Journal of Open Innovation:

Technology, Market, and Complexity

Article
An Extended Technology-Organization-Environment (TOE)
Framework for Online Retailing Utilization in Digital
Transformation: Empirical Evidence from Vietnam
Tran Hung Nguyen, Xuan Cu Le * and Thi Hai Ly Vu

Faculty of Economic Information System and E-Commerce, Thuongmai University, Hanoi 100000, Vietnam
* Correspondence: [email protected]; Tel.: +84-904-986-887

Abstract: Digital transformation has profoundly influenced various socio-economic fields and in-
duced retailing firms to utilize digital innovations to maximize business effectiveness in the digital
era. The study aims to pinpoint the motivations for online retailing (ORE) adoption and business
performance among Vietnamese businesses in the formative digital transformation stage within an
extended technology-organization-environment (TOE) framework. The questionnaire-based data are
accumulated for this study. Firm respondents are those who have used and increased their familiarity
with ORE in Vietnam. All analysis is performed using structural equation modeling (SEM). The
results posit that important factors of technological context (i.e., relative advantage, compatibility, and
observability), organizational context (i.e., top management support, entrepreneurial orientation, and
technological orientation), and the environmental context (i.e., perceived trend, government support,
and legal framework) substantially boost ORE adoption. Additionally, firm age is an essential control
variable that strongly influences firms’ engagement in ORE. Unexpectedly, firm size, competitive
pressure, and control variable (i.e., number of employees) do not significantly affect ORE adoption.
Besides, ORE adoption serves as an underlying motivation for business performance. Ultimately,
theoretical and practical implications are discussed.
Citation: Nguyen, T.H.; Le, X.C.; Vu,
T.H.L. An Extended Technology-
Keywords: online retailing; business performance; Vietnam; digital transformation; technology-
Organization-Environment (TOE)
organization-environment framework
Framework for Online Retailing
Utilization in Digital Transformation:
Empirical Evidence from Vietnam. J.
Open Innov. Technol. Mark. Complex.
2022, 8, 200. https://doi.org/ 1. Introduction
10.3390/joitmc8040200 Today’s firms are crossing the threshold of digital transformation. They struggle
Received: 16 October 2022
to survive in the global market, and the challenge for managers is to gain sustainable
Accepted: 14 November 2022
development [1]. Accordingly, firms are prone to pursue appropriate growth strategies with
Published: 16 November 2022
innovation adoption as technological innovations revolutionize business ways by creating
new business models and earning potential customers. Digital transformation allows
Publisher’s Note: MDPI stays neutral
firms to transform the abilities of digital technologies for business, especially traditional
with regard to jurisdictional claims in
retailing to Online Retailing (ORE) [2]. ORE is conceded as an innovative business art
published maps and institutional affil-
that contributes significantly to business performance through efficient operations, cost
iations.
reduction, and new market development. Developed countries have become the leaders of
the digital economy by enjoying ORE benefits, while developing countries are attempting
to adopt technological innovations in the retail industry [1]. ORE is helpful for firms
Copyright: © 2022 by the authors.
to extend the market regardless of geographical boundaries, and it is a modern model
Licensee MDPI, Basel, Switzerland. of selling goods via the Internet. ORE offers ample opportunities to businesses since it
This article is an open access article helps to foster competitive advantage. Scholars have emphasized that the utilization of
distributed under the terms and innovations considerably enhances business performance [3,4]. Putra et al. [5] revealed that
conditions of the Creative Commons e-business adoption positively influences enterprise performance at an operational level
Attribution (CC BY) license (https:// among Indonesian firms. Yacob et al. [6] confirmed e-commerce adoption as a determinant
creativecommons.org/licenses/by/ of sustainable performance among businesses. Hence, it is vital to consider the influence of
4.0/). ORE usage on business performance across firms.

J. Open Innov. Technol. Mark. Complex. 2022, 8, 200. https://doi.org/10.3390/joitmc8040200 https://www.mdpi.com/journal/joitmc

J. Open Innov. Technol. Mark. Complex. 2022, 8, 200 2 of 22

Vietnam is an emerging economy with strong ORE growth. ORE revenue reached
12 billion U.S. dollars in 2021 [7]. ORE contributed significantly to the development of the
digital economy, as its sales accounted for 5.5% of total retail sales in 2020. However, as of
the first nine months of 2021, the retail revenue of consumer goods decreased by 7.1% due
to the impact of the COVID-19 pandemic [8]. ORE development is below compared to the
utilization of other nations worldwide [9]. The diffusion of ORE has not met expectations,
and its current landscape alludes that this sector has not yet reached its full potential,
especially when considering that 76 million Internet users will be reached by 2023 [10].
Besides, some firms remain reluctant to implement ORE due to the unawareness of its
economic benefits [1], a lack of innovative knowledge, information technology investment,
top-tier manager support, and an understanding of customer needs, regulations, and
policies [10]. This is an apparent weakness and impediment when competing in the
digital transformation of the global market. Hence, researchers emphasized that there are
major drawbacks of ORE development among Vietnamese firms relating to infrastructure,
management, and internal and external facilitators [9,10].
Extant studies have tested e-commerce adoption from a firm perspective. Putra
et al. [5] demonstrated technology (i.e., perceived benefits, compatibility, trialability, com-
plexity, and observability), organization (i.e., financial resource, innovativeness, and man-
agement support), and environment factors (i.e., competitive pressure, government support,
and vendor support) substantially boost e-business adoption among Indonesian enterprises.
Dahbi et al. [11] argued that e-commerce adoption is motivated by technological, financial,
cultural, and organizational contexts, whilst technological context appearing as the most
important influencer. Meanwhile, Garg and Choeu [12] investigated that e-commerce usage
among firms in Pretoria East is leveraged by relative advantage, competitive pressure,
and government support. Likewise, relative advantage, compatibility, and management
attitude served as the essential facilitators of e-commerce adoption in Malaysia [13]. Gener-
ally speaking, current literature has paid attention to technological, organizational, and
environmental contexts as the fundamental motivators of e-commerce adoption among
businesses. Nonetheless, there are a few studies that examine the determinants of ORE
adoption and business performance, especially in the salient digital transformation context.
Otherwise, with the new scenario of digital transformation in developing markets, ORE
adoption and business performance could be driven by important catalysts such as techno-
logical orientation [14,15], entrepreneurial orientation [3,16], and perceived trend [17,18].
Consequently, it increases the necessity of uncovering how to boost ORE adoption and firm
performance through all technology, organization, and environmental aspects in digital
transformation and in Vietnam.
Several prominent models are utilized for explaining innovation adoption among busi-
nesses, comprising the technology acceptance model (TAM) [19–21], diffusion of innovation
(DOI) [22,23], and the unified theory of acceptance and use of technology (UTAUT) [24].
Furthermore, TOE recommended by Tornatzky et al. [25] is strongly supported by di-
versified studies to understand the formation of the adoption toward a wide range of
innovations at the firm level [19,26–28]. Its validity lies behind a holistic mechanism of
innovation adoption in a flexible way using influential technological, organizational, and
environmental contexts.
In light of this, the study aims to narrow the research gap on organizational behaviors
toward ORE by enlightening an overarching mechanism behind adoption intention and
business performance in a developing country such as Vietnam. Two research questions
are as follows:
RQ1. What are the important motivations regarding technology, organization, and
environmental dimensions for ORE adoption in digital transformation?
RQ2. Does ORE adoption stimulate business performance among Vietnamese businesses?
To answer these questions, TOE is applied as a valid, robust, and precise model as its
well-defined constructs (including internal and external) portray perspectives to clarify
how to formulate ORE adoption decisions and business performance among firms. To this
J. Open Innov. Technol. Mark. Complex. 2022, 8, 200 3 of 22

end, the contributions of this study are threefold. First, this research affirms the strong
explanatory power of the TOE for understanding how to shape ORE adoption and business
performance among Vietnamese firms. Moreover, the extension of TOE is emerging by
complementing some crucial factors, including entrepreneurial orientation, technology
orientation, and perceived trends, to enrich the analysis of ORE utilization and business
performance in the embryonic digital transformation. Few studies are available to nurture
ORE usage in entrepreneurs to obtain sustainable development in digital transformation.
Current work makes a valuable contribution in this context. Second, in comparison with
preliminary studies on innovative technologies, our paper focuses primarily on usage
decisions and business effectiveness associated with initial behavioral responses (e.g.,
ORE adoption). Third, this study will be a guideline for managers, practitioners, and
policymakers to sustain ORE by reinforcing business tactics and validating policies. Con-
sequently, firms would increase their engagement in ORE not just in Vietnam but also in
other developing nations with the same issues of the implementation of ORE. Overall, this
study examines the refined innovation model using covariance-based SEM (CB-SEM) for
enlightening ORE adoption and business performance and offers profound insights into
organization behaviors in Vietnam.
Our study is organized as follows: Section 2 discusses the theoretical background.
Section 3 depicts a research model with hypotheses formulation by the following TOE.
Section 4 shows the research method. Section 5 explains the data analysis and results.
Section 6 provides the discussion and implications. Lastly, Section 7 presents the conclusion
and a promising scope.

2. Theoretical Background
The TOE framework is essentially coined by Tornatzky et al. [25] to exhaustively
explicate behavioral intentions and implementation of innovation at a firm level. Its
strength over other behavior models is the reflection of the impacts of multiple aspects (i.e.,
internal and external) on adoption decisions based on the following three contextual groups:
technology, organization, and environment. The technological context depicts existing
technologies in use and new technologies that are relevant to each firm. Organizational
context reflects the characteristics of the firm in terms of its scope, size, and resources, while
environmental context illustrates the arena in which firms conduct business, including
industry, competitors, and government [25].
TOE encompasses a broad range of contextual applications. Hashimy et al. [21] eluci-
dated the adoption process toward blockchain from the lending of multiple perspectives
of technology (i.e., relative advantage, complexity), organization (i.e., competency, top
management support), and environment (i.e., competitive pressure). Tajudeen et al. [29]
utilized TOE and found that technology (i.e., relative advantage, compatibility), organi-
zation (i.e., top management support, entrepreneurial orientation), and environment (i.e.,
institutional pressure) significantly impact social media usage for understanding customer
needs and improving organizational communication and public relations. Another study
by El-Haddadeh et al. [30] tailored a TOE-based model to successfully explain big data ana-
lytics adoption and value creation for realizing sustainable development goals among UK
firms. Their investigations demonstrated that technology (perceived benefits, technology
complexity), organization (organizational readiness, information technology infrastructure
capability), environment (government policy, regulation, competitive pressure) signifi-
cantly drive top management support, adoption, and value creation. Meanwhile, Khan
et al. [31] enlightened firms’ behaviors in the adoption and usage toward mobile payment
systems with the buttress of the extended TOE framework and pinpointed that relative ad-
vantages, compatibility, top management support, and competitive pressure are facilitators
of behavioral intention on actual use across firms in both China and Pakistan. Likewise,
Mahakittikun et al. [32] attempted to develop a research model of firm performance in
mobile payments among Thai firms due to TOE. Their results asserted the crucial roles of
relative advantage, innovativeness, mobile payment knowledge, critical mass, competitive
J. Open Innov. Technol. Mark. Complex. 2022, 8, 200 4 of 22

pressure, and external support in providing cost reduction, sales increase, operational
improvement, and customer relationship enhancement. In line with the firm adoption
toward innovations, earlier studies offered a proper understanding of e-business usage
with the help of TOE. Chatzoglou and Chatzoudes [33] demonstrated that e-business adop-
tion is motivated by TOE antecedents, comprising information technology infrastructure,
internet skill, firm size, and government support. The theoretical buttress of the TOE is
confirmed in e-commerce under the COVID-19 pandemic [9]. E-commerce is implemented
for organizational survival in emerging competitive markets in digital transformation, and
firms should pay attention to the substantial impact of compatibility, external pressure,
external support, and management support on e-commerce adoption. Meanwhile, recent
studies advocated the indispensability of e-commerce in the global economy in connection
with digital transformation and its decisive influence on business performance through dig-
italized technologies [1] and entrepreneurial orientation [6]. Otherwise, TOE is combined
with other commonly applied models to explore innovation adoption among organizations.
Chatterjee et al. [19] designed a hybrid TOE-TAM model for explaining the applicabil-
ity of Industry 4.0 and pinpointed motivators for firm adoption of artificial intelligence
(AI) embedded technology by digital manufacturing and production organizations. Their
outcomes showed that TOE antecedents (i.e., compatibility, complexity, competency, and
partner support) and TAM antecedents (i.e., usefulness and ease of use) are the crucial
influencers of AI adoption. Hiran and Henten [23] demonstrated an appropriate association
between TOE and DOI in interpreting the technology, organization, environment, and socio-
cultural aspects of cloud computing usage among educational organizations. Similarly,
TOE is widely utilized to illuminate firm intentions to embrace various innovation do-
mains, comprising AI [1], e-business [5], e-commerce [11,12,15,16], big data [14,28], digital
advertising [20], social commerce [26], social media marketing [27], customer relationship
management (CRM) [34], and information and communication technology [35]. Generally
speaking, each research reflects its own strengths and weaknesses. Noticeably, the similar
idea across these studies using TOE is the focus on the original motivations for innovation
adoption among businesses. The superior strength of TOE lies in the clarification of both
internal and external factors in a single paradigm. Accordingly, TOE has consistent em-
pirical support and a solid theoretical underpinning in illuminating behavioral intentions
toward innovations from a firm perspective. In this context, TOE is a fundamental base,
which clarifies the impacts of its antecedents on ORE adoption and business performance.
Of the technological constructs, relative advantage, compatibility, and observability are
prioritized for the appropriateness of the ORE setting. Of the organizational constructs,
top management support and firm size are pinpointed in our research model. Lastly, the
environmental constructs, competitive pressure, perceived trend, government support, and
legal framework are the indispensable motivators of ORE adoption.
Despite being commonly chosen, the limitation of previous studies is that they fol-
lowed the original TOE framework. They overlooked the interrelationships between the
antecedents, whilst behavioral intentions rely on different characteristics of each innova-
tion and its development in each country [23]. Additionally, TOE constructs are dynamic
based on different contexts, the types of technologies and organizations [28]. Hence, their
influences should be considered and added to the TOE, which would increase the va-
lidity of the interpretation of the findings. For instance, Tajudeen et al. [29] formulated
a TOE-based model and employed social media characteristics, including interactivity,
cost, and structural assurance, as the decisive predictors of social media usage. Likewise,
complementary constructs were considered for various research contexts, such as security
and privacy for the adoption of big data [14] and social commerce [26], and socio-culture
for cloud computing [23]. Therefore, along with the original TOE antecedents, it is argued
that other organizational (i.e., entrepreneurial orientation and technological orientation)
and environmental contexts (i.e., perceived trend) are complemented to offer better expla-
nations of ORE adoption and business performance among Vietnamese firms in digital
transformation. Overall, the consideration of the predictors of firm adoption and business
J. Open Innov. Technol. Mark. Complex. 2022, 8, 200 5 of 22

performance in ORE is considered by a two-stage process recommended by Maroufkhani

et al. [28]. The first stage is the identification of the most significant constructs from the
well-cited works. This is due to the fact that these factors have been consistently proven to
be more important in measuring innovation adoption. After reviewing the extant literature
on TOE-based innovation adoption and deliberating the organizational and environmental
characteristics in the digital transformation scenario and in Vietnam, relevant constructs
are presented in this research model.

3. Conceptual Model and Hypotheses Formulation

3.1. Technological Context-Related Factors and ORE Adoption
Relative advantage is associated with the level at which an innovation is expected to
provide benefits to firms [36]. The benefits of the innovation compared to its alternatives
act an important role in fostering firm adoption. It means that adoption-led decisions rely
largely on the relative advantage that this innovation brings to firms [27]. When firms
perceive a specific innovation to be advantageous and utilitarian for their business, they
are likely to accept it [19]. Scholars substantiated that relative advantage positively affects
adoption intention toward big data [14], blockchain [21], social media marketing [27], and
mobile payment [31]. Firms benefit from ORE, which creates new business models, en-
hances effective selling mechanisms and available operations, and reaches target customers.
ORE in digital transformation encompasses the digitalization of sales and communication
modes to develop effective manners to interact and engage with customers [2]. Thus,
it is necessary to consider these benefits from ORE adoption in the competitive market
to strengthen our competitive advantage. Consistent with prior studies, it is assumed
that the relative advantage of ORE facilitates a firm willingness to embrace it. Therefore,
the following:

Hypothesis 1 (H1). Relative advantage is positively associated with ORE adoption intention.

Compatibility reflects the extent to which an innovation is perceived to be consistent

with the needs of the existing practices of the potential adopters [37]. From an organi-
zational perspective, compatibility portrays an essential technological characteristic and
is considered relevant for its behavioral pattern, existing value, and requirements. It is
identified as a driver for innovation adoption. Alsetoohy et al. [38] stated that firms adopt
an innovation that is consistent with their values and needs minimal adjustments accord-
ingly. In this study, compatibility describes the level at which ORE is easily assimilated
and integrated with the current processes and architecture of a firm. Rather than simply
substituting for existing retailing, ORE is helpful to enhance operational availability and
shape new business models. A strong relationship between compatibility and innova-
tion adoption was uncovered by past studies [23]. A quantitative study by Maroufkhani
et al. [28] investigated a positive relationship between compatibility and big data analytics
adoption. Similarly, Tajudeen et al. [29] supported the fundamental role of compatibility in
firm engagement in social media marketing. Khan et al. [31] stated that when mobile pay-
ment systems are befitting with the existing technological architecture and work practices
of firms, they are likely to be adopted. Hence, the following:

Hypothesis 2 (H2). Compatibility is positively associated with ORE adoption intention.

Observability is interpreted as the visibility of expected outcomes of an innovation [36].

Innovation utilization will provide visible and tangible results. Prior studies asserted that
the greater the observability of an innovation, the more likely it is to be adopted by a
firm [39]. Maroufkhani et al. [28] showed a positive relationship between observability
and adoption intention toward big data analytics. Meaning that firms’ visibility of the
successful factor of others fosters big data adoption decisions. Alba et al. [22] explored that
observability appears to be a significant predictor of cloud enterprise resource planning
J. Open Innov. Technol. Mark. Complex. 2022, 8, 200 6 of 22

(ERP) adoption among firms. When the positive results are visible, firms are likely to
engage, espouse, and express these innovations. Furthermore, Khan et al. [31] revealed
the importance of observability in inducing firm embracement toward mobile payment
systems. Likewise, Jilani et al. [39] supported the idea that by increasing the observability
of mHealth apps to potential users, more users would express their engagement in the
apps. Basically, greater observability leads to a faster adoption process toward innovations.
We assume that OREs utility and visible results lead to ORE adoption as firms perceive that
customers can easily access to ORE and use it. Consequently, the following:

Hypothesis 3 (H3). Observability is positively associated with ORE adoption intention.

3.2. Organizational Context-Related Factors and ORE Adoption

Top management support delineates the degree to which managers comprehend and
embrace technological capabilities of an innovation [28]. It identifies the decision-makers
who influence innovation usage. It aims to simultaneously establish a viable atmosphere,
ensure resource mobilization, and active support to facilitate the adoption process [27].
It is a pivotal factor that managers deliberate while deciding to adopt an innovation.
It is supportive when a new innovation is well-matched with the existing system and
culture [28]. Its strong impact on adoption intention was highlighted in multiple innovation
settings, including mobile payment [31], CRM [34], and big data [40]. The support of top
managers is indispensable during the innovation adoption process; thus, they would
determine ORE usage. Top managers are vital to creating a befitting environment where
sufficient resources are available for implementing e-commerce [9], social commerce [26],
and ORE [30]. Thus, the following:

Hypothesis 4 (H4). Top management support is positively associated with ORE adoption intention.

Preliminary studies have considered a significant impact of firm size on innovation

adoption. Large firms usually have more adequate resources to experiment with new
innovations and have greater capabilities to absorb risks and costs of implementing the
innovations [41]. Baker [42] affirmed that large firms are more likely to adopt digital
advertising due to their flexibility and ability to take more risk. Meanwhile, small firms
with limited resources are more vulnerable to external context changes and are likely to
adopt a short-term or passive perspective regarding innovations [43]. Concerning the ORE
context, this study considers the effect of firm size on ORE adoption. If ORE usage requires
a lengthy and costly process, larger firms are increasingly willing to utilize it. Indeed,
Zhu et al. [44] showed that firm size is a driver in e-business adoption in European firms.
Nonetheless, Cho et al. [20] argued an insignificant relationship between firm size and
digital advertising acceptance. Generally speaking, innovation adoption can be motivated
by different industries and firm sizes [45]. Therefore, the following:

Hypothesis 5 (H5). Firm size is positively associated with ORE adoption intention.

Entrepreneurial orientation reflects the methods, practices, and decision-making styles

managers use to act entrepreneurially [46]. Entrepreneurial firms are the ones, that engage
in technological innovations, undertake somewhat risky ventures, and are first to come up
with proactive innovations beating competitors to the punch [47]. Entrepreneurial orienta-
tion is identified as an important asset for firm competition under a digital environment [29].
Firms with high entrepreneurial orientation eagerly perform experiments, support new
ideas, and depart from existing practices. ORE is an innovative business genre that has re-
markably grown recently and provided opportunities to reach more customers and increase
sales. With a given innovation such as ORE, managers should act in an entrepreneurial way,
and firms must be ready to face both positive and negative consequences from customers.
In the speedy digital transformation, entrepreneurial orientation leverages firms’ ORE us-
J. Open Innov. Technol. Mark. Complex. 2022, 8, 200 7 of 22

age to boost new chances and gain a competitive advantage. Prior studies pinpointed that
entrepreneurial orientation translates into adoption intention toward various innovations.
Susanto et al. [3] demonstrated a strong relationship between entrepreneurial orientation
and social media use for business performance under the pandemic. Similarly, researchers
asserted that entrepreneurial orientation is a positive attribute of adopting e-commerce [16]
and social media [29]. Overall, when entrepreneurial firms perceive the technologies to be
innovative, risk-taking, and proactive in enhancing business performance and dealing with
competitors, they are willing to embrace these technologies. Thus, the following:

Hypothesis 6 (H6). Entrepreneurial orientation is positively associated with ORE adoption intention.

Technological orientation reflects firms’ capabilities to recognize and adopt an innova-

tion. It can boost firm acceptance of experiments with technological innovations. In the
current context of digital transformation, firms raise their awareness of developing digital
technologies in shaping business offerings [48]. Technology is especially vital in developing
new products and addressing issues that are not addressable without technology [49].
Existing literature confirmed the necessity of technological orientation in promoting firm
embracement toward innovations. Upadhyay et al. [15] demonstrated that family business
technology orientation toward AI in digital entrepreneurship leads to AI adoption as it
increases the operational and strategic business values of a family business. Additionally,
technological orientation is important in developing new ideas and upgrading processes
and systems. Scholars explored the remarkable role of technological orientation in increas-
ing firms’ technological capabilities and adoption intentions toward big data [14], mobile
payment [31], and digital transformation [48]. Likewise, Hadikusuma et al. [50] supported
that technological capability reinforces innovation usage for operational performance as it
can improve quality, delivery, flexibility, and lower costs. Hence, the following:

Hypothesis 7 (H7). Technology orientation is positively associated with ORE adoption intention.

3.3. Environmental Context-Related Factors and ORE Adoption

Competitive pressure corresponds to the pressure that is exerted by competitors in the
same industry [51]. As market competition extends, firms feel the need to find approaches,
solutions, and resources more often, and seek competitive advantages through innovations.
Competitive pressure is recognized as a crucial predictor of innovation adoption. When
firms perceive an increase in competition in an industry, they will invest in innovation
as a response. With the usage of ORE, firms benefit from greater operation efficiency,
more cost reduction, better bidirectional communication, easier information accessibility to
customers and partners, and effective business model creation. If competitors have adopted
and deployed ORE operations, then it is a necessity for firms to make a similar change
and embrace ORE performance to sustain [27]. Past studies revealed that competitive
pressure promotes innovation adoption in cloud computing [23], mobile payment [31],
and CRM [34]. When the competition compels firms to enhance quality standards, it
is strategically necessary to accept technological innovations to compete in the market,
especially as these innovations directly drive the competition. Embracing innovations are
useful to vary its industry structure in an endeavor to heighten competitive position [23].
In this stance, the following hypothesis is postulated:

Hypothesis 8 (H8). Competitive pressure is positively associated with ORE adoption intention.

The perceived trend reflects the extent to which businesses perceive themselves to
be involved in the latest innovative technology trends. Preceding studies asserted the
positive role of perceived trends and regarded them as a pivotal pillar in choosing and
implementing an innovation [52]. Moutinho et al. [53] showed customers’ attitudes, satis-
faction, switching, and loyalty behaviors depend largely on the perceived trend toward
J. Open Innov. Technol. Mark. Complex. 2022, 8, 200 8 of 22

ease of automated banking. Liu et al. [18] demonstrated that the perceived trend of social
media marketing activities is a motivator of willingness to pay a premium from a Gen-Z
perspective. Similarly, it exerts a positive impact on attitudes and behavioral intentions to-
ward blockchain based on its technical advantages and values from a firm perspective [17].
Logically, a perceived trend tempts firms to utilize ORE to provide a modern selling mode
and to transform into a new retail style. Accordingly, the following:

Hypothesis 9 (H9). Perceived trend is positively associated with ORE adoption intention.

Government support portrays the support and guidance that firms receive from
the government to develop an innovation [54]. Government encouragement includes
technical support, training, and funding for innovation [30]. Consequently, it leads to firms’
innovation adoption process. Researchers confirmed that government support is important
to trigger the use of new technologies. El-Haddadeh et al. [30] argued that it inspires
top-tier managers to understand the benefits and to incite their willingness toward big
data analytics. Abdullahi et al. [55] examined a Facebook adoption model among service-
based enterprises and revealed the strong relationship between government support and
Facebook adoption, as the government provides training assistance programs, tax subsidies,
and data subscription subsidies. Overall, governmental financial and non-financial support
would increase the firm probability of innovation acceptance. Therefore, the following:

Hypothesis 10 (H10). Government support is positively associated with ORE adoption intention.

A legal framework reflects laws, guidelines, and specifications that pertain to its
operations that a firm obeys [23]. In the Internet environment, it is necessary to be aware of
laws that are enforced pertaining to a given industry. In the ORE field, firms may be subject
to laws and policies that drive their adoption to utilize ORE for business performance. Hiran
et al. [23] showed that the legal framework is a decisive dimension of the environmental
context that stimulates cloud computing adoption. Maroufkhani et al. [28] demonstrated
that firms encountering a high level of regulations and pressure from the government
are more likely to engage in big data. Likewise, the legal framework served as a major
facilitator of the proliferation of big data [14]. Following the controversy, this research
premises that imposing a legal framework boosts ORE adoption. Thus, the following:

Hypothesis 11 (H11). Legal framework is positively associated with ORE adoption intention.

3.4. ORE Adoption and Business Performance

Adoption intention depicts firms’ perceptions of intending to utilize an innovation.
It is identified as an essential motivation for innovation usage [56]. Current literature
presents that adoption intention directly or indirectly influences actual behaviors. At
the organizational level, adoption intention impacts the firms to actually use different
innovations. Khan et al. [31] found a strong effect of behavioral intention on the actual
use of mobile payment among SMEs in China and Pakistan. However, Hashimy et al. [21]
confirmed an insignificant and negative relationship between adoption intention and the
usage of blockchain among Spanish firms. In this study, actual usage is alluded to by
business performance, and it reflects the extent to which firms perceive that utilizing
an innovation can improve profitability, business survival rate, goodwill, and growth
potential. Adopting ORE is expected to help firms be successful with positive outcomes
due to cost reduction, sales increase, operational efficiency, and firm-customer relationship
enhancement. Preceding studies revealed the significant relationship between adoption
intention and business performance in various contexts. Tajudeen et al. [29] illustrated that
social media use maximizes organizational business performance. Likewise, El-Haddadeh
et al. [33] revealed a significant relationship between firm adoption of big data analysis and
value creation for realizing sustainable development goals. Fonseka et al. [1] investigated
 Hypothesis 12 (H12). ORE adoption intention is positively associated with bu
mance.

J. Open Innov. Technol. Mark. Complex. 2022, 8, 200 9 of 22

3.5. Control Variables and Business Performance
The testing of control variables is increasingly common in informatio
studies. Prior studies
that e-commerce considered
adoption intention the effect
significantly of control
motivates variables
the business on firms’
performance of beh
SMEs in Sri Lanka. Therefore, the following:
tions. Cruz-Jesus et al. [34] found a significant effect of firm size and indu
adoption.
Hypothesis 12 Meanwhile, otherintention
(H12). ORE adoption control variables,
is positively including
associated firmperformance.
with business age, industry
search and development (R&D) expenditure, are statistically insignifican
business
3.5. Control performance [57].Performance
Variables and Business Following the controversy, we employ two cont
The testing of control variables
comprising firm age and the number is increasinglyofcommon in information
employees, which technology stud-
can influence bu
ies. Prior studies considered the effect of control variables on firms’ behavioral intentions.
mance in ORE.
Cruz-Jesus et al. [34] found a significant effect of firm size and industry on CRM adoption.
Meanwhile, other control variables, including firm age, industry type, and research and
Hypothesis 13a (H13a).
development (R&D) Firm
expenditure, are age positively
statistically influences
insignificant business
for driving performance
business perfor- in O
mance [57]. Following the controversy, we employ two control variables, comprising firm
age and the number of employees, which can influence business performance in ORE.
Hypothesis 13b (H13b). Number of employees positively influence business p
ORE.
Hypothesis 13a (H13a). Firm age positively influences business performance in ORE.

Hypothesis 13b (H13b). Number of employees positively influence business performance in ORE.
Figure 1 presents the research model with the hypotheses developmen
Figure 1 presents the research model with the hypotheses development.

Figure
Figure 1.1.Conceptual
Conceptual model.
model.

4. Methodology
4.1. Sample and Procedure
To identify the sample of this study, a list of ORE firms in Vietnam was compiled
from various sources, comprising the annual retail report of the Association of Vietnam
Retailers, the annual Vietnam e-business index, the retail in Vietnam-navigating the digital
retail landscape of Deloitte. Accordingly, a list of 528 online retailers was retrieved for
data collection. A survey approach was designed to accumulate data using the cross-
sectional design. A self-administered questionnaire was designed using Google Forms.
Researchers contacted with the managers, directors, and officers and shared the purposes
of this study. The survey link was delivered via email after obtaining the consents to
participate in the survey. During the seven-week period, a total of 432 respondents filled
J. Open Innov. Technol. Mark. Complex. 2022, 8, 200 10 of 22

in the questionnaire. Based on discarding the erroneous or incomplete answers, 325 valid
responses were retained for data analysis.
Table 1 shows the respondents’ demographic characteristics. In total, 61.8% were
males. Most respondents (95.0%) are 18–50 years old. In total, 68.9% earned graduate
degrees, 20.9% had postgraduate degrees, and 10.2% obtained high school qualifications or
undergraduate. In total, 31% of the participants that answered the survey were managers,
compared to 28% for chief information/technology officer, 23% for managing director or
CEO, 13% for IT director, and 4.9% for others. The majority of the firms that responded
to the survey were small and medium firms (59.1%), with 10–300 employees, followed by
large firms (26.8%) with more than 300 employees, and very small firms (14.2%) with less
than 10 employees. In total, 46.5% had been performing ORE for 3–<5 years, compared to
22.5% for 5–10 years, 17.2% for less than 3 years, and 13.8% for over 10 years.

Table 1. Respondents’ descriptive statistics.

Frequency Percentage
Gender Male 201 61.8
Female 124 38.2
Age (years old) 18–30 78 24.0
31–40 127 39.0
41–50 104 32.0
Above 50 16 5.0
High school qualification/
Education level 33 10.2
Undergraduate
Graduate 224 68.9
Postgraduate 68 20.9
Job title Manager 101 31.1
IT director 42 13.0
Chief information/
91 28.0
technology officer
Managing director or CEO 75 23.0
Others 16 4.9
Firm age in ORE
<3 56 17.2
(years)
3–<5 151 46.5
5–10 73 22.5
>10 45 13.8
Number of
<10 46 14.2
employees
10–199 59 18.2
200–300 133 40.9
>300 87 26.8

4.2. Instrument Development

The questionnaire-based survey was divided into three sections. The first section
provided the objective and context of the research. The second section described the
respondents’ demographic characteristics. The third section presented the constructs’
measurement items. With the assistance of experts’ advice, the statements were modified to
make them contextually relevant. The questionnaire was developed using a 5-point Likert
scale (1 for extremely disagree and 5 for extremely agree). The items and their sources are
shown in Table 2.
J. Open Innov. Technol. Mark. Complex. 2022, 8, 200 11 of 22

Table 2. CA and convergent validity.

Loadings CR AVE CA
Relative advantage [56,57] 0.948 0.821 0.948
ADV1. ORE makes business more efficient. 0.903
ADV2. ORE lowers costs. 0.904
ADV3. ORE improves customer service. 0.910
ADV4. ORE attracts new sales to new customers or new markets. 0.908
Compatibility [56,57] 0.898 0.746 0.897
CPT1. Adopting ORE is consistent with our business practices. 0.845
CPT2. Adopting ORE fits our organizational culture. 0.870
CPT3. It is easy to incorporate ORE into our firm. 0.875
Observability [58] 0.912 0.776 0.912
OBS1. The benefits of using ORE can be easily observed. 0.904
OBS2. It is easy to observe the benefits of partner ORE usage. 0.839
OBS3. We have seen many firms using ORE. 0.899
Top management support [59–61] 0.866 0.618 0.865
Top management considers ORE adoption as important to the organization
TMS1. 0.815
in digital transformation.
TMS2. Top management effectively communicates its support for the use of ORE. 0.806
TMS3. Top management is likely to invest funds in ORE-related technologies. 0.754
Top management has established goals and standards to monitor the ORE
TMS4. 0.767
usage in the firm.
Firm size [39] 0.925 0.805 0.925
FIS1. The capital of my company is high compared to the industry. 0.915
FIS2. The revenue of my company is high compared to the industry. 0.879
The number of employees at my company is high compared to
FIS3. 0.897
the industry.
Entrepreneurial orientation [14,62] 0.863 0.611 0.862
ENO1. Our firm frequently tries out new ideas in ORE. 0.761
ENO2. Our firm seeks out new ways to do things in ORE. 0.753
ENO3. Our firm is creative in its methods of ORE operation. 0.831
To seek the sales growth, our firm is willing to execute some risky projects
ENO4. 0.780
in ORE.
Technological orientation [63,64] 0.892 0.734 0.891
Our firm uses innovative technologies for providing ORE solutions in
TOR1. 0.846
digital transformation.
Our firm uses state-of-the-art of technology for ORE development in
TOR2. 0.831
digital transformation.
Our firm has the will and the capacity to build and market innovative ORE
TOR3. 0.892
solutions in digital transformation.
Competitive pressure [57] 0.908 0.767 0.908
COP1. It is a strategic requirement to utilize ORE to compete in the market. 0.869
Our firm will be affected by competitive disadvantages if ORE had not
COP2. 0.895
been adopted.
We believe we will lose our market share if we do not adopt ORE in
COP3. 0.863
digital transformation.
Perceived trend [16] 0.916 0.785 0.916
PTR1. At a country level, authorizes encourage firms to adopt ORE. 0.885
PTR2. Adopting ORE technologies is becoming a trend in digital transformation. 0.901
PTR3. More firms in our industry will adopt ORE in digital transformation. 0.871
Government support [65] 0.969 0.885 0.968
J. Open Innov. Technol. Mark. Complex. 2022, 8, 200 12 of 22

Table 2. Cont.

Loadings CR AVE CA
Government provides seminars, courses, conferences and talks regarding
GOV1. 0.929
ORE to the firms.
GOV2. Government offered training programs that benefit firms’ business growth. 0.948
Government provides business advisory programs to assist firms’
GOV3. 0.958
business operations.
Government agencies are assisting the firms to market for their
GOV4. 0.928
products/services.
Legal framework [66,67] 0.903 0.757 0.903
The government policies encourage us to adopt ORE in
LEF1. 0.874
digital transformation.
The government provides incentives for using ORE in government
LEF2. procurements and contracts such as technical support, training, and 0.846
funding for us.
There are some business laws to deal with the security and privacy
LEF3. 0.890
concerns over the ORE technology.
Adoption intention [68] 0.896 0.743 0.892
ADI1. We strongly intend to utilize ORE in digital transformation. 0.760
ADI2. We like the idea of utilizing ORE in digital transformation. 0.914
ADI3. We plan to utilize ORE in the future. 0.903
Business performance [28,69] 0.877 0.641 0.876
BPE1. Cost reduction. 0.775
BPE2. Sale increase. 0.803
BPE3. Operational efficiency. 0.825
BPE4. Customer relationship enhancement. 0.797

Each construct was modeled as a latent variable and measured using multiple-item
scales taken from the existing literature. In reference to the technological context, relative
advantage (4 items) and compatibility (3 items) were adapted from Grandon and Pear-
son [58]; Al-Qirim [59], while observability (3 items) was adapted from Kendall et al. [60].
In reference to organizational context, we adopted top management support (4 items)
from Teo and Pian [61]; Chong and Chan [62]; Liang et al. [63], firm size (3 items) from
Wang et al. [41], whilst entrepreneurial orientation (4 items) from Upadhyay et al. [15] and
Lin et al. [64], technological orientation (3 items) was adapted from Bamgbade et al. [65]
and Gatignon and Xuereb [66]. In reference to environmental context, this study adapted
competitive pressure (3 items) from Al-Qirim [59], perceived trend (3 items) from Li [17],
government support (4 items) from Seow et al. [67], and legal framework (3 items) from
Gupta and Barua [68]; Lai et al. [69]. Lastly, adoption intention (3 items) was adapted from
Davis and Venkatesh [70], and business performance (4 items) from Tajudeen et al. [29];
Mirani and Lederer [71].

4.3. Pre-Test and Pilot Test

The questionnaire was designed based on a comprehensive review of related literature.
As described in Section 4.2, a total of 44 items were employed to define the constructs,
except for the demographic data. First, this study conducted pretest based on nine experts
(three marketing researchers, three e-commerce researchers, and three ORE practitioners).
They assisted us to modify the items to enhance the contextual relevance. The question-
naire was written in English and translated into Vietnamese and back-translated into
English due to two independent bilingual translators to improve consistency and transla-
tion equivalence. Next, we compared the original and back-translated versions to refine
the questionnaire.
Second, a pilot test was performed on the questionnaire with 40 respondents to check
the reliability of the instruments. At the end of the survey, the respondents were asked if
J. Open Innov. Technol. Mark. Complex. 2022, 8, 200 13 of 22

they had any difficulties responding to the questions. The most important amendments
should be made in the items of entrepreneurial orientation, legal framework, and tech-
nological orientation based on the misunderstanding and unclarity. The results showed
that Cronbach’s alpha (CA) values of all the constructs exceeded 0.70, confirming the
reliability [72].

4.4. Common Method Bias

As the self-reported questionnaire was used to gather data from a single, the data is
subject to common method bias (CMB), which may inflate the relationships in the model.
CMB was deemed to be present in our study as it utilized the same questionnaire to measure
all the constructs and used the same respondents. Harman’s single-factor approach was
applied to evaluate CMB by using SPSS factor analysis [73]. The result indicated that
the first factor explains less than 50% of the total variance (32.451%). Hence, there is no
significant issue with CMB.

5. Results
5.1. Measurement Model
This study assessed construct reliability through standardized loading and CA, and
the validity through convergent and discriminant validity. Standardized loading estimates
were observed for the reliability of constructs. The loading estimate must be higher
than 0.6 [72]. The results indicated that all the items have loading estimates of more
than the acceptable value. Additionally, CA was used to test the internal consistency
of the constructs, where the CA values were appropriate (greater than 0.7) (see Table 2).
Furthermore, composite reliability (CR) and average variance extracted (AVE) were used to
measure the convergence of the constructs. The recommended values of CR and AVE are
0.7 and 0.5, respectively [72]. As shown in Table 2, the CR and AVE values exceeded the
threshold, suggesting convergent validity.
Next, discriminant validity was measured with the consideration of the square root
of AVE and inter-construct correlations [74]. The results confirmed a significant level of
discriminant validity, as the square root of AVE was higher than inter-construct correlations
(see Table 3).

Table 3. Discriminant validity.

ADV CPT OBS TMS FIS ENO TOR COP PTR GOV LEF ADI BPE
ADV 0.906
CPT 0.252 0.864
OBS 0.354 0.402 0.881
TMS 0.192 0.311 0.415 0.786
FIS 0.197 0.258 0.354 0.423 0.897
ENO 0.358 0.258 0.546 0.411 0.423 0.782
TOR 0.267 0.304 0.558 0.311 0.257 0.373 0.857
COP 0.395 0.340 0.550 0.377 0.348 0.638 0.429 0.876
PTR 0.313 0.274 0.549 0.334 0.377 0.505 0.383 0.463 0.886
GOV 0.359 0.345 0.604 0.424 0.295 0.475 0.485 0.477 0.469 0.941
LEF 0.303 0.251 0.542 0.488 0.337 0.488 0.409 0.441 0.386 0.431 0.870
ADI 0.405 0.425 0.622 0.482 0.399 0.585 0.500 0.475 0.522 0.565 0.551 0.862
BPE 0.494 0.239 0.402 0.303 0.153 0.372 0.217 0.261 0.315 0.369 0.284 0.472 0.801

5.2. Model Fitness

Model fitness was measured by using seven indices, including CMIN/df (ratio of
minimum discrepancy and degree of freedom), CFI (comparative fit index), TLI (Tucker–
Lewis index), NFI (normed fit index), IFI (incremental fit index), RFI (relative fit index),
and RMSEA (root mean square error of approximation). As proposed by Hair et al. [72],
CMIN/df and RMSEA must be less than 3 and 0.08, respectively, and the values of CFI,
J. Open Innov. Technol. Mark. Complex. 2022, 8, 200 14 of 22

TLI, NFI, IFI, and RFI must exceed 0.9. The results presented that all these indices were
satisfying (see Table 4), suggesting the model’s fitness.

Table 4. Model’s fitness.

Indices Recommended Criteria Default Model

CMIN/df <3 1.240
CFI ≥0.9 0.982
TLI ≥0.9 0.979
NFI ≥0.9 0.914
IFI ≥0.9 0.982
RFI ≥0.9 0.901
RMSEA <0.08 0.027

5.3. Structural Model

Of the 14 hypotheses in the research model, three hypotheses (H5, H8, and H13b)
were unsupported (see Table 5 and Figure 2). Concerning the technological context, relative
advantage (β = 0.105, p < 0.05), compatibility (β = 0.119, p < 0.05), and observability
(β = 0.141, p < 0.05) positively influence ORE adoption intention, thus supporting H1, H2,
and H3.

Table 5. Path hypothesis testing.

Hypothesis Variables Estimate CR. p-Value Finding

H1 ADV → ADI 0.105 2.461 * 0.014 Supported
H2 CPT → ADI 0.119 2.302 * 0.021 Supported
H3 OBS → ADI 0.141 2.028 * 0.043 Supported
H4 TMS → ADI 0.169 2.528 * 0.011 Supported
H5 FIS → ADI 0.053 1.128 n/s 0.259 Unsupported
H6 ENO → ADI 0.214 2.844 ** 0.004 Supported
H7 TOR → ADI 0.097 2.010 * 0.044 Supported
H8 COP → ADI −0.117 −1.644 n/s 0.100 Unsupported
H9 PTR → ADI 0.110 1.995 * 0.046 Supported
H10 GOV → ADI 0.099 2.021 * 0.043 Supported
H11 LEF → ADI 0.151 2.747 ** 0.006 Supported
H12 ADI → BPE 0.332 6.969 *** 0.000 Supported
H13a Firm age → BPE 0.134 2.446 * 0.014 Supported
Number of employees
H13b 0.058 1.142 n/s 0.254 Unsupported
→ BPE
Note: *** p-value < 0.001, ** p-value < 0.01, * p-value < 0.05, n/s not significant.

Concerning the organizational context, top management support (β = 0.169, p < 0.05),
entrepreneurial orientation (β = 0.214, p < 0.01), and technological orientation (β = 0.097,
p < 0.05) positively influence ORE adoption intention, therefore supporting H4, H6, and H7.
However, firm size (β = 0.053, p > 0.05) is not significant to explain ORE adoption intention.
Hence, H5 is not supported.
Concerning the environmental context, perceived trend (β = 0.110, p < 0.05), govern-
mental support (β = 0.099, p < 0.05), and legal framework (β = 0.151, p < 0.01) positively
influence ORE adoption intention, whereas competitive pressure (β = −0.117, p > 0.05) does
not influence ORE adoption intention. Thus, H9, H10, and H11 are supported, and H8 is not
supported. The conceptual model explains 59.9% of the variation in ORE adoption intention.
Lastly, the results indicate that ORE adoption intention (β = 0.332, p < 0.001) posi-
tively influences business performance, therefore supporting H12. The conceptual model
explains 28.6% of the variation in business performance. Hence, this is a satisfactory
model. Moreover, firm age (β = 0.134, p < 0.05) significantly influences business perfor-
mance, while the number of employees (β = 0.058, p > 0.05) does not significantly influence
business performance.
 H13a 0.134 2.446 * 0.014 Supporte
BPE
Number of
H13b employees → 0.058 1.142 n/s 0.254 Unsupport
J. Open Innov. Technol. Mark. Complex. 2022, 8, 200 BPE 15 of 22
Note: *** p-value < 0.001, ** p-value < 0.01, * p-value < 0.05, n/s not significant.

Figure 2.
Figure Pathcoefficient
2. Path coefficient for
for structural
structuralmodel.
model.Note: *** p-value
Note: *** 0.001,****p-value
p-value<<0.001, p-value< <0.01,
0.01, * p-va
p-value
<* 0.05, n/s< not
0.05,significant.
n/s not significant.

6. Discussion and Research Implications

6.1. Theoretical Implications
Some theoretical implications are given. Basically, by employing the TOE framework,
this study reveals evidence of how influential factors support dynamic ORE adoption
among Vietnamese firms in the digital transformation context. First, of the technological
factors, observability is the most significant predictor, followed by compatibility and
relative advantage. These findings conform to the concept of the TOE framework [25].
Observability is found to positively influence ORE adoption intention, which is consistent
with extant investigations [22,31]. If firms find the results of ORE observable and tangible,
they would be willing to implement it. The firm adoption rate decreases if there is a low
visibility of the effective usage of ORE. Furthermore, compatibility positively influences
ORE adoption intention, which is in parity with earlier studies [29]. In the study of Putra
et al. [5], it is observed that if the current retailing model is found to be befitting with
new innovation of ORE, firms tend to embrace it. Old retailing systems are considered
strong inhibitors of ORE adoption, as they are not compatible with the innovation of
ORE [19]. Users with electronic devices can access to ORE touchpoints (e.g., websites,
mobile apps, and e-marketplaces) to handle online transactions. Therefore, as ORE is
largely compatible with the current infrastructure, business essentials, and organizational
policies, it is adaptable for firms to utilize ORE. Meanwhile, this study investigates whether
firms that perceive greater relative advantage tend to be more likely to adopt ORE. This
means that the expected benefits of ORE promote firms’ embracement. Managers are likely
to advocate for the transformation into ORE when they perceive that the adoption brings
strategic and functional gains to firms [2]. This outcome resonates with prior studies that
investigated the significantly positive effects of innovations [27]. In fact, firms prefer using
ORE due to its cost reduction because it creates competitive advantages regarding cheaper
prices and greater customer attraction. Due to that, firms are willing to engage in ORE when
they find it an effective mode to market products, reach customers, and boost profitability.
Second, of the organizational factors used as predictors of ORE adoption intention,
the results reveal that entrepreneurial orientation is the strongest factor, followed by top
management support and technological orientation. Preliminary studies on organizational
factors affirmed the validity of TOE to illuminate ORE adoption [9]. Nevertheless, few stud-
ies have utilized entrepreneurial orientation and technological orientation as the necessary
influencers of ORE usage from the firm perspective in the digital transformation scenario.
J. Open Innov. Technol. Mark. Complex. 2022, 8, 200 16 of 22

Entrepreneurial orientation significantly affects ORE adoption intention, which supports

past studies [3,16]. Entrepreneurial orientation provides firms’ capabilities to discover and
make use of any possible opportunities to gain access to new markets by implementing
ORE [75]. ORE is a potential sector in emerging markets, and entrepreneurial firms are
increasingly interested in experimenting with ORE for developing business abilities and
gaining a competitive edge to be well ahead of competitors. Additionally, top management
support serves as a determinant of ORE adoption, which fortifies the arguments of previous
research [26,28] and contradicts the finding of Tajudeen et al. [29]. It works as an agent
for accelerating the process of business transformation and, consequently, adopting ORE.
Furthermore, the result indicates that technological orientation positively influences ORE
adoption in a digital transformation. This hints that it facilitates firms’ decisions to deploy
ORE. The result is consistent with preceding studies [27,48]. As Vietnam is increasingly
proactive in making digital transformation, many firms perceive the indispensability of
technological innovations in sustainable growth. Therefore, technological orientation for
future innovations compels firms to embrace ORE. Unexpectedly, firm size has no signifi-
cant relationship with ORE adoption, which is aligned with prior studies [76]. A potential
reason behind the insignificant effect is ascribed to firms’ familiarity with the extensive
usage of various ORE channels at an effective cost. Instead of developing a website, the
usage of other alternatives (e.g., e-marketplaces and social media) increases the capabilities
of advertising and selling goods, the interaction with customers, and enhances customer-
firm reciprocation. This replacement eradicates the impact of firm size on ORE utilization.
Consequently, even small firms with limited resources are likely to be active in relation to
ORE embracement through replaceable cost-saving modes.
Third, our study uncovers that environmental factors stipulate opportunities for firms
to adopt ORE, including the legal framework, perceived trend, and government support. A
legal framework is found to positively impact ORE adoption, which is in line with earlier
studies [14,28]. This implies that a legal framework is a powerful driver of ORE use. When
firms strongly believe that a legal framework facilitates an enabling ORE environment
and creates business transparency in digital transformation, they are willing to integrate
ORE into a business process. Furthermore, another motivator for ORE adoption is the
perceived trend. Aligned with previous studies [17], the perceived trend leverages ORE
usage since firms perceive ORE as a beneficial selling genre and tend to consider it as being
somewhat trendy and apt to the digital transformation era. If trendiness is recognized as
high, it is more likely for firms to reinforce ORE utilization. Otherwise, a close relationship
between government support and innovation adoption is discerned in the ORE setting. This
signifies that government encouragement captures a substantial role in firms’ embracement
toward ORE. This is in agreement with recent studies [30,55], confirming that government
support is necessary for generating policies, financial and non-financial assistance, and
this reinforces firm decisions of ORE utilization. However, upon validation, it appears that
the relationship between competitive pressure and ORE adoption is not supported. This
resonates with the result of Maroufkhani et al. [28] but contradicts the argument of Putra
et al. [5], which posited that ORE provides a competitive advantage to firms compared
to those competitors where these are not used. The limited investment of international e-
retailers and lower level of ORE acceptance than traditional retailing usage are the probable
reasons behind this insignificant relationship. Moreover, it may be that this result stems
from the examination of the limited number of firm respondents. Had it been possible
to employ more respondents, it is expected that such an unsupported finding would not
occur. The inadequate sample size has yielded such a contradictory outcome because the
investigations are not reflected in an overarching picture.
Lastly, the result demonstrates that ORE adoption significantly motivates business
performance, which is consistent with the investigation of Yacob et al. [6]. Compared to
brick-and-mortar retailing, ORE allows customers to obtain more information accessibility
regarding firms and products. Moreover, it is highly appreciated as an appropriate channel
that creates an effective interaction, which results in the enhancement of firm-customer
J. Open Innov. Technol. Mark. Complex. 2022, 8, 200 17 of 22

relationships and a thorough understanding of customer interests. Hence, managers believe

that ORE helps businesses increase profitability, improve operational efficiency, and reach
sustainable development. The greater ORE acceptance firms gain, the greater business
performance these firms would improve.

6.2. Practical Implications

There are some practical implications for managers, practitioners, and policymakers.
First, from a technological standpoint, compatibility, observability, and relative advantage
perform a pivotal role in ORE adoption. Because ORE is found to be consistent with the cur-
rent format and technological infrastructure, compatibility could foster a firm’s willingness
to apply ORE. Managers should attempt to implement how the existing processes meet
the compatible needs of ORE. ORE adoption should be suitable and compatible with the
firm’s policies and the environment for IT development [19]. When ORE is incompatible,
firms should make some adjustments to their processes and invest in training. Furthermore,
observability appears to be a determinant of ORE adoption. Through marketing trajectories,
practitioners should increase the exposure of their ORE and consistently communicate
the benefits and visible results to potential users in their firms. Moreover, ORE is a cost-
effective business model and allows firms to interact with customers at a reasonable cost.
An extensive understanding of the different advantages of ORE over brick-and-mortar
retailing would provide cost reduction and enhanced firm-customer relationships, leading
to a relative advantage for firms. Moreover, managers are responsible for emphasizing
the strategic importance of ORE and engaging all the employees for a clear definition of
ORE and its utility, with the alignment of a firm’s mission before the start of pursuing
ORE [34]. This will help to realize that ORE usage would make firms more productive and
advantageous than other firms.
Second, for organizational positioning, the main focus is on entrepreneurial orienta-
tion, technology orientation, and top management support, which are vital for boosting
ORE adoption. In the digital transformation, ORE has become inevitable for entrepreneurs
to obtain a competitive edge. Since entrepreneurial orientation strongly promotes ORE
usage, managers should concentrate on encouraging new ideas in an entrepreneurial way.
Entrepreneurial firms are those in which managers have entrepreneurial management
styles, as evidenced by strategic decisions and operating management philosophies [77].
They intend to increase their core capabilities and find new opportunities for business
sustenance [78]. With the digital transformation, businesses are facing challenges char-
acterized by changes in business models and digitalization [3]. ORE has emerged as a
relevant model for sustainable business growth. Entrepreneurial firms would increase ORE
acceptance for the business to accrue the benefits offered by ORE. Furthermore, the strong
impact of technological orientation on ORE adoption recommends that firms should focus
on the innovativeness and proactiveness of using ORE to provide more product information
and gauge customer interactions by using modern technologies such as AI [1]. Moreover,
modern communication outlets (e.g., social media and mobile apps) play a vital role in
boosting entrepreneurial orientation as they develop entrepreneurial capabilities that are
helpful to achieve the success of business development and strengthen relationships with
other partners [79]. Firm usage of social media for new information, marketing activities,
and customer service and interactions increase their ability to introduce products and pro-
cesses. Thus, it is imperative for entrepreneurial firms to utilize innovative technologies to
increase ORE usage among Vietnamese firms. Otherwise, firms need management support
to pursue new business models in ORE. Maroufkhani et al. [28] stressed that disseminating
the general aim of innovation adoption in a firm is the sole responsibility of the top-tier
management. Managers heighten their awareness of the importance of ORE and their
responsibilities for adopting it and perceive that the management holds an integral part
in the strong sponsorship (resource mobilization), the integration of services, and the re-
structuring of processes [21]. Top-tier managers should evince their keen interest in taking
corrective measures and making the right decisions in the business’s interest by pursuing
J. Open Innov. Technol. Mark. Complex. 2022, 8, 200 18 of 22

innovations, including ORE, for handling transactions effectively [31]. Moreover, managers
must educate themselves about the benefits and barriers of ORE to reach wise decisions.
Managers, through their decisions, attempt to disseminate the positivity about ORE will-
ingness to employees to create a constructive atmosphere, deploy effective business tactics,
and keep the firm ready for ORE implementation [27].
Third, from an environmental stance, practitioners should recognize the importance
of interactive links between firms with external context analysts, including competitors,
governments, and customers. Since perceived trend acts a pivotal role in firm acceptance
toward ORE utilization, managers should identify the trendiness of technological advent
and consider firm capabilities of utilizing it for current retailing systems to obtain a sus-
tainable competitive edge. It is imperative for practitioners to clearly define the long-term
mission and strategy for ORE adoption. Managers should address these issues at the
commencement of digital transformation. In their main phases, firms can be easily sus-
ceptible to numerous competitors. Managers should be proactive in investing finance,
humans, and new technologies (e.g., AI applications and software) into ORE systems for
effective implementation. The earlier a firm can embrace such innovative trends, the more
competitive benefits it will gain.
The findings posit that ORE adoption is necessarily driven by government support and
the legal framework. This implies that government assistance and legislation are necessary
to generate policies and regulations, incentive encouragement, and training programs,
and this would permit firms to overcome the challenges due to limited resources and
abilities and facilitate their business to embrace ORE. Authorities should develop proper
ways for raising awareness of ORE and its relevance to firms. They attempt to ensure an
enabling environment for successfully deploying ORE at the time of business digitalization.
Additionally, the impact of a legal framework on successful ORE usage considers the
importance of policymakers in resolving entrepreneurs’ ORE acceptance issues. Legislators
should appreciate regulatory procedures through the availability of infrastructure and
resources, offer initial guidance, and adopt up-to-date laws for those who are involved
in deploying ORE, especially in the infancy of digital transformation. A more explicit
legal framework would go a long way toward triggering ORE adoption [30]. Otherwise,
managers need to update and keep all employees apprised about external policies and
e-commerce laws that would promote ORE engagement. In brief, the interrelationships in
the environmental context are significant for ORE adoption, which is vital to future firm
success [20].
Finally, this result reveals a strong relationship between ORE adoption intention and
business performance. Vietnamese entrepreneurs believe that ORE utilization effectively
stimulates business performance. Managers should think positively and keep their firms
ready for engagement in ORE. Firm owners and relevant decision-makers do not only
consider ORE adoption at the intention level, but they also manage and allocate necessary
resources and the latest digitalized technologies for the successful deployment of ORE.
Overall, practical implications are provided to guide the future development of ORE
utilization among entrepreneurs in Vietnam and in the global digital transformation.

7. Conclusions and Promising Scope

To our knowledge, we are among the first to study ORE adoption among Vietnamese
firms in the context of digital transformation. The contribution of this paper is to analyze
the technological, organizational, and environmental dimensions that facilitate and hin-
der ORE adoption and business performance. We attempt to illuminate how Vietnamese
businesses are willing to embrace ORE in the infant phase of digital transformation. This
study follows the robust theoretical and strong psychometric base of TOE for the devel-
opment of a research model that involves internal and external antecedents and their
impacts on organizational-level decisions. Our work employs new constructs, including
entrepreneurial orientation and technological orientation, in the research model. These
results reveal that ORE adoption is successfully affected by technological (i.e., observability,
J. Open Innov. Technol. Mark. Complex. 2022, 8, 200 19 of 22

compatibility, and relative advantage), organizational (i.e., entrepreneurial orientation,

technological orientation, and top management support), and environmental factors (i.e.,
legal framework, perceived trend, and government support). Furthermore, business perfor-
mance is significantly explicated by ORE adoption and firm age. While the interpretation of
the constructs (i.e., competitive pressure and firm size) affecting ORE adoption in Vietnam
is inadequate, this work is deemed as an honest endeavor. Lastly, ORE in a salient context,
such as digital transformation, has tempted businesses to adequately address the issues
regarding internal and external aspects in extended TOE.
As with other studies, this work comes with its own limitations. First, based on
the data collection from only 325 firm respondents in Vietnam, it is recommended that
a larger sample size should be recruited to enhance the generalization of the findings.
Second, to extend this research, future studies can be performed with several constructs
from the organization-internal environment and organization-external environment, or
a combination of both factors, which is necessary for explaining ORE adoption or its
incorporation in other models such as TAM, DOI, or UTAUT. Third, it seems reasonable
to acknowledge that, despite our efforts to offer holistic insight into firm adoption and
business performance in the ORE context, future studies could be conducted with respect to
different fields. Hence, it is open for promising studies to take a step forward in this sense.

Author Contributions: Conceptualization, X.C.L.; methodology, T.H.N.; validation, X.C.L.; for-

mal analysis, T.H.N.; investigation, X.C.L. and T.H.N.; resources, T.H.L.V.; data curation, T.H.L.V.;
writing—original draft preparation, X.C.L.; writing—review and editing, X.C.L. and T.H.N.; visual-
ization, T.H.L.V.; supervision, X.C.L.; project administration, T.H.N. All authors have read and agreed
to the published version of the manuscript.
Funding: This research received no external funding.
Institutional Review Board Statement: Not applicable.
Informed Consent Statement: Not applicable.
Data Availability Statement: Not applicable.
Acknowledgments: The authors would like to thank to the anonymous reviewers for their insightful
comments and remarks which enabled correcting the article.
Conflicts of Interest: The authors declare no conflict of interest.

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