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Abstract

Dependable online payment systems (e-payments) are fundamental in promoting future online purchases. Yet little research has focused on either the differences between secure and risky e-payments or consumer reactions to the different systems. This study reverts to neuroscience (fMRI) to i) identify the neural effects pertaining to risky and secure e-payments and ii) reveal the underlying brain mechanisms when confronted with two widespread systems: debit cards and Paypal. Thirty subjects participated in an experiment simulating a low-involvement online purchase. The analysis reveals that perceived risky e-payments activate brain areas linked to negative emotional processing, while areas involved with reward prediction are strongly triggered by secure e-payments. Furthermore, the study not only reveals a greater intention of use toward Paypal, but sees it as more secure, rewarding and affective. Debit card e-payments, by contrast, elicit brain activations associated with negative and risky events. Interestingly, the right cerebellum response (responsible for value encoding) covaried with more positive use intention toward Paypal. These results offer invaluable insight into the unconscious origin of the choice of payment systems among consumers.

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... Perceived risk is one important dimension in shaping the behavioral intention and usage of mobile payment [8][9][10]. Similar to the focus on consumers' risk perception, one line of previous studies is to stress psychological concerns including trust [11][12][13], distrust [14], perceived security risk [15], and perceived financial, privacy, and performance risks [16] in modeling consumers' intention to use online services. It is found that trust of the mobile service provider and mobile technology [11] and the mobile payment vendor [12] are key factors influencing intention to use mobile payment. ...
... In light of the important role of both trust and distrust in influencing the decision to adopt IT-enabled exchange mode, some authors [14] investigated the effects of trust and distrust through the use of "functional neuroimaging (fMRI) tools to complement psychometric measures of trust and distrust" [14]. Neuroscience has also been applied to investigate the consumer's neural response to risky and secure e-payments [15] and how consumers process online risks [16]. The authors [15] found that consumers' choice of payment systems is determined by the consumer's neural response. ...
... Neuroscience has also been applied to investigate the consumer's neural response to risky and secure e-payments [15] and how consumers process online risks [16]. The authors [15] found that consumers' choice of payment systems is determined by the consumer's neural response. ...
Article
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Younger generations comprise an essential segment for the mobile payment market to prosper. However, empirical evidence of the drivers/barriers of the young generation’s adoption of mobile payment has been inconclusive. This study intends to advance the body of knowledge on this subject based on the extended Unified Theory of Acceptance and Use of Technology (UTAUT), incorporating the young generation’s risk perception and bonus/rewards provided by the mobile-pay firms. To this end, 295 samples with the majority being more tech-savvy, namely generation Y and generation Z, were collected from an online survey in Taiwan. The empirical results in this study demonstrate the uniquely positive effect of social influence on the young generations’ behavioral intention to adopt mobile payment. While behavioral intention and promotional activities are the drivers of the young generation’s actual usage of mobile payment, perceived risks are found to exert a negative impact, reflecting the risk-averse preferences of the young generation in Taiwan. The ignorable moderation effect of gender, on the other hand, suggests the absence of a gender gap in the use of mobile payment among the young generations. The findings in this research have important implications for the development of promotion programs motivating the young generation’s adoption of mobile payment.
... Moreover, the features of a specific stimulus itself are able to capture attention regardless of the individual, thus applying stimulus-driven or bottom-up control over attention. In this regard, marketing academics have analyzed attention toward specific media features of advertising design, such as animation (Casado-Aranda et al., 2018a, 2018b. ...
... nutritional lifestyles or click-through rates). For example, consumer neuroscience research concludes that brain networks involved with reward, self-relevance, value and mentalizing are powerful predictors of intentions toward the advertised products (Casado-Aranda et al., 2018a). ...
... Neurophysiological tools can first be useful for enhancing our understanding of the dimensionality and nature of constructs associated with the adoption and use of consumer devices, websites or platforms, such as mobile phones, laptops or website layouts. For example, studies such as that of Dimoka (2010) or Casado-Aranda et al. (2018a, 2018b have revealed the neural correlates of constructs and dimensions pertaining at the technology acceptance model (namely, perceived usefulness, trust, privacy and ease of use), but yet more research is needed to clarify the neural bases of the emotional ones, such as anxiety, enjoyment, playfulness or innovativeness, which are indeed key for forecasting consumer purchase and usage. Knowing the psychological origin of these mental processes could be key to testing the effectiveness of media systems, devices or website elements. ...
Article
Purpose-This study aims to illuminate the contribution of neurophysiological techniques in the field of marketing and consumer decision-making and to highlight avenues and research questions that marketing researchers can take advantage of from neuroscience and psychology to inform marketing phenomena. Methodology-The authors first reviewed the roots and definition of consumer neuroscience. Then, the authors outlined the main characteristics of the most commonly used neurophysiological tools (namely, skin conductance, facial electromyography, electrocardiogram, eye-tracking, electroencephalography, functional magnetic resonance imaging, functional near-infrared spectroscopy, magnetoencephalography and transcranial magnetic stimulation) with a special emphasis on their advantages and weaknesses. Finally, the authors propose the development ofresearch lines that could be implemented by marketing researchers with an appropriate application and understanding of tools and theories of neuroscience and psychology. Findings – The authors propose research questions to be addressed within four thematic areas: opportunities in product decisions (predicting product purchasing decisions, consumer responses to branding efforts and packaging), pricing, communication and retailing scenarios. The authors also incorporate insights into the complementarity of neurophysiological tools to traditional ones and situations in which these tools are useful for enhancing marketing theory. The authors finally shed light on the moral–ethical criticisms of this new branch of marketing. Value – To the best of the authors’ knowledge, this research constitutes the first study in identifying the research opportunities that marketing researchers could take advantage from neuroimaging and physiological tools to inform marketing theory and practice.
... This function provides the minimum cluster size (in voxels) corrected by familywise error (FWE). In addition, it allows for obtaining a significant p-value < 0.05, which is ideal for multiple whole brain comparisons [61]. This allowed us to require an uncorrected p-significance level < 0.001. ...
... These findings are in line with our findings and coincidentally with the work of Casado-Aranda et al. Casado-Aranda et al. [61] showed increased activity in the superior frontal gyrus when participants visualised products accompanied by seals of approval. (i.e., guarantee reward in some way). ...
... The inferior occipital gyrus was also strongly activated by unpleasant dishes. Previous research has shown that these areas can play a crucial role in inconsistent stimuli [61]. With these regions, offending plates triggered a neural response in the cerebellum, which is a part of the brain involved in sensory attention and motor learning [71]. ...
Article
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The main objective of this research was to analyse the active regions when processing dishes with a pleasant (vs. unpleasant) design and the effect of the previously read rational (vs. emotional) description when visualising the dish. The functional magnetic resonance image technique was used for the study. The results showed that participants who visualised pleasant vs. unpleasant dishes became active in several domains (e.g., attention, cognition and reward). On the other side, visualisation of unpleasant dishes activated stronger regions linked to inhibition, rejection, and related ambiguity. We found that subjects who read rational descriptions when visualising pleasant dishes activated regions related to congruence integration, while subjects who visualised emotional descriptions showed an increased neuronal response to pleasant dishes in the regions related to memory, emotion and congruence.
... Electronic commerce's emergence and success have led to the digitization of payment systems, referred to as electronic payments or e-payments (Casado-Aranda, Liébana-Cabanillas, & Sánchez-Fernández, 2018). E-payment is defined as the buying and selling of goods and services on the web (Tiwari, Buse, & Herstatt, 2006). ...
... Sometimes, it can generally be referred to as digital payments and may be linked or not be linked to a financial institution or a bank (Ahmed & Ali, 2017;Diniz, Porto de Albuquerque, & Cernev, 2011). The most common e-payments systems in the world are credit cards, debit cards, and email-based PayPal transactions (Casado-Aranda et al., 2018). ...
... However, due to the widespread adoption and usage of mobile phones worldwide, mobile commerce has emerged, giving a new dimension to e-commerce (Casado-Aranda et al., 2018). ...
Conference Paper
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The proliferation of mobile phones has made mobile payments to be widely used in developing economies. However, mobile payment usage in Malawi is low, and there are many limitations to encourage users to continuously use mobile payments. The purpose of this research was to examine determinants of continuous intention to use mobile payments in Malawi. A conceptual framework adapted from Technology Acceptance Model was developed. Data was collected through a survey while data analysis used Structural Equation Modelling Partial Least Squares using SmartPLS software. The findings of this study showed that society norms significantly influence continuous intention to use mobile payments (p=0.012). Most interestingly, prior knowledge (p=0.000) and seamlessness (p=0.000) had the strongest influence as compared to structural assurance (p=0.008). Seamlessness significantly influenced satisfaction (p=0.002) and society norms (p=0.001). Seamlessness and service quality had significantly negative effects on satisfaction. The findings of this research provide several considerations to guide the mobile payments industry in Malawi. The findings may also improve the existing mobile payments system's business models, marketing strategies, customer engagement on security issues, transparency, and interoperability of payment systems. Regulators may also find the findings of this study very insightful in advancing the mobile payments agenda in Malawi.
... those with high-risk propensity) are more likely to grant trust to others because they tend to assign more importance to gains. Blöbaum (2016) also outlined that people with high-risk propensity are more likely to trust or conduct business with others in the online setting. ...
... Kusumasondjaja's (2015) study is one of the few but it focuses on the impact of risk propensity on consumers' trust in the hotel being reviewed. Casado-Aranda et al. (2018) proclaim that consumers' risk propensity would influence their trust perceptions towards e-payments but they did not conduct any empirical validation. Since multiple studies have shown that one's risk propensity will negatively affect one's risk perceptions (e.g. ...
... In the dimension of consumer- based antecedents, risk propensity is not proven to be a significant trust driver. This result differs from Das and Teng (2004) and Blöbaum's (2016) assertions that people with high levels of risk propensity are more likely to grant trust to others. While risk propensity is not proven to be a trust driver in this study, scholars and practitioners should still be attentive to its influence on consumer decision and behavior (Li et al., 2012). ...
Article
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Since most travel websites have shifted from single-role (i.e. transaction-or review-based features) to dual-role platforms (i.e. both transaction-and review-based features), this study proposes a modified model which outlines all antecedents and consequences of customers' trust in hybrid travel websites. Survey responses provided by 610 hybrid travel website users show consumers' trust propensity, perceived company reputation, perceived website security, perceived website reliability, perceived reviewer credibility, and perceived review quality to be positive and significant predictors of trust in hybrid travel websites. The findings also show that trust is a linchpin in determining consumers' intention to purchase, follow, and recommend.
... Electronic commerce's emergence and success have led to the digitization of payment systems, referred to as electronic payments or e-payments (Casado-Aranda, Liébana-Cabanillas, & Sánchez-Fernández, 2018). E-payment is defined as the buying and selling of goods and services on the web (Tiwari, Buse, & Herstatt, 2006). ...
... Sometimes, it can generally be referred to as digital payments and may be linked or not be linked to a financial institution or a bank (Ahmed & Ali, 2017;Diniz, Porto de Albuquerque, & Cernev, 2011). The most common e-payments systems in the world are credit cards, debit cards, and email-based PayPal transactions (Casado-Aranda et al., 2018). However, due to the widespread adoption and usage of mobile phones worldwide, mobile commerce has emerged, giving a new dimension to e-commerce (Casado-Aranda et al., 2018). ...
... The most common e-payments systems in the world are credit cards, debit cards, and email-based PayPal transactions (Casado-Aranda et al., 2018). However, due to the widespread adoption and usage of mobile phones worldwide, mobile commerce has emerged, giving a new dimension to e-commerce (Casado-Aranda et al., 2018). ...
Preprint
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The proliferation of mobile phones has made mobile payments to be widely used in developing economies. However, mobile payment usage in Malawi is low, and there are many limitations to encourage users to continuously use mobile payments. The purpose of this research was to examine determinants of continuous intention to use mobile payments in Malawi. A conceptual framework adapted from Technology Acceptance Model was developed. Data was collected through a survey while data analysis used Structural Equation Modelling Partial Least Squares using SmartPLS software. The findings of this study showed that society norms significantly influence continuous intention to use mobile payments (p=0.012). Most interestingly, prior knowledge (p=0.000) and seamlessness (p=0.000) had the strongest influence as compared to structural assurance (p=0.008). Seamlessness significantly influenced satisfaction (p=0.002) and society norms (p=0.001). Seamlessness and service quality had significantly negative effects on satisfaction. The findings of this research provide several considerations to guide the mobile payments industry in Malawi. The findings may also improve the existing mobile payments system's business models, marketing strategies, customer engagement on security issues, transparency, and interoperability of payment systems. Regulators may also find the findings of this study very insightful in advancing the mobile payments agenda in Malawi.
... A great deal of online advertising research has used self-reporting techniques (e.g., surveys or focus groups) to evaluate attention and memory induced by both hedonic and utilitarian banner ads, without consensus (Bilgihan & Bujisic, 2015;Hausman & Siekpe, 2009;Klein & Melnyk, 2016;Lin, Murshed, & Zhang, 2020). Yet, no study so far has made use of neuroimaging or psychophysiology tools (such as functional magnetic resonance imaging or eye-tracking), which could facilitate a deeper understanding of the inner, introspective, and implicit mechanisms that more likely determine consumer memory toward these online ads (Guo, Zhang, Ding, & Wang, 2016), trust in the online retailer's offers (Casado-Aranda, Liébana-Cabanillas, & Sánchez-Fernández, 2018), and even online consumer behavior (Couwenberg et al., 2017). The inclusion of this new so-called consumer neuroscience approach not only may help to overcome some subjectivity-related limitations of traditional methods in advertising research (e.g., social desirability bias or delayed measurement of ad reactions), but is expected to particularly enable clarification of the neural mechanisms by which the two typologies of banner appeals-namely, hedonic and utilitarian-differently influence the main mechanisms of memory formation of the ad (i.e., memory encoding, storage, and retrieval) and, more broadly, its persuasion (Kranzler, Schmälzle, Pei, Hornik, & Falk, 2018). ...
... Following similar research in consumer neuroscience (Motoki et al., 2020 or;Guerrero Medina, Martínez-Fiestas, Casado Aranda, & Sánchez-Fernández, 2021), we made use of a within-subject design, in which each participant was exposed to 30 hedonic and 30 utilitarian banners. We restricted the task to headphones not only as previous studies in the field of consumer neuroscience have used this product category (Casado-Aranda, Liébana-Cabanillas, & Sánchez-Fernández, 2018;Hubert et al., 2018), but also because technological products constitute one of the most-purchased categories online in Spain, the country of the current study (IAB, 2022). We ensured that the majority of participants had purchased technological products in the last year (73.1%), and reported a moderate interest in purchasing headphones (average: 5.74, SD = 1.29; ...
Article
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Traditional psychological theories of message persuasion typically conclude that messages that are able to facilitate an optimal allocation of cognitive resources in the audience will increase memory encoding, will be better retrieved and recalled, and will likely be more persuasive. The growing competition in online advertising has led to a need to evaluate which type of banners are able to allocate cognitive resources more efficiently, as this has a positive impact on the ability to remember the banner and potentially increase the purchase frequency of the advertised product. By means of functional Magnetic Resonance Imaging (fMRI), this study provides the first evidence of neural differences during the exposure and reimagination of two widely used banner appeals; namely, hedonic (i.e., banners that vividly emphasize the social, personal, and experiential benefits of buying the product) and utilitarian (i.e., banners focused on informative, convenient, and functional arguments). Our findings reveal that, when compared to utilitarian banners, hedonic static advertisements engage stronger neurocognitive processes, which translate into higher brain activations related to memory encoding and retrieval, ultimately correlating to higher recall. These findings advise the design of static and hedonic banners to improve the ad recall.
... In total, 40 people were recruited to participate in the experiment; however, due to technical failures and other unexpected events, the final sample consisted of 31 subjects (age mean: 20.39; standard deviation: 2.74; 80% female), in line with other consumer neuroscience studies (samples of 20-30 participants in neuroscience research studies are considered acceptable, i.e. Boksem and Smidts, 2015;Casado-Aranda et al., 2018;Casado-Aranda et al., 2019;Lin et al., 2018;Verhulst et al., 2020;Zhang et al., 2021). Informed consent was obtained from all participants when they registered to be part of the experiment, which had been approved by the Ethics Committee of the university. ...
Article
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People tend to align with the emotional state of the person that is talking to them (the observed). Similarly, while processing information consumers can also experience this emotional contagion. Emotional contagion can activate in those who process information (the observer) similar responses in the autonomic nervous system and the neural responses as in those who create such information (the observed), triggering a certain level of arousal. Neuroscience enables researchers to study emotional contagion by monitoring the activation of neural structures and physiological responses. This study draws on the theory of arousal to investigate how different combinations of online consumer review (OCR) valence can trigger different emotions and customer experiences in the observer (the one who reads the OCRs). This study conducts a consumer neuroscience experiment to monitor emotional arousal. The physiological analyses (through skin conductance response) confirm that the emotional arousal of the observer aligns with that of the observed. The neural analyses (through electroencephalography) show the valence of the arousal, which indicates that negative OCRs activate arousal and pleasure in the observer, while positive OCRs are associated with arousal deactivation and displeasure.
... Perceived risk is present in the vast majority of purchasing decisions and lead consumers to adopt techniques to avoid financial loss while mitigating the perception of risk, especially in online contexts (Slade et al., 2015;Liu et al., 2017;Casado-Aranda et al., 2018). It has also been demonstrated that consumers are more inclined to recommend a product if the product has a good quality-price ratio, an attribute that mitigates the perception of risk in the purchase (Olaru et al., 2008). ...
... The discovery of substructure is an interesting concept in that the substructure is repetitively surrounded by structural data (Schmitt et al. 2002). A mixture of online learning, net banking, E-payments, and commerce communication is obtained on the web (Casado-Aranda et al. 2018). ...
Article
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In recent years, graph-based data mining (GDM) is the most accepted research due to numerous applications in a broad selection of software bug localization, computational biology, practical field, computer networking, and keyword searching. Moreover, graph data are subject to suspicions because of incompleteness and vagueness of data. Graph data mining of uncertain graphs is the most challenging and semantically different from correct data mining. The main problem of the GDM is mining uncertain graph data and subgraph pattern frequency. This paper discussed different techniques related to GDM, complexities, and the different size of the graph, and also investigated the dataset used for GDM, techniques of GDM like clustering analysis, and anomaly detection. To improve the performance of the online learning system, GDM is introduced. Additionally, the study algorithm is used for GDM, dataset, advantages, and disadvantages. In the end, future directions to enrich online learning based on the results of GDM are discussed. Performance metrics of different techniques such as accuracy, precision, recall, F-measure, and runtime are observed. Finally, conclude the survey with a discussion and overall performance of graph-based data mining.
... Moreover, increasing users' awareness of the risk factors associated with mobile payment services leads to a dramatic improvement of their continuance intention to use the technology [25]. The present study supports the previous findings and also posits that perceived risk is a significant moderator of users' continuance intention [15]. In this light, the following hypothesis is put forward: ...
Article
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The interest in m-payments through mobile phones to replace the use of cash, credit cards or cheques is rapidly increasing in our society. The present study aims to examine the situation of near field communication (NFC) m-payment services along with the determinants of users’ continuance intention. To this intent, a sample of 1840 respondents with experience in using NFC payments participated in an online survey. During the first phase of this research, an structural equation modelling (SEM) technique was used to identify the acceptance predictors of mobile payments as well as to analyse the eventual moderating effect of the gender and age of the users of this tool. The second phase focused on the neural network model’s proficiency in assessing the relative impact of the most relevant predictors stemming from the aforementioned SEM analysis. The results obtained revealed subjective norms, risk, perceived usefulness, customer brand engagement and trust as the most significant antecedents of continuance intention towards NFC payments. The study also discusses the managerial implications derived from this research while assessing and suggesting potential user behaviour-based business opportunities for service providers.
... In addition, the risks and concerns of users/consumers in the context of online P2P lending platforms are pertinent issues that have not been studied to a significant degree in the literature. While we were unable to delve into these issues because the users/consumers of these platforms were not the focus of our study, an in-depth exploration of the psychological concerns (see Casado-Aranda et al., 2018a), online consumer risks (see Casado-Aranda et al., 2018b) and trust issues (see Dimoka, 2010) related to online P2P lending platforms may also be an important area for future study. In exploring these future research directions, we hope that a more holistic and nuanced understanding of P2P lending platform development, as well as its strategic and organizational implications, can emerge. ...
Article
Purpose Online Peer-to-Peer (P2P) lending platforms are becoming increasingly popular globally in recent years. Our knowledge of how to develop and manage the digital platforms that make P2P lending possible, however, is limited. Through an in-depth examination of the strategies deployed and actions taken across the various stages of development of Tuodao, one of the most successful online P2P lending platforms in China, the purpose of this study is to develop a process model of P2P Lending Platform Development to address this knowledge gap. Design/methodology/approach The case research method was adopted for this research, and a total of 16 informants were interviewed. The informants were composed of representatives of Tuodao’stop management, organizational IT functions as well as its various business units. Findings Our study reveals that the development of a P2P lending platform can unfold in a specific sequence across three stages, and the development of a particular side of the platform should be emphasized in each stage (i.e. Partners, followed by Lenders, and then Borrowers). Each stage is also distinctive in terms of their strategies and platform configuration outcomes, which are elaborated on in our paper. Originality/value Our process model contributes an in-depth view of how P2P lending platforms should be established and nurtured to complement the existing studies in this rapidly growing research area. In addition, our study also hints at the strategies that can facilitate the various stages. Our model can potentially serve as the foundation for formulating guidelines for the managers of P2P lending platforms, so that they are able to optimize the development of their platforms and extend the benefits of P2P lending to a broader base of customers.
... Using neuroimaging techniques, earlier research in interactive marketing has elucidated the psychological processes of consumers' online behavior (e.g., Casado-Aranda, Dimoka, & Sánchez-Fernández, 2019;Casado-Aranda, Liébana-Cabanillas, & Sánchez-Fernández, 2018;Casado-Aranda, Sánchez-Fernández, & Montoro-Ríos, 2018;Dimoka, 2010;Hubert et al., 2018;Riedl, Hubert, & Kenning, 2010;Venkatraman et al., 2012). For example, Dimoka investigated whether trust and distrust are distinct constructs or a uni-dimensional trust-distrust continuum in the context of eBay seller profiles (Dimoka, 2008). ...
Article
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Consumers often share product-related content (e.g., advertising), and highly shared advertising has a huge impact on consumer behavior. Despite its apparent effectiveness, prediction of whether such advertising will be highly shared is a poorly understood area of marketing. Advances in brain imaging techniques may allow researchers to forecast aggregate consumer behavior beyond subjective reports. Using neuroimaging techniques, previous research has established models showing that expectations of self-related outcomes (potential for self-enhancement) and the social impact of sharing (potential for social approval) contribute to the likelihood of users sharing non-commercial static content (i.e., text-based health news). However, whether this finding can be applied to forecasting the virality of dynamic commercial stimuli, which is more relevant to interactive marketing (i.e., video ads), remains unknown. Combining brain imaging techniques, cross-validation methods, and real-world data regarding sharing on social media, the present study investigated whether brain data can be used to forecast the viral marketing success of video ads. We used neuroimaging (functional magnetic resonance imaging: fMRI) to measure neural activity during three sets of theory-driven neural measures implicated in value, self, and social (mentalizing) processes while 40 participants viewed video ads that brands had posted on Facebook. Contrary to previous findings regarding value-related virality in non-commercial static content, our results indicate that social-related neural activity contributes significantly to forecasting the virality of dynamic marketing-related content. The model that included both social-related neural measures and subjective intentions to share forecasted viral marketing success better than the model that included only social-related neural measures. The model that included only subjective intention to share did not forecast viral marketing success. Overall, these findings provide a novel connection between neurophysiological measures and real-world dynamic commercial content. Contrary to previous neuroforecasting findings, social-related but not value-related neural measures can significantly improve our ability to predict market-level sharing of video ads.
... Second, it can measure the neural correlates of marketing constructs or capture hidden mental processes among consumers to provide a window into the consumers' implicit motivations and serve as a complement to or explanation of self-reported results. [13][14][15] That is, brain responses could be eventually translated into more indexes, which would help marketing professionals better understand the motives underlying consumer behaviors. ...
Article
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Purpose: Social crowding refers to the extent of social presence and proximity to others. A large number of studies have explored the effect of social crowding on consumers' feelings and behaviours in real shopping scenes, whereas few studies have examined the potential marketing effect of social crowding on online mobile consumption behaviour despite mobile commerce's increasing popularity in recent years. The current intends to explore the effect of social crowding on online mobile purchase and its underlying neural basis. Methods: The current study employed a questionnaire survey and an implicit panic buying experiment, in which the participants were asked to press the button as soon as possible to buy the showed product. A 2-level social crowding (low vs high) × 2-level feedback of panic buying (success vs fail) design was employed to test the negative impact of social crowding on consumers' online mobile purchase intention by using electroencephalogram (EEG) recordings. Results: Behaviorally, participants showed higher purchase intention in low social crowding environment compared with the high crowding condition. The event-related potentials (ERPs) results indicated that consumers had a higher affective/motivational evaluation (reflected in a smaller feedback-related negativity (FRN) amplitude) regarding the successful rather than the failing feedback in the low social crowding condition. However, this difference was not detected in the high social crowding condition. Meanwhile, more attentional resources (reflected in a greater P300 amplitude) were directed toward processing the feedback outcomes in the low rather than the high social crowding condition. Conclusion: The current study provided neurophysiological response that social crowding negatively influences consumers' online purchase intention. Some implications for theory and practice were also discussed.
... A very important negative effect is the sense of lack of security or compromise of access codes. Despite these negative effects the positive features of digital payments attract many consumers, especially those in the middle-income level who frequently make use of digital payments (Casado-Aranda et al., 2018). ...
... The characteristics of fMRI studies (e.g., cost, time and accessibility) have led to reducing the sample size of these types of investigations [54]. In the field of social neuroscience, current impactful investigations using neuroimaging tend to use small sample sizes (from 10 to 30 participants) to predict behaviors, namely [55] or [56]. ...
Article
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Daily worldwide newspapers are filled with campaigning unveiling political corruption. Despite this information be worrying to many citizens, political researchers have not identified any consistent trend of decline of support among party sympathizers. This study utilizes neuroimaging for the first time to examine the neuropsychological origin of party closeness variation among backers of a liberal (Spanish Socialist Workers’ Party, PSOE) and a conservative party (Popular Party, PP) in Spain after a month receiving corruption messages among their preferred party. Brain data provide some explanation as to the origin of party closeness reduction among liberal sympathizers: areas involved with negative feelings, disappointment and self-relevance served to predict party closeness reduction 30 days in advance. Implications for liberals and conservatives’ campaigns are discussed.
... Finally, eye-tracking techniques capture automatic consumer information when interacting with websites, thus becoming a new and more interesting tool (than previous self-reports) to evaluate consumers' performance. The results of the current study could be corroborated by using tools that capture distinct and moment-by-moment consumer reactions in online environments, as fMRI [71] or noninvasive sensors measuring heart rate and skin conductance [72]. More broadly, several methodologies exist to overcome limitations of traditional selfreports, which is an important step towards a profound analysis of all the complete processing stream including attention, memory, attitudes, judgments, and behavioral responses to online ads. ...
Article
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Global investments in online advertising rise quickly but internet users often avoid looking at ads due to established banner blindness. Demographic targeting is expected to overcome this tendency by attracting users’ attention to more self-relevant ad content. However, little is known about the effect of demographically targeted versus non-targeted ads on users’ actual attention allocation during exposure to webpages. The present study aimed to further fill this empirical gap by clarifying whether demographic targeting attracts visual attention and to exploratively examine whether it also affects brand attitude and website evaluation, as suggested by previous studies. Eye tracking data revealed that demographic targeting can have medium- to large-sized effects on several eye movement parameters when internet users are in a free-viewing mode. In contrast, demographic targeting did not influence brand attitude and website evaluation. We conclude that attention for personally relevant advertisement can be strong. However, attention, although being a necessary condition for subsequent judgment formation according to the model of human information processing, is not sufficient to elicit positive effects at the level of subjective judgments.
Article
Modern eye-tracking techniques have opened a new door of opportunities for evaluating communication effectiveness in a way that minimizes cognitive biases and provides moment-by-moment insights into communication’s attention processes. The increasing body of research applying eye-tracking methodologies, together with the reorientation of the landscape of communication, calls for a comprehensive overview of the scope of research concerning audience’s visual attention to advertising. This is the first study that applies a systematic literature review approach to face this research gap by analyzing 112 papers published between 1979 and 2019 in journals indexed by the ISI Web of Science database. Based on this review, the article examines current evidence determining the visual attention to ads and the relationship between eye-tracking measures and other facets of advertising effectiveness, namely cognitive, affective, and behavioral consumer response. Finally, this article discusses the implications for business communication and proposes directions for academics and professionals intending to explore advertising effectiveness through eye tracking.
Chapter
This research aims to examine whether different user groups exist in the mobile services industry and to profile and characterize them in order to provide management recommendations for mobile service companies. To examine the users' behavior in the mobile services sector, customer segmentation by means of factor analysis and k-means cluster analysis is developed with data from 443 mobile service users. Further, a Manova test is conducted to confirm differences among the obtained user segments. Mobile service customers cannot be seen as a homogenous group, since different customer profiles coexist in the mobile service industry. More specifically, four user clusters emerge from the research findings, namely “pragmatic uninvolved,” “satisfied savers,” “prone-to-switch” users, and “service mavens,” the “service mavens” being the most attractive segment for mobile service companies. A behavioral-based segmentation is developed to extend the understanding of customer behavior in the mobile services field.
Consumer services literature offers substantial evidence that ethnocentric consumers tend to prefer domestic over foreign products. Yet no research to date has delved into the question how consumer ethnocentrism (CE) modulates the neural processing of products. This is the first study resorting to neuroimaging to explore to what extent CE levels affect the processing of domestic (Spain) and foreign (USA and China) products. The brain data yielded by neuroimaging reveal that highly ethnocentric consumers experience a greater degree of activation in brain regions linked to self-reference and reward when considering to purchase domestic products and a greater activation in brain regions related to risk in the case of foreign products.
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This research centers on assessing the socio-economic impact of electronic banking business in Sub-Saharan Africa, while critically observing the role that emerging FinTech ecosystems play in deepening economic inclusion and access in developing countries. Extensive related literatures were consulted which were integrated into this new body of knowledge, which has been one of the recommended areas for future research. Research hypothesis were derived to validate relevant findings. This study aim to provide transparency on whether the development of digital payments business and FinTech ecosystems are having a synergistic positive impact or otherwise, on the economic well-being of developing countries. It will also support potential foreign investors and multilateral development agencies on relevant socio-economic factors to note, while expanding into or supporting development in developing countries. The implication of this is for policyholders, multilateral development organizations, investors, donor agencies and governments to be conscious
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Multi-application smart cards enable a user to potentially have a diverse set of applications on her smart card. The growing trend of services convergence fuelled by Near Field Communication and smart phones has made multi-application smart cards a tangible reality. In such an environment, cardholders might have a number of applications on their smart cards and if a card is lost, all of the applications would be lost with it. In addition, consumers might decide to upgrade their smart cards and require a seamless and secure framework to migrate their applications from the old smart card to the new one. Currently, the recovery of a smart card-based service might take from a day to a week at best as each of the lost cards can only be replaced by the respective card issuer, during which time the card issuer might lose business from the user because she is not able to access the provisioned services. Similarly, there is at present no migration mechanism proposed for smart card applications. The proposed framework in this paper enables a user to acquire a new smart card as she desires and then migrate/restore all of her applications onto it — allowing her to recover from her lost digital wallet in a secure, efficient, seamless and ubiquitous manner.
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Purpose – The purpose of this paper is to examine and quantify how various uncertainties result in different perceived risk dimensions that hinder mobile payment (m-payment) acceptance. Design/methodology/approach – An uncertainty-risk-value framework was proposed based on perceived risk theory, prospect theory, and perceived value theory. Structural equation modeling method was used to test the research model. Findings – Perceived information asymmetry, perceived technology uncertainty, perceived regulatory uncertainty, and perceived service intangibility are confirmed as the main determinants of perceived risk, while perceived performance risk, perceived financial risk, and perceived privacy risk were found to have strong negative effects on perceived value and acceptance intention. Practical implications – The findings may help businesses and policy makers better understand the sources of perceived risk and help support the development of appropriate strategies to mitigate the risk concerns consumers have regarding m-payment. Originality/value – Although the hindering effects of perceived risk regarding m-payment acceptance have been confirmed in previous studies, the sources of perceived risk were rarely investigated. By examining the determinants of perceived risk in m-payment acceptance, this paper offers insights into how consumers perceive risks when adopting new innovations. Additionally, it bridges the gap between the antecedents and consequences of perceived risk.
Article
Mobile payments (MPs) are predicted to be one of the future's most successful mobile services but have achieved limited acceptance in developed countries to date. PCs are still the preferred technology for online shopping in the United Kingdom but the continued growth of mobile commerce (MC) is highly correlated with the success of remote MPs (RMPs). Currently MP research has largely ignored the variations between different MP solutions, and existing MP adoption studies have predominantly utilized Davis’ (1989) Technology Acceptance Model, which has been criticized for having a deterministic approach without much consideration for users’ individual characteristics. Therefore, this study applied the Unified Theory of Acceptance and Use of Technology (UTAUT), extended with more consumer-related constructs, to explore the factors affecting nonusers’ intentions to adopt RMP in the United Kingdom. Quantitative data were collected (n = 268) and structural equation modeling was undertaken. The findings revealed that performance expectancy, social influence, innovativeness, and perceived risk significantly influenced nonusers’ intentions to adopt RMP, whereas effort expectancy did not. Inclusion of MP knowledge as a moderating variable revealed that there was a significant difference in the effect of trust on behavioral intention for those who knew about MP than for those who did not. These findings have important theoretical and practical implications, particularly for the development and marketing of RMP, which will support the long-term success of MC.
Article
The uncertainties of transaction handling and consumer perception toward risk have been identified as some of the major problems causing consumers’ hesitance toward taking advantage of online payments. With the ever-growing implementation of trusting mechanisms for online payments, consumer confidence has greatly increased. This research explores the elements of perceived risk and trust – the two most vital factors influencing consumer behavior of online payment – in the relatively mature stage of China’s online payment environment. It also analyzes and classifies perceived risks of different nature into two categories: systematic perceived risk and transactional perceived risk according to their different roles in affecting consumer trust. Specifically, we propose a conceptual model of trust and specific risk facets as well as two new constructs of comparison and evaluation, based on the framework of TRA, TPB, TAM and DTPB. The proposed model was empirically tested using data gathered from 870 respondents in Shanghai and Macao, China, most of whom belong to the younger generation. The results show that in the current stage of China’s online payment, consumers have built up trust first as an antecedent of their perceived risks. Moreover, perceived total risk is negatively related to trust while perceived risks can be classified into two types: system dependent risk which is positively related to trust and transactional risk which is negatively related to trust. This article concludes with implications for academia and practitioners.
Article
The purpose of this study is to propose a theoretical model to examine the antecedents of repurchase intention in online group-buying by integrating the perspective of DeLone & McLean IS success model and the literature of trust. The model was tested using the data collected from 253 customers of a group-buying website in Taiwan. The results show that satisfaction with website, satisfaction with sellers, and perceived quality of website have positive influences on repurchase intention, while perceived quality of website and perceived quality of sellers have significant impacts on satisfaction with website and satisfaction with sellers, respectively. The results also show that trust in website has positive influences on perceived quality of website and satisfaction with website, whereas trust in sellers influence perceived quality of sellers and satisfaction with sellers significantly. Finally, the results show that perceived size of website has positive influence on trust in website, while reputation of website and reputation of sellers significantly affect trust in website and trust in sellers, respectively. The implications for theory and practice and suggestions for future research are also discussed.
Article
Buyer concern about website security is a critical issue when it comes to maximizing the potential for electronic commerce transactions. Because perceptions of inadequacy can be a major obstacle to online shopping, many researchers have studied both the antecedents and outcomes of website security. Yet, the measures of security used in these studies are problematic. Although information systems researchers and business practitioners have conceptualized security as a multidimensional concept, published empirical studies have measured perceived security as a unidimensional construct. Exclusion of the underlying dimensions likely prevents researchers from fully assessing the impact of important dimensions of customers’ perceptions of security. Here, we contribute to the methodological enhancement of this research stream by: (1) theoretically examining the nature and dimensionality of perceived security, and (2) developing and validating a multidimensional measure of this construct. The results from this study provide empirical justification for the conceptualization of perceived security as a formative second-order construct of perceived confidentiality, perceived availability, and perceived non-repudiation.
Article
Customer loyalty or repeat purchasing is critical for the survival and success of any store. By focusing on online stores, this study investigates the repeat purchase intention of experienced online buyers based on means-end chain theory and prospect theory. In the research model, both utilitarian value and hedonic value are hypothesised to affect repeat purchase intention positively. Perceived risk is hypothesised to affect repeat purchase intention negatively and moderate the effects of utilitarian and hedonic values on repeat purchase intention. Utilitarian value is proposed as a formative second-order construct formed by product offerings, product information, monetary savings and convenience. Hedonic value is also proposed as a formative second-order construct formed by the six hedonic benefits that have been identified in prior research. Data collected from 782 Yahoo!Kimo customers provide strong support for the research model. The results indicate that both the utilitarian value and hedonic value are positively associated with buyers' repeat purchase intention. A higher level of perceived risk reduces the effect of utilitarian value and increases the effect of hedonic value on repeat purchase intention. Implications for theory and practice and suggestions for future research are provided.
Article
This paper examines whether the perceived risk of online purchasing by consumers varies with the frequency of previous purchases, satisfaction with previous purchase experiences, the good/service orientation of an intended purchase and the level of purchase decision involvement required. No association was found between the frequency of online purchasing and perceived risk, although satisfaction with prior internet purchases was negatively associated with the perceived risk of intended purchases, but only for low-involvement products. Differences in perceived risk were associated with whether the intended purchase was a good or service and whether it was a high or low-involvement product. Analysis of consumer perceived risks, disaggregated by type of risk and purchase situation, provides insight into impediments that may hinder the expansion of consumer purchasing using the internet.
Article
A semi-anonymous offline mobile payment protocol based on smart card is proposed. New protocol keeps customer anonymous in offline transaction while traceable in a dispute. Strategies of long-term keys generation and short-term keys generation are given. By comparisons and analysis, new protocol is proved to be promoted in several aspects such as efficiency, security and complexity.
Article
One reason for the slow adoption rate of Electronic Fund Transfer at Point-of-Sale (EFTPoS) is that consumers perceive that EFTPoS has a higher level of risk than other traditional payment methods. Makes use of a concept in consumer behaviour and perceived risk to study the differences of consumers' risk perceptions among alternative payment methods and whether these perceptions will be affected by the size of purchase and EFTPoS usage experience. The major findings are: (1) EFTPoS has the lowest physical risk and highest financial risk, the credit card has the lowest psychological risk and highest time loss risk, while cash has the highest physical risk and lowest performance risk; (2) Physical risk, financial risk and time loss risk for cash payment are significantly higher when the purchase is large, while performance risk for EFTPoS and credit card payment is significantly higher when the purchase is small; and (3) users of EFTPoS have a significantly higher level of perceived financial and time loss risk than non-users, while non-users have higher level of psychological risk. The overall finding is that the risk profile of EFTPoS is similar to that of the credit card but significantly different from cash.
Article
This paper presents empirical evidence intended to compare consumer acceptance of mobile payment systems use in comparison to other traditional online payment systems such as PayPal and conventional Credit Card methods. The study used attributes from the literature that were reported as success attributes for online payment systems. The scales used to measure these attributes were adapted for experimental simulation. Results from the study show that there was a significant difference between the use of mobile payment and traditional online payment systems. The results also showed that the mobile payment system was more acceptable to consumers than traditional online payment systems.
Article
This research reports on a cognitive neuroscientific examination of whether trade-off aversion explains the attraction effect. The principal study involves the neuroimaging of participants engaging in choice tasks while their cerebral activity is recorded. The authors examine whether the presence of a third (normatively irrelevant) alternative yields relatively less activation in areas of the brain associated with negative emotion than the activation during choice tasks involving two equally (un)attractive options. The results support the claim that trade-off choice sets are associated with relatively greater negative emotion. The authors discuss the implications of the research for marketing theory and methodology, as well as for managerial practice in the corporate and public policy arenas.
Article
Numerous experiments have recently sought to identify neural signals associated with the subjective value (SV) of choice alternatives. Theoretically, SV assessment is an intermediate computational step during decision making, in which alternatives are placed on a common scale to facilitate value-maximizing choice. Here we present a quantitative, coordinate-based meta-analysis of 206 published fMRI studies investigating neural correlates of SV. Our results identify two general patterns of SV-correlated brain responses. In one set of regions, both positive and negative effects of SV on BOLD are reported at above-chance rates across the literature. Areas exhibiting this pattern include anterior insula, dorsomedial prefrontal cortex, dorsal and posterior striatum, and thalamus. The mixture of positive and negative effects potentially reflects an underlying U-shaped function, indicative of signal related to arousal or salience. In a second set of areas, including ventromedial prefrontal cortex and anterior ventral striatum, positive effects predominate. Positive effects in the latter regions are seen both when a decision is confronted and when an outcome is delivered, as well as for both monetary and primary rewards. These regions appear to constitute a "valuation system," carrying a domain-general SV signal and potentially contributing to value-based decision making.
Purpose – To empirically investigate whether consumers who have adopted online grocery buying perceive this way of shopping differently from other online consumers. Design/methodology/approach – The data presented in this study were collected from an online (web-based) survey of US consumers using self-administered questionnaires. Data from 784 US online consumers are analyzed. Findings – Multiple discriminant results suggest that online grocery shopping adopters attach higher compatibility, higher relative advantage, more positive social norms, and lower complexity to internet grocery shopping both compared with consumers who have never bought anything on the internet yet and also compared with consumers who have purchased goods/services on the internet but not groceries. The results also suggest that online grocery shopping adopters have higher household incomes than non-adopters. Research limitations/implications – This research used a single respondent as a household representative. Since grocery buying concerns the entire household, this procedure assumes that the selected respondent provides answers which are representative of the household's opinion. Practical implications – Provides practical advice to online retail managers on how to attract different consumer online grocery segments. Originality/value – This paper investigates both experienced and inexperienced online grocery consumers. Thereby the paper adds to the understanding on how different groups of online consumers perceive characteristics of the online grocery channel.
Article
The primary research objective of this study rests on presenting and validating a model for the antecedents and consequences of consumer trust in the context of online purchase decision-making by means of simulation and survey methods. For this purpose, the study seeks to validate the correlation and causal relationships among the model's elements involving antecedents to trust (transactional security, web-site properties, search functionality, and personal variables), consequences (purchase intention), and mediating variable (web-site awareness).Based on the findings of a controlled simulation study involving 122 college students, are the following major results: (1) web-site trust showed a significant response to site properties including the image-related variables such as company awareness and company reputation, while satisfaction significantly responded to navigation functionality; (2) personal variables such as familiarity with e-commerce and prior satisfaction with e-commerce were found to have high correlation with web-site satisfaction as well as trust; (3) web-site trust, web-site satisfaction, and web-site awareness all influenced the online-purchase intention, and (4) web-site trust and web- site satisfaction had a high correlation.The findings of this study suggest a new approach to understanding and identifying the antecedents and consequences of web-site trust whose importance is increasing in the study of Internet commerce. Also, the study findings provide the Internet marketers with the managerial implications to establish effective online marketing strategy. © 2002 Wiley Periodicals, Inc. and Direct Marketing Educational Foundation, Inc.
Article
This study provides an exploratory model to understand the factors that influence consumers to adopt the internet instead of traditional channels for information search and product purchase. The authors reviewed previous established theories on consumer decision making in offline environments and research findings regarding consumer behaviour in an online environment. The authors embraced the contingent consumer decision-making model provided by Bettman et al. and classified the factors that influence consumers to use online channels instead of traditional channels into three groups – person, problem, and context. Reference to this paper should be made as follows: Moon, B-J. (2004) 'Consumer adoption of the internet as an information search and product purchase channel: some research hypotheses', Int. J.
Article
In this article, we review user information technology acceptance literature, formulate a model of consumer adoption of third generation mobile multimedia services, validate it through a qualitative exploratory study comprising 24 focus groups in six markets, and empirically test the proposed model on the Italian market. The results show that perceived usefulness, ease of use, price, and speed of use are the most important determinants of adoption of multimedia mobile services, in that order. They also show that the importance of determinants differs by age groups or segments. The results can help managers proactively design interventions (such as training and marketing activities) targeted at populations of users that may be less inclined to adopt and use new multimedia mobile services.
Article
With recent advances in mobile technologies, mobile commerce is having an increasingly profound impact on our daily lives, and beginning to offer interesting and advantageous new services. In particular, the mobile payment (m-payment) system has emerged, enabling users to pay for goods and services using their mobile devices (especially mobile phones) wherever they go. Mobile payment is anticipated to enjoy a bright future.In this paper, we reviewed the relevant literature regarding mobile payment services, analyzed the impact of m-payment system characteristics and user-centric factors on m-payment usage across different types of mobile payment users, and suggested new directions for future research in this emerging field. To analyze the adoption behaviors of m-payment users, we proposed an m-payment research model which consists of two user-centric factors (personal innovativeness and m-payment knowledge) and four m-payment system characteristics (mobility, reachability, compatibility, and convenience). We evaluated the proposed model empirically, applying survey data collected from m-payment users regarding their perceptions on mobile payment. We also attempted to categorize m-payment users into early and late adopters and delineated the different factors for these two types of adoptors that affect their intention to use m-payment.The results indicate that the strong predictors of the intention to use m-payment are perceived ease of use and perceived usefulness. All respondents reported that the compatibility of m-payment was not the primary reason in their decision to adopt it. Interestingly, our findings indicate that early adopters value ease of use, confidently relying on their own m-payment knowledge, whereas late adopters respond very positively to the usefulness of m-payment, most notably reachability and convenience of usage. Moreover, late adopters’ perceived ease of use is influenced by personal innovativeness, which can probably be best explained by the fact that innovative late adopters are tech-savvy and feel confident to use m-payment technologies for their needs.Our study will assist managers in implementing appropriate business models and service strategies for different m-payment user groups, allowing them to exert appropriate time, effort, and investment for m-payment system development. Our study also provides directions for future mobile payment-related studies.
Article
This study seeks to validate a comprehensive model of consumer acceptance in the context of mobile payment. It uses the unified theory of acceptance and use of technology (UTAUT) model with constructs of security, trust, social influence, and self-efficacy. Structural equation modeling is used to construct a predictive model of attitudes toward the mobile wallet. Individuals’ responses to questions about attitude and intention to adopt/use a mobile wallet were collected and analyzed with various factors modified from UTAUT. While the model confirms the classical role of technology acceptance factors (i.e., perceived usefulness and ease of use are key antecedents to users’ attitude), the results also show that users’ attitudes and intentions are influenced by perceived security and trust. In the extended model, the moderating effects of demographics on the relations among the variables were found to be significant. The proposed model brings together extant research on mobile payment and provides an important cluster of antecedents to eventual technology acceptance via constructs of behavioral intention to use and actual system usage.
Article
This research examines the effects of third-party Web assurance seals on consumers' initial trust in online vendors from a functional perspective. The main effects and interaction effects of different seal functions (i.e., privacy assurance, security assurance, or transaction-integrity assurance) on consumers' initial trust are explored. We constructed a 2 × 2 × 2 between-participants full factorial design to conduct this lab-controlled experiment. The results demonstrate that there is an interaction between the privacy and security assurance functions such that the effect of either function on enhancing consumers' initial online trust is weakened by the presence of the other. Privacy and transaction-integrity assurance functions interact in a similar way. Consequently, Web assurance seals with multiple functions are not necessarily more effective than single-function seals in enhancing consumers' initial online trust. As the combined-function seals are currently offered in the e-markets, this finding provides insight to both Web assurance seal providers and online vendors who adopt or intend to adopt a Web assurance seal.
Article
We investigate the role of perceived risk in consumers' adoption of risk-reducing strategies in the context of household investment decisions. Specifically, we examine behavioral responses intended to handle both the uncertainty and importance dimensions of perceived risk, incorporating risk propensity as another construct affecting risk-induced behaviors. We find that higher self-efficacy, greater wealth position, and risk-taking propensity lower an individual's perceived risk for investing in the stock market. We also find that perceived risk increases both the amount of information search and transaction frequency while it lowers the proportion of assets invested in the stock market. Risk propensity, on the other hand, increases the likelihood of obtaining investment advice from professionals, as well as the proportion of assets invested in the stock market.
Article
This article examines consumers’ intention to shop online during the information acquisition stage. Specifically, the study incorporates 3 essential variables, which are likely to influence consumer intentions: (a) convenience characteristic of shopping channels, (b) product type characteristics, and (c) perceived price of the product. Results indicate that convenience and product type influence consumer intention to engage in online shopping. When consumers perceive offline shopping as inconvenient, their intention to shop online is greater. Also, online shopping intention is higher when consumers perceive the product to be search goods than experience goods.
Article
Mobile payments can be seen as an innovation service offered by key players from the financial and mobile communication industries. Many believe that standards ensure the success of mobile payments. However, actors with heterogeneous interests cause the complexity in standards-setting process and, therefore, the absence of standards for mobile payments. Various groups have been formed to generate standardised solutions for mobile payments. This paper describes and analyses the role of these groups and how they influence the development of mobile payments. Five consortia are explored in min-case analysis. They are the Mobile Payment Forum, the Mobey Forum, Simpay, PayCircle, and the European Committee for Banking Standards. The existence of these consortia has instigated inter-consortia competition. As a result, there are three types of mobile payments developments identified: bank-account based, telecommunications companies billing-based, and credit-card based. The implications of the developments are discussed with the help of interpretive theory.