Consumer Purchase Intention toward Crowdfunding Products/Services: A Cost–Benefit Perspective

Abstract

With the popularity of crowdfunding, many small- and medium-sized ventures and startups which have insufficient funds advertise and sell their services or products in reward-based crowdfunding markets. The success of crowdfunding projects for sale purposes is therefore beneficial to the sustainable development of these growing enterprises. Based upon goal attainment theory, a research model based on a cost–benefit framework is proposed to analyze consumer purchase intention in reward-based crowdfunding markets. The research model is empirically tested with data collected from 398 participants in China. A structural equation modeling analysis reveal that perceived benefits (price concession and perceived innovation) exert a significant positive impact on perceived net goal attainment (PNGA), whereas perceived costs (transaction cost and performance risk) have a weak negative effect on PNGA. The results also indicate that satisfaction mediates between PNGA and purchase intention. Furthermore, we use an artificial neural network analysis to weigh the relative importance of the antecedents of PNGA. The results suggest that perceived innovation is more important than price concession, which is consistent with the structural equation modeling analysis. These results might deepen our understanding of how consumers trade off costs and benefits in the purchase of crowdfunding products/services.

Research on the Effects of Information Description on Crowdfunding Success within a Sustainable Economy—The Perspective of Information Communication

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Consumers’ sustainable online purchase behaviour during COVID-19 pandemic: the role of relational benefit and site commitment

“…Chowdhury et al (2019), Liu and Li (2019) and Kim et al (2021) have documented the positive effects of long-term customer connections; however, most of the research has focussed on the firm’s perspective. Based on past research into the benefits that consumers receive from long-term relationships with businesses, the reduced uncertainty in transactions and more realistic expectations for the service encounter are described as confidence benefits (Li et al , 2019). They are based on employee and customer’s perception of each other’s personal qualities, as well as the forming of personal bonds with each other.…”

COVID-19 crisis impact on the stability between parties in crowdfunding and crowdsourcing

“…A number of scientists focused on two types of behavioral events, donation recurrence (whether one donor will make donations at some time intervals in the future) and donor retention (whether a donor will remain on the crowdfunding platform until a future time) [33]. These terms describe the major aspects of relationship building among donors [34]. Studies normally use large-scale behavioral data collected from crowdfunding.…”