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EFFECTS OF PERCEIVED RISK ON ON-LINE SHOPPING

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 Proceedings of the 1st Management, Technology, and Development Conference
4 – 5th November, 2015, ATB University Bauchi, Nigeria, ISBN: 978-978-950-158-8
th

Effects of Perceived Risk on Online Shopping

Hussaini Mamman, Mustapha Maidawa, Mohammed Saleh

1 online environment, in contrast to a physical one, greater risk

Abstract— The purpose of this study is to investigate the and less trust are expected due to the fact that there is major
effect of consumers’ perceive risk in online shopping. The difficulty in evaluating a product or service as there are no
perceived risk dimensions employed in this study are financial visual or tangible indications about the quality of the product
risk and information security. This is because they are found nor face-to-face interaction with sales staff, and the purchase
to negatively influence online shopping in the literature and is affected by security and privacy issues (Laroche, Yang,
are the major risk associated with online shopping according McDougall, & Bergeron. 2005; Masoud, 2013). Therefore, it
to one study. To investigate the hypotheses of the study, a is assumed that people may perceive a certain degree of risk
survey was conducted and data collected from 147 students when purchasing a product through the Internet. Many
that use the Internet. The results of simple regression revealed scholars believed that perceived risk among consumers
that financial risk has no effect on online shopping. The results negatively affects their online shopping behaviour (Hoffman,
also showed that information security positively affects online Novak & Peralta 1999; Salam et al., 2003, Park, Lee & Ahn,
shopping. The study provides marketers with the importance 2004; Almousa, 2011), disengaging many of them from online
of consumers’ risk perception in order to deploy adequate risk- shopping. For example, according to Pallab (1996), consumers
reduction strategies in the internet shopping environment. are worried that the Internet still has very little security with
. respect to using their credit cards and disclosing personal
Keywords— Perceived Risk, Risk Dimensions, Online Shopping, information or concerned about purchasing a product from
Electronic Commerce, Internet usage, Nigeria. sellers without physically examining the products. There have
been intensive studies of online shopping attitudes and
I. INTRODUCTION behavior in recent years. Most of them have attempted to
Online shopping has been a growing phenomenon in the identify factors influencing or contributing to online shopping
world, in particular amongst countries possessing highly attitudes and behavior.
developed infrastructure available for marketing activities Privacy and security are a major concern for electronic
through the internet. Today, internet is not only a networking technologies (Tsai & Yeh, 2010, Niranjanamurthy & Chahar
media, but also a global means of transaction for consumers. 2013) and e-commerce presents additional security threat as
Internet usage has grown rapidly over the past years and it has one of the highest visible security components that affect the
become a common means for information transfer, services end user through their daily payment interaction with online
and trade. Online shopping has become a viable threat to businesses (Niranjanamurthy & Chahar 2013). To ensure
traditional shopping channels, such as retail stores and improvement in e-commerce, a lot should be done to solve the
catalogs in certain product areas (Lohse & Spiller, 1998; problem of information security (Hashim, Alam & Siraj, 2010;
Masoud, 2013). Internet has the potentials to reduce cost for Niranjanamurthy & Chahar 2013).
customers (in search, assessment and transaction) and The number of Internet users has risen steadily with nearly 3
businesses (coverage, delivery of information based products billion users worldwide, representing 39% population
and after sales service) through online shopping. For example, penetration. Although there are still significant differences
a study carried out showed that using Web site as a marketing dividing the Internet experience around the world between
tool provides a compelling means for cost reduction in terms developed and developing nations, the gap is rapidly shrinking
of cost per contact (Salam, Rao & Pegels, 2003). (“Global Internet Report”, 2014). For example, in Nigeria
While many businesses are rapidly adopting the Internet as the internet usage continuous to grow, recording over 90% growth
means through which they can conduct their marketing rate between 2000 and 2008 (Ayo, Adewoye & Oni, 2011)
activities which is efficient, there are many risks associated and reached 28.4% (48,366,179) penetration in 2012. Internet
with its use. Online shopping, negative aspects are also subscribers increased from 64,417,110 in 2013 to 76,494,696
becoming more frequently associated with nowadays. In an by the end of 2014 (NCC, 2014), which represents more than
40% of the entire population. Nearly half (45%) of Nigerian
Internet users are students and 78% of netizen are between the
H. Mamman is with the Department of Management and Information
Technology, Abubakar Tafawa Balewa University Bauchi, Nigeria (Phone: ages of 19 and 35 (“Terragon Limited”, 2013). This
+2348031178070; e-mail: [email protected]). development provides businesses to have internet with
M. Maidawa is with the Department of Management and Information opportunities for e-commercial activities (Ayo et al., 2011),
Technology, Abubakar Tafawa Balewa University Bauchi, Nigeria (Phone: particularly online shopping, which represents 16% of internet
+23470372335088; e-mail: [email protected]).
M. Saleh is with the Department of Management and Information activities (“Terragon Limited”, 2013) in the country.
Technology, Abubakar Tafawa Balewa University Bauchi, Nigeria (Phone: Currently, there are many online shopping sites in Nigeria
+2348012345678; e-mail: [email protected]). providing shopping services to thousands of Nigerian (Ayo et

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al., 2011). The top three among these sites are: jumia.com, associated with the purchase price as-well-as the following
konga.com and dealday.com. The growth of online shopping maintenance cost (Jacoby & Kaplan, 1972; Peter & Ryan,
in Nigeria can be attributed to relative convenience and 1976; Stone & Gronhaug, 1993; Almousa, 2011). Financial
reasonable price of goods and services online, and of course, risk is the perception that a certain amount of money may be
the “Cashless policy” of Central Bank of Nigeria. Online lost or required to make a product work properly. Also,
shopping grew from N49.9 billion to N62.4 billion and N78 Maignan and Lukas (1997) viewed financial risk as potential
billion between 2010 to 2011 and 2012 respectively. This net loss of money, and includes consumers’ sense of insecurity
represents 25% increase in each of these periods (“Phillips regarding online credit card usage, which has been evidenced
Consulting”, 2014). as a major obstacle to online purchases (as cited in Masoud,
Based on the reviews conducted by the researchers, few 2013). The main financial concern for many online consumers
evidence of studies exist in Nigeria that linked perceive risk to is credit card fraud, where they report increasing concerns
online shopping and also a lot of these studies targeted regarding financial loss during online transactions. Due to the
conventional consumers, not students. Therefore, the aim of inherent nature of online shopping, consumers experience
this study is to examine the effects perceive risk dimensions some level of risk. In these uncertain situations, trust becomes
on online shopping among University students in Nigeria. The a crucial factor in choosing an internet vendor (Luhmann,
study used financial risk and information security dimensions 1988; Masoud, 2013).
of perceive risk because they are found to negatively affect D. Information Security
online shopping in the literature and according to Phillips information security plays an important role in protecting the
Consulting (2014), these two are the major risks associated data of online users on the Internet. It is an essential
with online shopping. management and technical requirement for any efficient and
effective online shopping site (Niranjanamurthy & Chahar
II. LITERATURE REVIEW 2013). According to Youn (2009) information security and
In this section, conceptual review and research review would privacy are interconnected with the uncertainty associated
be discussed with how personal information of users is handled by online
A. Conceptual Review shopping site and who has access to such information, which
is very fragile. Users cannot prove that the information from a
Concepts used in this research would be discussed in this shopping website is correct (Milne and Culnan, 2004; Tsai &
section. Yeh, 2010) or how is the information going to be used.
B. Perceive Risk Kayworth and Whitten (2010) also asserts that consumers
Risk plays an essential role in consumer behaviour, avoid websites that require personal data for registration,
leading some people to falsify or provide incomplete details.
contributing valuably towards explaining information-
There is an emphasize nowadays that website security and
searching behaviour and consumer purchase decision making
privacy should encompass confidentiality of information,
(Barnes, Bauer, Neumann & Huber, 2007; Almousa, 2014).
information integrity, and communication of non-repudiation,
Even though studies pointed out that consumers perceive the
Internet as offering a number of benefits, consumers perceive authentication security, IT effectiveness, and protection of
a higher level of risk when purchasing on the Internet personal privacy, all of which relate to website characteristics
compared with conventional physical store shopping (Lee & (Shin, 2010; Masoud, 2013).
Tan, 2003). Past research has found that a major inhibitor of E. Online Shopping
online shopping is the uncertainty or perceived risk in Online shopping has become new type of retail shopping
relations to online shopping (Dai, Forsythe & Kwon, 2014). adopted all over the world. This is because customers are not
Perceive risk has been identified to have direct relationship only attracted because online shopping is very convenient, but
with the willingness of consumers to buy goods over the also because they have broader selections, highly competitive
internet (Barnes et al., 2007; Almousa, 2014) which negatively prices, better information about the product (including
affects consumers’ shopping behaviour on the Internet, people’s reviews) and extremely simplified navigation for
attitude toward usage behaviour and intention to adopt e- searching regarding the product.
commerce (Zhan, Tan, Xu & Tan, 2012; Masoud, 2013).
Perceived risk was viewed by Ko el al. (2010) as the potential Online shopping is the process of purchasing products or
for loss in pursuing a desired outcome while engaged in online services via the Internet. The process consists of five steps
shopping; it is a combination of uncertainty with the similar to those associated with traditional shopping behaviour
possibility of serious outcome (as cited in Almousa, 2014). (Liang & Lai, 2000; Masoud, 2013) these stages are: problem
Featherman and Pavlou (2002) stated that the idea of recognition, information search, evaluation of alternatives,
perceived risk has been understood through the use of various purchase decision and post purchase behaviour (Kotler, 2006).
scales by measuring the perception of dangerous events Many E-commerce studies have shown that consumer
occurring. intentions to engage in online transactions are a significant
predictor of consumers’ actual participation in E-commerce
C. Financial Risk transactions, the relationship between intention and behaviour
Consumers perceive financial risk when buying a product is based on the assumption that human beings attempt to make
resulting from potential financial loss due to fraud or rational decisions based on the information available to them
overspending. Financial risk is defined as the monetary cost (Pavlou & Fygenson, 2006; Masoud, 2013). Today online

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consumers have more control and bargaining power than security) are the strong determinants of online shopping
consumers of physical stores because the Internet offers more behaviour. Their findings also showed that most of the
interactivities between consumers and product providers as respondents are satisfied that there had no risk in online
well as greater availability of information about products and shopping.
services. Compared to physical stores, online stores have G. Theoretical Framework
many advantages: They are convenient and time saving and no
more traveling and waiting in lines is needed. They are open Figure 1 illustrates the research model of this study. The
in all time and they are accessible anytime and anywhere. model is based on the work of Masoud (2013). The model
However, online stores also have disadvantages compare to posits that consumers’ perceive financial risk and information
physical stores. In online stores customers cannot have any security effect online shopping.
sense about the product they see in the internet (seeing, The classical model of consumer buying behaviour postulated
touching, tasting, smelling, and hearing) as they search for and by Kotler (2006) is of utmost important in the field of
purchase products. In online stores, consumers may develop consumer behaviour research. According to Kotler (2006),
low trust and perceive elevated risk highly because of the lack consumers buy products in five simple stages: problem
of face-to-face communication. Given that online shopping is recognition, information search, evaluation of alternatives,
a relatively new type of shopping method, significant changes purchase decision and post purchase behaviour. Sultan and
must occur in order to encourage more consumers to shop Uddin (2011) asserts that the decision people take in
online. For this to happen, consumers must recognize that they purchasing and using products and services are derived by
could obtain a better deal from online shopping than from mental and social process.
traditional shopping channels (Keeney, 1999; Masoud, 2013).
Despite the growing population of online shoppers, 58% of
Perceive Risk
Internet users describe online shopping as a frustrating,
confusing, and overwhelming activity (Dai et al., 2014). H1
Financial
F. Research Review Risk Online
Samadi and Yaghoob-Nejadi (2009) compared the level of H2
Shopping
perceived risk between Internet shopping and (conventional) Information
physical store shopping. The t-test result showed that Security
consumers perceived more purchasing risk from the Internet
than from the store. A more positive online shopping
experience led to consumers’ less perceived purchasing risk
Figure 1. Research Model
level in the Internet. And a higher perceived risk led to less
future purchasing intention from the Internet. Source: Masoud (2013)
Dai et al. (2014) found that online shopping experience is a Bauer (1967) argues that consumer takes risk during purchase
strong positive predictor of online shoppers’ purchase of products and some risk do not manifest until when
intentions for the two product categories examined (i.e. non- consumer has started using such products. Based on that
digital and digital products). The result revealed that online assertion, he developed the concept of “perceived risk”, which
shopping experience is negatively related to perceptions of receives wide popularity in the literature (Lee, Kazor &
product and financial risks associated with online shopping Larsen, 2003). Perceived risk is considered a fundamental
regardless of product category; but only reduce privacy risk concept of consumer behaviour and is often used to explain
associated with shopping non-digital products online. customers’ risk perceptions and reduction methods (Tsai &
Interestingly, although both product and financial risks are Yeh, 2010).
negatively related to online purchase intentions for non-digital A number of theories and models were developed in relations
and marginally for digital product, privacy risk perception is to consumer behaviour. For example, the theory of planned
not related to online shopping intentions for either of the behaviour (TPB) proposed by Icek (1988, 1991), which is an
product categories. extension of theory of reason action (TRA), provides a link
Masoud (2013) conducted a survey research with a sample between attitude and behavior. Consumer action is guided by
size of 395 online shoppers who buy mainly from popular three considerations: Behavioural Beliefs; Normative Beliefs
online stores in Jordan. The study revealed that financial risk, and Control Beliefs. Another model that extended TRA is the
product risk, delivery risk, and information security risk Technology acceptance model (TAM) developed by Davis &
negatively affect online shopping behaviour. On the other Bagozzi (1989). TAM is basically information system theory
hand, other two dimensions, perceived time risk, and that covers how a user accepts and uses a technology. TAM
perceived social risk have no effect on online shopping. identified a number of factors that influence a technology
users’ decision and when and how users will use such
Sultan and Uddin (2011) studied consumers’ attitude towards
technology. The external factors that influence users to make a
online shopping. Their result revealed that there is a strong
decision are: Perceived Usefulness and Perceived Ease of Use.
positive correlation between age, educational level and income
and attitude towards online shopping. On the factors that
influence online shopping, they found that four factors III. METHODOLOGY
(website design/features, convenience time saving and

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A cross-sectional survey research was conducted in this study 36-45 9 6.9

to measure consumers’ perception of the two types of risk 46-55 1 .8
associated with online shopping. The study targeted Abubakar
Tafawa Balewa University (ATBU) students (both Not disclosed 4 3.1
undergraduate and postgraduate). A number of studies have Total 131 100
used university students as a convenient substitute for online
population (Teo, 2002; Sulaiman & Mohezar 2008; Source: Field Survey, 2015
Korgaonkar & Wolin 1999; Bagchi & Mahmood 2004; B. Data Analysis
Almousa, 2011). To test the hypotheses of the research, In order to test the study’s hypotheses, simple regression
questionnaire was adopted from Masoud (2013) on the analysis was used to analyse the relationships between
research variables, namely: (1) financial risk (with 5 items at independent variables (financial risk and information security)
0.694 Cronbach’s Alpha); (2) information security (with 5 and the dependent variable (online shopping). The hypotheses
items at 0 .817 Cronbach’s Alpha); and (3) online shopping and results are as follows:
(with 8 items at 0.832 Cronbach’s Alpha). The number of
questionnaire distributed was 150 in which 137 were returned Hypothesis 1: The perceived financial risk has a negative
and 131 found to be suitable for the final analysis. The effect on online shopping
questionnaire comprised of three sections: demographic The regression results presented in table 2 and 3 shows that
information, perceived risks, and online shopping. the significance of financial risk is less with a beta coefficient
Demographic variables (gender, age, and level of study) were of -0.118. Therefore, null hypothesis 1 is not supported
measured using ordinal scales. The second section includes a because the dimension does not significantly affect online
list of two risk components used to measure the degree of shopping.
perceived risk when purchasing a product online: financial The model summary indicate R2 of 0.014 which is 1.4 percent
risk and information security. The last section includes items contribution.
measuring online shopping. Responses for the second and
third sections were obtained in a five-point Likert scale
ranging from strongly disagree (1) to strongly agree (5). IBM Table 2. Model Summaryb (H1)
SPSS 22 was used to aid these analyses.
Adjusted
R R Std. Error of Durbin-
IV. RESULT Model R Square Square the Estimate Watson
A. Demographic Characteristics 1 .118a .014 .006 4.99163 1.861
As it can be seen in table 1, majority of the respondents are
a. Predictors: (Constant), Financial Risk b. Dependent
male (81.7%) while only 15.3% are female. 67.2% of the
Variable: Online Shopping
respondents are undergraduate students while postgraduate
students constitute 26.7% of respondents in level of study
analysis. Respondents are mainly youth, with the age range of Table 3. Beta Coefficientsa (H1)
16-25 and 26-35 having 41.2% and 48.1% respectively. Standardized Collinearity
Table 1. Demographic characteristics of respondents Coefficients Statistics
Variables and f % Model Beta t Sig. Tolerance VIF
category 1 (Constant) 19.053 .000
Gender Financial
-.118 -1.355 .178 1.000 1.000
Male 107 81.7 Risk
Female 20 15.3 a. Dependent Variable: Online Shopping
Not Disclosed 4 3.1 Hypothesis 2: The perceived information security risk has a
positive effect on online shopping.
Total 131 100
The regression results presented in table 4 and 5 shows
Level of study financial risk has a significant influence on online shopping
Undergraduate 88 67.2 with a beta coefficient of 0.380. Therefore, alternate
hypothesis 2 is accepted and supported because the dimension
Post-graduate 35 26.7
significantly affects online shopping. The model summary
Not disclosed 8 6.1 indicate R2 of 0.144 which is 14 percent contribution.
Total 131 100 Table 4. Model Summaryb (H2)
Age (Years) Adjusted Std. Error of
16-25 54 41.2 Model R R Square R Square the Estimate Durbin-Watson
26-35 63 48.1 1 .380a .144 .138 4.64998 1.970

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a. Predictors: (Constant), Information Security b. Dependent consumer behavior. Cambridge, MA: Harvard University
Variable: Online Shopping Press.
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