Journal of RetailingPub Date : 2026-06-01Epub Date: 2025-12-31DOI: 10.1016/j.jretai.2025.12.001
Daniel Kuzmich , Babu John-Mariadoss , Ankit Anand
{"title":"Do non-fungible token (NFT) initiatives create market value for firms?","authors":"Daniel Kuzmich , Babu John-Mariadoss , Ankit Anand","doi":"10.1016/j.jretai.2025.12.001","DOIUrl":"10.1016/j.jretai.2025.12.001","url":null,"abstract":"<div><div>NFTs, or non-fungible tokens, have become increasingly popular in the last several years. Retailers, consumer brands, and service providers have responded to rising consumer demand for NFTs by launching their own NFT initiatives; firms launch functional, collectible, and platform NFT offerings to directly engage their customer base. This research uses the event study method to explore the effect of firms’ NFT announcements on their stock returns. We identify, refine, and prepare a sample of 135 NFT announcements made by publicly traded companies in the U.S. for examination and develop hypotheses for empirical testing. Our findings advance the nascent literature on retailing and NFTs and have practical implications for marketing managers by unveiling investors' perceptions of NFT offerings. Since NFTs are becoming increasingly adopted by individuals, organizations, and institutions, this research is timely, relevant, and essential for academic and managerial thought.</div></div>","PeriodicalId":48402,"journal":{"name":"Journal of Retailing","volume":"102 2","pages":"Pages 546-565"},"PeriodicalIF":10.2,"publicationDate":"2026-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148235778","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Journal of RetailingPub Date : 2026-06-01Epub Date: 2025-10-14DOI: 10.1016/j.jretai.2025.10.004
Zhennan Xu, Shihao Li, Xiaoling Guo, Hean Tat Keh
{"title":"From thrill to control: How collection stage shapes channel choice in blind‑box collecting","authors":"Zhennan Xu, Shihao Li, Xiaoling Guo, Hean Tat Keh","doi":"10.1016/j.jretai.2025.10.004","DOIUrl":"10.1016/j.jretai.2025.10.004","url":null,"abstract":"<div><div>Blind-box collection has emerged as a global consumer phenomenon, characterized by the repeated purchase of randomized collectible items from a known series with the goal of completing a full set. This article investigates how consumers’ preferences for purchasing channels evolve across the collection process—a critical consideration in today’s diversified retail landscape. Across five studies, including an experiment in the field, a laboratory experiment, and three online experiments (preregistered), we find that consumers in the late stage of collection—when they already own most items—show a significantly stronger preference for offline channels compared to those in the early stage. We propose that this shift stems from increased discomfort with uncertainty, which becomes a salient barrier to goal completion in the late stage and triggers a heightened desire for control. Offline channels, by enabling consumers to physically select individual blind boxes, better satisfy this desire for control. Supporting this explanation, we show that embedding a choice feature into online channels effectively reduces the late-stage preference for offline shopping. This research contributes to the literature on goal pursuit, uncertainty, and omnichannel consumer behavior, and provides actionable guidance for marketers seeking to design more effective blind-box retail strategies.</div></div>","PeriodicalId":48402,"journal":{"name":"Journal of Retailing","volume":"102 2","pages":"Pages 261-275"},"PeriodicalIF":8.9,"publicationDate":"2026-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148501797","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Journal of RetailingPub Date : 2026-06-01Epub Date: 2025-12-24DOI: 10.1016/j.jretai.2025.12.002
Ruichen Ge, Evert de Haan, Peter C. Verhoef, Sha Zhang
{"title":"Location still matters: How geographic proximity between customers shapes repeat purchase behavior in online food delivery services","authors":"Ruichen Ge, Evert de Haan, Peter C. Verhoef, Sha Zhang","doi":"10.1016/j.jretai.2025.12.002","DOIUrl":"10.1016/j.jretai.2025.12.002","url":null,"abstract":"<div><div>Online food delivery (OFD) services have developed rapidly. By extending service areas, OFD platforms allow restaurants to reach more customers, shifting the focus from the restaurant’s location to the customer’s location. This study investigates the influence of geographic proximity between customers on repeat purchase behavior at a restaurant chain via an OFD service and examines the moderating role of location-specific characteristics from both the supply and demand sides. We analyze 93,987 purchase records from 26,503 customers over a five-month period, sourced from a restaurant chain partnered with an OFD platform. Using a spatial econometric model, we find that customers who live close to one another exhibit similar repeat purchase behavior, which is consistent with prior research on adoption. We extend prior research by showing that on the supply side, offline competition from food retailers like supermarkets or from physical restaurants weakens the proximity effect. In contrast, online competition from other restaurants that offer home delivery intensifies the proximity effect. On the demand side, business density amplifies the proximity effect. Our findings can help restaurants and OFD platforms better leverage geographic proximity between customers to promote repeat purchases.</div></div>","PeriodicalId":48402,"journal":{"name":"Journal of Retailing","volume":"102 2","pages":"Pages 315-332"},"PeriodicalIF":8.9,"publicationDate":"2026-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148502013","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Journal of RetailingPub Date : 2026-06-01Epub Date: 2025-12-31DOI: 10.1016/j.jretai.2025.12.004
Wenting Zhong, Lan Xia
{"title":"One of a kind: How stacked discounts make customers feel smart","authors":"Wenting Zhong, Lan Xia","doi":"10.1016/j.jretai.2025.12.004","DOIUrl":"10.1016/j.jretai.2025.12.004","url":null,"abstract":"<div><div>This research investigates the effectiveness of stacked discounts, which allow consumers to combine multiple discounts into a single deal. In a series of studies using both secondary data and experiments, we identified a positive effect of stacked discounts over a single discount of the same face value. Computational errors do not account for the observed effect. We further demonstrate that stacked (vs. single) discounts are perceived as more unique, which elicits smart-shopper feelings and increases the likelihood of purchase. However, stacked discounts are also perceived as more complex than a single discount, which can negatively impact smart-shopper feelings and purchase intentions. The effects are generalizable to stacked discounts with various characteristics (e.g., same vs. different discount format; simultaneous vs. sequential presentation, offered by retailers vs. mixed with third parties; consumer self-compiled vs. shared by other customers). We also found that the stacked discount effect is more pronounced for a smaller discount magnitude (e.g., 25 % off) than for a substantial one (e.g., 65 % off).</div></div>","PeriodicalId":48402,"journal":{"name":"Journal of Retailing","volume":"102 2","pages":"Pages 333-352"},"PeriodicalIF":8.9,"publicationDate":"2026-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148502014","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Journal of RetailingPub Date : 2026-06-01Epub Date: 2025-02-09DOI: 10.1016/j.jretai.2025.02.003
Martin Paul Fritze , Cait Lamberton , Stefano Puntoni
{"title":"Non-fungible tokens in retailing: Sources of value and strategic implications","authors":"Martin Paul Fritze , Cait Lamberton , Stefano Puntoni","doi":"10.1016/j.jretai.2025.02.003","DOIUrl":"10.1016/j.jretai.2025.02.003","url":null,"abstract":"<div><div>From Balenciaga to Bored Apes, non-fungible tokens (NFTs) have captured popular, managerial, and scholarly attention. However, despite some prominent exceptions, the question of whether and how NFTs can represent a real source of value for retailers remains open. This paper provides a framework to consider ways in which NFTs can be a source of value in retailing. We identify three technical features of NFTs (decentralization, immutable encryption, automated execution), which in turn offer potential utility to retailers in the form of three value propositions (transcendence, dynamic contingencies, flexible identification), which a survey study suggests are valued by managers but not yet connected to NFTs. To help make this connection, we use illustrative examples to demonstrate the ways in which NFTs can deliver these three value propositions in a single marketing tool. Taken together, we hope this framework's proposed relationships will spark future work in this area, leading to the development—and evolution—of theories of NFTs and their use in retailing as this technology continues to progress.</div></div>","PeriodicalId":48402,"journal":{"name":"Journal of Retailing","volume":"102 2","pages":"Pages 446-460"},"PeriodicalIF":10.2,"publicationDate":"2026-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148235783","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Journal of RetailingPub Date : 2026-06-01Epub Date: 2025-03-15DOI: 10.1016/j.jretai.2025.03.001
Nandini Nim , Yoonsun Jeong , Jessica Felix Martinez , Leah Smith
{"title":"Retailing in metaverse: Cryptocurrency and consumer payment choices in virtual reality environments","authors":"Nandini Nim , Yoonsun Jeong , Jessica Felix Martinez , Leah Smith","doi":"10.1016/j.jretai.2025.03.001","DOIUrl":"10.1016/j.jretai.2025.03.001","url":null,"abstract":"<div><div><span>This research explores the nature of customers' payment method choices in virtual reality (VR) and metaverse retail settings. </span>Cryptocurrency has gained momentum as a customer payment method in the metaverse. Digital wallets like Apple Pay and Google Pay have become the preferred payment methods across multiple retail channels outside the metaverse. Payments are an important customer touchpoint that can lead to attrition and revenue problems for retailers. Thus, retailers must optimize payment technologies for omnichannel retail settings. We study customer payment preferences among credit cards, digital wallets, and cryptocurrency. Using a VR grocery store and online grocery shopping simulation, we explore the impact of an immersive sensory environment. Over three experiments, we find that customers are more likely to choose digital wallets and credit cards (Study 1) over cryptocurrency across both VR and non-VR retail settings. Next, we show that security assurance as educational nudge positively impacts customer willingness to choose cryptocurrency (Study 2) for a digital product in VR, and this effect is mediated by greater trust in cryptocurrency providers and lower perceived volatility of cryptocurrency (Study 3). From a strategy perspective, we build a case for retailers and other stakeholders to build blockchain-based digital wallet capabilities and explore strategic partnerships as metaverse retail evolves and more traditional consumers join it.</div></div>","PeriodicalId":48402,"journal":{"name":"Journal of Retailing","volume":"102 2","pages":"Pages 387-403"},"PeriodicalIF":10.2,"publicationDate":"2026-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148235785","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Journal of RetailingPub Date : 2026-06-01Epub Date: 2025-01-29DOI: 10.1016/j.jretai.2025.01.002
Davide C. Orazi , Greg Nyilasy
{"title":"Phygital products: Effects and boundaries of metaverse-first retail strategies","authors":"Davide C. Orazi , Greg Nyilasy","doi":"10.1016/j.jretai.2025.01.002","DOIUrl":"10.1016/j.jretai.2025.01.002","url":null,"abstract":"<div><div>The metaverse offers unique opportunities to retail Phygital Products (PPs)—combined physical-digital offerings whose components are linked together using NFTs. Despite their rising popularity and operational efficiencies, PPs pose a number of distribution challenges likely to influence customer valuations of these products. This research investigates how different retail strategies (metaverse-first vs. physical store-first) influence willingness to pay for PPs. Five experimental studies, including one conducted in a simulated metaverse store, show that metaverse-first retail strategies decrease willingness to pay (Studies 1A-1C) due to decreased investment value (Study 2). This valuation penalty can be mitigated by manipulating arousal through in-store atmospherics. Specifically, increasing music tempo reverses the negative effect of metaverse-first retail strategies on investment value and willingness to pay (Study 3). Our findings inform actionable strategies on how to retail PPs in the metaverse to maximize distribution reach while reducing valuation penalties.</div></div>","PeriodicalId":48402,"journal":{"name":"Journal of Retailing","volume":"102 2","pages":"Pages 371-386"},"PeriodicalIF":10.2,"publicationDate":"2026-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148235787","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Journal of RetailingPub Date : 2026-06-01Epub Date: 2025-12-30DOI: 10.1016/j.jretai.2025.12.005
Scott Fay, Ali Kozehgaran
{"title":"Learning from service experience ratings: effects on experience quality, credence quality, and customer satisfaction","authors":"Scott Fay, Ali Kozehgaran","doi":"10.1016/j.jretai.2025.12.005","DOIUrl":"10.1016/j.jretai.2025.12.005","url":null,"abstract":"<div><div>This paper examines the effects of service experience ratings (SERs) in service industries. SERs are defined as consumers’ assessments of a service encounter (typically on a 3-, 5-, or 10-point numeric scale) that are made immediately after the encounter. We conceptualize SERs as being a mechanism for retailers to observe how much effort employees expend on the provision of experience quality. Using a principal-agent analytical model in which the worker provides credence quality for altruistic reasons and SERs enhance customers’ recognition of the experience quality that is delivered, we investigate whether a retailer should solicit SERs, how SERs influence a worker’s expenditure of effort on experience and credence qualities, and the impact of SERs on customer retention. SERs present a fundamental tradeoff between the benefits from heightened customer satisfaction (which generates future profit) and larger costs (due to monitoring costs and additional compensation to induce the worker to exert more effort). We find that soliciting SERs is profitable for a retailer when the cost of administrating surveys is low, most consumers appreciate the effort workers devote to providing experience attributes, consumers expect a low service quality, and satisfied customers generate high future profit. The nuanced effects of SERs lead to several surprising results. For example, it may be optimal for the retailer to respond to higher expectations about quality by providing a lower-quality service. Also, although SERs only assess experience quality, it is possible that SERs may become more beneficial when consumers highly value credence quality. Another intriguing result is that there are situations in which SERs do not enhance a retailer’s profit even if were costless to collect this information. For example, higher worker altruism may eliminate the incentive to collect SERs and, as a result, lead to fewer customers being satisfied with the service.</div></div>","PeriodicalId":48402,"journal":{"name":"Journal of Retailing","volume":"102 2","pages":"Pages 353-370"},"PeriodicalIF":8.9,"publicationDate":"2026-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148502015","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Journal of RetailingPub Date : 2026-06-01Epub Date: 2025-11-24DOI: 10.1016/j.jretai.2025.11.001
Yufang Jin, Guang-Xin Xie, Jurui Zhang
{"title":"When product scarcity backfires (or doesn’t): Limited quantities affect perceived retailer sincerity in online promotions","authors":"Yufang Jin, Guang-Xin Xie, Jurui Zhang","doi":"10.1016/j.jretai.2025.11.001","DOIUrl":"10.1016/j.jretai.2025.11.001","url":null,"abstract":"<div><div>Limited quantity is prevalent in online promotions, where retailers set predetermined amounts of in-stock items to boost short-term sales through perceived scarcity. While prior studies suggest that demand-driven scarcity can elicit positive product evaluations, this research examines potential adverse effects of supply-driven scarcity on consumer perceptions of retailers, stemming from the granularity of limited quantities that deviate from consumer expectations. Four experiments and one field study demonstrate that less- (vs. more-) than-expected limited quantities undermine perceived retailer sincerity and, in turn, reduce purchase likelihood. This research contributes to the scarcity literature by revealing a novel <em>scarce-insincere inference</em>, an inferential leap beyond consumer product evaluations triggered by expectation disconfirmation. Two practical remedies are identified for retailers to mitigate these adverse effects: offering timely availability guarantees and employing external attribution framing.</div></div>","PeriodicalId":48402,"journal":{"name":"Journal of Retailing","volume":"102 2","pages":"Pages 297-314"},"PeriodicalIF":8.9,"publicationDate":"2026-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148502012","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Journal of RetailingPub Date : 2026-06-01Epub Date: 2025-05-10DOI: 10.1016/j.jretai.2025.04.010
Hua Fang , Khloé Qi Kang , Jennifer A. Yule , Ben Marder , Rob Angell
{"title":"Let’s (NOT) get physical: Cross-format dilution when launching physical counterparts with unique digital assets","authors":"Hua Fang , Khloé Qi Kang , Jennifer A. Yule , Ben Marder , Rob Angell","doi":"10.1016/j.jretai.2025.04.010","DOIUrl":"10.1016/j.jretai.2025.04.010","url":null,"abstract":"<div><div>As brands seek new revenue streams in the metaverse, selling unique digital assets (UDAs)—like virtual sneakers, artwork, or clothing—represents a promising opportunity. But does offering both digital and physical versions help or hurt in driving favorable consumer responses (e.g. intention to purchase, willingness to pay)? Across six experiments, we find that digital-only UDAs generate stronger purchase interest than those paired with a physical counterpart. This happens because also adding a physical version of the asset reduces the sense that the digital item is truly unique—making it feel less special and less “yours” to the individual. We label this a <em>cross-format dilution</em> effect. Nonetheless, brands can choose to sidestep this by limiting access to the physical version (e.g., display-only) or by releasing the digital item before the physical one.</div></div>","PeriodicalId":48402,"journal":{"name":"Journal of Retailing","volume":"102 2","pages":"Pages 404-424"},"PeriodicalIF":10.2,"publicationDate":"2026-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148235784","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}