context of live-streaming commerce while offering practical strate-
gies for online retailers to enhance their product sales in the near
future.

1. Introduction
The advent of internet technology has resulted in remarkable advancements in online
shopping, transforming it into a comprehensive multimedia encounter. As a result, social
commerce has seamlessly integrated into e-commerce. In addition, the escalating popu-
larity of live-streaming has resulted in the efficient utilization of this medium by certain
vendors on social commerce platforms to facilitate business transactions. Accordingly,
a novel social commerce model called live-streaming commerce has emerged. According
to China Internet Network Information Center (CNNIC 2021), the population of online
shoppers in China had surged to a remarkable 782 million by December 2020.
Remarkably, this represents an adoption rate of nearly 80% among the population.
Clearly, live-streaming commerce has emerged as the most rapidly expanding segment

CONTACT Anh D. Pham [email protected]

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2 A. D. PHAM ET AL.

and is anticipated to become the dominant trend in e-commerce in the foreseeable

future.
As of September 2022, Vietnam reached 72 million Internet users (equivalent to three-
quarters of the population), making it the 12th largest country in terms of Internet users
(VnEconomy 2023). Its strategic roadmap for e-commerce advancement between 2021
and 2025 is designed to harness the vast opportunities offered by its flourishing online
retail sector (Pham, Bui, and Hoang 2020). The plan aims to achieve USD 35 billion online
retail sales by 2025. This ambitious target represents a projected annual growth rate of
25% and an anticipated contribution of 10% to the overall retail sales of goods and
services in the country. Projected to outpace other Southeast Asian nations, Vietnam is
poised to claim the title of the fastest-growing e-commerce market by 2026, with
a remarkable projected valuation of USD 56 billion for online retail goods. This figure is
forecasted to be 4.5 times greater than the estimated value for the year 2021. Live-
streaming commerce serves as a crucial avenue for suppliers, presenting a novel business
model that facilitates direct engagement and interaction between suppliers and consu-
mers. This emerging approach enables suppliers to establish direct connections and
effectively engage with their target audience. For this reason, almost every prominent
e-commerce firm operating within Vietnam, such as Shopee and Lazada, has ventured
into live-streaming commerce. Moreover, the pervasive adoption of this emerging trend
can be observed across various social media platforms, such as TikTok, Facebook and
Instagram. These popular platforms have recognized the significance of live-streaming
commerce and have actively integrated it into their features and functionalities.
The advent of live-streaming commerce has revolutionized the way merchandise is
presented to consumers. By leveraging real-time video, live streamers can effectively
exhibit products while simultaneously offering viewers the opportunity to participate
through their inquiries and comments actively. This interactive exchange not only pro-
vides shoppers with extensive product information but also creates a compelling sense of
presence, exerting a strong influence on the purchase intention of viewers
(Wongkitrungrueng and Assarut 2018). However, this topic receives little attention as live-
streaming commerce has only developed in Vietnam for the past few years.
The existing body of literature on live-streaming commerce has concentrated on
examining the active participation of both streamers and viewers during the live-
streaming process (Chen and Lin 2018; Zhao et al. 2018). Several studies delved into the
drivers behind participation, including practicality, satisfaction (Cai et al. 2018), and
perceived value (Wongkitrungrueng and Assarut 2018). Furthermore, studies have exam-
ined the influence of system features, including giveaways (Yu et al. 2018) and user
interface design (Xu, Wu, and Li 2020), on live-streaming commerce. Notably, Ming
et al. (2021) highlighted the significance of social presence in shaping the flow state
and consumer trust, stimulating impulsive purchasing behaviour among consumers.
However, a comprehensive examination of crucial aspects associated with live-
streaming commerce, including app brand equity, remains scarce in the extant literature.
This study, therefore, investigates the influence of social presence, consumer trust
and app brand equity on impulsive buying behaviour within the context of live-
streaming commerce platforms. Besides, it aims to shed light on the mediating effects
of consumer trust, flow state, perceived usefulness and ease of use. The S-O-R model,
known for its application in behavioural science (van Zeeland and Henseler 2018), is

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ASIA PACIFIC BUSINESS REVIEW 3

employed to address established research issues. It suggests that stimuli prompt

individual responses (Matos and Krielow 2019), making it fitting for our live-
streaming commerce study. This research involves stimuli (consumer trust, social
presence, app brand equity) influencing consumer reviews (consumer trust, flow
state, perceived usefulness, perceived ease of use), thereby driving consumer
responses (impulse buying behaviour).
This study contributes to the current literature in several ways:
First, this study represents the first attempt to explore the influence of live-streaming
commerce on impulse buying behaviour in Vietnam. By developing and examining
a comprehensive model, this research is expected to provide valuable insights into the
factors that drive impulse buying during live-streaming. A robust theoretical foundation
and real-world observations are combined to illuminate this relatively unexplored phe-
nomenon and produce practical implications for Vietnam.
Second, the research builds upon earlier investigations into live-streaming commerce.
Specifically, we enhance the original model established by Ming et al. (2021), which
explored the impact of social presence on impulsive purchases during live-streaming
commerce. This updated model introduces a new group of factors, namely app brand
equity, derived from experiments conducted by Akram et al. (2020). Subsequent findings
have revealed that these factors significantly influence impulsive buying behaviours
within the realm of live-streaming commerce.
Third, evidence from this study is the most valuable and unique resource for academics
from developing nations, as it can be said that live-streaming commerce is quite success-
ful in China. However, the COVID-19 pandemic has elevated this sales channel to the
throne, transforming it into a ‘lifesaver’ for many retail store owners in China by allowing
them to reach customers during the pandemic. Therefore, this study offers practitioners
a deeper understanding of live-streaming commerce.
Finally, the ultimate objective of the study is to provide recommendations for enhan-
cing the contribution of live-streaming platforms to the revenue growth of retailers and
e-commerce platforms in Vietnam, thereby bolstering the country’s economic growth.
The rest of this paper is organized as follows. In Section 2, we provide the theoretical
foundation for the study. The development of hypotheses is explained in Section 3.
Section 4 outlines the research method. Section 5 recaps the main findings, while
Section 6 clarifies the theoretical and managerial implications. The last section addresses
the limitations of the research and suggests potential directions for future studies.

2. Theoretical background
2.1. S-O-R model
The S-O-R model, developed by Woodworth in 1929, was based on the traditional
stimulus-response theory. This model was subsequently expanded and conceptualized
by Mehrabian and Russell in 1974. Jacoby further enhanced the model in 2002 by
integrating the organism element, thus effectively connecting the stimulus and response
phases (Jacoby 2002; Mehrabian and Russell 1974; Woodworth 1929).
According to Song et al. (2021), a stimulus triggers internal states in organisms.
Research has shown that live-streaming commerce fosters a sense of presence for viewers,

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4 A. D. PHAM ET AL.

impacting consumer attitudes and behaviours (Gao et al. 2018). Thus, live-streaming
commerce and app brand equity are potent stimuli for changing consumer behaviour.
The word ‘organism’ in the model refers to the emotional and mental states that
people go through between the stimulus and their response (Wu and Li 2018). This
study investigates viewers’ emotional states and their perceptions of a sense of presence
in a brand during commercial live-streaming using consumer trust, flow state, perceived
usefulness, and perceived ease of use.
The term ‘response’ in the model refers to the ultimate behavioural choice made by
a person, which is shaped by their emotional and cognitive conditions (Sherman, Mathur,
and Smith 1997). Lately, researchers have used the S-O-R model to explore consumers’
online buying behaviour in e-commerce. Different studies have looked into repurchase
intention (Zhu, Kowatthanakul, and Satanasavapak 2020), purchase intention (Liu, Luo,
and Cao 2018), and impulse buying intention (Zhu, Amelina, and Yen 2020), supporting
the interconnectedness of the S-O-R model and strengthening the overall reliability of
research.

2.2. Flow theory

The concept of ‘flow’ refers to a state of mind where individuals become fully engaged in
their present activities, as Ghani et al. (1991) described. The flow theory, initially proposed
by Csikzentimihalyi (1975), portrays an active mental state where individuals experience
continuous emotions and focused energy, allowing them to be wholly absorbed in the
activity at hand. This theory is crucial for filtering out irrelevant perceptions and serves as
a fundamental cognitive basis, as highlighted by Csikszentmihalhi (2020). Several studies
have utilized the flow theory to investigate various aspects, including usage intention (Lee
and Kim 2017), online impulse buying (Wu, Chiu, and Chen 2020), and purchase intention
(Kim, Lee, and Bonn 2017). Flow is an essential indicator of the online consumer experi-
ence (Ding 2011). However, the extensive application of flow in different contexts has
resulted in ambiguity and a lack of clarity regarding its dimensions (Carlson et al. 2017).
This study aims to differentiate between two dimensions of flow: concentration and
enjoyment (Ghani, Supnick, and Rooney 1991).
Concentration is achieved when attention is solely directed towards a specific stimulus,
devoid of distractions or unrelated thoughts (Wu, Chen, and Chiu 2016). Enjoyment
represents individuals’ inherent satisfaction from their interactions with the environment
(Park et al. 2012). In e-commerce, enjoyment refers to the pleasurable experience during
shopping (Koufaris 2002), significantly impacting consumer behaviour (Lee and Park
2014).

2.3. Online impulse buying behaviour

Impulse buying refers to the abrupt, intense, and enduring urge to make spontaneous
purchases without significant contemplation, aiming for immediate acquisition and
accompanied by a sense of urgency, as outlined by Rook and Fisher (1995). Online
shopping has amplified the propensity for impulsive purchases compared to traditional
in-store shopping (Wu, Chiu, and Chen 2020). This is primarily attributed to the virtual

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ASIA PACIFIC BUSINESS REVIEW 5

nature of online transactions, which often creates a false perception among consumers
that they are not actively spending their money (Park et al. 2012).
Product-related advertisements and recommendations from previous buyers are sig-
nificant external stimuli that influence consumer behaviour (Madhavaram and Laverie
2004). Consequently, it becomes crucial to distinguish between live-streaming shoppers
and online shoppers. Live streamers can provide comprehensive product details, demon-
strate product usage, and even showcase items through modelling or trying them on,
allowing viewers to participate in real time actively (Xu et al. 2019). This dynamic inter-
action between streamers and viewers creates an environment where product informa-
tion easily triggers impulsive purchases, as both sides of the screen align in the same
persuasive direction (Wongkitrungrueng and Assarut 2018).
The phenomenon of impulse buying in live-streaming commerce has received limited
research attention (Leeraphong and Sukrat 2018; Xu et al. 2019). To address this gap, this
study aims to investigate key determinants, namely social presence and app brand equity
in live-streaming commerce (Leeraphong and Sukrat 2018; Xu et al. 2019).

3. Hypotheses development
3.1. The impact of social presence in live-streaming platform on consumer trust
and flow state
Consumer trust in e-commerce encompasses various aspects, including the salesperson,
vendor, product, channel, and corporation (Wongkitrungrueng, Dehouche, and Assarut
2020). In live-streaming commerce, trust is closely associated with both the showcased
products and the streamers themselves. Trust in the product refers to viewers’ belief that
the attributes, quality, and post-purchase support align with the claims made by the
streamers (Wongkitrungrueng, Dehouche, and Assarut 2020). On the other hand, trust in
streamers relates to viewers’ perceptions of their willingness to empathize with customers
and provide high-quality, personalized services. Live streams mitigate uncertainty and risk
by fostering a sense of social presence that bridges the gap between buyers and sellers,
thereby enhancing consumers’ trust in both the products and the streamers (Darke et al.
2016). Previous studies have demonstrated a positive impact of social presence on
customer trust (Lu, Fan, and Zhou 2016; Ye et al. 2020). Hence, it is presumed that there
is a relationship between social presence networks and consumer trust on live platforms.
The social presence of live-streaming platforms also influences the experience of flow.
Unlike traditional e-commerce, where customers interact with websites, live-streaming
commerce involves real-time engagement through various communication channels like
chat, gifting and bullet purchases (Bründl, Matt, and Hess 2017). Viewers experience
a sense of flow when fully engaged and content while watching live streams (Chen and
Lin 2018). The immersive nature of live streaming, facilitated by the synchronous trans-
mission of audio and visuals, replicates a physical presence and enhances overall viewing
satisfaction (Bründl, Matt, and Hess 2017). Previous research has explored the relationship
between social presence on web platforms and the flow experience (Li et al. 2018).
Considering the functional similarities between live-streaming platforms and websites,
it is reasonable to hypothesize a correlation between their social presence and the flow

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6 A. D. PHAM ET AL.

experience in live-streaming commerce. Therefore, the present study introduces the

following hypothesis:

H1: The social presence of live-streaming platforms is positively related to consumer trust
(H1a) and flow state (H1b) in live-streaming commerce.

3.2. The impact of the social presence of viewers on consumer trust and flow state
Unlike traditional brick-and-mortar stores, online shoppers are unable to touch or visually
inspect products physically. Instead, they rely solely on photographs or text descriptions,
requiring their imagination to envision the desired items (Jiang, Rashid, and Wang 2019).
Online purchasing takes on a more sociable nature when customers engage in commu-
nication with one another, thereby reducing the sense of detachment (Pavlou, Liang, and
Xue 2007). Through the electronic word-of-mouth (e-WOM) shared by fellow viewers,
individuals can gain a better understanding of products in live-streaming commerce.
When viewers see favourable reviews and recommendations from their peers, they are
more inclined to trust the live streamers and the promoted products. This is because
persuasion is more effective when it comes from people like friends and acquaintances
(Lu, Fan, and Zhou 2016). Earlier research suggested that the social presence of viewers
engaged in live streams can exert a favourable influence on consumer trust, given the
prospect of converting spectators into customers (Ye et al. 2020). This correlation holds
significance in the context of live-streaming shopping as well. On the downside, the social
presence of viewers might erode consumer trust in the live-streaming platform in the
event of unauthorized sharing of sensitive information about social media influencers
(Jiang, Rashid, and Wang 2019). Besides, negative or hostile behaviour from viewers
towards streamers, specific groups or the broadcasted content also fosters a harmful
atmosphere and diminishes audience trust in live-streaming shopping (Liu, Yang, and
Ling 2020).
Live-streaming commerce, as discussed by Hamilton et al. (2014), integrates real-time
video content with an interactive text-based chat channel. This combination creates
a dynamic platform for engagement. Through the utilization of the chat channel, viewers
actively participate in live-streams and influence each other’s viewing experiences, as
highlighted by Lim et al. (2012). The interactive nature of the chat box enhances viewers’
sense of social presence, leading to active involvement and deep engagement in infor-
mation exchange, as observed by Kim (2015) and Li et al. (2018). Immersed in virtual
shopping activities, viewers often derive pleasure and enter a state of flow, as found in the
study of Sun et al. (2019). Previous research, such as that by Li et al. (2018), has provided
evidence supporting the positive impact of social presence on the flow state experienced
during live streaming.
Nevertheless, the social presence of viewers within the live-streaming platform can
sometimes harm the state of flow. Overwhelming distractions from an excessive influx of
irrelevant or disruptive messages in the chat or comments section may divert the
streamer’s and other viewers’ focus from the content. This can lead to a fractured natural
flow and hinder the attainment of complete immersion in the stream (Lu, Fan, and Zhou
2016). Furthermore, if viewers consistently interrupt the stream with irrelevant requests or

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ASIA PACIFIC BUSINESS REVIEW 7

discussions, it could distract the live streamers and disrupt the core informational content.
Such a disruption might cause viewers to feel uneasy and inclined to discontinue these
interrupted interactions (Ming et al. 2021).
Based on these observations, the present study formulates the following hypotheses:

H2: The social presence of viewers is positively related to consumer trust (H2a) and flow
state (H2b) in live-streaming commerce.

3.3. The impact of the social presence of streamers on flow state and consumer
trust
The trust consumers place in online commerce can be influenced by various factors, such
as the reputation of e-vendors (Oliveira et al. 2017) and the absence of face-to-face
interaction, which can diminish psychological connections and personal warmth (Ye
et al. 2020). These factors are likely to impact consumers’ trust levels when engaging in
online transactions. Specifically, should live streamers engage in deceptive advertising or
demonstrate fraudulent intent, there is a possibility that viewers will question the cred-
ibility of the information being broadcasted and the trustworthiness of the platform itself.
Lack of clarity regarding advertising and information sources can lead to declining
consumer trust (Shen 2012). Aside from that, undisclosed business partnerships or spon-
sorships on the part of live streamers could evoke a sense of psychological manipulation
among viewers (Jiang, Rashid, and Wang 2019). Live streamers possess the capabilities to
comprehensively showcase products through video presentations, engage actively with
viewers in real time, and provide personalized services (Wongkitrungrueng and Assarut
2018). As a result of these advancements in live-streaming commerce facilitated by
modern technology, there is an enhanced sense of social presence. The social presence
of streamers helps bridge the psychological gap between viewers and streamers, aiding
viewers in understanding their desired products and bolstering their trust in the strea-
mers. The impact of vendors’ social presence on consumer trust has been examined in
prior studies (Ye et al. 2020). Given that live streamers can be perceived as sellers, there
exists a correlation between their social presence and the trust placed in them by
customers. Given that live streamers can be perceived as salespeople, it is rational to
hypothesize a correlation between their social presence and the level of trust they instil in
customers.
Since streamers can offer more individualized services in response to viewer demand,
their social presence increases viewers’ concentration in live-streaming commerce (Yim,
Chu, and Sauer 2017). According to Liu et al. (2020), incorporating greater human
elements into live-streaming commerce, enabling viewers to interact with streamers in
real-time and fostering an experience akin to face-to-face conversation, has the potential
to enhance consumers’ overall satisfaction with their shopping endeavours. Meanwhile,
Bründl et al. (2017) state that social live-streaming services are hedonic information
systems. Customers’ perceptions of delight are the primary motivators to engage in the
live-streaming industry (Wirtz and Göttel 2016). Shopping can put consumers in a flowing
mood since they are becoming more focused and content. Prior research has provided

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8 A. D. PHAM ET AL.

substantial evidence indicating that social presence is crucial in augmenting consumers’

perceptions of enjoyment (Shen 2012) and cognitive absorption (Leong 2011).
The active involvement of live streamers can hinder the flow state within live-
streaming platforms by causing disruptions to the viewer’s experience through excessive
interactions. The state of flow demands profound engagement and enthusiasm, making
interruptions like frequent streamer outbursts and overwhelming audience engagement
detrimental to concentration. Consequently, the viewer’s sense of immersion and enjoy-
ment diminishes (Liu, Yang, and Ling 2020). Furthermore, focusing excessively on social
interactions at the expense of media content can lead to a sense of detachment, thereby
obstructing the attainment of a seamless flow state (Ming et al. 2021). Hence, achieving an
equilibrium between interaction and preserving an absorbing viewing experience is
critical in sustaining a positive flow state.
Drawing upon these findings, the present study puts forward the following
hypotheses:

H3: The social presence of streamers is positively related to consumer trust (H3a) and flow
state (H3b) in live-streaming commerce.

3.4. The impact of telepresence on consumer trust and flow state

According to Sun et al. (2019), live streamers can provide in-depth product demonstra-
tions and engage in interactive video chats with viewers, creating a heightened sense of
telepresence. This immersive multimedia experience, encompassing audio and visual
elements, contributes to a stronger sense of security. Adopting a live-streaming platform
with enhanced telepresence allows viewers to access a wealth of information, promoting
transparency (Lu, Fan, and Zhou 2016). Transparency is directly linked to customers’
perceived safety in retail (Lee and Park 2014), and previous research has shown
a positive correlation between telepresence and customer trust. Sun et al. (2019) inves-
tigated how telepresence influences consumer trust in live-streaming commerce and
purchase intention. Similarly, the study conducted by Ye et al. (2020) put forward the
notion that telepresence in the context of online P2P lodging can enhance customer
confidence. Thus, this research emphasizes the beneficial correlation between telepre-
sence and consumer trust.
An enhanced sense of telepresence on a website has the potential to captivate users’
attention within its virtual environment, diverting their focus from their physical sur-
roundings and inducing a state of flow (Bilal et al. 2020). Enhanced telepresence plays
a crucial role in promoting heightened viewer engagement, capturing their voluntary
participation in live streams, and fostering a psychological state characterized by focused
attention and satisfaction in the domain of live-streaming commerce (Li and Peng 2021).
The connection between flow state and telepresence has been a central focus in previous
studies. The relationship between telepresence and the flow experience in the domain of
virtual reality was examined by Kim and Ko (2019), who found supporting evidence.
Additionally, Ma et al. (2021) extended this notion by demonstrating that telepresence
can facilitate the state of flow in the context of mobile technology. Li and Peng (2021)

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ASIA PACIFIC BUSINESS REVIEW 9

established a positive association between presence and flow in the domain of live
streaming. Consequently, the following theories are put forth:

H4: Telepresence is positively related to consumers’ trust (H4a) and flow state (H4b) in live-
streaming commerce.

3.5. The impact of app brand equity on perceived usefulness and perceived ease
of use
Brand equity encompasses the values consumers associate with a brand, derived from
favourable or unfavourable encounters with its products and services (Chi 2018). Forming
a business as a brand confers significant competitive advantages, particularly in enhan-
cing customer relationships (Wang and Li 2012). The significance of brand equity has been
elucidated by White et al. (2013) through their exploration of the constructive influence of
consumer services, both online and offline, on consumers’ perceptions of brand equity.
The researchers examined brand equity in both online and offline domains individually,
underscoring the need for tailored branding strategies to enhance online brand equity.
Brand loyalty refers to repeated purchases by consumers over time and their percep-
tion of the brand and its products (Sasmita and Suki 2015). Brand image positively
influences customers’ online shopping behaviour (Sasmita and Suki 2015). Brand percep-
tion quality involves customers’ evaluation of a brand’s value relative to competitors
(Severi and Ling 2013). The brand association enables businesses to implement effective
brand extension and differentiation strategies (Chi 2018; Emari, Jafari, and Mogaddam
2012). These dimensions have been widely studied in branding research (Chi 2018;
Sasmita and Suki 2015; Tsao, Hsieh, and Lin 2016), yet their application to online shopping
is relatively new.
According to earlier research (Buil, Martínez, and De Chernatony 2013), brand equity
positively impacts consumers’ attitudes and online brand approval. Since customers are
less inclined to buy new brands, brand managers must seize a dominant position in the
mobile web market (Chi 2018). The positive impact of brand equity on mobile channels
can be demonstrated by offering a meaningful user experience and happiness (Porral
et al. 2015). A positive impact of WBE on consumers’ perceived usefulness and ease of use
towards m-commerce is also supported by the body of existing evidence (Chi 2018; Emari,
Jafari, and Mogaddam 2012). As a result, all aspects of an app’s brand value may positively
impact consumers’ perceptions of the value of live-streaming commerce.
Regarding adverse effects, some app brand equity attributes, namely brand association
and brand image, can predispose users to question the app’s reliability, functionality and
ease of use, ultimately diminishing both perceived usefulness and ease of use in the live-
streaming commerce landscape (Chi 2018; Emari, Jafari, and Mogaddam 2012; White,
Joseph-Mathews, and Voorhees 2013). Accordingly, improving the app’s brand image
through effective branding and addressing any issues associated with the brand is crucial
to enhance user perceptions in these areas.
Based on the above discussion, the following hypotheses are put forth:

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10 A. D. PHAM ET AL.

H5: App brand equity, including brand loyalty (H5a), brand image (H5b), brand association
(H5c), and brand perception (H5d) is positively related to perceived usefulness in live-
streaming commerce.

H6: App brand equity, including brand loyalty (H6a), brand image (H6b), brand association
(H6c), and brand perception (H6d) is positively related to perceived ease of use in live-
streaming commerce.

3.6. The impact of consumer trust on the flow state

Establishing trust plays a crucial role in alleviating consumers’ reluctance to adopt new
purchasing methods, thereby diminishing their perceived uncertainty and concerns
associated with live-streaming commerce (Wongkitrungrueng and Assarut 2018). When
individuals encounter uncertainty or anxiety, they often encounter difficulties fully enga-
ging in consumption activities (Lauterbach et al. 2009). Nevertheless, as customers’ trust
in live-streaming commerce strengthens, they are more likely to experience satisfaction
and become deeply involved in the activities, resulting in a decreased focus on negative
emotions. Consequently, this facilitates the state of flow.
Previous research has extensively investigated the connection between trust and the
state of flow. Wang and Wu (2019) demonstrated a positive impact of trust on the flow
experience, while Chang et al. (2019) explored the association between trust and the flow
state. Therefore, the following hypothesis is proposed:

H7: Consumer trust is positively related to the flow state in live-streaming commerce.

3.7. The impact of perceived ease of use on perceived usefulness

Perceived usefulness refers to the notion that utilizing technology could enhance an
individual’s job performance (Davis 1989). Previous studies revealed that perceived
usefulness significantly predicts consumer intent to adopt technology (Alalwan,
Dwivedi, and Rana 2017; Alavi and Ahuja 2016; Lin 2011; Lu et al. 2017; Shin 2009; Yu
2012). Furthermore, the influence of perceived ease of use on perceived usefulness has
been established in various research works, such as Chow et al. (2012), Jin (2020), and
Shaw and Kesharwani (2019). Specifically, Chow et al. (2012) demonstrated a direct impact
of perceived ease of use on perceived usefulness in their virtual environment study.
Recent studies by Shaw and Kesharwani (2019) and Jin (2020) have further emphasized
the significant influence of perceived ease of use on perceived usefulness. These theore-
tical underpinnings firmly establish the connections between technology readiness and
perceived ease of use and usefulness.
This association holds value in using applications for live streaming, as it saves time by
eliminating the need to visit physical stores. It also offers the convenience of watching live
broadcasts anytime and anywhere, thereby enhancing purchasing efficiency. This leads to
the following hypothesis:

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H8: Perceived ease of use is positively related to perceived usefulness in live-streaming

commerce.

3.8. The impact of consumer trust on impulse buying behaviour

Relationships may be developed based on the uncertainty reduction hypothesis since it
becomes easier to anticipate other people’s behaviour as uncertainty decreases
(Ballantine and Martin 2005; Lee and Choi 2017). According to Kim et al. (2019), social
uneasiness is brought on by the absence of in-person interaction and physical contact
while purchasing online. Ariffin et al. (2018) found that customers’ purchasing intentions
may need to be improved by the uncertainty and risk associated with online buying.
However, Tonkin et al. (2019) found that the fewer uncertainties and worries prospective
buyers have, the more trust they experience, and the more likely they are to engage in
impulse buying behaviour.
Previous research looked at the favourable effects of consumer trust on impulse
purchasing. Wu et al. (2016) state that customer trust may lead to impulse purchases.
According to research by Habib and Qayyum (2018), increased perceived trust will
encourage impulse buying by raising emotional reactions. Yi and Jai (2020) proved that
a feeling of trust might encourage customers’ impulse purchases. The same justification
might be used for live-streaming businesses. Consequently, the following hypothesis is
presented:

H9: Consumer trust is positively related to impulse buying behaviour in live-streaming

commerce.

3.9. The impact of flow state on impulse buying behaviour

The flow state has been found to increase customers’ tendency for impulse purchases
(Wu, Chiu, and Chen 2020). Marketing promotions in live-streaming shopping stimulate
consumers and lead to impulsive buying behaviours (Xu, Wu, and Li 2020). Intrinsic
enjoyment enhances exploratory behaviour and elicits impulsive behaviour (Guo and
Poole 2009). Previous research supports the positive correlation between the flow state
and impulse online purchasing behaviour (Wu, Chen, and Chiu 2016; Wu, Chiu, and Chen
2020). Hence, the proposed hypothesis regarding the flow state – impulse buying asso-
ciation is:

H10: Flow state is positively related to impulse buying behaviour in live-streaming

commerce.

3.10. The impact of perceived usefulness on impulse buying behaviour

As per Davis’s, 1989 technology acceptance model (TAM), numerous research works
have suggested a notable link between perceived usefulness and behaviours

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12 A. D. PHAM ET AL.

related to the adoption of different information systems. This is exemplified in

studies involving hedonic information systems, like the work of Wu et al. (2011).
Hedonic information systems are designed to provide users with pleasure-based
experiences, as seen in behaviours like impulse buying on web stores. According to
Parboteeah et al. (2009), customers’ perception of usefulness is crucial in determin-
ing the effectiveness of different purchasing methods. Meanwhile, Chea and Luo
(2008) and Zheng et al. (2019) emphasize the significance of customers’ perception
of usefulness regarding product information on e-commerce platforms as a crucial
factor influencing their buying behaviour. The aim of making an urgent purchase
encourages impulse shopping, which is an unusual purchase. From a psychological
standpoint, initial investigations have suggested a potential connection between
an individual’s cognitive response to external stimuli, such as perceived usefulness,
and their emotional state, which could either enhance or diminish it. This linkage is
associated with online impulse buying behaviour among consumers (Kalla and
Arora 2011). Wu et al. (2016) made the case that consumers’ propensity for impulse
purchases is closely related to perceived utility.
In this study, we propose the following hypothesis:

H11: Perceived usefulness is positively related to impulse buying behaviour in live-

streaming commerce.

Based on the above mentioned hypotheses, we construct the research model in

Figure 1.

3.11. The impact of perceived ease of use on impulse buying behaviour

Perceived ease of use, defined by the TAM model (Davis 1989), refers to the
customers’ perception of their freedom to utilize the system or technology, making
online product search more straightforward. The convenience of access and navi-
gation on online shopping websites contributes significantly to the overall conve-
nience of online purchasing (Yang 2007). Consequently, customers who find online
shopping convenient are more likely to perceive their purchases as beneficial (Lee
2018), thus influencing their attitudes, intentions, and shopping behaviour.
Numerous researchers have identified several factors that could influence impulse
buying behaviour. Notably, when individuals using online platforms are positively
emotional, they tend to engage more readily in this behaviour. Moreover, positive
emotions experienced by online shoppers amplify the tendency for impulse buying
and overspending (Verplanken and Herabadi 2001). Hence, we establish the follow-
ing hypothesis:

H12: Perceived ease of use is positively related to impulse buying behaviour in live-
streaming commerce.

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Figure 1. Proposed research model.

4. Research method
4.1. Data
4.1.1. Sampling approach
A systematic sampling technique was employed to select participants from
a predetermined list at an interval of 3. The most significant advantage of this method
is that it produces a representative sample of all the subjects studied. The only require-
ment for participants is someone who lives and works in Hanoi and has experienced
shopping on the live-streaming platform.

4.1.2. Data collection

A survey was conducted over two months, from 1 December 2022 to 30 January 2023, with
a participant pool of 700 individuals. Interviewees include students studying at and young
officers and lecturers working for the top three economics universities (including Foreign
Trade University, National Economics University, and Banking Academy of Vietnam) and the
top three high schools (including Hanoi-Amsterdam High School for the Gifted, Chu Van An
High School, and Kim Lien High School) in Hanoi. The number of questionnaires allocated to

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14 A. D. PHAM ET AL.

each university and high school was 500 and 200, respectively. The survey distribution and
collection were implemented with the support of our colleagues at the aforementioned
institutions and representatives from the Executive Committee of the Hanoi Municipal
Youth Union. Upon survey completion, a total of 575 questionnaires were received back,
reflecting an 82% response rate. Excluding the unsatisfactory responses, 500 were valid for the
data analysis.

4.2. Measures
The observed variables were created based on previous research with minor modifica-
tions to assure their applicability to the live-streaming industry. The measurement of the
social presence of the live-streaming platform utilized an adjusted scale developed by Sun
et al. (2019). On the other hand, the assessment of observers’ and streamers’ social media
presence was based on the work of Ye et al. (2020). Three measurement items of
telepresence were adopted from the research conducted by Lee and Park (2014). Sun
et al. (2019) devised a four-item scale to gauge consumer trust, while Koufaris (2002)
created a five-item scale to measure the flow state. A five-point Likert scale, ranging from
‘completely disagree’ to ‘completely agree’, was employed to evaluate all the items.

4.3. Data analysis

4.3.1. Analysis approach
In this study, the partial least squares structural equation model (PLS-SEM) approach is
employed to examine the association between measurement items, consisting of 12
exogenous variables and one endogenous variable (viz. impulse buying behaviour). As
advised by Hair et al. (2011) and Tran and Huang (2022), this technique appears reliable
for theory development and prediction.

4.3.2. Analytical process

The study confirms the scales’ reliability, convergent validity and discrimination.
Structural relationships between constructs were assessed using Cronbach’s Alpha,
composite reliability (CR), and average variance extracted (AVE) values (Dang and
Pham 2020; Hair et al. 2010; Nguyen 2019). Discriminant validity was determined
through cross-loading, Fornell-Larcker criteria and heterotrait-monotrait ratio of corre-
lations (HTMT) analysis (Hair et al. 2019). The hypothesis was tested using SmartPLS
software.

5. Results
5.1. Sample description
From the statistics presented in Table 1, the sample exhibits the most favourable attri-
butes based on each respective criterion: female (57.4%), age between 18 and 25 (around
70%), student occupation (87.6%), monthly income of up to 3 million VND (58.8%) and the
frequency of live-stream purchases once every 2–3 months (37.2%). In particular, 92% of
respondents were under 25, indicating that the response quality is appropriate for the

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Table 1. Descriptive statistics (N = 500).

Category Item %
Gender Male 42.6
Female 57.4
Age <18 22.8
18–25 69.2
26–35 5.2
>35 2.8
Employment Students 87.6
Freelancers 7.2
Office workers 4.6
Others 0.6
Income level (VND, monthly) <3 million 58.8
3–5 million 18.0
5–10 million 12.4
>10 million 10.8
Commonly used social Tiktok 75.2
commerce platform Facebook 72.8
Instagram 31.2
Others (Shopee, Lazada, etc.) 56.8
Frequency of purchase More than once a month 30.8
in live-streaming platforms Once every 2–3 months 37.2
Once every 4–6 months 10.0
More than once a year 14.0
Seldom 8.0

research topic. Besides, regarding the most popular platform for watching live-streams,
TikTok emerges as the leader with a staggering three-quarters of respondents choosing it,
followed by Facebook and Instagram.

5.2. Scale validation

Table 2 presents the Cronbach’s Alpha, CR and AVE results. All Alpha coefficients satisfy
the condition of being greater than 0.7. The largest alpha coefficient, 0.924, is for the flow

Table 2. Cronbach’s Alpha, CR and AVE values.

Cronbach’s Alpha CR AVE
SPOLSP 0.863 0.936 0.879
SPOV 0.876 0.942 0.890
SPOS 0.821 0.918 0.848
TLP 0.850 0.930 0.870
BL 0.844 0.905 0.760
BI 0.816 0.881 0.646
BA 0.756 0.891 0.803
BP 0.849 0.909 0.768
CT 0.905 0.941 0.841
FS 0.924 0.942 0.766
PU 0.852 0.906 0.771
PEOU 0.887 0.931 0.812
IBB 0.915 0.936 0.746
(1) BA = brand association, BI = brand image, BL = brand loyalty, BP =
brand perception, CT = consumer trust, FS = flow state, IBB = impulse
buying behaviour, PEOU = perceived ease of use, PU = perceived use-
fulness, SPOLSP = social presence of live-streaming platform, SPOS =
social presence of streamers, SPOV = social presence of viewers, TLP =
telepresence.
(2) CR = composite reliability, AVE = average variance extracted.

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16 A. D. PHAM ET AL.

Table 3. Discriminant validity.

1 2 3 4 5 6 7 8 9 10 11 12 13
1. BA 0.89
2. BI 0.72 1.00
3. BL 0.62 0.48 1.00
4. BP 0.83 0.74 0.61 0.88
5. CT 0.66 0.59 0.79 0.72 0.92
6. FS 0.65 0.59 0.69 0.70 0.78 0.88
7. IBB 0.65 0.55 0.63 0.65 0.71 0.70 0.86
8. PEOU 0.71 0.59 0.46 0.70 0.50 0.52 0.52 1.00
9. PU 0.58 0.46 0.59 0.63 0.61 0.59 0.72 0.37 1.00
10. SPOLSP 0.69 0.62 0.55 0.70 0.70 0.72 0.61 0.63 0.48 0.94
11. SPOS 0.72 0.66 0.58 0.73 0.69 0.76 0.59 0.59 0.49 0.83 0.92
12. SPOV 0.75 0.64 0.56 0.69 0.63 0.71 0.61 0.62 0.46 0.79 0.82 0.94
13. TLP 0.72 0.62 0.61 0.71 0.72 0.73 0.64 0.66 0.54 0.81 0.77 0.77 0.93
BA = brand association, BI = brand image, BL = brand loyalty, BP = brand perception, CT = consumer trust, FS = flow
state, IBB = impulse buying behaviour, PEOU = perceived ease of use, PU = perceived usefulness, SPOLSP = social
presence of live-streaming platform, SPOS = social presence of streamers, SPOV = social presence of viewers, TLP =
telepresence.

state scale, while the smallest, 0.756, is for brand association. As recommended by Bagozzi
and Yi (1988), for exploratory research, CR must exceed the threshold of 0.7; therefore, the
obtained CR coefficients are fully satisfied. In brief, all the constructs employed for analysis
indicate high levels of reliability. Next, the average variance extracted (AVE) index is used
to evaluate convergence. Hock and Ringle (2010) suggest that a scale has a convergent
value if its AVE attains a minimum of 0.5. With AVE values ranging from 0.646 to 0.890, our
scale demonstrates a satisfactory level of convergence. Lastly, the variance inflation factor
(VIF) statistics assess multicollinearity. As recommended by Hair et al. (2019), multicolli-
nearity is likely to exist as the VIF exceeds 5. Our test results show that all VIF values
obtained are below the threshold of 5, indicating the absence of multicollinearity within
the dataset.
In the next step, we evaluated discriminant validity, i.e. the discriminant strength of
one variable relative to the other variables (Hair, Ringle, and Sarstedt 2011). According to
Fornell and Larcker (1981), discriminability is ensured when the square root of the
Average Variance Extracted (AVE) for each underlying factor exceeds all correlations
between these factors. Our analysis demonstrates that the square root of the mean square
error for all variables surpasses their correlations with other variables, confirming discri-
minant validity (see Table 3).

5.3. Structural equation model estimation

Table 4 presents the results of the path analysis, which support 15 out of 24
hypotheses (the remaining eight hypotheses with p-values greater than 0.05 were
excluded). The research results indicate that consumers’ attitudes and circum-
stances positively affect their impulse purchasing behaviour. This conclusion is
supported by the findings of Atulkar and Kesari (2018), who discovered that
pleasure, emotion and mood trends significantly impact consumer purchasing
decisions. Regarding social presence attributes, the impact of live broadcasting
on social media platforms extends significantly to consumer trust. In reality, the
immersive nature of live-streaming creates an optimal environment for consumers

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Table 4. Path coefficients.

Relationship β Std. Dev. T-statistics P-value
H1a: SPOLSP → CT 0.197 0.064 3.068 **
H3a: SPOS → CT 0.258 0.079 3.275 **
H4a: TLP → CT 0.386 0.075 5.129 **
H2b: SPOV → FS 0.115 0.050 2.324 *
H3b: SPOS → FS 0.256 0.057 4.505 **
H5a: BL → PU 0.308 0.052 5.945 **
H5d: BP → PU 0.483 0.071 6.766 **
H8: PEOU → PU −0.177 0.053 3.375 **
H6c: BA → PEOU 0.420 0.073 5.735 **
H6d: BP → PEOU 0.326 0.085 3.858 **
H7: CT → FS 0.436 0.053 8.181 **
H9: CT → IBB 0.228 0.059 3.847 **
H10: FS → IBB 0.163 0.061 2.671 **
H11: PU → IBB 0.403 0.052 7.821 **
H12: PEOU → IBB 0.136 0.044 3.070 **
Note: *p < 0.05; **p < 0.01.

to experience a state of flow. This increases engagement and absorption of their

overall streaming experience and establishes a connection with the presented
content. Consequently, the presence of live broadcasting on social media platforms
plays a vital part in reinforcing consumer trust. The results also reveal that the
influence of live streamers’ social presence on consumer trust and the positive
impact of audience presence on the flow state is evident. The reason may be that
if live streamers have high levels of credibility, recognition and popularity, it is
easier for viewers to be attracted, captivated, and gain the trust of customers,
which ultimately leads to impulse purchasing.
This study also shows that telepresence directly impacts consumer confidence.
Following Li and Peng (2021), in live-streaming commerce, improved telepresence
would encourage more spectators to interact, thereby increasing their immersion in the
live stream. Therefore, it induces a sense of psychological concentration and pleasure. This
study also validates the notion that the perceived ease of use significantly influences the
perceived usefulness of a product, as previously substantiated by Shaw and Kesharwani
(2019). In addition, perceived usefulness and ease of use have been demonstrated to
profoundly affect impulsive purchasing behaviour, aligning with outcomes from multiple
prior research endeavours (e.g. Kalla and Arora 2011; Verplanken and Herabadi 2001).
Consequently, products featuring practical functionalities and user-friendly interfaces
tend to garner substantial favour among consumers when introduced on live-streaming
platforms.

6. Implications
6.1. Theoretical implications
This study has significant theoretical implications for live-streaming commerce, contribut-
ing to the existing body of knowledge. Previous research has primarily focused on
consumer motivations related to live-streaming, including satisfaction theory, technol-
ogy-related motivations, and consumer behaviour during live streams, such as

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18 A. D. PHAM ET AL.

interactions and purchases (Cai et al. 2018; Wang and Wu 2019). However, limited
attention has been given to impulse purchasing behaviour within the live-streaming
commerce context. Therefore, this study fills a research gap by examining the underlying
factors influencing impulse purchasing behaviour, making it a valuable contribution to
the literature on the live-streaming industry.
Second, this research advances theoretical understanding by exploring the concept of
presence and its significance in live-streaming commerce. Previous studies have mainly
examined overall presence or limited forms of presence (Algharabat et al. 2018; Gao et al.
2018; Lu, Fan, and Zhou 2016). However, this study goes beyond previous findings by
categorizing presence into four distinct groups: the social media presence of the live-
streaming platform, the viewer, the broadcaster, and the telepresence. The objective is to
analyse the influence of each factor on impulse purchasing behaviour and investigate
how these categories of presence impact consumer trust and flow state, which, in turn,
affect consumer impulse purchasing behaviour. This comprehensive approach enhances
the depth of knowledge on presence within the live-streaming industry and makes
a noteworthy contribution to the field.
In brief, this study fills research gaps by examining the underlying factors influencing
impulse purchasing behaviour in the live-streaming commerce context. It also advances
theoretical understanding by categorizing and analysing the impact of different forms of
presence on consumer trust, flow state and impulse purchasing behaviour. Therefore, this
research makes particular theoretical contribution to live-streaming commerce.

6.2. Management implications

The research findings have substantial implications for live broadcasters and online
retailers involved in the live-streaming industry. First, empirical evidence highlights the
impact of four distinct categories of presence on live-streaming commerce. The real-time
interactions foster a sense of presence by bridging the physical and psychological gaps
between the streamer, the viewer and the product (Wang and Wu 2019). The high level of
interactivity distinguishes live-streaming commerce from traditional e-commerce, offer-
ing advantages. Therefore, to leverage this distinction, live broadcasters should strive to
create an engaging environment and actively encourage audience participation.
Enhancing sales requires e-retailers to choose appealing live broadcasters with excep-
tional sales skills and practical communication abilities. By implementing these strategies,
broadcasters and retailers can maximize their sales potential in live-streaming commerce.
Second, the findings indicate that consumer trust and flow state positively affect
impulse purchasing behaviour. In the event of a captivating and credible live stream,
viewers are inclined to focus their attention, potentially leading to impulse purchases. In
order to optimize the consumer experience during live shopping broadcasts, e-commerce
retailers and live streamers should exercise caution in selecting background music that
promotes relaxation, captivating visuals, and engaging videos. Additionally, employing an
interactive design that cultivates a sense of comfort for consumers is crucial. Streamers
should endorse products with transparency and integrity, ensuring consumers can make
informed decisions. Similarly, e-retailers can enhance consumer confidence by offering
high-quality goods. By implementing these strategies, both streamers and e-retailers can

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foster an environment conducive to positive consumer experiences during live shopping

broadcasts.
Lastly, the live-streaming industry is flourishing in Vietnam but is still in its
infancy in many developing and developed nations. In the future, they should
emphasize the significance of live-streaming commerce and adopt new technolo-
gies that give consumers an incredible sensation of presence to stimulate their
purchase intent.

7. Limitations and future research

Despite the richness of the model and its findings, this study recognizes limitations
which offer avenues for future research. First, two categories of commercial live
streaming exist, namely, one pertains to e-commerce websites (applications) that
incorporate live broadcasting, while the other encompasses social media platforms
that facilitate commercial activities. Nevertheless, we only examined the live-
streaming industry and did not distinguish the two categories. Thus, it is recom-
mended that future research delve into the specific role of presence within the two
distinct categories of live-streaming commerce. By focusing on these areas, research-
ers can better comprehend how presence impacts live-streaming commerce
dynamics, thus enriching existing knowledge and revealing distinct category-
specific implications.
Second, it is important to note a subtle differentiation between impulse purchasing
behaviour and intention. Intentions to make impulse purchases do not necessarily result
in impulse purchases as there are various additional factors, including psychological
aspects, that could influence this process. This study, unfortunately, has not taken the
differences between the two sections into account. Hence, future research may investi-
gate how impulse purchasing intentions materialize into actual purchasing behaviour.
Lastly, since this is a Vietnam-specific study on impulse buying in live-streaming
commerce platforms, there are certain limitations concerning sample coverage (predo-
minantly young Hanoians) and policy visibility. Therefore, subsequent research could
enhance generalizability by encompassing all three regions of Vietnam (North, Central,
and South) and exploring cross-border e-commerce implications. Alternatively, prudence
is essential when generalizing the research across Asia, as cultural variations can pro-
foundly affect empirical outcomes.

Acknowledgements
We would like to express our special thanks to Mr. Tran Quang Hung, Deputy Secretary of the Hanoi
Municipal Youth Union–Curator of the Global Shapers Hanoi Hub (a constituent of the World
Economic Forum), and his team at Hub Network for their assistance in collecting the survey data;
Dr. Tim Andrews, Regional Editor of APBR, and the two anonymous reviewers for their constructive
comments and encouragement.

Disclosure statement
No potential conflict of interest was reported by the author(s).

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20 A. D. PHAM ET AL.

Notes on contributors
Anh D. Pham is a blossoming economics researcher and lecturer at the Banking Academy of
Vietnam. He earned his BSc in International Business from Foreign Trade University (Vietnam),
MSc in International Economics and Finance from Bournemouth University (UK), and PhD in
Economics from the Banking Academy of Vietnam. His main research interests include development
economics, macro policy, financial technology, and business administration. His works have
appeared in top-ranked economics journals such as International Journal of Bank Marketing,
Journal of Asian Business and Economic Studies, Journal of Economics and Development, and Asian
Academy of Management Journal.
Ngoc H. Pham is a senior student specializing in business administration at the Banking Academy of
Vietnam. She is passionate about scientific research and constantly seeks new opportunities to
expand her knowledge and expertise. Upon graduation, she aspires to become an influential
researcher and contribute meaningfully to advancing Vietnam’s science and technology.
Minh N. Nguyen, a PhD candidate, is currently serving as an economics researcher at Research
Institute for Banking, Banking Academy of Vietnam. His research interests include banking activities,
financial market and stock market.
Ngoc T.H. Giap is a senior student who is currently pursuing a major in business administration at
the Banking Academy of Vietnam. Her current research focuses on consumer purchasing psychol-
ogy and entrepreneurial social networks. She has demonstrated a keen interest in Business
Administration through contributions to academic seminars and conferences hosted by the
Academy.
Dung L. Bui is a senior student majoring in business administration at the Banking Academy of
Vietnam. During the implementation of research projects, she demonstrates her forte in forming a
theoretical framework, conducting literature reviews and developing survey questionnaires based
on defined research missions. Her research pursuits have spanned various areas, including market-
ing, logistics, and human resources.
Trang L. Bui is a senior student specializing in business administration at the Banking Academy of
Vietnam. Her research works focus on marketing, logistics, and human resources.
Trang T.T. Dao is a senior business administration–advanced program student at the Banking
Academy of Vietnam. Her research interests include economics, business strategies and the con-
sumption behavior of individuals. She has authored or co-authored several research papers at
academic seminars/conferences hosted by the Banking Academy of Vietnam. She has been granted
scholarships five times, from 2021 to 2023, notably a distinguished scholarship from the State Bank
of Vietnam in 2022.

ORCID
Anh D. Pham http://orcid.org/0000-0002-5199-2682
Minh N. Nguyen http://orcid.org/0000-0002-0804-4329

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