Perceived Purchase Risk
Perceived purchase risk is present when people fear and are concerned about wasting or losing money when purchasing or using products or services online. This risk includes making transaction mistakes, not receiving goods, and processing errors. Many older adults are concerned about using online banking and making errors which could result in them losing money. Others are worried about not understanding products, services or payment methods when attempting to purchase items.
For Dawn, these perceptions of risk manifest in the following ways:
“I worry my transactions and payments will be processed incorrectly.”
Purchase risks may manifest as a fear of the transaction or payment not being processed correctly. For instance, Dawn wants to pay online directly to the hotel she is booking for her upcoming trip to Bali. However, she is not sure whether she can trust sending money online to Indonesia.
“I’m worried that people might be able to access my account or credit card information if I were to shop online”
Purchase risks may also manifest as a fear of not receiving the goods ordered in an online store. For example, Dawn is a relatively frequent online shopper, but she prefers to shop from trusted stores in Australia. She has come across a pair of shoes in a US-based online shop that she cannot find in any Australia-based store. She is worried about making the purchase as she is not sure whether the shoes will show up.