THE INFLUENCE OF PERCEIVED RISK AND LOYALTY ON PURCHASE INTENTION OF FASHION PRODUCTS BASED ON THE THEORY OF PERCEIVED RISK

Penelitian ini betujuan untuk menganalisis pengaruh financial risk dan privacy risk terhadap loyalty konsumen untuk membeli produk fashion secara online melalui e-commerce yang dipengaruhi oleh perceived satisfaction dan purchase intention . Teori pada penelitian ini menggunakan Theory of Perceived Risk (TPR) dengan loyalty sebagai novelti


INTRODUCTION
E-commerce is currently a trend that creates new opportunities for companies, sellers, and consumers as buyers.Many companies and sellers realize that ecommerce is one of their essential tools in implementing business strategies.The strategy is to make e-commerce one of the distribution channels to distribute their products to consumers (Escobar and Bonsón 2017).The most strategic economic sector today is the growth of the e-commerce industry sector.Many people are now turning to online shopping.The increase in internet access in Indonesia impacts the number of internet users in Indonesia, which has increased from 73.30% in 2020 to 77.02% in 2021.The population that uses the Internet for various activities in Indonesia is 210,026,769 people.Online shopping is a popular activity among Indonesians, with a percentage of 21.26%, and occupies the third position (APJI 2022).The growth in the value of Indonesia's digital economy is expected to reach a value of $140 billion by 2025, which shows the value of the digital economy in Indonesia has increased from 2021, which only has a total value of $70 billion (Baijal et al. 2021).E-commerce is a place to conduct various types of business transactions.Many e-commerce options in Indonesia offers different features.Shopee, Lazada, Tokopedia, and Bukalapak are popular e-commerce used by Indonesians (Sanny et al. 2022).
Fashion has become an interest and necessary to fulfill the current human lifestyle.One trend that never runs out and is the center of attention for many people is fashion.According to Rosmayani and Mardhatillah (2020), fashion products are essential for teenagers today because they can describe a person through their appearance.Fashion itself includes products such as clothes, shoes, belts, and other accessories.Products in the fashion category can define a person's image or personality.According to Amed and Berg (2018), the fashion industry is a worldwide market worth 1.3 trillion dollars, and it hires up to 300 million people worldwide.The fashion industry is currently experiencing rapid growth and undergoing a massive transformation.Transformations in the fashion world create demand from consumers to create new collections quickly.New products released in the fashion world promptly trigger consumer desire to see and buy these products.The increase in ecommerce in Indonesia triggers the purchase of fashion products online.
The fashion industry is one of the industries with trends that have a fast movement.These trends cause vulnerability in consumers to face trends that can change quickly.As many as 57% of internet users in 2018 allegedly purchased fashion products online.Indonesia is known to be one of the countries with internet users in 2020.The number of people in Indonesia who access and use the Internet is known to be 140 million users (Imelda and Rekan 2019).The author conducted mini research to determine the object used in this research.The results of the mini research show that the e-commerce that respondents widely use is Shopee, with a percentage of 75.8%, and the products most purchased by respondents are fashion products, with a percentage of 81.8%.According to the results of the mini research obtained, researchers use the Shopee platform as the object of research.
The situation regarding trends faced by consumers raises the perception of risk in consumers to buy a product (Gazzola et al. 2020).This study uses the Theory of Perceived Risk (TPR).Raymond Bauer, a Harvard professor in 1960, initiated this theory.According to Bauer, risk perception is a form of uncertainty consumers feel about purchasing products (Wang et al. 2022).Perceived risk can affect the level of satisfaction in consumers when shopping online.Risk is an essential factor for consumers to shop online.Factors against risk perception can cause insecurity, and this is because the more they feel the risk, they will avoid shopping online (Tran 2020).The risks felt when shopping online are usually financial risk and privacy risk.Financial risk is one of the risks that can prevent consumers from shopping online.This risk is also significant for consumers determining their intention to purchase a product online.Purchasing products online has a significant impact on consumers.
Consumers feel worried about the security they feel when using a credit card (THAM et al. 2019).
Consumers worry that their information will leak, especially information about accounts that can cause financial losses.When consumers perceive a high privacy risk and an increase in privacy risk, they will weaken their intention to shop online.When consumers feel this way, they will not shop online to avoid losses that can harm consumers (Zhou 2020).The risk felt by consumers can affect satisfaction.Satisfaction arises because of the quality and performance of the products purchased by consumers.Customer satisfaction is when they buy a product that matches their expectations.Increasing consumer satisfaction encourages the intention to repurchase a product.Satisfaction can also mean the extent to which the product or service can meet consumer expectations (Choi et al. 2019).
Satisfaction affects the purchase intention of consumers to buy products online (Gan and Wang 2017).Satisfaction will be felt by consumers when they feel satisfied when shopping online, so the online purchase intention felt by consumers will increase.The ease of information obtained online causes the phenomenon of online purchases.Psychological purchase intention is a consumer expression of consumption practices (Bilal et al. 2021).According to Aufa Nadya (2020), loyalty is one aspect that illustrates a company's survival.Loyalty can be reflected in consumer behavior that tends to purchase a product continuously.Consumer loyalty to a product is due to the needs and fulfillment of consumer expectations for a product.

Source: Primary data, 2022
Empirically, research on the influence between privacy risk and purchase intention was conducted by Lee et al. (2019).The results show that privacy risk has a negative and significant impact on purchase intention.This research supports the results of Tanadi et al. (2015), It indicates that privacy risk has a significant positive influence on purchase intention.The relationship between customer satisfaction and purchase intention was conducted by Gan and Wang (2017).The study shows that customer satisfaction significantly and positively affects online purchase intentions.The results from this research contrast with Prahiawan et al. (2022), namely the results of his research show a positive but insignificant relationship between satisfaction and purchase intention.
The existence of previous research results that show inconsistencies, the authors conduct research again on the influence of each research relationship using the Theory of Perceived Risk (TPR).Thus, the urgency of this research is to re- examine the impact of the five variables.Based on the background explanation above, the concept of perceived risk and loyalty toward using e-commerce for purchasing fashion products has yet to be optimal.This concept could be more optimal because there are many choices regarding purchasing procedures, especially in online purchasing systems.Everyone has different options according to the level of risk they can accept.This research leads to Indonesian people who use e-commerce as research subjects.The author makes e-commerce users as research subjects, and this is because all generations widely use the profile of e-commerce users.The author is interested in the effect of risk e-commerce users feel on purchasing fashion products online.This research contributes to applying the theory, namely the Theory of Perceived Risk in purchasing fashion products online through e-commerce.Another benefit of this research is to critically examine perceived risk by focusing on research gaps and finding evidence of the influence of loyalty which will increase purchase intention.The results of this study are expected to help companies determine the concept of perceived risk in online purchase intentions.This research is expected to help companies determine what factors can affect perceived risk and consumer loyalty.This research is expected to help companies contribute to marketing strategies and tactics.The results of this study are also likely to help students add references and insights for further research and provide empirical evidence and theory regarding perceived risk on consumer purchase intention when shopping online.

LITERATURE REVUEW AND HYPOTHESIS DEVELOPMENT 2.1 Theory of Perceived Risk (TPR)
According to Cox and Rich (1964), the Theory of Perceived Risk is the perception that consumers consider their decision to buy a product.This risk is often a concern for consumers when they want to buy a product, and this is because consumers are afraid that the product purchased is not suitable.So many types of risk become a factor inhibiting consumers from buying a product.Risk is a gamble for consumers when buying a product, which causes whether the product purchased is risky.Consumers can feel risks in terms of time, such as delays in getting the goods needed, then there is frustration and ego in the form of dissatisfaction felt due to poor quality products purchased.Perceived risk in the past tends to be less than perceived risk now.Researchers say that risk today is not only about the product's economic, psychological, and physical aspects.According to researchers, the Theory of Perceived Risk (TPR) has evolved with the Internet because it creates many new risk perceptions consumers feel.Privacy risk, financial risk, and delivery risk are among the perceived risks (Amirtha et al. 2021).
According to Guo et al. (2021), the risk perceived when shopping online is slightly different from that perceived traditionally.Researchers revealed that the Theory of Perceived Risk (TPR) originated from psychological research named Professor Raymond Bauer.Bauer showed that the Theory of Perceived Risk has a negative connotation and impact on consumer behaviour.This theory has undergone many developments, giving rise to several types of risk when shopping online.The risks perceived when shopping online is information, economical, time, psychological, privacy, delivery, service, and operational.Researchers found three risks of particular concern when shopping online: financial aspects, time, and product authenticity.

Financial Risk
Financial risk is one of the risks that has a vital role for consumers.This risk makes consumers feel worried about making online transactions.This concern is in the form of losing money to purchase an inappropriate product, which becomes a financial loss for consumers (Nair 2021).According to Al-debei and Corporation (2022), financial risk occurs because consumers hesitate to provide information about their credit cards online.Consumers feel worried that this is a form of fraud against them.Financial risk is also described by the loss of money for consumers because the purchased product does not meet their expectations.

Privacy Risk
Privacy risk perceived by consumers is related to trust in online stores.This risk can affect consumer attitudes about purchasing behaviour.Consumers feel that if their perceived privacy is low, it can affect their trust in online stores (Johan et al. 2020).Privacy is one of the most significant issues for consumers to shop online, privacy issues that consumers often experience are information security risks and privacy protection.Privacy leaks can influence consumers to shop online (Cheng et al. 2021).Privacy risk according to Ho et al. (2020), there is a potential loss obtained by consumers when making online transactions.

Perceived Satisfaction
Satisfaction regarding consumer feelings is a form of the subjective emotional response of consumers to the purchase of a product (Pei et al. 2020).Consumers will have an emotional response when assessing the product purchased.Satisfaction manifests consumer emotions that can create a positive or negative impression.Besides that, it can also create long-term and short-term impressions.According to Kalinić (2020), consumers are satisfied when the product is purchased can influence them to buy the product repeatedly and spread positive word of mouth about the product purchased.This factor makes consumers feel satisfied, which leads to fulfilling their expectations.

Purchase Intention
Purchase intention is a consumer's desire for a product they want to buy.Furthermore, consumer desire influences a person's purchase intention.The product's perceived benefits can encourage online purchase intentions (Kim 2020).According to Bilal et al. (2021), In psychology, purchase intention is consumer expressions regarding consumption practices.In practice, consumers can choose and buy products that meet their expectations.According to Yuanita and Marsasi (2022), purchase intention is a concept that represents consumer behaviour regarding their anticipation of making decisions on purchasing a product in the future.

Loyalty
Loyalty is positive behaviour for the consumer and the seller (Sudari et al. 2019).Consumers will be loyal to a company, and this is because the company can provide products that make consumers satisfied, and the products created have advantages.According to Ruspendi et al. (2022), loyalty is the willingness of consumers to use and buy products at one company repeatedly.Consumers are not influenced by other brands and will voluntarily introduce the product to others.Loyalty is a commitment that consumers must use the same product.

Hypothesis 2.7.1 The Effect of Financial Risk on Perceived Satisfaction
Risk is a consideration for consumers to make decisions that can lead to satisfaction or vice versa for consumers.Malazizi et al. (2018) show that financial risk results negatively and significantly affect satisfaction.Online shopping has created a very high surge in consumers shopping through e-commerce.Finances that are considered a risk for consumers can reduce their satisfaction.
Moon and Armstrong (2020) also conducted similar research.Based on the findings, perceived risks significantly negatively influence satisfaction.The research shows that financial risk is one type of risk that affects customer satisfaction.Financial risk is due to the financial costs incurred for product purchases.Online shopping has a higher risk than offline shopping.One of the high levels of risk is financial risk, which negatively affects customer satisfaction when shopping online.H1: There is a Negative Effect between Financial Risk and Perceived Satisfaction on Consumers.

The Effect of Privacy Risk on Perceived Satisfaction
Research by Zhou et al. (2020) show that perceived risks negatively impact consumer satisfaction.One type of risk included in the study is privacy risk.The risk felt by consumers is a negative psychological factor on perceived satisfaction.Psychological factors in consumers can influence their intention to shop online, of course, the satisfaction felt by consumers influence purchase intentions.
Cheng and Jiang (2020) also researched the effect of privacy risk on satisfaction.Based on this study, privacy risk significantly negatively affects satisfaction.According to this study, when consumers interact with chatbots, they may perceive negative consequences regarding privacy risks.Perceived privacy risks can reduce consumer satisfaction.H2: There is a Negative Effect between Privacy Risk on Perceived Satisfaction in Consumers.Khatoon et al. (2020) examine the effect of the relationship between satisfaction and purchase intention.Based on this research, satisfaction has a positive influence on purchase intention.Purchase intention is related to consumer decisions in terms of product purchases.Security, privacy, and efficiency influence consumer purchase intentions online.A high level of customer satisfaction results in a solid and long-term relationship with consumer purchase intentions.Hossain et al. (2018) found that satisfaction affects purchase intention.Studies conducted show that satisfaction has a positive effects on purchase intent.This study uses QR codes as an online shopping tool to influence customer satisfaction.With the QR code, consumers feel that online shopping is more efficient in terms of time.The QR code included in an advertisement is beneficial for sellers and consumers.Consumers feel satisfied with the QR code, so that perceived satisfaction affects consumer purchase intentions.

H3 H4 H2
H3: There is a Positive Influence between Perceived Risk on Purchase intention in Consumers.

The Effect of Purchase Intention on Loyalty
A researcher by Buhalis et al. (2020) found that purchase intention significantly positively affects loyalty.Consumers' satisfaction usually influences purchase intention towards loyalty, so when consumers are satisfied, the intention to buy the product will arise.Researchers concluded that to achieve loyalty in consumers, they need to generate the intention to use e-commerce to make online purchases.
Similar findings by Hasan and Sohail (2020) showed that purchase intention positively affects loyalty.The study states that consumers consistently prefer one brand, even though many other choices exist.It exemplifies a type of brand loyalty among consumers.Consumer satisfaction with a brand causes them to choose it as their first choice, increasing consumer purchase intention for a product.H4: There is a Positive Influence between Purchase Intention and Loyalty in Consumers.

Theoretical Framework
Figure 2.1 Theoretical Framework

RESEARCH METHODS
The quantitative approach is the choice of researchers, namely through primary data collection by distributing questionnaires conducted through Google Forms which contains statement items with a Likert Scale.The Likert Scale used is from points 1 to 5. Researchers used the purposive sampling technique to collect research samples.According to Creswell (2018), purposive sampling is a form of sampling relevant to the data obtained.The use of purposive sampling is because the research conducted by the author requires specific criteria for the sample used.The purpose of purposive sampling is so that the sample taken later is by the research objectives so that it can solve research problems and can provide more representative values.Indonesian people who use e-commerce applications and live in Java or Jakarta are the sample for researchers.The criteria for respondents are starting from 15 years old, residing in Java, using e-commerce applications, having downloaded e-commerce applications on their device, using use e-commerce to buy fashion products, and having purchased fashion products in e-commerce during the last two months.The last one purchased fashion products in e-commerce more than twice in the previous year.These characteristics aim to select respondents who match the author's needs.This criterion is because the author wants to test the relationship between consumers' perceived risk perceptions on their satisfaction, purchase intention and loyalty in using Shopee.
Questionnaire distribution is the data collection technique used by researchers.According to Hair et al. (2019), the questionnaire is a data collection technique carried out by asking specific questions to respondents.Each variable is detailed in several questions submitted to respondents through a questionnaire.Researchers created an online questionnaire through Google Form to make it easier for respondents to fill out the form and for the author to collect data.The questionnaire form contains questions that the respondent must choose the answer.The questionnaire created through Google Form will be shared online through social media.The study used 35 indicators as the data to be analysed.Researchers obtained a total of 248 respondents.The author conducted an SEM test using AMOS 24.0 to test the data obtained with the aim of findings on a hypothesized relationship.

Demographic Analysis
Based on the results of the distribution of questionnaires, the domicile of most respondents lived in Yogyakarta, with a total of 59 respondents (23.8%).The following respondents lived in Bandung with 48 respondents (19.3%), then respondents who lived in Jakarta, Surabaya, Solo, Malang, Semarang, and other areas in Java with a total of 41 respondents (16.5%), 25 respondents (10.1%), 24 respondents (9.7%), 19 respondents (7.7%), 19 respondents (7.7%), and 13 respondents (5.2%) respectively.Based on table 4.1, Respondents were dominated by women, with a total of 186 respondents (75%), while men totaled 62 respondents (25%).Based on the results obtained, most e-commerce users are women, with a percentage of 75%.The age of respondents also varies, respondents aged 15-24 years dominate among other respondents with a total of 203 respondents (81.9%), followed by other respondents aged 25-34 years, 35-44 years, and more than 44 years old, with 38 respondents (15.3%), 3 respondents (1.2%), and 4 respondents (1.6%) respectively.The findings found that e-commerce users are dominated by young people aged 15-24 years.Young people in the 15-24 age group use e-commerce to purchase products online.

Validity and Reliability Test
Table 4.2 shows that the AVE value of the tested variables is> 0.5, indicating that the indicator has met the criteria.The standardized loading value for each indicator also meets the criteria, and this is because the standardized loading value is> 0.5, so the table indicates that all indicators have values greater than 0.5.The acquisition of the AVE value and standardized loading presented in the table shows that all items used in variable measurement are declared valid.Table 4.2 shows the reliability test by acquiring the CR value.The CR value shows that all variables have a value> 0.7, which means that all variables in this study are considered reliable.

Goodness of Fit Test of Structural Model
The next stage is to determine the suitability of empirical data and structural models as measured using the index value on Goodness of Fit (GOF).The GOF assessment index aims to identify whether the model used to produce the covariance matrix on each indicator is good or bad Hair et al. (2019).The model structure fit test results in table 4.3 show that the index value on the structural model is considered good and meets the fit criteria.

Hypothesis Test
Hypothesis testing was carried out twice because, in the first stage, the hypothesis results showed one insignificant result.The author improves the hypothesis by enhancing the research model framework through structural model modification with modification indices Hair et al. (2019).The modification index is used by correlating the error by error 5 (e5) and error 11 (e11); error 5 (e5) and error 30 (e30); error 7 (e7) and error 23 (e23); error 21 (e21) and error 22 (e22); error 19 (e19) and error 23 (e23); error 22 (e22) and error 24 (e24); error 5 (e5) and error 22 (e22) have pretty large modification indices (MI) values,namely 10.474;9.926;9.140;9.402;4.601;5.517;9.729. Table 4.4 shows the results of the last hypothesis testing with 1 unsupported hypothesis out of a total of 4 hypotheses.This result shows that after the modification, the results obtained are better.Table 4.4 shows 3 hypotheses that have a positive and significant effect.These hypotheses are H2, H3, and H4.Other hypothesis results show negative and significant results in H1.

The Effect of Financial Risk on Perceived Satisfaction
Based on the results of hypothesis testing shown in table 4.4, it is explained that financial risk negatively and significantly affects perceived satisfaction.This relationship is obtained from the worth value of estimates -0.397, the critical ratio value of -0.398, and the P value <0.001 (***).These results explain that (H1), the higher the financial risk consumers feel towards e-commerce, the lower the satisfaction consumers feel in e-commerce, especially in purchasing fashion products online.
This finding illustrates that the more financial risk felt by consumers, the lower the satisfaction of consumers feel when purchasing products online.The satisfaction felt by consumers will decrease because they think they prefer to avoid purchasing fashion products online in e-commerce.The reason for this is the perceived financial risk when making online payments in e-commerce, which consumers consider unsafe and untrustworthy.
Previous researchers Hasan et al. (2017) also support these findings with their research which shows that the high perceived risk felt, the satisfaction felt by consumers will be low.One of the perceived risks is financial risk.Based on this study, consumers are hesitant to purchase products in the future when they have a terrible experience due to the risks of consumers causing dissatisfaction with what they have bought.Moon & Armstrong (2020) also support these findings with the results of their research which shows that financial risk has a negative effect on satisfaction.Financial risk occurs because the costs incurred when shopping online are higher.After all, the costs incurred are not comparable to the products obtained.
The higher the financial risk felt by consumers, the lower the satisfaction of consumers when purchasing products online.One financial risk consumers feel to the money-back guarantee they do not get when the product they buy has a problem.This problem creates a high financial risk, so consumers will feel disappointed and reluctant to purchase products online through Shopee.This sense of disappointment caused by financial risk has an impact on consumer satisfaction, which can mean that the level of consumer satisfaction is getting lower, this is due to the high financial risk felt and obtained from their experience.The author can conclude from the findings of the hypothesis obtained, namely that the higher the financial risk, the lower the satisfaction consumers feel in using e-commerce.

The Effect of Privacy Risk on Perceived Satisfaction
Based on table 4.4, which is the result of hypothesis testing, the results of the hypothesis regarding the privacy risk relationship have a positive and significant effect on perceived satisfaction.The positive and significant effect is obtained from the estimated value of 0.271, then the Critical Ration (CR) value of 2.086 and a P value of 0.037.These results mean that (H2) the higher the privacy risk that consumers feel, the higher the level of satisfaction that influences consumers to shop online in e-commerce.
Hypothesis results regarding the relationship between privacy risk have a significant and positive influence on perceived satisfaction.Based on the findings, this hypothesis is not supported.This hypothesis explains that the higher the privacy risk felt by consumers affects the high satisfaction consumers feel.Consumers who feel a high level of privacy risk can also feel a high level of satisfaction when shopping online in e-commerce because the higher the perceived privacy risk, the e-commerce party will pay attention to the security features of consumer privacy data so that consumers will feel satisfaction.
This finding aligns with the results of Jufrizen et al. (2020), who found that satisfaction will also increase with the high perceived risk felt by consumers.One of the perceived risks in this finding is privacy risk.In this case, the link is regarding privacy data when making transactions online, so the conclusion is that the perceived risk will increase if the privacy data is deemed insecure.The increased risk perceived by consumers affects the level of consumer satisfaction.The study's results differ from the findings of Malazizi et al. (2018), which show that financial risk negatively and significantly influences satisfaction.Financial risk relates to the probability of consumers losing money due to currency fluctuations and their worries when shopping online.Finances that are considered a risk to consumers can reduce their satisfaction.
Feelings of consumer satisfaction can increase and tend to be high, even though the privacy risks they feel are high.This is due to an increase in Shopee's security system, which can make consumers feel safe and comfortable.This sense of security fosters a sense of comfort for consumers to purchase products online so that consumers can enjoy online shopping in e-commerce, which means that satisfaction is also increasing even though the perceived privacy risk is high.The author can conclude from the findings of the hypothesis that the higher the perceived privacy risk, the higher the consumer satisfaction with using e-commerce.

Effect of Perceived Satisfaction on Purchase Intention
Based on table 4.4, the relationship between perceived satisfactions has a positive and significant effect on purchase intention.This relationship is obtained from the results of the hypothesis test that has been carried out, in the hypothesis test, the estimated value is obtained at 1.051, then the Critical Ratio (CR) value is 10.962, and the P value is <0.001 (***).This finding explains that (H3) shows a positive relationship which means that the higher the satisfaction of consumers when buying products online in e-commerce, the purchase intention felt by consumers to shop in e-commerce will also increase.
Perceived satisfaction has a significant positive effect on purchase intention.These findings show that the more satisfied the level of consumer satisfaction, the higher the purchase intention.Satisfaction has a positive impact on consumer decisions to purchase products online.Consumers who feel happy after buying fashion products online through e-commerce can be satisfied.With feelings of pleasure and satisfaction, consumers will recommend people to purchase fashion products through e-commerce.
This finding is consistent with a previous study by Khatoon et al. (2020), namely that the higher the satisfaction of consumers, the higher the purchase intention will increase.These findings explain that satisfaction plays a vital role for consumers in determining consumer purchase intentions.A high level of consumer satisfaction results in a solid and long-term relationship with consumer purchase intentions.This result is consistent with the findings of Cao et al. (2018), which show that satisfaction positively influences purchase intention.Customer satisfaction when shopping online impacts consumer decisions to buy products online.Based on the result of this research, factors influencing customer satisfaction include shipping and tracking logistics, which can be a factor that determines online shopping satisfaction.
The satisfaction consumers feel caused by many factors, including the service provided by e-commerce when consumers buy fashion products online.The services offered by e-commerce provide satisfaction for consumers so that when consumers obtain satisfaction, consumers have the intention to purchase fashion products continuously through e-commerce.The author can conclude that the higher the satisfaction of consumers, the higher the purchase intention consumers feel in ecommerce.

The Effect of Purchase Intention on Loyalty
Table 4.4 shows the results of the hypothesized relationship between purchase intention, which has a positive and significant relationship with loyalty.The relationship between the two variables is obtained from the estimated value of 1.193, then the Critical Ratio value of 12.575 and the P value <0.001 (***), so the hypothesis results show a positive and significant relationship.This finding explains that (H4), the higher the purchase intention felt by consumers, the higher the loyalty felt by consumers to use e-commerce as a place to purchase fashion products online.This finding explains that the higher the purchase intention felt by consumers, the higher the loyalty felt by consumers to use e-commerce to purchase fashion products online.Consumers who feel the benefits of a fashion product purchased through e-commerce provide help to them, which can lead to high purchase intentions for consumers.High purchase intentions can influence consumers to use the ecommerce of their choice as their application for purchasing fashion products online due to the increased loyalty felt by consumers.Consumers feel that the higher the perceived purchase intention, the higher the perceived loyalty.
This finding is consistent with the study by Hasan and Sohail (2020), who found that purchase intention significantly affects loyalty.The study states that consumers who are satisfied with a brand tend to choose that brand as their first choice, this triggers high consumer purchase intentions for a product.This study's findings align with research by Zarif Sagheb et al. ( 2020), which states that highquality and healthy food products can increase consumer value.Quality products can create customer satisfaction and loyalty, this has a positive effect on consumers to make repurchase intentions these products.
Based on the results of the hypothesis obtained, consumers will think about and decide on buying intentions for online fashion products through e-commerce; this arises because the purchase intention consumers feel increases.The increase in consumer purchase intention affects the confidence they feel about buying fashion products online in e-commerce due to the increased loyalty consumers feel to ecommerce.The author concludes from the hypothesis that the higher the purchase intention consumers feel, the higher the consumer loyalty to e-commerce users.

CONCLUSIONS, LIMITATIONS, AND SUGGESTIONS 5.1 Conclusion
Researchers can draw some conclusions from this study.First, financial risk has a significant negative impact on perceived satisfaction.The onset of financial risk to consumers makes them feel unhappy, so the financial risk felt by consumers causes a decrease in perceived satisfaction.Second, privacy risk has a significant positive effect on perceived satisfaction.A high level of privacy risk indicates that security features in e-commerce need to be improved so that consumers will feel safer.This sense of security fosters a sense of comfort in consumers when buying products online so that consumers can enjoy online shopping in e-commerce, which means that satisfaction is also increasing even though the perceived privacy risk is high.Third, perceived satisfaction has a significant positive effect on purchase intention.The satisfaction felt by consumers is partly due to the experience of consumers who feel satisfied after buying products online through e-commerce.This experience makes consumers decide to use the e-commerce of their choice as a place to buy products, which is referred to as an increase in consumer purchase intention.Finally, purchase intention has a significant positive effect on loyalty.Buying intentions felt by consumers can lead to their plans to use e-commerce as a place to buy products online.The use of e-commerce, which is the choice and decision of consumers to shop online, can be interpreted as a form of loyalty because consumers choose the e-commerce of their choice as a place to purchase products online.

Research Limitations
This study has several limitations, namely this research still needs to be able to represent the population of e-commerce users in Indonesia, because with a sample limit of 248 respondents, more to represent the population of e-commerce users in Indonesia.The following limitation is the ability of respondents who need help understanding the statements on the research questionnaire items, so there is a possibility that the results still need to be more accurate.Finally, this study was limited to the purchase intention stage and not the purchase decision stage.This limitation makes the author still need help to have a significant influence on managers and companies.

Suggestions
The author suggests that academics who want to research similar research topics should change some things that have been studied.In the future, academics can change the object of research.The goal is that the changes that occur can create new and more interesting research results.The change of research subject can also focus on a generation with the highest percentage of e-commerce users in Indonesia.The subject could be a certain age group that may have the highest percentage of ecommerce users in Indonesia.Groups that could be the focus of research, for example, generation z or millennial generation with the most significant number of internet users, can be used as research subjects to produce new and exciting findings.
Companies need to overcome the risks that occur by doing several ways.First, the company needs to improve transaction security by identifying the weak points of security from e-commerce.Second, enhancing security features in e-commerce aims to create high-security features in e-commerce.These methods can overcome the risks that occur to consumers so that the perceived risk is lower, and consumers feel safe when shopping online through e-commerce.A higher level of satisfaction in ecommerce users can affect purchase intentions and loyalty to e-commerce.Consumers who enjoy purchasing products online need to be given rewards or buy 1 get 1 promo as a marketing strategy carried out by companies to continue increasing satisfaction, consumer purchase intentions, and loyalty.The marketing strategy used also requires innovation and creativity.The goal is to form a unique selling point and a point of difference so that it becomes an advantage for the company.