A Literature Review on Multiple Risk Dimensions of Online Shopping
Keywords:
Buying decision, Convenience, Internet, Online shopping, Perceived risksAbstract
In India, usage of Internet has tremendously increased over the past one and half decade. In the present scenario, internet has become an integral part of human life, where it is treated and counted along with basic necessities of life like food, cloth and shelter. Internet is widely helping everyone, including a common man, to connect and communicate with the globe. In this connection exposure and access to information has become very easy. However, this excessive dependency on internet is predominantly influencing the buying behaviour of the consumers. For any manufacturer, customer always stays as a king. In this highly competitive market scenario attracting, retaining and satisfying consumers is of utmost importance. Mere survival of any firm depends on keeping tab on the latest trend, understanding customers expectation, market research and developing the product accordingly, delivering value proposition to match customer expectation etc., Marketing research is widely conducted and carried out to enhance the profitability of any manufacturer or producer. The wider base of internet users is creating the platform for the manufacturers, producers, advertisers, marketers and mediators to communicate with the prospective consumers. The enhancement in internet usage creates a unified platform to sell the products and services through online in the market, which is commonly known as online shopping. The technological transformation and advancement is really benefiting the marketers to reach target consumers in the segmented market. Online shopping is widely used by consumers to avail and effectively utilize the virtual technology to select and use the particular product. However, online shopping is generally questioned for the reasons such as security, safety and confidentiality of personal information and identity. Several research studies have been initiated to study the behaviour of online shoppers with respect to perceived risk and benefits and its impact on the purchase decision. The result indicates that there is a significant association between the perceived risk factors such as, time risk, channel risk, privacy risk and product risk with comfort and benefits of online shopping and there is a significant relationship between perceived risk and benefits towards purchase decision of the consumers.
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