Exit Viewer

Value Congruence and Trust Online: Their Impact on Privacy and Price Premiums By Jose ...

Chapter 1:  Introduction
Read
image Next
Value Congruence and Trust Online:

Chapter 1

Introduction

“Concerns about privacy and lack of online trust were among the most important factors that lead customers to drop out of online business.” (Lou, 2002)

“Trust is a critical factor in stimulating purchases over the Internet, especially at this early stage of commercial development.” (Quelch & Klein, 1996)

Trust is the lubricant that makes business possible. Without trust, few transactions would take place. Consumers will not buy from a seller if they do not trust the seller to deliver the product as agreed. Businesses will not trade if they cannot trust the other party to follow through with its promises. Clients might also refuse to do business if they cannot trust the security and privacy practices of the vendor. Lack of trust can lead to costly legal protections, inefficient contracts, lost sales, and business failures.