The objective of this study was to investigate how perceived benefits and risks affect perceived value, as well as to examine the relationship between perceived value, consumer–brand relationships, and loyalty. The study examines the moderating effects of environmental, social, and governance (ESG) performance on the abovementioned relationships by applying a value-based adoption model. An online survey was conducted with consumers who used a food-delivery-service platform, totaling 754 participants. The SPSS 27 statistical package and SmartPLS 4.0 were used to test the research hypotheses, as well as to verify the moderating effects. The results indicate that product quality and specialization have positive effects on perceived value; however, delivery convenience does not. The analysis also found that perceived risk factors associated with delivery-service platforms, specifically, delivery risk, delivery security, and product heterogeneity, have positive effects on perceived value. These results imply that perceived value is linked to consumer perceptions of perceived benefits or risks and is closely related to the formation of customer–brand relationships with delivery platform companies. In addition, it was found that consumer–brand relationships formed in this way act as a decisive factor in the formation of corporate brand loyalty. ESG activity was found to play an important role in moderating the relationship between product quality and specialization, which are factors regarding perceived benefits and value. The ESG performance of delivery-service platforms plays a moderating role in the relationship between perceived value, consumer–brand relationships, and brand loyalty. The results of this study contribute to the development of strategic guidelines for marketers seeking to establish delivery-service platforms.
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