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Have you ever wondered about the intricate dynamics that shape consumer trust in the realm of online shopping in Bangladesh's e-business market? This particular segment needs a lot of research work as the growing industry needs data support to flourish further.
This writer, an undergraduate student of the Army Institute of Business Administration, conducted a study titled 'Investigating the Factors Influencing Consumer Trust in Online Shopping in the Context of Online Purchase in Bangladesh' to shed light on the current landscape and unveil actionable insights for online retailers, market researchers, and policymakers.
Survey results highlight a heightened awareness among online consumers in Bangladesh regarding the significance of online security during e-commerce transactions. A substantial 72% of respondents agree with the importance of reinforcing security protocols to protect personal information and instil confidence in online transactions.
The study delves into the dynamic relationship between consumers' previous purchases and the advertisements encountered during online shopping experiences. Findings reveal a personalised approach, with 56% of respondents agreeing that positive reviews or recommendations from friends and family significantly influence their desire to explore new products.
The study emphasises the effectiveness of various sources, with 47% of respondents agreeing that social media, online reviews, recommendations, newsletters, and traditional advertisements play a crucial role in informing them about new products and services. 56% of respondents agree that such interpersonal endorsements strongly impact their propensity to try new products.
Visual appeal and simplicity of navigation emerge as pivotal factors in the purchasing intent of online customers. Notably, 52% of respondents agree that captivating advertisements and user-friendly website design significantly influence their interest in purchasing.
A paradoxical trend emerges in consumer behaviour, with a strong desire to explore online shopping for unfamiliar products. However, this enthusiasm is conditional, with 52% of respondents expressing a conditional willingness to experiment, contingent on providing easy payment methods, secure transactions, reliable product delivery, and transparent return and refund policies.
Detailed product information, including specifications and customer reviews, proves to be a key factor significantly increasing customers' interest in a specific online product or service. 52% of respondents agree that transparent and comprehensive information aids them in making informed decisions and enhances their confidence in their selections.
Customisation and personalisation emerge as powerful tools in shaping online shoppers' enthusiasm for online purchasing. 65% of respondents express a willingness to customise products or services to their preferences, fostering a sense of personal connection with the offerings.
The survey also found a dynamic relationship between interest and action, with 37% of respondents agreeing that they frequently convert their interest in online products and services into actual purchases. This observation emphasises the potential of strategies designed to capitalise on consumers' initial engagement.
Motivational factors influencing purchase decisions surface, with Limited-Time Offers, Exclusive Discounts, Product Availability, Reliable Online Reviews, and Convenient Payment Options emerging as influential drivers of consumer behaviour. 44% of respondents agree that these factors motivate them to purchase.
Online customers express high comfort with completing transactions and making payments on e-commerce websites, attributed to clear transaction transparency and documentation. Encouragingly, 47% of respondents agree that they feel comfortable with the process.
The writer also found that consumers harbour some uncertainty regarding their online purchasing experiences. The difference between trust and doubt shows a continuous challenge for online sellers and advertisers. They need to handle and solve these worries of people carefully.
A total of 101 people participated in the survey, aged between 10 to 42.
samihamamunmeem@gmail.com