Exploring influential factors of consumer purchase behavior on the adoption of digital payment apps in Bangladesh

Abstract

The study of consumer purchase behavior and its connection to psychological factors provides critical insights into the decision-making process and mindset of the market. For any startup to succeed, it is crucial to understand the factors driving consumer behavior and their decision-making process when adopting new products and services. Our research focuses on the rapidly expanding digital payment app industry, intending to provide valuable insight for aspiring entrepreneurs, business people, and policymakers. By thoroughly examining the relationship between consumer purchase behavior and human psychology, we aim to shed light on the psychological and demographic factors influencing consumer behavior in Bangladesh. Our study explores how motivation, attitude, preference, perception, and demographic characteristics work together and shape consumer behavior, along with the impact of digital payment app adoption on consumer purchase patterns in Bangladesh. Primary data from 170 individuals was collected via a well-structured online survey. We utilized statistical analysis and tree-based machine learning techniques for quantitative analysis, and thematic analysis for qualitative data. Our findings indicate that factors such as brand recognition, availability, security, age, income, and user perception are among the most influential factors impacting consumer behavior in the context of digital payment apps.