media marketing (SMM), thus, is frequently used to
personalize audience experiences, increase sales,
and sustain and develop relationships with
customers, [3]. Because of their most social media
active users worldwide, social media platforms such
as Facebook, Instagram, Twitter, or Line@, have
emerged as Thailand's most popular platform and
channel for selling things, [4]. Food delivery, toys,
furniture, and clothing are the fastest-growing
online sales businesses, [5]. The increased number
of online vendors has resulted in more competitive
online shopping. As a result, merchants and digital
marketers must constantly investigate and improve
the consumer experience, as well as adapt their
marketing strategies, [6], [7], to meet customer
expectations and successfully respond to the
demands of consumers of various age groups
through online commerce platforms.
Online shopping provides significant benefits to
consumers in terms of convenience, flexibility of
product selection, and swift payment via Internet
banking. However, there is a risk of being duped
when shopping online, such as money fraud and
identity theft. Consumers must consider this danger
when deciding to shop online to avoid falling victim
to scammers that masquerade themselves as online
retailers, [8], [9], [10]. According to Sift, a global
network of merchant digital fraud protection
services, cybercrime will climb by 69% in 2020,
resulting in more than USD 1 trillion in losses, [11].
In Thailand, the Technology Crime Suppression
Division (TCSD) reported losses from online fraud
totaling more than 1 billion baht (USD 28.6 million)
in 2018, and this figure was expected to rise as
online purchasing grows, [12]. As a result of these
concerns, research on consumer online purchasing
conviction, [13], and perceived risk influencing
consumer online shopping has gained significant
attention in recent years, such as the studies of, [14],
[15]. However, [16], have noted that earlier research
findings lacked conceptual logic.
For this study, the authors were interested in
studying Generation Y, also known as the
Millennial Generation, who were born between
1981 and 2000, [17]. In 2016, Gen Y made up 28.54
percent of Thailand's population, [18]. In terms of
economics, Gen Y has vast purchasing power and
will steer the global economy for the next 20 years,
[19]. When compared to other cohorts, Gen Y has
the greatest total average internet usage, [20]. This
cohort possesses expertise in online communication
and information technology, [21]. This group was
socialization, fashion-conscious, brand-loyal, and
driven by the presence of confidence with a retailer,
[22]. It has also been observed that they prefer to
purchase fashion, health, beauty, and information
technology products through online platforms, [23].
Academics, researchers, corporate executives, and
public politicians are all interested in studying Gen
Y to better understand their fast-changing behavior,
[19], which is heavily influenced by information and
opinions obtained through social media or
Electronic-Word-of-Mouth (E-WOM), [13].
Taking into account these critical challenges in
Gen Y economics and the increase in their online
purchasing, the purpose of this research is to
investigate and examine the impact of risk
perception components and marketing mix aspects
on this population's decision to purchase fashion
products via online social media. The research
findings will serve as guidance for merchants on
what to do to ensure the survival and growth of their
businesses. It can also provide a strategy for
lowering risk perception and developing marketing
mix strategies to satisfy the needs of Gen Y
consumers. Furthermore, it will assist academics
and researchers in comprehending the conceptual
logic of risk perception and marketing mix factors
that influence Gen Y decision-making.
2 Problem Formation
2.1 Purchasing Decisions
Purchasing decisions refer to the decision of
consumers to make purchases, which is the
consumer's choice to buy or not to buy a product.
Consumer purchasing behavior is influenced by
cultural factors, social factors, personal factors, and
psychological factors, [24]. Specifically, the
purchase decision is to select something specific
from the available options. It is the process by
which customers make decisions. It is made up of
internal factors such as consumer motivation,
perception, learning, personality, and attitudes that
indicate the need and awareness of having a diverse
range of products and consumer-involved activities
in relation to the information obtained. Finally, the
evaluation of those alternatives is based on the
information provided by the manufacturer. In online
shopping, consumers’ purchasing decisions are
influenced by technology adoption. People opt to
accept and use new technology when they
understand and recognize that it will provide
benefits, compatibility, ease of use, privacy
protection, and confidence to them, [25].
2.2 Perceived Risk Factors
Perceived risk is commonly defined as a consumer's
sense of uncertainty and adverse consequences that
WSEAS TRANSACTIONS on BUSINESS and ECONOMICS
DOI: 10.37394/23207.2024.21.19
Tanompong Panich, Arunee Lertkornkitja,
Nuttharin Pariwongkhuntorn, Sasithorn Phonkaew