CHANGING CUSTOMER INTENTIONS AND BUYING BEHAVIOUR FOR SECOND-HAND GOODS IN EMERGING ECONOMIES – A WAY FORWARD TO SUSTAINABILITY POST-PANDEMIC
Keywords:Consumer Behavior, Second-hand Goods, Sustainability, Purchase Intention
Purpose: With the recent development in technology, the market of second-hand goods has widened to online platforms, which has provided consumers with more choices. This research paper examines the various factors that influence the buying decision of consumers for second-hand goods and how a shift from offline to online platforms has added to more sustainable growth in this sector. The study has analyzed how brand, price, risk, etc. influence the customer's buying behavior for second-hand goods.
Methodology/approach: For this purpose, a Conjoint Analysis statistical technique is used to prepare the questionnaire for the survey to determine how consumers value different attributes (features, benefits, functions) to an individual product or service. The objective behind using conjoint analysis is to understand what combinations of a limited number of attributes, influence the most to customers.
Findings: For the purpose of research survey was conducted on 100 people to understand their changing behavior towards second-hand goods and factors they keep in mind while purchasing the same. The study has found that around 78% of consumers prefer to buy branded second-hand products and between price and quality, they are more favorable towards cost-benefit. The study also revealed that consumers are shifting from offline to online markets as it helps them in cost-cutting and saving time. With increased preference for secondhand goods, long-term environmental sustainability can also be ensured to reduce wastage.
Practical implications: This study can help the second-hand goods industry like e-bay, 2-good and other online platforms in formulating different strategies to maximize the sales of second-hand goods and in decision making while making various strategies. As this study is focused on understanding consumer intention, this will help the management in building a sound consumer base.
Originality/Value: Though various research has been done related to the second-hand goods market, understanding the consumer’s willingness to pay and the perceived quality of the product has not been studied intensively. Also, sustainability and second-hand goods have not been researched thoroughly.
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