[Link]

org/ ISSN: 1138-5790

STUDY ON ONLINE REVIEW AS A MODERATOR IN ONLINE SHOPPING

Strategic study on the association between risk and purchase intention

[Link] G.
Professor & Associate Dean
School of Entrepreneurship & Management
JOY University Nagercoil

&

Biji U. Nair
Research Scholar
Chinmaya Vishwavidyapeeth,Veliyanad, Kerala

Abstract

The upsurge of information technology has brought drastic changes in human lives, internet
shopping being one among the major contributions. Even when the consumers use internet for
information search, they tend to restrain from making the final purchase on web on account of the
risk perceptions associated with web based purchases. The risks associated with web based
transactions are explored by several researchers in detail. But e-tailers are attempting new
endeavours with the help of technology. This paper is an attempt to explore the risks that
consumers perceive while doing online shopping. Along with the risks the moderating influence
of online reviews which is considered. The 186 responses obtained were further analysed using
SPSS ver.26 with Process Macro v.4.0 by Hayes and it was identified that online review has a
moderating effect in the association between risk and purchase intention in an online setting,
though there were no significant differences established in various categories in the demographics.
Keywords: Online purchase intention, Perceived risks, Online review

Introduction
The shopping through internet raises questions concerning customer intentions to online shopping.
Web shopping involves numerous concerns of consumers, including trade fraud, product quality,
monetary losses, privacy, and information quality and so on. Online shopping frauds grew at a
rate of 30% in 2017 – twice as fast as the rate of ecommerce sales. This exponential rise is being
continued over the years. According to Internet World Stats 2021, India contributes to 27.3% of

VOLUME 11 ISSUE 7, 2023 PAGE NO: 246

[Link] ISSN: 1138-5790

internet users out of 53.4% of Asian internet users and the internet population penetration rate in
India is 54.2%. This enormous web base will have an immediate effect in the Indian web shopping
or online retail business. But this tremendous growth is not likewise reflected in online purchasing,
primarily leads to the risks perceived by the customers in online purchasing. The growing concerns
of consumers impede the adoption of online shopping. The increasing perception of risks diverts
customers from online shopping to brick and mortar shops. E-tailers venture into several
techniques for developing the confidence among the customers, the use of haptic information,
Online reviews and ratings ,free returns are a few among them.

Framework
Perceived risks in online buying
The past decade has witnessed the growth of internet in various fields like communication,
entertainment, e-commerce etc replacing the existing technologies. Nevertheless, this explosive
growth was accompanied, by concerns regarding the collection and dissemination of consumer
information by marketers who participate in online retailing. Some of these concerns pertain to the
privacy and security of accumulated consumer data (Briones 1998; Culnan 1999) and the perceived
risks that consumers may experience with respect to these issues (Ernst & Young 1999; Milne and
Boza 1999), financial risk where consumers are worried that the internet still has very little security
with respect to using their credit cards and disclosing personal information (Paul.P, 1996), product
risk, in which the consumer believe that the Internet, just like any type of non-store shopping,
makes it difficult to examine physical goods. The consumers are constrained with the minimal
information and pictures shown on the computer screen (Jarvenpaa and Tractinsky, 1999), delivery
risk, wherein there could be potential loss of delivery associated with goods lost, goods damaged
and sent to the wrong place after shopping (Dan et al., 2007),social risk perception that a product
purchased may result in disapproval by family or friends (Li and Zhang, 2002), time risk when the
time, convenience, or effort may be wasted when a product purchased is repaired or replaced (
Hanjun et al., 2004). Several studies are available to show the empirical evidence on shopping
behavior over the Internet and its negative influence by economic (van den Poel and Leunis 1999;
Bhatnagar, Misra, and Rao 2000), performance (Dahle´n 1999; Bhatnagar, Misra, and Rao 2000),
social (Eastlick and Lotz 1999) and privacy (Swaminathan, Lepkowska-White, and Rao 1999; Liu
et al. 2005) risks. Among the many risks associated with online buying, financial, performance

VOLUME 11 ISSUE 7, 2023 PAGE NO: 247

[Link] ISSN: 1138-5790

and security are the considered to be the most vital (Guru [Link] ,2020) .Along with these three
risks, time risks is also considered for this study as it is also considered to play a vital role in online
buying by some of the researchers (Kumar, D., & Dange, U.,2014)

Financial risk
Despite the exorbitant growth of internet and its users, consumers often exhibit the abandonment
behavior while performing online purchasing majorly due to the risks perceived by them. Among
the various risks experienced by the consumer, financial risks are considered to be a vital risk.
Consumers are often worried about the financial loss associated with any online transaction.
Financial risk is the perception that a certain amount of money may be lost or required to make a
product work properly. Also, it is defined as potential net loss of money, and includes consumers’
sense of insecurity regarding online credit card usage, which has been evidenced as a major
obstacle to online purchases (Maignan & Lukas, 1997). Financial risk is defined as the probability
of an internet shopper suffering monetary loss from a purchase when the product does not perform
well or if the product is not worth the price paid (Featherman and Pavlou, 2003).According to
Popli and Mishra(2015), financial risk also includes the repair cost that may require for a product
and also the hidden charges like delivery charges that may add up along with the actual cost. Hence
in this study we propose that

H1: Financial risk will have a negative influence on online purchase intention

Performance risk
Consumers may prefer to purchase experience or touch products (Flavián, Gurrea, and Orús 2016;
Heitz- Spahn 2013) in a physical store more so than is the case for search and non-touch products.
Tangibility is a key product characteristic that determines how users search for information and
influences their online behaviors. The prerequisite to distinguish the design and delivery of
services from tangible products has been stressed in the literature, and the convolution of managing
services has also been highlighted (Fitzsimmons and Fitzsimmons 2004). The intangibility of a
product is a predominant source of perceived difficulty during information gathering and pre-
purchase situations (Murray 1991). According to Lal and Sarvary (1998) tangible and intangible
attributes define products. In an online store the consumer will solely depend on the information
provided by the vendor and hence there are always possibilities that the product may not meet the

VOLUME 11 ISSUE 7, 2023 PAGE NO: 248

[Link] ISSN: 1138-5790

actual displayed features like the products’ color, shape or outlook may be not be the same, so it
is beyond the customer’s reach and abilities to examine and check the actual product qualities.
Performance risk deals with whether a product’s performance meets the expectations of a
consumer while buying the product from online sources. Apart from this, there are multiple factors
that affect performance risk such as trust in product quality (Hong 2015), brand of product,
information quality, and web site design and content. Based on this discussion, H2 is proposed:
H2. There is a negative relationship between performance risk and online purchase intention.

Security risk
One of the prominent reasons why consumer’s avoid online shopping is not because of
inconvenience but because most customers are scared of losing their credit card information to
credit card theft (Martin and Camarero,2009). Customers doubt regarding the truthfulness of the
website and also many a times they are apprehensive to share their personal or financial
information like the credit card details over the net. There have been studies which confirmed that
transaction security can exert a negative effect on willingness and consumer become reluctant to
share credit information if risk increases (Liao and Cheung, 2001). Security risk is defined as a
potential loss due to online fraud or hacking, which exposes the security of an internet transaction
or online user (Soltanpanah et al., 2012). Azizi and Javidani (2010) stated that security is linked
with disclosure of financial information such as credit card number, account number and safe pin
number. It is agreed that one of the barriers for online shopping is security fears (Teo, 2002). Thus,
we propose that security risk has a significant influence on online shopping intention.
H3. There is a negative influence of security risk on online purchase intention.

Time risk
Time risk is one of the influential factors on consumers’ purchasing behavior via the internet
(Zhang et al., 2012; Ye, 2004).Time risk is the perception that time, convenience, or effort may
be wasted when a product purchased is repaired or replaced Hanjun et al.(2004).Time risk includes
the inconvenience incurred during online transactions, often resulting from difficulty of navigation
and/or submitting orders, or delays receiving products (Forsythe et al., 2006). It also refers to the
time that consumers take to make a purchase, waiting time for the products to be delivered at their
home and the time that consumers had spent for browsing product information (Dai et al., 2014;

VOLUME 11 ISSUE 7, 2023 PAGE NO: 249

[Link] ISSN: 1138-5790

Forsythe et al., 2006; Ko et al., 2004). Time risk also includes when products did not meet
consumers’ expectation levels and consumers have to return the product for a new replacement
(Ariff et al., 2014). Time risk will also deter the consumers’ purchase intention to buy online when
it requires a lot of time to find a suitable apparel or website (Forsythe and Shi, 2003; Forsythe et
al., 2006). Based on the discussion, H4 is developed:
H4. There is a negative relationship between time risk and online purchase intention

Online Reviews
Several studies have shown that traditional word-of-mouth (WOM) has an influence on the buying
behavior of consumers (Arndt, 1967; Marsha and Teri, 1988). Some studies even depicted that
WOM is more credible and effective than marketer-generated content, such as advertisements and
product descriptions from sellers (Dellarocas, 2003). Extending this idea, electronic WOM or
online reviews refer to any positive or negative online consumer comments for products or sellers
(Henning-Thurau et al., 2004). Jindal and Liu (2008) researched on the timings of the reviews and
they found that the more recent the reviews, the more consumers are attracted to gain attention,
which tends to increase the purchase intention. Park [Link].(2007) in their study showed that the
popularity of product will be measured by the large quantity of positive reviews that are able to
convince people to buy the product. With the advent of technology, online reviews can easily reach
a large scale of people when compared with traditional WOM (Lee et al., 2012). Many consumers
infer product quality and reduce uncertainty by referring to online reviews from other consumers
during online purchasing. Based on the discussion, H5 is developed as follows:
H5: Online reviews moderate the relationship between risk and online purchase intention

Purchase intention
The term purchase intention is broadly treated as a predictor of purchase. “Purchase intention
represents the likelihood that an individual will purchase a particular product based on the
interaction between customer needs, attitude and perception towards the product or brand”
(Beneke et al., 2016). Purchase intention can be considered as consumer’s interest to buy a
particular product (Kamalul Ariffin et al., 2018). In other words, purchase intention determines the
strength of consumer willingness to purchase (Lee et al., 2012). It is crucial to recognize
consumer’s purchase intention because consumer’s action usually predicted through their intention
(Hsu et al., 2017). Purchase intention acts as a conjunction between consumer’s concentration on

VOLUME 11 ISSUE 7, 2023 PAGE NO: 250

[Link] ISSN: 1138-5790

buying a product and the likelihood of buying (Wu et al., 2015). Purchase intention can be treated
as an estimator of consumer behavior (Wu et al., 2011). Therefore, the construct of purchase
intention considered as outcome variable in this study and included as dependent variable in our
model.

Research Model
The above propositions have led the researchers to frame the research model with the risks,
financial, product, security and time as the independent variables and purchase intention as the
dependent variable. We also took online review as a moderator in this relation. Hence the final
proposed model was as follows:

Online Reviews

Financial Risk

Performance Risk

Online Purchase
Perceived
Security Risk Intention
Online Risk

Time Risk

Fig:1-Proposed Model
Research Methodology

Items used for measuring the constructs were adapted to meet the prerequisites of online buying
behavior and were derived from various sources; A pool of items pertaining to risk were generated
including financial risk developed and validated by Featherman and Pavlou (2003),product risk by
Dai et al. (2014), security risk by Featherman and Pavlou (2003) and time risk by Masoud (2013)
and Marcelo et al. (2014) and also from earlier studies in which perceived risk was measured
(Bhatnagar, Misra and Rao (2000); Grazioli and Jarvenpaa (2000); Kim and Lennon (2000);
Kwon, Saae and Arzeni (1991) and Stone and Gronhaug (1993)). The scale by Park and Lee (2009)
were used for Online reviews and intention to shop online were measured using the scale of
Salisbury [Link] (2001).Although the items were taken from previous studies, they were adapted for
this study .The questionnaire also included the demographic information such as age, gender,
residential area, monthly income and educational qualifications. Each construct were measured

VOLUME 11 ISSUE 7, 2023 PAGE NO: 251

[Link] ISSN: 1138-5790

with a minimum of three items. All items were measured in a five-point Likert scale. The
questionnaires were distributed randomly among 450 respondents and 186 usable responses were
received back, resulting in a response rate of 41.33%

Results & Interpretations.

All the risks, financial, performance, time and security risks, were found to have a negative
influence on the purchase intention exhibited by the consumers, r= -0.279, n= 186, p= .000; r =-
0.442, n=186, p=.000; r= -0.319,n =186, p=.000; r = -0.333, n=186, p=.000 respectively . A
multiple regression was run to predict the purchase intention from financial, performance, time
and security risks. These variables statistically significantly predicted the purchase intention,
F(4,181)=14.0304, p=.000, R2=0.220. All four variables added statistically significantly to the
prediction as p value was less than .05.

To investigate the influence of online review on online purchase intention, a moderator analysis
was done using Process v.4 and the following results were obtained.
Model Summary
R R-sq MSE F df1 df2 p
.8094 .6552 .1709 115.2641 3.0000 182.0000 .0000

Model
coeff se t p LLCI ULCI
constant 2.1621 .2515 8.5967 .0000 1.6658 2.6583
Risk -.3500 .0706 -4.9611 .0000 -.4892 -.2108
Review .3639 .1120 3.2494 .0014 .1429 .5849
Int_1 .0743 .0330 2.2500 .0256 .0091 .1394

Conditional effects of the focal predictor at values of the moderator(s):

Review Effect se t p LLCI ULCI

1.3645 -.2487 .0339 -7.3331 .0000 -.3156 -.1818
2.1433 -.1908 .0280 -6.8136 .0000 -.2461 -.1356
2.9220 -.1330 .0417 -3.1873 .0017 -.2153 -.0507

The outcome variable of the study was purchase intention and the predictor variable was risk and
the moderator was online review. The interaction between risk and review was found to be
statistically significant (0.0743, 0.0091, 0.1394, p<0.05). The conditional effect of the risk on the
purchase intention showed corresponding results. At low moderation, the risk is 1.3645
(conditional effect =-.2487,95% confidence interval (-.3156,-.1818), p<.05). At medium
moderation, the risk is 2.1433 (conditional effect =-.1908, 95% confidence interval (-.2461,-
.1356), p<.05) and at high moderation, the risk is 2.9220 (conditional effect =-.1330, 95%

VOLUME 11 ISSUE 7, 2023 PAGE NO: 252

[Link] ISSN: 1138-5790

confidence interval (-.2153,-.0507), p<.05). These results show that online review has a
moderating effect in the relationship between online risk and online purchase intention.

The interaction plot of low and high review in risk and purchase intention shows a significant
influence of review.

Fig: 2-Interaction Plot

The interaction plot above depicts the influence of review. As risk increases from low to high,
purchase intention is decreasing. The decrease in purchase intention is higher when the review is
low than the decrease in purchase intention when the review is high. The dotted line shows the
change in purchase intention when review is low.

Further analysis was done to identify the influence of various demographic variables on the
variables. T test was done in order to identify the influence of gender on risk, review and purchase
intention, but did not show any significant influence t(184)=.648,p=.517,t(184)= 1.849, p=.066
and t (184) =.792, p=.429. Similar results were shown for the residential area as well, rural and
urban, t(184)=-.435,p=.664,t(184)= .565, p=.573 and t (184) =.1.122, p=.263. MANOVA was
done to identify any significant difference among the different categories of people based on
education, monthly income and occupation with the variables risk, review and purchase intention
and no significant differences were established.

Managerial Implications

Risk in varied form plays a significant role in consumer’s buying decision. All risks like financial,
performance, time and security risk plays a very important role in consumer’s decision making
and this leads to the abandonment of the purchase decision thus creating an opportunity loss for

VOLUME 11 ISSUE 7, 2023 PAGE NO: 253

[Link] ISSN: 1138-5790

the e-tailer. E-tailers try various techniques to overcome these risks encountered by consumer with
the help of various methods, online review being one among them. The study has identified that
online review has a significant direct influence as well as it has a moderating effect in the
relationship between risk and purchase intention in an online buying environment. Hence e-tailers
can promote reviews to be posted by the buyers which will generate a confidence among the
consumers thus converting the abandonment to purchase. Positive reviews is thus seen to reduce
the risk feeling among the consumers leading to actual purchases. Since the reviews are written by
other similar consumers, the buyers will gain confidence since the activity is from one among them
and not by the seller. Hence managers shall thus promote the review writing by the satisfied
consumers in order to overcome the risk felt by the consumers. Also the satisfied consumers are
to be identified and motivated to write the reviews, while the concerns of the discontented
consumers, if any, needs to be addressed at the right time so that there are no negative reviews.

Limitations and future scope

This study is limited to the risk and the influence of reviews as a moderator in online purchase
intention 186 responses. Other variables which may have a significant influence like the
promotional offers or the pandemic situation were forced online buying happens to a certain extend
as movement is restricted etc are not considered for this study. Also the study is done within the
geographical boundary of Kerala. In a similar vein, the possible influence of product type on this
relationship is not considered in this study

Conclusion

Internet has brought abundant opportunities for retailers. Nevertheless the risks pertinent with
online purchasing channels raise concerns in the minds of the customers and they tend to finish
their purchases in a retail shop. This study is done to identify the influence of risk and review on
online buying. The influence of risk is moderated by the online reviews It is identified that online
reviews helps consumers in overcoming the risk to a certain extend These searches can likewise
be changed over to sales if the online sites can retain the customers by reducing the purchasing
barriers and hence promoting satisfied consumers to write positive reviews can help in increasing
sales.

References:

VOLUME 11 ISSUE 7, 2023 PAGE NO: 254

[Link] ISSN: 1138-5790

1. Ariff, M.S.M., Sylvester, M., Zakuan, N., Ismail, K. and Ali, K.M. (2014), “Consumer
perceived risk, attitude and online shopping behaviour; empirical evidence from
Malaysia”, IOP Conference Series: Materials Science and Engineering, Vol. 58 No. 1, IOP
Publishing
2. Arndt, J. (1967). Role of product-related conversations in the diffusion of a new
product. Journal of marketing Research, 4(3), 291-295.
3. Azizi, S., & Javidani, M. (2010). Measuring e-shopping intention: An Iranian
perspective. African Journal of Business Management, 4(13), 2668-2675.
4. Beneke, J., de Sousa, S., Mbuyu, M., & Wickham, B. (2016). The effect of negative online
customer reviews on brand equity and purchase intention of consumer electronics in South
Africa. The international review of retail, distribution and consumer research, 26(2), 171-
201.
5. Bhatnagar, A., Misra, S., & Rao, H. R. (2000). On risk, convenience, and Internet shopping
behavior. Communications of the ACM, 43(11), 98-105.
6. Briones, Maricris G. 1998. Internet Innovations-and Privacy Issues-Remain Marketing’s
Biggest Story. Marketing News, 32 (December 7): I, 16.
7. Culnan, Mary J. 1999. Georgetown Internet Privacy Policy Survey: Report to the Federal
Trade Commission. (June), [Link]
accessed July 27, 1999.
8. Dahlen, M. (1999). Closing in on the Web consumer—a study of internet shopping. In
Convergence in communications and beyond, E. Bohlin, K. Brodin, A. Lundgren, & B.
Thorngren, 1-18. Amsterdam: Elsevier Science Publishers.
9. Dai, B., Forsythe, S. and Kwon, W.S. (2014), “The impact of online shopping experience
on risk perceptions and online purchase intentions: does product category matter”, Journal
of Electronic Commerce Research, Vol. 15 No. 1, pp. 13-24.
10. Dan, Y., Taihai, D., and Ruiming, L., (2007), “Study of Types, Resources and Their
Influential Factors of Perceived Risks in Purchase Online”, Journal of Dalian University
of Technology, 28 (2), 13-19.
11. Dellarocas, C. (2003). The digitization of word of mouth: Promise and challenges of online
feedback mechanisms. Management science, 49(10), 1407-1424.

VOLUME 11 ISSUE 7, 2023 PAGE NO: 255

[Link] ISSN: 1138-5790

12. Eastlick, M. A., & Lotz, S. (1999). Profiling potential adopters and non‐adopters of an
interactive electronic shopping medium. International Journal of Retail & Distribution
Management.
13. Ernst & Young. 1999. Second Annual Internet Shopping Survey.
[Link] consumer/internetshopping, accessed August 2, 1999.
14. Featherman, M. S., & Pavlou, P. A. (2003). Predicting e-services adoption: a perceived
risk facets perspective. International journal of human-computer studies, 59(4), 451-474.
15. Featherman, M. S., & Pavlou, P. A. (2003). Predicting e-services adoption: a perceived
risk facets perspective. International journal of human-computer studies, 59(4), 451-474.
16. Fitzsimmons, J.A., Fitzsimmons. M.J., 2004. Service Management: Operations, Strategy,
and Information Technology. IrwinMcGraw Hill, New York, NY.
17. Flavián, C., Gurrea, R., & Orús, C. (2016). Choice confidence in the webrooming purchase
process: The impact of online positive reviews and the motivation to touch. Journal of
Consumer Behaviour, 15(5), 459-476.
18. Forsythe, S. and Shi, B. (2003), “Consumer patronage and risk perceptions in internet
shopping”, Journal of Business Research, Vol. 56 No. 11, pp. 867-875
19. Forsythe, S., Liu, C., Shannon, D., & Gardner, L. C. (2006). Development of a scale to
measure the perceived benefits and risks of online shopping. Journal of interactive
marketing, 20(2), 55-75.
20. Grazioli, S. and S. L. Jarvenpaa (2000), “Perils of Internet Fraud: An Empirical Investigation
of Deception and Trust with Experienced,” 30, 4(395-410), July
21. Guru, S., Nenavani, J., Patel, V., & Bhatt, N. (2020). Ranking of perceived risks in online
shopping. Decision, 47(2), 137-152.
22. Hanjun, K.. Jaemin, J., JooYoung, K. and Sung Wook, S. (2004), “Cross-Cultural
Differences in perceived Risk of Online Shopping”, Journal of Interactive Advertising,
4(2), 20-25.
23. Heitz-Spahn, S. (2013). Cross-channel free-riding consumer behavior in a multichannel
environment: An investigation of shopping motives, sociodemographics and product
categories. Journal of Retailing and Consumer Services, 20(6), 570-578.

VOLUME 11 ISSUE 7, 2023 PAGE NO: 256

[Link] ISSN: 1138-5790

24. Henning-Thurau, T. (2004). Motive des lesens von kundenartikulationen im internet:

theoretische und empirische analyse. In Konsumentenverhalten im Internet (pp. 171-193).
Gabler Verlag.
25. Hong, I. B. (2015). Understanding the consumer's online merchant selection process: The
roles of product involvement, perceived risk, and trust expectation. International Journal
of Information Management, 35(3), 322-336.
26. Hsu, C. L., Yu, L. C., & Chang, K. C. (2017). Exploring the effects of online customer
reviews, regulatory focus, and product type on purchase intention: Perceived justice as a
moderator. Computers in Human Behavior, 69, 335-346.
27. J.H. Wu, Y.C. Lin, F.S. Hsu(2011)An empirical analysis of synthesizing the effects of
service quality, perceived value, corporate image and customer satisfaction on behavioral
intentions in the transport industry: A case of Taiwan high-speed rail Innovative
Marketing, 7 (3) (2011), pp. 83-100
28. Jarvenpaa, S. L., Tractinsky, N., & Saarinen, L. (1999). Consumer trust in an Internet store:
A cross-cultural validation. Journal of Computer-Mediated Communication, 5(2),
JCMC526.
29. Kim, M. and S. J. Lennon (2000), “Television Shopping for Apparel in the United States:
Effects of Perceived Amount of Information on Perceived Risks and Purchase Intentions,”
Family and Consumer Sciences Research Journal, 28, 301-330
30. Ko, H.J., Jung, J.M., Kim, J.Y. and Shim, S.W. (2004), “Cross-cultural differences in
perceived risk of online shopping”, Journal of Interactive Advertising, Vol. 4 No. 2, pp.
20-29.
31. Kumar, D., & Dange, U. (2014). A study on perceived risk in online shopping of youth in
Pune: A factor analysis. Ujwala, A Study on Perceived Risk in Online Shopping of Youth
in Pune: A Factor Analysis (October 1, 2014).
32. Kwon, Y.H., L. Saae and M. Arzeni (1991), “Catalog vs Non-catalog Shoppers of Ap-
parel: Perceived Risks, Shopping Orienta- tions, Demographics and Motivations,” Clothing
and Textiles Research Journal, 10(1), 13-19
33. Lal, R., & Sarvary, M. (1999). When and how is the Internet likely to decrease price
competition?. Marketing Science, 18(4), 485-503.

VOLUME 11 ISSUE 7, 2023 PAGE NO: 257

[Link] ISSN: 1138-5790

34. Lee, K. T., & Koo, D. M. (2012). Effects of attribute and valence of e-WOM on message
adoption: Moderating roles of subjective knowledge and regulatory focus. Computers in
Human Behavior, 28(5), 1974-1984. [Link]
35. Li, N. and Zhang, P. (2002), “Consumer online shopping attitudes and behavior”, Americas
Conference on Information Systems, 8, 508-517.
36. Liao, Z., & Cheung, M. T. (2001). Internet-based e-shopping and consumer attitudes: an
empirical study. Information & management, 38(5), 299-306.
37. Liu, C., Marchewka, J. T., Lu, J., & Yu, C. S. (2005). Beyond concern—a privacy-trust-
behavioral intention model of electronic commerce. Information & Management, 42(2),
289-304.
38. Maignan, I., & Lukas, B. A. (1997). The nature and social uses of the Internet: A qualitative
investigation. Journal of Consumer Affairs, 31(2), 346-371.
39. Marcelo, V.N., Michel, L. and Marie, O.R. (2014), “How to reduce perceived risk when
buying online: the interactions between intangibility, product knowledge, brand
familiarity, privacy and security concerns”, Journal of Retailing and Consumer Services,
Vol. 21 No. 4, pp. 619-629.
40. Masoud, E. Y. (2013). The effect of perceived risk on online shopping in Jordan. European
Journal of Business and Management, 5(6), 76-87.
41. Milne, George R. and Maria-Eugenia Boza. 1999. Trust and Concern in Consumers’
Perceptions of Marketing Information Management Practices. Journul oflnteractive
Marketing, 13, I :5-24.
42. Murray, K. B. (1991). A test of services marketing theory: consumer information
acquisition activities. Journal of marketing, 55(1), 10-25.
43. N. Jindal, B. Liu,(2008),Opinion spam and analysis ,Proceedings of the 2008 international
conference on web search and data mining, ACM (2008), pp. 219-230
44. Park, D., Lee, J., & Ham, I. (2007). The effect of on-line consumer reviews on consumer
purchasing intention: The moderating role of involvement. International Journal of
Electronic Commerce, 11(4), 125-148. [Link]
45. Paul, P. (1996). Marketing on the Internet. Journal of consumer marketing.
46. Popli, A., & Mishra, S. (2015). Factors of perceived risk affecting online purchase
decisions of consumers. Pacific Business Review International, 8(2), 49-58.

VOLUME 11 ISSUE 7, 2023 PAGE NO: 258

[Link] ISSN: 1138-5790

47. Richins, Marsha L. and Teri Root-Shaffer (1988), "The Role of Involvement and Opinion
Leadership in Consumer Word-of-Mouth: An Implicit Model Made Explicit," In Advances
in Consumer Research, Vol. 15, Ed. Micheal Houston, Ann Arbor, MI:Association for
Consumer Research.
48. Salisbury, W. D., Pearson, R. A., Pearson, A. W., & Miller, D. W. (2001). Perceived
security and World Wide Web purchase intention. Industrial Management & Data
Systems.
49. San Martín, S., & Camarero, C. (2009). How perceived risk affects online buying. Online
Information Review.
50. Soltanpanah, H., Shafe, R., & Mirani, V. (2012). A review of the literature of perceived
risk and identifying its various facets in e-commerce by customers: Focusing on developing
countries. African Journal of Business Management, 6(8), 2888-2896.
51. Stone, R. N. and K. Gronhaug (1993), “Perceived Risk: Further Considerations for the
Marketing Discipline,” European Journal ofMarketing, 27(3), 39-50
52. Swaminathan, V., Lepkowska-White, E., & Rao, B. P. (1999). Browsers or buyers in
cyberspace? An investigation of factors influencing electronic exchange. Journal of
computer-mediated communication, 5(2), JCMC523.
53. Teo, T. S. (2002). Attitudes toward online shopping and the Internet. Behaviour &
Information Technology, 21(4), 259-271.
54. Van den Poel, D., & Leunis, J. (1999). Consumer acceptance of the Internet as a channel
of distribution. Journal of Business research, 45(3), 249-256.
55. Wu, J. H., Wu, C. W., Lee, C. T., & Lee, H. J. (2015). Green purchase intentions: An
exploratory study of the Taiwanese electric motorcycle market. Journal of Business
Research, 68(4), 829-833.
56. Ye, N. (2004), “Dimensions of consumer’s perceived risk in online shopping”, Journal of
Electronic Science and Technolgy of China, Vol. 2 No. 3.
57. Zhang, L., Tan,W., Xu, Y. & Tan, G. (2012) , “Dimensions of Consumers’ Perceived Risk
and Their Influences on Online Consumers’ Purchasing Behaviour”, Communications in
Information Science and Management Engineering, 2(7), 8-14.

VOLUME 11 ISSUE 7, 2023 PAGE NO: 259