Blockchain in Luxury Resale: The Impact of Blockchain Technology Through Regulatory Focus and Uncertainty Reduction Theories

IF 4.4 3区 管理学 Q2 BUSINESS
Ishtehar Sharif Swazan, Song-yi Youn
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Abstract

The exponential growth of the online luxury resale market has spurred a notable shift toward a circular economy, reflecting the increasing consumer preference for pre-owned luxury items. Nevertheless, this growth presents challenges related to product authenticity and seller credibility. In response to these concerns, blockchain technology (BT) emerges as a promising solution, leveraging a decentralized ledger to enhance transparency and reduce information asymmetry. This allows for the traceability of pre-owned luxury goods, addressing issues of provenance and authenticity in the online resale space. By incorporating regulatory focus theory into the uncertainty reduction theory, this study examines how approach and avoidance motivations impact evaluations of BT-enabled platforms to effectively mitigate consumer uncertainties and influence trust. The collected data (N= 511) was analyzed through partial least squares structural equation modeling (PLS-SEM; study 1), and a complementary qualitative study (study 2) was additionally conducted. Results reveal that distinct motivations coexist, each following separate pathways to build consumer trust. Findings indicate that an approach orientation mindset highly values the reliability of BT-enabled information, while an avoidance orientation focuses on risk mitigation and expresses heightened uncertainty in online transactions. Consequently, BT is found to be instrumental in reducing consumer concerns about purchasing pre-owned luxury products. The study contributes to the existing literature by shedding light on the psychological dynamics influencing consumer trust in BT-enabled platforms, has implications for luxury retailers contemplating BT integration, and offers insights into consumer behavior that can inform strategies to enhance perceived trust in online luxury resale.

区块链技术对奢侈品转售的影响:基于监管焦点和不确定性减少理论
在线奢侈品转售市场的指数级增长刺激了向循环经济的显著转变,反映了消费者对二手奢侈品日益增长的偏好。然而,这种增长带来了与产品真实性和卖家信誉相关的挑战。为了应对这些担忧,区块链技术(BT)作为一种有前途的解决方案出现了,它利用去中心化的分类账来提高透明度并减少信息不对称。这允许二手奢侈品的可追溯性,解决在线转售领域的来源和真实性问题。通过将监管焦点理论与不确定性减少理论相结合,本研究探讨了方法和回避动机如何影响bt平台的评估,以有效减轻消费者的不确定性并影响信任。收集的数据(N= 511)通过偏最小二乘结构方程模型(PLS-SEM;研究1),另外进行了一项补充性质的研究(研究2)。结果显示,不同的动机并存,每一个都遵循不同的途径来建立消费者的信任。研究结果表明,方法导向的思维方式高度重视bt信息的可靠性,而回避导向的思维方式侧重于风险缓解,并表达了在线交易中更高的不确定性。因此,BT被发现有助于减少消费者对购买二手奢侈品的担忧。该研究通过揭示影响BT支持平台的消费者信任的心理动力学,为现有文献做出了贡献,对考虑BT整合的奢侈品零售商有启示,并提供了对消费者行为的见解,可以为提高在线奢侈品转售的感知信任提供策略。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
7.30
自引率
11.60%
发文量
99
期刊介绍: The Journal of Consumer Behaviour aims to promote the understanding of consumer behaviour, consumer research and consumption through the publication of double-blind peer-reviewed, top quality theoretical and empirical research. An international academic journal with a foundation in the social sciences, the JCB has a diverse and multidisciplinary outlook which seeks to showcase innovative, alternative and contested representations of consumer behaviour alongside the latest developments in established traditions of consumer research.
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