Research On The Impact Of Customer Participation And Perceived Risk On Online Word-of-Mouth Referral

With the great development of mobile Internet and commodity economy,consumers are now faced with complex product choices and massive related information.Before making consumption decisions,most consumers will collect information about products or services in order to achieve maximum benefits.At the same time,consumers will also obtain information and clear their needs through active communication with staff members in the process of shopping,and then finally make purchase decisions.These behaviors are active customer participation.In the user-oriented marketing 3.0 era,the rapid popularity of social media makes it more convenient for customers to receive and transmit word-of-mouth,and customer's online word-of-mouth referral is more and more valued by enterprises.Both theoretical research and practical experience show that customer participation is an important source of customer word-of-mouth referral,and enterprises have begun to use referral reward programs to manage customer word-of-mouth.However,in this process,the changes of customer psychological factors,especially the impact of perceived risk changes on customer online word-of-mouth referral,have received less attention from scholars.Based on the previous studies,this study constructed the theoretical model of customer participation,perceived risk and online word-of-mouth referral,and introduced the referral reward program as the moderating variable to analyze the impact of customer participation on online word-of-mouth referral.On this basis,this study refers to the existing mature questionnaire scale,using group interviews and pre-survey to form the formal survey questionnaire.Structural equation model is adopted and data analysis softwares like SPSS20.0 and Amos 22.0 are used to analyse the data.The results of empirical research show that customer participation significantly promotes online word-of-mouth referral,perceived risk is a mediating variable between customer participation and online word-of-mouth referral,the moderating effect of referral reward program is also verified.Finally,according to the empirical results,management advice and directions for future researchs are proposed.