Abstract
The world witnessed unprecedented growth of digitalisation, especially the rise of digital banking with a more robust ecosystem. Salient discussions are widely done by consumers, marketing society, e-commerce, banking and fintech industries, regulators and literature experts. This research critically evaluates the evolution of the retail consumer behaviour model arising from digitalisation with an in-depth study of variables closely associated with consumer behaviour in the Singapore market. The research philosophy used in the current study is Critical Realism based on ontology. Descriptive research is used in the present study to examine the situation as it exists in the current state of the effects of digitalisation on consumers. The study is a cross-section analysis with a deductive approach. Data is collected through a web-based questionnaire with a sample size of 200, selected using a non-probabilistic convenience sampling method. Various statistical analysis tools, including Descriptive Analysis, ANOVA (Analysis of Variance), Pearson’s correlation coefficient test and inferential statistics tools like a simple linear regression test, were applied and presented. Hypotheses related to perceived risks, perceived values, and various attributes, namely social groups, intention, attitude and emotion correlation with digital consumer purchase behaviour, are also studied and tested. The findings highlight that perceived risk, perceived values and emotion elements positively impact digital consumer behaviour. Notwithstanding that, it is pivotal to point out that these independent variables are not correlated with the rationale of consumers. Recommendations suggested providing deeper insights into measures for consumer protection against the threats of digitalisation.
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Conceptualization: [ER,WS], Methodology: [ER,WS], Formal analysis and investigation: [ER,WS,GJ], Writing—original draft preparation: [ER,WS]; Writing—review and editing: [ER,WS,GJ]. Each named author has substantially contributed to conducting the underlying research and drafting this manuscript. All authors read and approved the final manuscript.
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Rangaswamy, E., Yong, W.S. & Joy, G.V. The evaluation of challenges and impact of digitalisation on consumers in Singapore. Int J Syst Assur Eng Manag 15, 1704–1716 (2024). https://doi.org/10.1007/s13198-023-02023-x
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DOI: https://doi.org/10.1007/s13198-023-02023-x