International Journal of Economics And Financial Management

Social Media, Online Shopping Activities and Perceived Risks in

1M. MAJID, 2Firend Al. R. (Ph.D)

Abstract The Internet shopping experience offers dissimilar ways of off-online communications with communication differences tools that need a better decision of their effect on customer communications. Social networking sites is also fast becoming the platform for interaction, attracting new potential customers and has become the trend for companies to engage with their consumers online. The main objective of this research is to examine Malaysia customer’s risk perception toward online shopping via social media website. Findings suggest that respondents from all age groups have generally accepted the Internet to be used for social networking, while older groups use the Internet for information search and online shopping. The key areas of risk for not using Internet shopping is related to product quality, scamming, and poor customer service; in which the female groups appeared to be more concerned about the risk involved. Higher income groups are more concerned with the risks on product quality suggesting they expect value for their money for the products. Findings further shows that older consumer groups require some form of education in technology, which is preventing them from fully exploring the Internet and shopping potentials. The area of concern for both genders, is information security, such as protecting private information, security of the website, comfort level with the site, information completeness and trust of the vendor. Female groups were found to have higher tendency of fear of the risk of breaching information, suggesting that they highly value their privacy and secrecy.

1. Introduction per week, compared to 10.6 watching broadcast Internet is becoming the primary platform TV. Consequently, the growth of Internet usage is for communication that connects the world via encouraging some behavioural changes in interconnection of individual networks. From the customer’s purchasing process (UNICEF 2014). consumer perspective, the Internet is a powerful Furthermore, social networking sites is resource to access information on products and increasingly playing vital role in attracting new services and being rapidly accepted as the most potential customers and has become the trend for effective communications tool that challenges companies to engage with their consumers online. traditional mediums, such as Radio, Magazines, Malaysia Digital Landscape (2016)stated that 47% and TV. The Internet shopping experience offers of adult Internet users around the world visit dissimilar ways of off-online communications social networking sites such as Facebook, Twitter, with communication differences tools that need a MySpace, LinKedIn, etc. According to the same better decision of their effect on customer report, a majority of marketers (56%) are utilising communications. according to The Nielsen social media for 6 hours or more each week, and Company’s Mobile Insights Survey (Lai et. Al. nearly one in three invest 11 or more hours 2013;Jayasingh&Eze 2015) accessing weekly. In Malaysia, the social media marketing the Internet in 2010 hit 41 % which is an is actively growing. Plus, people are spent more increment of 15 % over the previous year. The time on social media as users are now able to highest usage was recorded among people aged access the sites via mobile devices, namely 20-24; almost six in ten (57%) regularly use the iPhone, iPod, Android, smartphone, etc. Internet, spending an average of 22.3 hours online

IJEFM, Volume 1 Issue 1 2017 www.ijefm.in Page 12 Future growth of online shopping, and value, and segmenting consumers as on the basis perceived negative aspects associated with such of their risk-reducing strategy usage. shopping trendis becoming critical issue to explore. Exposure to new method of e-commerce 1.1 Problem Statement transactions and information overload bring increased uncertainty for both new and Since the early days of the Internet, gender experienced internet users (Al Kailani& Kumar, gap has existed in using the Internet, and it is 2011). Ling et. Al (2010) suggest that consumers particularly evident for online shopping (Philipp in Malaysia perceive a higher level of risk when E., Stephen J. Craig‐Smith (2006). There are very making a purchasing online as compared with little studies and efforts done to examine traditional forms of shopping. These perceived consumers’ perceived risks and benefits of online risks associated with online shopping in turn have shopping in Malaysia, especially examining a critical effect on consumer decision gender differences. Based on study conducted by making.According to Haque et. Al (2011) Garbarino&Strahilevitz (2004) in U.S.A., female perceived risk is a powerful index for explaining shoppers showed higher level of privacy when consumer behaviour, since consumers are more shopping online, and their perceived risk of often motivated to minimize potential failure than Internet related shopping is greater than that of to pursue purchasing success. From a business male. Additionally, social media marketing area is perspective, perceived risk by consumers is a relatively new in Malaysia. Therefore, not many great concern and therefore, has become a hot studiesexamining Malaysian consumers’ topic of study for many researchers (Kalakota and perceived risks in online shopping utilising social Whinston, 1996). Subsequently, a better media is available. The questions: (1) how do understanding of online shopping risk as Malaysian consumers perceive online shopping perceived by Malaysian e-shoppers and risk risk, and (2) Is there any demographic difference reduction strategies used by these e-shoppers on perceived risk toward consumer perception becomes particularly relevant. especially through social media, such as Facebook will be study in this paper. The results of this Perceived risk is a measure of possible or study would offer valuable insights for marketers expected dissatisfaction with a buying decision, as well as consumer behaviour researchers. based on the purchase goals of the buyers. The perceived risk theory has intuitive appeal and plays a role in facilitating marketers seeing the 1.2 Research Objectives world through their customer’s eyes. Secondly, it 1.2.1 General Objective can be almost universally applied and its The main objective of this research is to versatility has been demonstrated in a wide range examine Malaysia customer’s risk perception of applications, from food (Cunningham, 1967) to toward online shopping via social media website. industrial reprographic equipment (Featherman&Pavlou 2003). Third, it is suggested that perceived risk is more powerful at explaining 1.2.2 Specific objectives consumers’ behaviour since consumers are more i. To know consumers’ level of acceptance often motivated to avoid mistakes than to toward online shopping via social media. maximise utility in purchasing. Fourth, risk ii. To examine whether risk is the major analysis can be used in marketing resource influence factors toward online shopping. allocation decisions (Lim 2003; Mitchell 1999). iii. To examine whether demographic differences For example, a study of risk relievers used by on perceived risk influence consumer consumers can help to increase marketing perception toward online shopping. efficiency by channelling resources into strategies which consumers find more useful, while 1.3 Research Questions withdrawing them from those which they find less Below are the research questions that will be useful. Risk perception analyses can also be answered in this study: helpful in brand-image development, targeting, i. How do Malaysian consumers perceive positioning and segmentation; e.g. by highlighting online shopping risk? risk aspects in comparative advertising; repositioning commodity products to give added

IJEFM, Volume 1 Issue 1 2017 www.ijefm.in Page 13 ii. Is perceived risk has significant effect on because the descriptions suffice their needs to consumer perception toward online assess the purchases. shopping? iii. Is there any demographic difference on To reduce risks to the minimum, perceived risk toward consumer consumers look to gather information regarding perception? certain sites prior to making a purchases (Ling, et al., 2010). Furthermore, web sites with features that provide detailed information about product 2. Literature Review purchase, security or privacy concerns are part of Malaysian Consumer perception toward online the Internet retailing design strategy to reduce shopping perceived risks (Lopez-Nicolas & Molina- Castillo, 2008). On the consumer’s side, they base The Internet is a powerful communication their online purchasing decisions on all the medium that connects the world via information they receive (Kumar interconnection of individual networks. Until &Venkatesan2005).Compared to the traditional December 2011, the Internet has served 2,267 shopping method, online shoppers are still million consumers around the globe, which is concerned with the security system in relation to estimated to be 32.7% of the world population using credit cards and giving personal information (Hanna, Miniwatts Marketing Group, 2012). Not online (Kolsaker& Payne, 2002; Kim et al., 2010). only does the Internet change the way people Other disadvantages of online shopping include communicate, it changes the way business is the lack of customer service, lack of social conducted. Many businesses have shifted and or interaction, higher price of online purchases, improved their businesses through e-commerce knowledge and skills which are required to (Gainsbury, et al., 2012). E-commerce is more navigate around the web, inability to evaluate commonly practiced in developed economies as products, etc. (Mukherjee &Nath, 2007). Unlike opposed to developing countries. Malaysia, for the traditional method of shopping in stores, the instance, is a developing country, in which the process of online shopping is perceived development of information and technology (IT) ambiguous due to the lack of face-to-face has been eagerly promoted to boost economic interaction.Furthermore, perceived risk of advancement in the country (Lim & Lau, 2011). shopping online affects how consumers justify the overall security of e-commerce. Perceived risk Prior online shopping experiences played an lowers the likelihood of consumers to make important role in influencing how consumers purchases online. The study on differences in perceivedbehaviourregardingonline shopping. As perceived risk of online shopping shows that non- found on the study of online search and buying online shoppers perceived a higher level of behavior in Malaysia, consumers who had online perceived risk toward online shopping (Ling, et purchase experience would exhibit a higher future al., 2010). They are more concerned about the online purchase intention (Lim & Lau 2011). possibilities of losing their money, time, and Similar results were also found in the study peace of mind because of ineffective online conducted in India to explore the impact of transactions. consumer and product characteristics on e- commerce adoption by Gehrt et al. (2012).With 2.1 Risk Association with Customer Perception regards to what are the common products and In order to elaborately describe customer services purchased by Malaysian consumers over risk perception is to define the risk associated with the Internet, it was found that books and airline using online business and online payment. The tickets were the two most common purchases effect of multiplicative approach to defining risk, made online (Lim & Lau 2011). In Malaysia, which is based on prior work in economics and consumer’spreference regarding online goods is statistical decision theory, had been viewed as mainly books and airline tickets(Malaysia Digital inappropriate in consumer behavior research Landscape, 2016). Compared to other products, (Mukherjee and Nath 2007; Stone and Gronhaug, descriptions about books and airline tickets are 1993). more likely to match with the actual products. To However, a practical approach has been lower possible risks imposed, consumers are more identified by using risk-component method. It likely to invest in intangible products and services

IJEFM, Volume 1 Issue 1 2017 www.ijefm.in Page 14 identifies and measures the several basic others will react to his purchase. They concluded dimensions of the overall perceived risk in buying that these five dimensions can predict overall (e.g. financial risk, performance risk, physical perceived risk fairly accurately but noted that time risk, psychological risk, social risk and time-loss loss should probably be included in their research. risk). The relative importance of the various risk Other researchers have also suggested that time is dimensions need not necessarily be the same an important risk dimension to be considered across purchase decisions, as some risk aspects (Miyazaki & Fernandez, 2000). will be more prevalent in some purchase situations than in others. Several studies have also proved 2.2 Independent variable that the five or six major dimensions of perceived Consumer risk perceptions is chosen as the risk can account for a substantial fraction of independent variable that influences the dependent overall perceived risk where most of the risk is the variable (Purchasing Scale). This research tends to same (Luo, 2002; Stone and Gronhaug, 1993; establish causal relationship between both variable Yang and Jun 2002).Predicting the overall being manipulated by looking over the variance. perceived risk can be conducted by combining Here are associated risks; several functionally independent dimensions of  Physical risk risk. This research therefore tends to uses the risk-  Performance risk component approach to measure the amount of  Psychological risk risk of different dimensions perceived by  Financial risk customers when they are using alternative  Time risk payment methods. Roselius (1971) analyzed four  Information security risk types of loss associated with this alternative payment method: 2.3 Moderating variable  Ego loss; The “purchasing scale”(small/large) is chosen as  Hazard loss; the moderating variable as it measures the  Money loss and time loss; intensity of the independent variable towards the  How many consumers try to reduce each consumer perception on online shopping. This kind of loss. scale would be the viable factor to answer the trend and risk associated. Since it can be measured Roselius has proven here that consumers and quantified the variable has been distinguished associated different type and amount of loss to below category; with different payment alternative. Other  Small (RM 100) – Amount being used research also concluded other five kinds of daily such as household, food products, risk associated such as below (Jacby and and services application Kaplan, 1972):  Large (RM 1,000) – Amount being  Financial; considered for example luxury item,  Performance; electronic products and services  Physical;  Psychological and social risk;  How many consumers associate the 2.4 Theoretical framework risks with different tested products. The diagram below shows the relationship between all variables being considered for the Here the psychological risk associated theoretical framework formulation. In the findings involving consumer perception on how his wrong and discussion section, we will use this correlation judgment after making a wrong purchase lead to to prove the hypothesis created and summary: social risk referring to his perception of how

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3. Research Methodology for interview in public areas including (Universiti Putra Malaysia, UniversitiTeknologi Malaysia, 3.1 Sources of Research data hostels, and shopping malls). The online Data collection in this research is obtained respondents are derived from current mailing list from the combination of primary and secondary email address participating in Univerisiti Putra data. Both data are important in determining the Malaysia (UPM) Putra business School (PBS) consumer attitude exist towards green products. class, money related interest group available over Most of earlier findings from previous research Yahoo Group website and personal peer-to-peer being done on this field is used as the secondary references. data which makes for most ideas of the theoretical framework outline. While the primary data are the All answers of the questionnaire was transformed fresh field collected data specially to address and into raw data,and combined into spreadsheet in proves the specific research objectives and Excel format. In order to ensure the accuracy and hypothesis generated. Field survey is the only to access the “goodness” of the measurements, the source for primary data on this research conducted survey use the correct scaling method using 5- by face-to-face interaction and online survey point Likert Scale and nominal scale from 1 to 8 invitation. Secondary data is the data that have tabulated for distinguish character matching in the already been gathered by researchers, including software. Thereafter, each question’s frequency, data published in statistical and other journal and percentage, mean and average was calculated information available from published sources using both Excel and SPSS software. Inferential available to researchers. statistics was obtained using Pearson Correlation Matrix on the five interval-scaled variables. A 3.2Respondent and Sampling Design simple paired sample using t-test value was The target group of this research are applied between selected variables to show consumers between the ages of 20 and 30 as one correlation significant at 0.0001 intervals (2- group, and age 30 and above as another target tailed) in between the dependent and independent group. 150 respondents were randomly sampled. variables. The inter-correlation matrix of the The success level of the sampled respondent was variables to prove the hypotheses are directly 80 percent in while considering for incomplete or related to the analyses was applied. not replying to the email posted to them. The geographical area identified for sampling was 4. Findings , , and areas. The reason is this is where the 4.1 Respond Rate and Effectiveness of Survey largest concentration of working class in Table 4.1 shows summary of the online Malaysia.Since the research was design to be survey conducted through Survey Monkey hypothesis testing, most of the questionnaire was website: personally administered by face-to-face and by personal email invitation on online survey system.

Collection of respondent was randomly selected

IJEFM, Volume 1 Issue 1 2017 www.ijefm.in Page 16 Table 4.1: Summary of survey conducted the amount specified to be 50:50 ratios but from the final data received from actual survey, almost Type of survey Number of respondent 47 (60.3 percent) female respondent participate Successful survey 78 compared to 31 (39.7 percent) male. This is largely because of the unwillingness for male Unsuccessful survey 22 respondent to participate in this online survey. This will reflect on the data behaviour and profile TOTAL FIGURE 100 pattern. Therefore, the demographic profile using age was dropped from further discussion.

Out of total 100 respondents targeted, only Table 4.2: Gender of respondent 78 successful surveys (79%) were collected at the end of survey. Such a high respond rate was Sex Frequency Percent Cumulative mainly due to the fact that collector and researcher (n) (%) Percent (%) have a strong network through personal online friend list. However, the surveys found as much as Male 31 39.7 39.7 22 numbers of respondents (22%) were found to be unsuccessful. A reward or token was identified Female 47 60.3 100.0 as another cause for the small amount of TOTAL 78.0 100.0 respondent does not participate in this survey, which could be considered in the next research.The observation being conducted has presumed to be statistically normally distributed without any bias on the selection of respondent,

Gender

Male: 39.7 %

Female: 60.3 Male % Female

Figure 4.1: Gender of respondents The survey has been divided into 3 age categories, working experiences of 10 years and received a which are represented by the data distribution in high household income per month. The last group Table 4.3. Almost 40 respondents (51.3 percent) is the age category around 40 to 49 years old, age 18 to 30 years old participated due to the high which categorized as established family class and involvement and literacy in internet and active senior citizen group that represented by 8 using social network sites. The entire respondent respondents (10.2 percent). The education level was found to be university graduated which recorded was below SPM level, bachelor degree, represented around 41 respondents has bachelor and master degree. This group tends to have low degree and 21 has master degree. This group usage level which limits their online experience mainly a working adults and bachelor degree made on monthly or yearly basis holder. Most of respondents have a minimal

IJEFM, Volume 1 Issue 1 2017 www.ijefm.in Page 17 Table 4.3: Age group of respondent Age Frequency (n) Percent (%) Cumulative percent (%) 18-30 40 51.3 51.3 30-39 30 38.5 89.8 40-49 8 10.2 100.0 TOTAL 78 100.0

Figure 4.2: Age groups of respondent Table 4.4: Education level of respondent Education level Frequency (n) Percent (%) Cumulative Percent (%) SPM and below 2 2.56 2.56 College 3 3.85 6.41 Diploma 10 12.82 19.23 Bachelor Degree 41 52.56 71.79 Master Degree 1 26.92 98.71 Philosophy Doctorate (PhD) 78 1.28 100.0 TOTAL 78 100.0

Profession & household income to this study and should not affect the target group Based on findings, about 48 respondents which will be discussed. Data shows that most (61.5 percent) are working adult, 29 respondents respondents are working adult and students, which (37.2 percent) are student and only one respondent are actively interacting with computers and is a fulltime housewife(1.3 percent). This group of Internet throughout the day. housewife category could be considered as minor IJEFM, Volume 1 Issue 1 2017 www.ijefm.in Page 18 Household income per month has been RM 6000 and above. This group considered to benchmarked in order to relate the occupation have higher purchasing power respectively mostly level of respondent in this study. Data shows that age at 31 to 39 years old. the highest frequency of users are 23 respondents’ About 15 respondents (19.2 percent) had lies in income range between RM2000- RM 4000 answered no income as they still studying, while per month (Table 4.5) which counts 29.49 percent. 11 and 10 respondents were answered the Second highest frequency for the data collected, household income are below RM2000 and which count 19 respondents, are in range of salary RM4000- RM 6000 respectively.

Table 4.5: Household Income of respondents Household Frequency(n) Percent (%) Cumulative Percent income/month (%) No income 15 19.23 19.23 Below RM 2,000 11 14.10 33.33 RM 2,000- 4,000 23 29.49 62.82 RM 4,000- 6,000 10 12.82 75.64 More than RM 6,000 19 24.36 100.0 TOTAL 78 100.0

Figure 4.3: Household income per month and official product websites. This finding shows Level of acceptance of online shopping via social that, more than half of respondents prefer to shop network sites using their personal social network accounts for About 34 respondents (43.59 %) agree convenience. they used Internet for online shopping and all respondents has a personal account in social Data shows that 34 respondents (43.59 %) networks sites. About 67 respondents (85.9 %) had select health and skin supplement as the had experience in online shopping via social product that they would purchase through social network. On the other hands, 48 respondents network, followed by electrical & gadgets product (64.86 %) prefer to shop through social network (37.18 %), books (26.92 %), services (26.92 %), sites rather than through auction online website house wares (25.64) and handbags (25.64 %).

IJEFM, Volume 1 Issue 1 2017 www.ijefm.in Page 19 Respondents were required to provide others garment. This shows that health and beauty answer if they had different idea of product in products have the most promising demand among mind. Around 76.47 % of the responds fill the social network shoppers. blank with apparels including headscarf and

Figure 4.4: Internet purpose

120.0% 100.0% 100.0% 80.0% 60.0% 40.5% 34.2% 40.0% 13.9% 20.0% 0.0% 0.0% NO, I don't Facebook Instagram Twitter Linkedin have any account in social network sites.

Series1

Figure 4.5: Personal account those respondents have in social network sites

Have you ever experienced buying online through social network sites?

No 15%

Yes 85%

Figure 4.6: Online buying experience through social network sites

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Where do you PREFER to buy online?

Social network sites such as Facebook, Instagram, etc. Auction online sites such as Lelong.com, Mudah.Com, etc. Official company website

64.9% 51.4% 36.5%

1

Figure 4.7: Preferable online sites for online shopping

Risk perceived by internet users toward online risk associated in it. Findings show that risk shopping perceived by the internet consumers is not a major factor that influencepurchasing intention, even Result further shows that product quality when consumers had bad experience previously. (69.23%) and low trustworthiness (65.38%) are Datafurther showsthat 47 females and 31 the most critical reasonscausing people not to use males of respondents. Based on the survey, we social network sites for online shopping. This found that female respondents perceived more risk scores followed by potential scams, bad previous rather than male respondent though very small online shopping experiences and long duration of differences in average scores number 76.60 % of delivery. About 53 (67.95 %) respondents answer females respondent perceive more on product risk: “yes” forhaving bad experience with social “product quality may not as expected”, while network sites, while others had no “bad” 74.14% of male respondents perceive social experience. However, 68 respondents (87.18 %) network environment has low trustworthiness, still intended to purchase product via social especially in terms of security and seller networks in the future and 66 respondents (88.46 creditabilit %) said that they would recommend other people to purchase via social network regardless of the

Table 4.6: Gender differences in perceived risk

Household income differences in perceived risk that there is no significant different of risk From the perspective of household perceived by the household income either no income, low trustworthiness and product quality income, low income or high income. As such, were perceived as most important reason (above social network marketer can focus on minimizing 60 %) of no income, medium, and high income these two risk factors to increase the level of group of respondents believe these two risks that trustworthiness amongst potential customers and influence their decision in online shopping improve product reliability and quality. through social network sites. This further shows

IJEFM, Volume 1 Issue 1 2017 www.ijefm.in Page 21 5. Conclusion and Recommendations Social network marketer and online seller, can adopt number of approaches to minimize and Respondents from all age groups have reduce risk perceived in online shopping via social generally accepted the Internet to be used for network. Below are some recommendations to social networking, while older groupsusethe online seller: Internet for information search and online i. Registering the online business with shopping. For younger generation however, Companies Commissioner of Malaysia Facebook, Twitter and Instagram in addition to (CCM) and clearly indicate to the public instant messaging communication appeared to be the registration certificate or identification popular choice for Internet usage.The level of ease number may play a role in increasing of online shopping appears to be generally public trust. Purchases and transactions accepted by all age groups as it is seen as an easy, without business license with unauthorised time saving and convenient mode of shopping. online sellers, will not protect consumers Older age groups find the Internet as source of from online fraud. information, whilst the middle age group prefer ii. Online seller should clearly the broader selection and easier price comparison indicatetransactions and business terms through Internet shopping. and conditions, to avoid misunderstanding All age groups however agreed that it is becoming and dissatisfaction by consumers regarding more compatible with their current lifestyle, returns and exchange policy. This should suggesting that this will be the accepted norm of extend to delivery time. Providing tracking activity in the future. A unique feature of the number of items postage would give younger group using the Internet is the ability to positive impression to customer to track buy products which are otherwise unavailable. and better anticipate deliveries.

iii. Online seller should introduce warrantee, The key areas of risk for not using Internet return, refund policy for products that been shopping is related to product quality, scamming, sold, as finding shows that product quality and poor customer service; in which the female is the most perceived risk amongst Internet groups appeared to be more concerned about the users. Reasonable time and refund policy risk involved.On the other hand, higher income if applicable to selected items groups are more concerned with the risks on suchelectronic and expensive gadgets. product quality suggesting they expect value for iv. Touch and size has been problem for their money for the products. Internet users to shop as they cannot feel and try products virtually. Online seller could provide detailed measurements on There is also no clear distinction among all the 3 size, for example the length, width of age groups on their opinion on product risk, shoulder of a cloth. Advertisements suggesting that they accepted this risk as a norm featuring models wearing or use product for online shopping, given their low level price would help in visualizing the measurement range.Time risk appears to be less of an issue for of product. younger generation as it suggests low v. Gaining consumer trust may increase by commitments. However, this appears to be the providing sufficient testimonial pictures of reverseof older groups findings; who would existing consumers through ratings and require some form of education in technology comments. Sellers’ reliability profile can given their busy lifestyle, family commitments play a role establishing trust through and time strapped. There is no distinction for any length of time as vendor on particular site gender on this aspect. An area that appears to be a and feedback provided by customers. big concern for both genders, is information security, such as protecting private information, References security of the website, comfort level with the site, information completeness and trust of the vendor. 1. Al Kailani, M., & Kumar, R. (2011). Female groups were found to have higher Investigating uncertainty avoidance and tendency of fear of the risk of breaching perceived risk for impacting Internet information, suggesting that they highly value buying: A study in three national cultures. their privacy and secrecy.

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