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 Rosa, 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, Rosa is planning a trip back to her home country. She has found some cheap airfares online, but she is unsure if she can trust sending funds as she doesn’t know the company.
“I worry the goods I purchased online will not show up.”
This is manifested as a fear of not receiving the goods ordered in an online store. For example, Rosa bought a shirt for her husband from an overseas online store she didn’t know. Weeks later, nothing has shown up, and she is concerned about having used her credit card in this store.