Technology in Society 65 (2021) 101561

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Technology in Society
journal homepage: http://www.elsevier.com/locate/techsoc

Determinants of Millennials’ behavior in online shopping – Implications on

consumers’ satisfaction and e-business development
Boban Melović a, Damir Šehović a, Vesna Karadžić a, Marina Dabić b, c, *, Dragana Ćirović a
a
Faculty of Economics Podgorica, University of Montenegro, Podgorica, Jovana Tomaševića, 37, 81000, Montenegro
b
University of Zagreb, Faculty of Economics and Business, Department of International Economics, University of Zagreb, Zagreb, Croatia
c
Nottingham Trent University, Nottingham Business School, Department of Management, Nottingham, UK

A R T I C L E I N F O A B S T R A C T

Keywords: This paper identifies the attitudes and key determinants of Millennials’ online shopping behavior in Montenegro.
Millennials An empirical survey was conducted in Montenegro on the sample of 813 millennial consumers by using Struc­
Online shopping tural Equation Modeling and the analysis of the variance (ANOVA) test. The results revealed that Millennials are
Consumers’ behavior
satisfied with previous experience in online shopping. They perceive it beneficial compared to purchase in
e-business
Montenegro
traditional shops, but also perceive it as very risky, which is why they buy online mostly inexpensive products.
The results also suggested that behavior of millennial consumers in the online purchase significantly depends on
their demographic characteristics. While the frequency of online shopping is the same for both genders, male
consumers spend more money on it compared to women. Also, men to a greater extent prefer doing the online
shopping using more famous websites, than women do. The amount spent in online shopping does not depend on
age of consumers, but younger Millennials do this type of purchase more often compared to older Millennials.
Based on the results, this paper provides implications for managers important for building the trust of consumers
and increase of online sales.

1. Introduction
1.1. Contextual framework of the research
In recent years the online shopping has gained high growth rates,
characterized by strong consumers’ demand and the increasing type of
available goods [1]. It is estimated that in 2019 online purchase made
about 14.1% percent of total retail sales, with tendency to grow [2].
Still, the reached volume of online sales already indicates several
important barriers to its future development. Most of the online pur­
chases are related to very narrow range of products, such as clothes,
music, or electronic gadgets [2]. Viewed by countries, the reached
volume of online sales significantly differs, regardless of the number of
Internet users [3]. Additionally, most of the online purchases are made
by Millennials, as the first age group that has full-grown up with Internet
based technologies, while other consumers prefer shopping in a tradi­
tional way [4,5]. In the literature there are some differences regarding
term of Millennials’ birth. While some authors define them as people
born between 1982 and 1996 [6,7], the others adopt wider approach,
defining as Millennials people born between 1980 and 2000 [8,9].
The e-business adoption caused changes in the way that consumers
go through decision-making process. It enabled consumers to easily
compare products, compare prices, gain information, share buying
experience with others and to do the purchase within only few minutes
[10]; y Monsuwé et al., 2014, [11]. Still, despite the benefits it offers,
online shopping is often related to the risk of poor product quality, de­
livery delays and personal information security issues [12,13]. Hence, it
becomes noticeable that the regular patterns and characteristics of
consumers’ purchasing behavior cannot be applied to the process of
online purchase [14,15]. E-business adoption is also recognized as a way
of strengthening competitiveness of companies and reducing operating
costs, through transformation of its processes [16–20]. Hence, it leads to
the better efficiency, sales growth, enchanced communication with
consumers and easier penetration on new markets [19–22]. However,
managers need to understand the main motives and barrier that con­
sumers face in online shopping, in order to implement suitable mar­
keting strategy and foster e-commerce sales growth. Hence, further
research on this topic is of great importance, especially for countries that

* Corresponding author. University of Zagreb, Faculty of Economics and Business, Department of International Economics, University of Zagreb, Zagreb, Croatia.
E-mail addresses: bobanm@ucg.ac.me (B. Melović), sehovicd@ucg.ac.me (D. Šehović), vesnaka@ucg.ac.me (V. Karadžić), marina.dabic@ntu.ac.uk, mdabic@net.
efzg.hr (M. Dabić), dcirovic@ucg.ac.me (D. Ćirović).

https://doi.org/10.1016/j.techsoc.2021.101561
Received 31 December 2020; Received in revised form 22 February 2021; Accepted 6 March 2021
Available online 18 March 2021
0160-791X/© 2021 Elsevier Ltd. All rights reserved.
B. Melović et al.
do not have a good previous knowledge base regarding domestic con­
sumers’ behavior in online shopping, such as Montenegro, a country in
which this study was conducted.
Despite the high rates of Internet penetration in Montenegro, it is
evident that domestic consumers prefer traditional forms of purchase, as
69% of them have never done online shopping [23]. An important
obstacle to understanding this phenomenon is that there are no official
data available regarding the number of Montenegro companies that sell
their products online. The research regarding electronic commerce and
overall e-business development is not conducted on the state level.
Additionally, even though domestic companies could benefit from
implementing a certain form of online-based business strategy, there are
no available data regarding Montenegrin consumers’ perception related
to the online purchase, which is a necessary information base for
developing an effective strategy of online sales. However, fostering the
implementation of e-commerce and transition to e-business could have
significant benefits for domestic companies. These are mostly small
companies that are faced with strong foreign competition [24]. Thus,
e-business implementation would enable them to reduce costs, gain and
strengthen consumers’ loyalty and use all the benefits of online mar­
keting strategy in the same way their foreign competitors do. All
mentioned above served as one of the key motives for conducting this
study.
1.2. Research gap and aims of the study
The previous research in the field pointed out the key presumptions,
motives and barriers of online shopping [14,25–29], but often obtained
the opposite results. While some authors confirmed that demographic
characteristics of Millennials affect their behavior in online shopping
[26,30–32], the others found that the influence of demographic char­
acteristics is not statistically significant [27,33]. Therefore, the need to
further examine the role of consumers’ demographic determinants at a
local market level is evident. Additionally, although some of the most
important motives and limitations of online shopping have been iden­
tified [14,29,34–37], the previous research failed to measure their
relative impact on consumers’ purchasing behavior. Similarly, earlier
research in the field highlighted the positive role of peer influence, the
possibility of making social and interpersonal communication vie
e-commerce site, and free shipping on trust and satisfaction of con­
sumers [36–38], but failed to analyze the level of satisfaction of con­
sumers from countries (such as Montenegro) were e-commerce is
underdeveloped and consumers lack mentioned benefits. Besides that,
the different volume of online sales observed by countries that several
Internet users cannot explain indicates that in-depth research is needed
to identify the relative strength of identified motives and barriers that
determine online buyers’ behaviour at the local market level. Finally,
most of the previous research on the given issue view focused on the
behaviour of consumers in online shopping, viewed from marketing
perspective [14,26,29,30,34], or were focused on the analysis of infra­
structural prerequisites needed for integration of e-commerce trans­
actions within business processes and overall e-business development
[39–41]. Unlike them, this study provides a multi contextual framework
that analyses the interconnection between Millennials’pererception of
e-commerce and their behavior in online shopping as potential oppor­
tunities, challenges, and barriers to further e-business development
through analysis of the main determinants of Millennials’ behavior in
online shopping and their attitudes towards e-commerce. The paper
offers insight into possibilities and key guidelines for future e-business
development based on the specific context with a developing e-com­
merce market.
According to the authors’ knowledge, there are no previous scientific
research in Montenegro that examined the impact of online sales growth
on e-business development.
Considering the given research gap, as well as the benefits of e-
business development, the goal of this paper is to recognize the attitudes
2
Technology in Society 65 (2021) 101561
and main determinants of Millennials’ online shopping behavior in
Montenegro. Additionally, it aims to measure the relative impact of
factors that affect it in order to better understand main purchasing
motives and barriers they face in that process. Finally, the paper in­
vestigates the existence of behavioral differences amongst the Millen­
nials in the online purchasing process are caused by their demographic
characteristics (such as gender, age and income), which are reflected in
differences regarding the frequency of online shopping, the amount of
money spent on it, the type of products being purchased and websites
used for making the online purchase. The obtained results will enable
better understanding of Millennials online shopping behavior, as a
prerequisite for further e-business development. Hence, it would create
a basis for implementation of e-business strategy that will be in line with
Millennials’ expectations in the purchasing decision-making process and
foster online sales. Better understanding of behavior of Millennials, as
the buyers that are familiar with the specificities of Internet based
technologies, would contribute to the knowledge about main obstacles
that prevent other consumers from engagement in this kind of pur­
chasing process and about the ways in which those obstacles can be
removed, or at least diminished.
The paper is structured in five sections. The introduction, defines the
context and the importance of the research. A summary of previous
research, the existing literature gap and hypotheses of the research are
given in the second section. The third section describes the sampling
procedure of the study and the methodology applied. The fourth section
presents the results of the research and discussion on the obtained re­
sults. The fifth section presents main conclusions and implications of the
research. Also, it includes limitations of the study and recommendations
for future research.
2. Literature review and hypotheses development
2.1. Theoretical background
The issue of consumers’ motivation for online purchase has been a
subject of numerous studies. Hirschman and Holbrook [42] researched
back in 1982 what motivates consumers to conduct the online pur­
chases. They recognized two types of Internet shoppers. The first ones
can be described as problem solvers, while the other group consists of
consumers seeking for entertaining, stimulation and pleasure [42]. For
the first group of consumers, online shopping exclusively serves to
procure a particular product or service and such a purchase is considered
a business [43], while the second group constitute consumers who
perceive online shopping as an enjoyment [44] and are looking for po­
tential entertainment. Additionally, a study of Monsuwé et al. (2004):
indicated that consumers’ decision to engage in online purchasing is
driven by both utilitarian and hedonic motives, and identified five main
factors that affect it: “consumer traits”, “situational factors”, “product
characteristics”, “previous online shopping experiences”, and “trust in online
shopping” [45]. However, many studies recognized the trust in online
shopping as the most important factor which serves as a basis of con­
sumers’ motivation to take part in e-commerce [37,46,47].
The main target group for online retailers constitute consumers born
between 1980 and 2000 [7,8], also known as is the Generation Y [48],
the Millenials or iGen [27]. The purchasing power of this generation is
growing which makes the understanding of their behavior in online
shopping very important [25]. Additionally, these consumers’ are
almost always connected to the Internet, which makes them especially
predisposed to engaging in online shopping [48]. However, due to easy
access to information needed for the analysis of the offer and compari­
son of the products and services, their purchasing decision is more
complex and requires more time [49]. Milennials are considered the first
high-tech generation [48,50,51], whose members are usually described
as individualistic, well educated, technologically savvy, less gullible and
better informed than previous generations [32]. The following (Table 1)
shows the main characteristics of Millennials relevant to understanding
B. Melović et al.
Table 1
Main characteristics of Millennials as online buyers based on the literature re­
view in last ten years.
Author Classification of Millennials’ behavior
(s)
[30] Living with technology, Millennials have a positive attitude towards
online shopping that influences their intention to purchase.
Half of the Millennials will perform research on a product before making
a purchase decision.
The Generation Y has tendency to consume more and save less.
[48] They are more skeptical than older generations and can be a real
challenge for retailers because they often feel as if they are being
watched online, an environment they consider to be private and
exclusive.
[52] Brand affiliation motivation while interacting with brands through social
media, is higher in Generation Y than in Generation X. Generation Ys
make extensive use of communication technology and are always
connected to the world.
[53] Consumers in Generation Y were the most inclined to complain about
service failures and to repurchase from the same service provider after a
satisfactory service recovery.
[54] Millennials are classified as a new breed of male shoppers with increased
emphasis on shopper experience and entertainment.
[55] Gen Y consumers differ from others through the products and brands
they buy and tend to avoid mass-market brands.
Gen Y is the biggest potential market for luxury brand purchases.
They are generally seen as confident and brand conscious.
[56,57] Millennials spend more, but have less loyalty to the brands than previous
generations.
[25] Gen Y have been raised in a time where just about everything is branded
and, therefore, they are more comfortable with brands than previous
generations and respond to them differently.
They are the most emotional and less loyal customers compared to all
other generations.
[58] Millennial shoppers are more likely to search for information through
digital channels and are more likely to participate in interaction with
brands and retailers on social media.
[59] For Gen Ys the main roles/significations of brands are image, social
profiling, and quality and purchase criteria emphasize emotional factors.
Millennials are likely to be influenced by other’s opinions of their
product purchases.
[60] Growing up in the internet era, Millennials have a better understanding
of the risks and benefits of online shopping than previous generations.
[61] Millennials appear to recognize the power of online shopping for finding
good value amongst many alternatives.
[32] Most of the purchases made are clothing, shoes, jewelry, sports
equipment, entertainment, health and beauty, and food.
[62] Millennials display high levels of materialism and status consumption.
[63] They continually watch their peers to determine the merit of a product.
[64] The speed of communication has allowed this generation to process the
information at a very fast pace.
[65] Male shoppers in the Gen Y exhibit significantly higher levels of shopping
enjoyment, recreational shopping and market mavenism than males in
other generational cohorts.
their relationship to online shopping.
As Millennials have proved to be the most appealing to online
shopping, further research in the field tended to identify main factors
that affect their attitudes towards this type of purchase.
2.2. Factors influencing online shopping of Millennials – literature review
and hypotheses development
As demographics, personal, socio-cultural and psychological char­
acteristics have significant impact on consumers’ purchasing decisions
[30], more and more attention in the literature is paid to the charac­
terization of Millennials, in order to better adapt online sales to the re­
quirements of this generation of consumers [25,48,51,59]. Some of the
recent research on this topic are presented in the Table 9, given in the
Appendix A of this paper.
Hasan [31]; as well as Lissitsa & Kol [26] in his research revealed
that online shopping might be more attractive to men, compared to women,
as their cognitive, affective, and behavioral online shopping attitudes are
3
Technology in Society 65 (2021) 101561
higher than those of women. That is also the reason why previous
engagement in online purchase fosters men to exhibit bigger intentions
to shop online all over again, compared to women who prefer conven­
tional shopping due to lack of social and interpersonal interaction in
e-commerce [31,33]. These findings were also confirmed in a research of
Dittmar et al., [66]; Rodgers & Harris [67] and Cyr and Bonanni [68].
However, the research of Krbová & Pavelek [27] obtained the opposite
results, suggesting that gender does not have a substantial impact on the
frequency of online shopping. The influence of demographic charac­
teristics of Millennials on their online purchase was also a subject of
research conducted by Valentine & Powers [32]; which revealed their
education and level of income have very important role in that process.
Similarly, the study of Lissitsa & Kol [26] revealed that probability of
online shopping of Millennials increases with age. However, a study of
Hernández et al. [33] obtained the opposite results, suggesting that the
impact of age of e-shoppers becomes negligible once the initial barriers
to online purchase are overcome. Hence, the previous research in the
field regarding the effects of Millennials’ demographic characteristics on
their online purchase obtained opposite results, which indicate the ne­
cessity to analyze the given issue on a local market level. Additionally, as
there is no previous scientific research on the given topic in the country
where this study takes place, understanding potential online buyers’
differences depending on their demographic characteristics is the initial
step for domestic companies in creating their e-commerce and overall
e-business strategy. Thus, the first research hypothesis is:
Hypothesis 1. demographic characteristics - gender, age and income
have an important effect on the behavior of Millennials in Montenegro
when shopping online.
Many previous studies in the field investigated the perceived benefits
of online purchase compared to traditional one (Table 9). These benefits
are mostly related to saving time, the possibility of shopping anywhere
and easy comparisons of the offers [35,36]. Also, a study of Cheah et al.
[72], indicated that apparent value and price awareness are the factors
that have a key role in creating positive attitude towards online shop­
ping and intent to involve in this type of purchase. Besides of that, it is
possible to make purchases in an online store at any time [28] and it is
possible to find a desired item using a number of query parameters,
which saves a time needed for shopping [83]. Online websites enable
consumers to find a wider range of brands [28], which is also an
important motive for them to engage in e-commerce [73,74]. According
to the research of Bhatti & Rehman [73] and Kim & Ammeter Kim &
Ammeter [74]; “there is a significant positive relationship between product
variety and online shopping behavior”. However, timely delivery of the
product is also considered significant part of meeting consumers’ ex­
pectations in e-commerce [36,37]. However, in the markets where
e-commerce is not developed (such as in Montenegro), consumers often
lack previous online purchase experience. Besides that, in those markets,
there are no many companies that sell their products online, which also
strengthens consumers’ habit to make all their purchases in the physical
store (Government of Montenegro, 2015). Hence, the extent to which
those consumers perceive the benefits that online shopping offers
compared to the traditional way of doing purchase might be question­
able. Therefore, the second research hypotheses is:
Hypothesis 2. Millennials in Montenegro have positive attitudes to­
wards online shopping, which stem from the affirmative characteristics
of this type of purchase.
Despite the number of benefits, some consumers consider online
shopping more complex and compared to traditional, which makes them
to be more hesitant to engage with it [14,29]. Millennial consumers
sometimes avoid to shop online because of lack of trust in online re­
tailers [34]. Very important barriers to online shopping are production
and security risks [14]. Potential security threats, such as credit card
fraud, additionally prevent consumers in online payments engagements
[29,84]. Furthermore, consumers might avoid online shopping due to
B. Melović et al.
insecurities whether the products purchased will be actually delivered
[38]. The importance of perceived risks in online shopping was also
confirmed in a study of Kasilingam [75]; Forsythe & Shi [76] and Hsieh
& Tsao [77]. All these risks are especially present in the e-commerce
market in Montenegro, as it is not sufficiently developed. Only a small
number of domestic companies sell their products online (Government
of Montenegro, 2015), which suggest that consumers must rely on the
trustworthiness of foreign e-commerce websites. However, this in­
creases the risk of delivery failures. However, specific culture norms in
Montenegro also serve as an additional barrier to engagement in online
shopping, as national culture is recognized as one with collectivistic
values and suggesting to avoiding risk [85]. Thus, it is expected that
Montenegro consumers try to avoid ambiguous situations, tend to
behave typically, and are strongly influenced by their family, friends,
and peers [85,86]. In their study, Lim et al. [87] and Yildirim et al. [88]
confirmed that consumers form countries that ranked high on uncer­
tainty avoidance according to the research of Hofstede [85] tend to do
online shopping less frequently and spend less amount of money on it.
Because given culture norms of consumers in Montenegro strengthen the
tendency to prefer traditional over the online purchase, the third hy­
pothesis is defined as follows:
Hypothesis 3. Millennials’ distrust and delivery risk are key barriers
to online shopping in Montenegro.
Liu & Arnett [78], point out that e-commerce website should be
perceived as reliable, dependable and trustworthy, in order to increase
the probability that the consumer will return to it and make the online
purchase [79]. Similarly, Zhou et al. [89], emphasize the importance for
e-businesses to create online forums and chat rooms, in order to foster
consumers to share their experiences, as enhanced social and interper­
sonal communication regarding online shopping has positive influence
on consumers’ intention to make the online purchase. The opinion of
friends and peers also has a significant impact on consumers’ behavior
during online shopping process, which suggests that consumers will
form positive attitude towards making an online purchase if their friends
reveal high level of satisfaction in their online shopping experiences
[38]. It could be especially accurate for Montenegro consumers, as so­
ciety has expressed collectivistic cultural norms [85,86]. Due to pro­
nounced collectivism as one of the key dimensions of national culture,
the high level of satisfaction of existing online buyers could be an
important incentive for other Millennials to engage in this type of
shopping, which would significantly foster e-commerce overall e-busi­
ness development. This presumption was confirmed by previous studies
[87,88], revealing that countries ranked high on collectivistic values in
Hofstede’s research [85] adopted Internet sales to a greater extent
compared to individualistic cultures. Thus, using the results of earlier
research in the field (Table 9) and considering the importance of con­
sumers’ satisfaction with the online shopping experience, the fourth
hypothesis is:
Hypothesis 4. there is a significant level of satisfaction of Millennials
in Montenegro after online shopping.
Due to its benefits, the e-commerce has become an important chan­
nel of product purchase for many people around the world, including
buyers from Montenegro. There were 464.7 thousand internet users in
Montenegro in January 2020 and this number increased by 0.02% be­
tween 2019 and 2020 [90]. Also, internet penetration in Montenegro
was estimated at 74% in January 2020 and e-commerce is growing fast
due to the growth of internet penetration. Namely, 31% of the popula­
tion (over 15 years of age) have performed certain transactions online,
of which 18% are men and 13% are women, while of the above popu­
lation, 15% of them make online purchases [90,91]: “In 2021, over 2.14
billion people worldwide are expected to buy goods and services online, up
from 1.66 billion global digital buyers in 2016” [92]. These data suggest
that e-commerce development could be a significant potential for
Montenegro companies to reduce operating cost, improve the quality of
4
Technology in Society 65 (2021) 101561
communication with potential and existing customers, and achieve a
better market position. Additionally, satisfaction with the online shop­
ping experience would foster trust in other forms of Internet-based
business operations, which positively reflect the accelerated develop­
ment of various forms of e-business. Further e-business development
would enable Montenegrin companies to strengthen their competitive
advantage, especially foreign competitors, and improve their customer
relationship management. Thus, the fifth hypothesis is:
Hypothesis 5. the development of online shopping has a positive ef­
fect on the development of e-business.
A conceptual model is given in the Fig. 1.
The given conceptual model is based on the postulation that behavior
of Millennials as a consumers and their attitudes towards online shop­
ping are a result of impact of three group of factors: demographic
characteristics of millennial consumers, the affirmative characteristics
of online shopping and perceived risks and barriers of online shopping.
Based on the influence of these factors, Millennials make purchasing
decision. The previous experience of online shopping defines the level of
their satisfaction with online purchase. The previous experience of
Millennials also influence their future behavior, i.e. intention to make
the online purchase again, which influences the future e-business
development.
3. Materials and methods
A pilot survey was led with purpose to test validity of the question­
naire. It included the participation of 27 respondents and a focus group
of 5 experts in the field. Their suggestions and comments were imple­
mented and the questionnaire was developed in its final form (given in
the Appendix B). It consisted 24 questions divided into 5 groups. The
first set comprised multiple choice questions (questions 1–5) referring to
the demographic characteristics of respondents and the use of Internet.
These questions were used for measuring first hypothesis (H1). The
second set comprised multiple choice questions (questions 6–10) related
to the online shopping behavior, such as frequency of online shopping,
type of products that are being purchased and the website used for that
purpose. The third set comprised questions related to the perceived
benefits i.e. affirmative characteristics of online shopping, such as
simplicity, availability of the products, saving time and effort, diversity
of the offer and free shipping (questions 12–17). These questions were
used for measuring second hypothesis (H2). The fourth set of questions
(questions 18–21) was related to the disadvantages of this type of pur­
chase, such as security risks, poor product quality risk and delivery
delays. These questions were used for measuring third hypothesis (H3).
The respondents’ attitudes in third and fourth sets of questions were
measured using 5-point Likert scale. The questionnaire also included
one multiple choice question (no. 11) aimed at measuring the level of
Fig. 1. Conceptual model of the research.
B. Melović et al.
satisfaction of Millennials in the online shopping, i.e. for measuring
fourth hypotheses (H4). Finally, the fifth set comprised multiple choice
questions (questions 22–24) related to the respondents’ perception of
influence of online shopping on the e-business development and these
questions were used for measuring fifth hypothesis (H5).
The empirical data collection was conducted in Montenegro. There
are several reasons for selecting Montenegro as a suitable country for
this type of research. The percentage of Internet usage amongst the
Montenegrin population is very high. It is estimated that 74.3% of total
population has Internet access [23,93], while the percentage of mobile
connection is 191% [94], which is above the world’s average score.
Additionally, amongst the Internet users, 96.3% of Millennials has stated
they use Internet on a daily basis [23]. However, only 31% of total
population has done the purchase over the Internet by now. These data
suggest that Internet usage and knowledge about Internet based tech­
nology is not a barrier to online purchase in case of Montenegro, which
emphasize the importance of research of Millennials’ attitudes and
perception of online purchase, in order to understand the main motives
and barriers of online shopping behavior and foster e-business devel­
opment. Besides of that, according to the authors’ knowledge, the
studies in this field of interest were not previously conducted in
Montenegro, which served as an additional reason to carry out this
research. Finally, considering the fact that tax legislation in this country
does not recognize the online purchase as a form of trade, an overview of
the volume, potential increase and the effects of online shopping on
e-business development can provide significant implications regarding
the potential changes that should be implemented in the tax system and
fiscal policy of the country.
The empirical online survey was undertaken in the period Januar­
y–February 2020. A condition of being member of millennial generation
was eliminatory for participation in the survey, so the questionnaires
completed by members of other generations are not considered valid.
There are differences in the literature regarding the exact date of Mil­
lennials’ birth; authors considered them people born between 1987 and
1998, which enable to exclude from the sample the participants born in
a year that most of the authors do not consider as a year of birth of
Millennials. Hence, the stratified random sampling method was applied.
Considering the fact that, according to the authors’ knowledge, the
research in this field were not previously undertaken in Montenegro, as
well as the fact that previous research on this topic gave the opposite
findings regarding the influence of demographic characteristics of Mil­
lennials on online purchase, there were no available data that would
suggest choosing different sampling procedure. Thus, the choice of
stratified random sample was suitable for conducting the research.
Although 813 Millennials were surveyed, only the questionnaires
completed as a whole were taken as valid, which is why the total sample
in the survey consisted of 612 participants. A comprehensive summary
of the demographic characteristics of a sample is given in the Table 2.
Table 2 shows that respondents of all age groups are approximately
equally represented. The sample’s income structure is suitable, as the
Statistical Office’s official data in Montenegro – MONSTAT shows an
average income in October 2020 was 525 euros [95]. Besides that, most
Table 2
An overview of the respondents’ characteristics.
N Weighted % N Weighted %
Gender
Female 360 58.82%
Male 252 41.18%
Age status
22 - 26 200 32.68% Unemployed 71 11.60%
27 - 31 231 37.75% Student 136 22.22%
32 - 37 181 29.58% Employed 405 66.18%
Average monthly income
Do 300€ 209 34.15% 600€ - 900€ 151 24.67%
300€ - 600€ 168 27.45% More than 900€ 84 13.73%
5
Technology in Society 65 (2021) 101561
of the respondents are employed and thus have real purchasing power,
which supports the conclusion that the sample is valid.
The reliability of the data collected based on the questionnaire was
measured and the obtained value of reliability coefficient is 0.863,
which is an acceptable value in social sciences research. Further data
analysis was conducted using Structural Equation Modeling (SEM) and
variance analysis – ANOVA test. The results obtained through data
analysis are given in the next section.
4. Results and discussion
4.1. Research model estimation using SEM analysis
In the Structural Equation Modeling (SEM) application, the de­
mographic characteristics of respondents, the affirmative characteristics
of online shopping and risks and barriers of online shopping were taken
as independent variables who influenced the Millennials’ behavior and
online shopping decision (dependent variable). In the second stage,
Millennials’ behavior and online shopping decision was taken as an
independent variable and its influence on Millennials’ satisfaction with
online purchase and on e-business development (dependent variables)
was measured. The obtained results of SEM for explanation of the
relationship between main constructs of the research is presented below
in the Fig. 2.
The path diagram, for clarity, shows only one part of the estimated
model. The values given above the rectilinear arrows from one factor to
another represent the values of the standardized regression coefficients,
which measure the relative impact that factor formed by a group of
independent variables has on a group of dependent ones. The higher
these values, the greater the impact of the factor from which the arrow
moves on the factor to which the arrow goes. Positive values of the
standardized regression coefficients suggest a positive causal relation­
ship between the observed factors. In contrast, the value of these co­
efficients in the range of 0.2–0.5 suggests a small effect; values in the
range of 0.5–0.8 suggest moderate effect, while values higher than 0.8
indicate a very strong effect. However, it should be noted that high
values of standardized regression coefficients (>0.8) are not too com­
mon in social sciences due to a large number of factors that usually in­
fluence the observed phenomenon. The statistical significance of the
given standardized coefficients is analyzed before explaining their
meaning in the research context. The estimation results of the SEM and
statistical significance of coefficients obtained are presented below in
the Table 3.
As the obtained results suggest, all regression coefficients have
moderate to high values and are statistically significant. The factor that
has the greatest impact on Millennials’ behavior and online shopping
decision is related to the risks and barriers that consumers perceive in
the online purchasing process, as the estimated value of the standardized
Fig. 2. Structural equation modeling results.
B. Melović et al. Technology in Society 65 (2021) 101561

Table 3
The results of the SEM estimation using the Maximum Credibility (Maximum Likelihood) method.
Variable/Factor Factor Coefficient Standard error z P>|z|

Characteristics of respondents Behavior of millennials 0.5587945 0.0996206 5.61 0.000

Affirmative characteristics Behavior of millennials 0.3312366 0.0518508 6.39 0.000
Barriers and risks Behavior of millennials 0.7586233 0.2513265 3.02 0.000
Behavior of millennials Influence of online shopping on satisfaction 0.8307575 0.0050557 164.32 0.000
Behavior of millennials Influence of online shopping on e-business 0.614775 0.0370752 16.58 0.000
Gender Characteristics of respondents 0.6915487 0.0731846 9.45 0.000
Age Characteristics of respondents 0.5941799 0.0821453 7.23 0.000
Monthly income Characteristics of respondents 0.4413901 0.1178754 3.74 0.000
Status Characteristics of respondents 0.5740566 0.1140998 5.03 0.000
The use of internet Characteristics of respondents 0.560556 0.1176186 4.77 0.027
Simplicity of online shopping Affirmative characteristics 0.9924863 0.0091079 108.97 0.000
Saving time and money Affirmative characteristics 0.7162056 0.024907 28.76 0.000
Diversity of offer Affirmative characteristics 0.7090106 0.0144441 49.09 0.000
Availability 24/7 Affirmative characteristics 0.7227962 0.0295005 24.50 0.000
Free shipping Affirmative characteristics 0.5881468 0.0303399 19.39 0.000
Frequency of shopping Behavior of millennials 0.2428023 0.0091718 26.47 0.000
The amount of money Behavior of millennials 0.068938 0.012201416 5.65 0.000
Type of product Behavior of millennials 0.0344383 0.0046918 7.34 0.000
Most frequent web site Behavior of millennials 0.0546628 0.00646 8.46 0.000
Reason of non- purchase Barriers and risks of online shopping 0.7071068 2.13e-18 3.3e+17 0.000
Insecure delivery Barriers and risks of online shopping 0.5290545 0.0853456 6.19896632 0.000
Delivery of the wrong product Barriers and risks of online shopping 0.453668 0.0958667 4.7322793 0.000
Low quality Barriers and risks of online shopping 0.0164339 0.0004904 33.51 0.000
Misuse of data Barriers and risks of online shopping 0.0287552 0.0008582 33.51 0.000
Satisfaction with experience of online shopping Influence of online shopping on satisfaction 0.9113475 0.0020933 435.37 0.000
Higher share of online shopping Influence of online shopping on e-business 0.9930598 0.0013149 755.21 0.000
Development of online commerce and electronic services Influence of online shopping on e-business 0.9756307 0.0023052 423.24 0.000
E-business and competitiveness Influence of online shopping on e-business 0.9756307 0.0044024 221.61 0.000

regression coefficient equals 0.76, which confirms the third hypotheses.
This conclusion is also confirmed by the results of descriptive analysis,
which revealed that more than 80% of consumers form Montenegro
have concerns about the delivery and the quality of the product pur­
chased online. More precisely, 80.25% of consumers are worried
whether they would deliver the purchased products at all, 80.78% of
them are worried whether they would deliver the wrong product. In
comparison, 82.74% of them are worried whether the delivered product
will be of satisfactory quality. Besides that, 75.8% of consumers have
concerns regarding the risk of misuse of their payment card or their
identity. These results might be partially expected, bearing in mind that
despite high Internet penetration of Millennials in Montenegro, they
usually do the purchase in the traditional way. Thus, due to lack of the
experience they are faced with many issues and dilemmas regarding
online purchase, which act as a barrier toward engagement in online
shopping [35,37,96,97]. The results above also can be explained by the
fact that, besides risks that are always inherent to online shopping (such
as delivery risk and lack of physical product at the time of purchase), due
to an insufficiently developed e-commerce market, consumers in
Montenegro face additional obstacles inherent to underdeveloped
markets, such as limited access to PayPal services, lack of free shipping
for most of the products and the fact that shipping costs are often more
expensive than the value of the purchased product. Furthermore, it is
expected that the mentioned obstacles are more pronounced in
Montenegro than in other developing e-commerce markets due to
certain dimensions of this country’s national culture. These results are
aligned with uncertainty avoidance as one of the main dimensions of
culture evidenced by Hofstede [85]; which is pronounced in Montenegro
(Rodriguez & Brown). These dimensions suggest a high tendency to
avoid risk and ambiguous situations, which implies that online pur­
chases are especially highlighted compared to their potential benefits
[86], so the consumers tend to make the purchase traditionally. This
conclusion was supported by the study of Lim et al. [87] and Yildirim
et al. [88]; which revealed that consumers from countries that, ac­
cording to Hofstede [85], ranked high on uncertainty avoidance and
collectivistic values (such as Bulgaria, Croatia, Argentina and Latvia),
tend to spend less amount of money in online shopping compared to
consumers from countries that ranked low on given two dimensions of
culture (such as the UK, USA and Denmark).
The next factor that has great influence on Millennials’ behavior
towards online shopping decision is related to their demographic char­
acteristics, as the obtained value of this factor is 0.56, which confirms
the first hypotheses. The most significant variable, which refers to the
factor Characteristics of the respondents is Gender, because this inde­
pendent variable has the highest value of the estimated regression co­
efficient (0.6915487), while the variable with the least influence on the
formation of this factor is the one that represents Monthly income of
consumer (0.4413901). These results are not surprising, as the impact of
demographic characteristic of Millennials (especially gender), on their
attitude towards online shopping has also been confirmed in a study of
Hasan, [31]; Lissitsa and Kol [26]; Hernández et al. [33] and Javadi
et al. [38]. However, these findings are opposite to the conclusions of a
research conducted by Hernández et al. [33]; which might be due to less
experience in online shopping of consumers from Montenegro, which is
why demographic characteristics have a stronger influence on their
behavior than other factors that are mostly dependent on achieved
experience in e-commerce engagement.
The smallest, yet significant influence on Millennials’ behavior and
their online shopping decision is related to the affirmative characteris­
tics of online purchase, as the obtained value of the standardized coef­
ficient is 0.33, which confirms the second hypothesis. For the factor
Affirmative characteristics of online shopping, the most important in­
dependent variable is Simplicity of online shopping compared to tradi­
tional one (value of regression coefficient 0.9924863), while the
independent variable with the least influence on formation of this factor
is Free shipping (value of regression coefficient 0.5881468). The results
suggest that Millennials from Montenegro consider finding and
comparing products, as well as doing the purchase in the virtual store
easier than in the traditional shops. They recognize the key benefits of
online shopping. They are tech-savvy to the extent needed for successful
virtual store search, which is expected because most of the consumers
form Montenegro use Internet-based platforms daily [23]. These con­
clusions are in line with findings obtained in a study by Al-Debei et al.
[35]; Hung et al. [36]; Vasić et al. [71]; To et al. [28] and Bhatti &

6
B. Melović et al.
Rehman [73].
As the given Path diagram reveals, the greatest value of standardized
regression coefficient (0.83) was obtained for the relationship between
behavior of Millennials and satisfaction with online shopping. Namely,
the results of the evaluation of the SEM show that the greater experience
of Millennials in online purchase leads to greater satisfaction with this
type of trade, which confirms the fourth hypothesis. Also, the results
indicate that more frequent online shopping void towards greater e-
business development, as the estimated standardized coefficient of the
SEM model which connects these two factors is 0.61. Within this factor,
the most significant is the impact of the independent variable which
examines whether to insist on a higher share of online shopping by
companies (the value of the regression coefficient is 0.9930598), while
the remaining two independent variables, which measure the influence
of online trade on development of e-business and the contribution of
digitalization and e-business to increase the competitiveness of com­
panies, have an equal impact on this factor, because the values of the
regression coefficients of these variables are equal and their value is
0.9756307. All three independent variables have very high values of
regression coefficients, so they indicate that increasing participation of
online commerce in companies has a positive impact on their overall
business results. Additionally, the given values of regression coefficient
suggest the attitude of Millennials that the development of online
commerce and e-services has a positive impact on e-business and that
digitalization and e-business development contribute to improvement of
the competitiveness of companies, which confirms the fifth hypotheses.
Those findings reveal that e-commerce development could be a very
effective tool for strengthening consumers’ trust in e-businesses oper­
ating in Montenegro and confirm a strong potential for future e-business
development, as Montenegrin consumers recognize the positive char­
acteristics that it offers. Results are expected, considering the numerous
positive outcomes that e-commerce provides for companies, such as
reducing operative costs and better communication with consumers.
The positive influence of consumers’ satisfaction in online shopping on
e-business development, and thus on strengthening the competitive
advantage of companies were confirmed by many authors, such as
[17–20] and Beheshti & Salehi-Sangari [22]. However, to achieve the
benefits that e-business provide, the main obstacle that has to be
diminished is lack of consumers’ trust, as this obstacle is very pro­
nounced in Montenegro, due to lack of consumers’ experience in online
shopping, as well as due to insufficient development of an e-commerce
market and consequently for overall e-business operations in this
country.
The reliability of the structural equation model specification can be
tested using different indicators. The tests that are usually applied relate
to the validity indices of the model, and are classified into four groups:
chi-square, absolute fit measures, incremental fit measures and parsi­
mony fit measurement. The obtained values of these indices are pre­
sented below in the Table 4.
As the values of the given indices are within acceptable limits, the
Table 4
Goodness of Fit Indices of estimated structural equation model.
GOF INDICES CRITERION SEM
GUIDELINES RESULTS
CHI-SQUARE
CHI-SQUARE 2089.157
PROBABILITY LEVEL p > 0.05 0.075
ABSOLUTES FIT MEASURES
ROOT MEAN SQUARE ERROR <0.1 0.027
APPROXIMATION (RMSEA)
INCREMENTAL FIT MEASURES
NORMED FIT INDEX (NFI) >0.9 0.095
COMPARATIVE FIT INDEX (CFI) >0.9 0.097
PARSIMONY FIT MEASUREMENT
PARSIMONY-ADJUSTED NORMAL FIT >0.5 0.511
INDEX (PNFI)
7
Technology in Society 65 (2021) 101561
consequences of the SEM assessment are taken as reliable.
4.2. The analysis of differences in Millennials’ online shopping behavior
using ANOVA test
Considering the results of SEM suggesting that demographic char­
acteristics of Millennials (especially gender) influence Millennials’
behavior and attitude toward online shopping, further analysis was
applied. It aimed to test whether there is a difference in the online
shopping frequency, the amount of money spent on it, products that are
most often bought online, as well as differences regarding websites
which are most often used for online shopping, depending on gender and
age of Millennials as control variables. The ANOVA test is conducted
with the aim to test the hypothesis of the absence of differences in the
behavior of respondents in online shopping, regardless of the gender of
the respondents and age.
The first tested hypotheses of the ANOVA test claims that the ex­
pected values of the frequency of online shopping for different cate­
gories of gender and age of the surveyed Millennials are the same. The
calculated value of F statistics (given below in the Table 5), obtained by
comparing the factor and residual variance, as well as the associated
probability, shows that with a risk of error of 10%, it is impossible to
reject the hypothesis of equality of frequency of shopping by gender of
respondents. It means that the online shopping frequency is the same for
both female and male Millennials. Although the obtained results sug­
gesting that gender of consumer does not have impact on the frequency
of online purchase are opposite to conclusions of some of the previous
research [26,31,33,38], they might be understood as the consequence of
the fact that with increased experience in online purchase further
engagement of consumers in this type of purchase is dominantly influ­
enced by perceived benefits and disadvantages compared to shopping in
traditional stores, as suggested by the research of Krbová & Pavelek,
[27]. On the other hand, the frequency of purchases is different for
different age categories of Millennials, because the starting hypothesis of
the ANOVA test for the control variable age is rejected, with a risk of
error of 0%.
In order to understand the reason for rejecting this hypothesis, the
results of descriptive statistics were analyzed. These results showed that
the average value of the answer to the question about the frequency of
online shopping of the youngest group of Millennials is 3.81, i.e.
approximately equal to 4. This value corresponds to the answer “once in
a few days”. The middle group of respondents has the same expected
probability of answering the question about the frequency of online
shopping (4.12 or approximately equal to 4). So, the youngest and
middle-aged Millennials averagely shop online once in few days. It
should be considered that the values of standard deviations for both
groups of respondents are high, which means that the individual an­
swers within these two groups are largely different from the calculated
average. On the other hand, respondents between the ages of 32 and 37
shop online averagely once a week (the average score equals 3). These
Table 5
ANOVA test examining the difference in the expected values of the frequency of
online shopping depending on gender and age of Millennials.
Sum of df Mean F Sig.
Squares Square
Gender * Between 2.856 7 .408 1.695 .107
Frequency of Groups
online Within 145.380 604 .241
shopping: Groups
Total 148.235 611
Age * Frequency Between 48.717 7 6.960 12.673 .000
of online Groups
shopping: Within 331.693 604 .549
Groups
Total 380.410 611
B. Melović et al. Technology in Society 65 (2021) 101561

results are somewhat expected, as according to some of the previous Table 7

research [70,98], younger Millennials more often search and compare ANOVA test of the difference in the expected values of the most frequently
products online than older Millennials do which increases the proba­ purchased products on the Internet depending on gender and age of Millennials.
bility of finding appropriate offer online and doing the purchase. Sum of df Mean F Sig.
Younger Millennials spend more time using their mobile devices [99], Squares Square
making them more susceptible to m-commerce and impulsive purchase Age * Which Between 87.484 11 7.953 15.707 .000
than the older members of this generation. However, this conclusion is products do Groups
opposite to Hernández et al. [33] ‘s findings, which highlight that in­ you most often Within 278.488 550 .506
buy online? Groups
fluence of age is diminished by accumulated online purchase experience.
Total 365.972 561
Further analysis of the date aimed to test the existence of differences Gender * Which Between 8.696 11 .791 3.429 .000
concerning the amount of money spent on online shopping depending products do Groups
on gender and age of the respondents as control variables. The obtained you most often Within 126.805 550 .231
results of ANOVA test are presented in the Table 6. buy online? Groups
Total 135.502 561
The obtained results reveal that, with a risk of error of 0%, the initial
hypothesis about the equality of the average amount of money spent on
online shopping, depending on the gender of respondents, is rejected. and 31 years old most often buy books/music/movies (average answer is
On the other hand, the equality of the sum of money spent on online 5.93, or approximately 6, which refers to answer “books/music/film” in
shopping was achieved for Millennials regardless of their age, with a risk the survey), for Millennials between the ages of 27 and 31 the most
of error of 10%. The results of descriptive statistics showed that the frequently bought product online is cosmetics (average answer is 7.04,
average value of the answer to the question on the amount of money which refers to answer “cosmetics” in the survey), while for the oldest
spent on online purchase for women is 2.08 (closer to answer 2, i.e. “up category of Millennials most commonly purchase product are clothing
to 50 €"), and for men 2.84 (closer to answer 3, i.e. “from € 51 to € 100”). (the average value of the answer is 8.71, so it is approximately 9, which
These results suggest that female Millennials in Montenegro do the on­ refers to answer “clothing” in the questionnaire). These results can be
line purchase as often as male Millennials do, but spent less money on it explained by the fact that observed differences regarding the products
which is in line with the fact that previous online purchasing experience being purchased are a consequence of differences in objects of interest
affect to a lesser extent female consumers’ future purchasing intentions, that are inherent to the different age group of Millennials, as evidenced
compared to man [33], which is why female Millennials consider online by San-Martin et al. [100] and Kwon & Noh [101]. However, despite the
shopping more risky compared to male Millennials, despite their pre­ observed differences, what respondents have in common regardless
vious experience [26,31]. Another possible explanation is that female their gender and age is that they use online shops for purchase inex­
consumers buy online cheaper products than men do. Hence, in order to pensive products. This is the way to minimize potential financial risks
test whether there is a difference in products being purchased online related to the online purchase, such as delivery failure or poor product
depending on gender and age as control variable, the ANOVA test was quality [14,27,38,76,102]. This kind of behavior regarding online
applied. The obtained results are presented in the Table 7. shopping can be understood as a consequence of lack of experience of
The obtained results show that for both of these control variables, the online shopping, which increases the perceived risks related to this type
initial hypothesis of equality regarding the type of products being pur­ of purchase, but also as a characteristic of an insufficiently developed
chased online is rejected with a risk of error of 0%. The results of e-commerce market, which often implies additional obstacles to online
descriptive statistics showed that the average answer was 7 to the shopping such as lack of accompanying services and higher delivery
question of which product is most often bought by Millennial for both costs.
men and women (number 7 refers to “cosmetics” in the survey). How­ Considering the importance that websites have for attracting con­
ever, despite the same average value obtained for both gender, the sumers and generation of shopping enjoyment, ANOVA test was applied
analysis of the number of respondents by gender for each given product in order to investigate whether there is a difference in the websites that
category showed that the three most purchased products online for are most often used for shopping, when the gender and age of Millen­
women were clothing (54 respondents), footwear (49 respondents) and nials are taken as control variables. The obtained results are given n the
food (40 respondents), while for millennial men it was clothing (45 re­ Table 8.
spondents), footwear (36 respondents) and sports equipment (28 re­ The results of ANOVA test suggest that there is a significant differ­
spondents). Thus, the null hypothesis which suggest that there are no ence in the frequency of usage of websites for online shopping, both by
differences regarding type of products most frequently purchased was gender and by age of the surveyed Millennials. The risk of error in
rejected. On the other hand, the analysis of expected values for the most rejecting the starting hypothesis of equality of expected values is 0%. As
frequently purchased products and different age categories of re­ an overview of descriptive statistics suggests, the average value of the
spondents showed that the youngest Millennials, i.e. those between 22 answer for women is 4, and for men 3.68, which is closer to the answer 4

Table 6 Table 8
ANOVA test examining the difference in the expected values of the amount of ANOVA test of the difference in the expected values of the most frequently used
money spent on online shopping by gender and age of Millennials. websites for online shopping depending on gender and age of Millennials.
Sum of df Mean F Sig. Sum of df Mean F Sig.
Squares Square Squares Square

Age * The amount Between 18.052 3 6.017 9.651 .000 Age * Most Between 42.486 6 7.081 12.149 .000
of money Groups frequently used Groups
averagely spent Within 347.919 558 .624 online shopping Within 323.486 555 .583
on online Groups websites: Groups
shopping: Total 365.972 561 Total 365.972 561
Gender * The Between 1.130 3 .377 1.564 .197 Gender * Most Between 8.066 6 1.344 5.854 .000
amount of Groups frequently used Groups
money averagely Within 134.372 558 .241 online shopping Within 127.436 555 .230
spent on online Groups websites: Groups
shopping: Total 135.502 561 Total 135.502 561

8
B. Melović et al. Technology in Society 65 (2021) 101561

Table 9 Table 9 (continued )

An overview of research undergrounding hypotheses and the conceptual model Reference Sample Methodology Object of Theoretical
of the research. research background
Reference Sample Methodology Object of Theoretical for
research background hypothesis
for perception of
hypothesis online shopping
[30] 309 Millennials Multy-group The influence of H1 website
from Australia structural demographics, [69] 909 female Structural The role of H1
and 436 equation personal, socio- online shoppers equation trust,
Millennials modelling cultural and from India modeling convenience
from USa psychological and customer
characteristics service on
on online females’
shopping attitudes to
[25] 25000 Structural How H1 online shopping
Millennials equation Millennials [27] 84508 high ANOVA and Factors H1
modelling develop loyalty school and cluster affecting
to a hotel university analysis Millennials’
booking students behavior in the
website online shopping
[59] 352 Baby Generation Differences H1 [32] 121 millennial VALS Types of online H1
Boomers and cohort between students typology shoppers
1425 analysis and Millennials and amongst
Millennials descriptive Baby boomers Millennials
statistics regarding [70] 300 students Factor Online H1
shopping and university analysis shopping
behavior and staff behavior of
purchase younger and
intention for older buyers
food, clothes [35] 273 online Exploratory The influence of H2
and shoppers and trust, perceived
automobiles confirmatory benefits,
[51] 298 Millennials Exploratory The H1 factor analysis perceived web
factor analysis relationship quality, and
between electronic word
purchase of mouth on
intention of consumers’
Millennials and attitudes to
their attitude online shopping
towards word of [36] 377 online T-test Factors H2
mouth and shoppers affecting
product variety consumers’
available on satisfaction in
online stores the online
[48] 538 female K-means Profiles of H1 shopping
Millennials clustering female [71] 168 male and Confirmatory Factors H2
method Millennials 143 female factor analysis affecting
online shoppers online shoppers and Partial consumers’
[31] 80 students T-test Gender H1 Least squares satisfaction in
(Millennials) differences in the online
online shopping shopping
attitude [72] 426 e-deals Structural Factors H2
[26] 4.5 milions of Multivariate The impact of H1 users equation affecting online
generation X analysis age, gender and modelling purchasing
and Millennials ethnicity on intention
online shopping [28] 104 online Structural The Internet H2
behavior shoppers equation shopping
[33] 225 Casual and The impact of H1 modeling motivations
experienced multi-sample age, gender and from both
online shoppers analysis income on utilitarian and
online shopping hedonic
behavior perspectives
[66] 353 Thematic Gender H1 [73] 308 university PLS – SEM The role of H2
respondents analysis differences in students analysis perceived
attitudes benefits and
toward perceived risks
conventional on online
buying and on- shopping
line buying behavior
[67] 227 Descriptive The impact of H1 [74] 293 Net-geners Structural The importance H2
respondents staticstics gender on and 246 equation of six chosen
attitudes preNet-geners modeling online purchase
towards online determinants
shopping for online
[68] 76 students Multivariate The impact of H1 purchasing
analysis gender on behavior
[37] H2
(continued on next page)

9
B. Melović et al. Technology in Society 65 (2021) 101561

Table 9 (continued ) Table 9 (continued )

Reference Sample Methodology Object of Theoretical Reference Sample Methodology Object of Theoretical
research background research background
for for
hypothesis hypothesis

463 Regression The involvement

respondents analysis effectiveness of and trust
various trust toward websites
building on consumers’
mechanisms in purchasing
online shopping intentions
[29] 606 millennial PLS-SEM Perceived risk H3 [81] 175 Spanish Structural The impact of H5
students analysis barriers that manufacturing equation Internet based
influence online firms modeling technologies on
shopping business
[14] 735 Structural The influence of H3 performance
respondents equation perceived risks [82] 161 SMEs Structural Factors H5
modeling on consumers’ equation affecting the e-
trust in online modeling business
shopping adoption
[34] 200 Millennials Multiple Factors that H3 decision in
regression affect online SMEs.
analysis shopping
behavior of
Millennials than 3. Therefore, the analysis of the number of respondents which each
[75] 350 PLS-SEM The influence of H3 category of answers to the question regarding website received was
respondents perceived
usefulness,
applied. It turned out that the three most common answers for women
perceived ease are AliExpress (87 respondents), other, i.e. web sites that are not offered
of use, in the survey (84 respondents) and eBay (37 respondents), while for men
perceived it is AliExpress (76 respondents), Asos (44 respondents) and eBay (32
enjoyment,
respondents). Hence it justifies the conclusion of the ANOVA test.
price
consciousness, When age is taken as the control variable, the difference in responses
perceived risk, is obvious. Namely, the youngest and oldest Millennials most often visit
trust, and Asos for online commerce (average answer value is approximately 4,
personal which is in the “Asos” questionnaire), while for respondents between 27
innovativeness
on online
and 31 years of age it is Amazon (average answer value is 3.06, i.e. 3,
shopping and in the questionnaire under this number the answer is “Amazon”).
[76] 641 Multiple The H3 These results suggest that Millennials in Montenegro prefer doing online
respondents regression relationship purchase using websites that are worldwide recognized as trustworthy,
analysis between types
and this is especially true for men. This can be explained by two main
of risk
perceived by causes. First one is related to the lack of experience in online shopping,
Internet which increases perceived barriers and risk of engagement in this type of
shoppers and purchase, which is additionally expressed as an obstacle in light of
their online tendency towards high uncertainty avoidance that is inherent to Mon­
patronage
behaviors
tenegrin consumers (Hofstede, 20001; [86]. However, recognition of
[77] 325 Structural The importance H3 affirmative characteristics of online shopping (confirmed in this
respondents equation of perceived research) and positive image of famous e-commerce websites serve as an
modeling risk in online incentive to shop online at least cheaper products which do not bring
shopping from a
high financial risk, which is also confirmed in a study of Javadi et al.
website quality
perspective [38] and Koufaris [79]. Besides of that, choice of famous shopping
[38] 107 Regression The impact of H3 websites is also expected due to number of their loyal customers, as this
respondents analysis perceived risks, is an important indicator of website’s reliability due to fact that culture
infrastructural in Montenegro has expressed collectivistic values, so the opinion of
variables and
return policy on
other consumers has significant impact on perception of an individual
attitude toward buyer [85,86,103]. The positive effect of collectivistic culture norms on
online shopping faster adoption of e-commerce was also supported by the research of Lim
[78] 122 Factor Factors critical H4 et al. [87] and Yildirim et al. [88]. The other possible explanation of the
respondents analysis for website
results obtained is related to the fact that many companies in
success in e-
commerce Montenegro do not offer possibility to shop their products online, which
[79] 280 Factor How emotional H4 negatively influences the variety of products available for online pur­
respondents analysis and cognitive chase within a country borders. Hence, it implies the necessity of com­
responses to panies operating in Montenegro, which plan to implement e-commerce
visiting a Web-
based store for
in their business strategy, to provide high quality websites that are
the first time informative, entertaining and easy to use, which is also confirmed by
can influence some of the previous research in the field [27,80,104]. Additionally, the
online shopping important characteristics of websites is the responsiveness and possi­
intentions
bility of online communication and sharing purchasing experience with
[80] 246 Factor The effects of H4
respondents analysis product other visitors, as this significantly enhances its trustworthiness [38,
105].

10
B. Melović et al.
Considering the overall results obtained using SEM and ANOVA test
analysis, important implications regarding tax system can be drawn, as
this type of purchase is not adequately recognized in the legal frame­
work of fiscal economy of the Montenegro [106]. Fast growth of Internet
penetration, positive attitudes of Millennials in Montenegro towards
online shopping, as well as high level of satisfaction with previous
purchases made online suggest that fast growth on e-commerce should
be expected in the following years. As more and more Millennials engage
in this type of purchase, the perceived trustworthiness of websites will
grow, which will also have positive impact of minimization of pur­
chasing barriers to those consumers who were not engaged in online
shopping before. Additionally, considering the high Internet penetration
of Montenegrin consumers, which makes them more accessible to
marketing communications, as well as the fact that Millennials perceive
implementation of e-commerce important for strengthening competi­
tiveness, the growth of number of companies selling their products on­
line can expected. As by now this type of economic activity is not
properly recognized in the tax system of the country [106], e-commerce
growth can have significant negative influence of fiscal economy of the
country, through reduction of budget revenues due to falling taxable
turnover of goods and services [107,108]. Besides of that, some authors
[109]; Willis, 2004 [110,111]; argue that e-commerce development will
contribute to further growth of competition and downward pressure on
inflation (Willis, 2004), which imposes the necessity for this phenomena
to be dealt on from several different aspects regarding legal framework,
fiscal economic policies and many other economic and social issues
[110,111]. Hence, as the results suggest, policy makers should consider
the potential changes in the legal framework of the country and its fiscal
economy policies that could be implemented, in order to avoid the
negative consequences that lack of infrastructural support in this field
can cause.
5. Conclusions
E-commerce can make available significant benefits for both com­
panies and consumers. Therefore, the main goal of the paper was to
analyze key factors which affect Millennials’ attitudes towards online
shopping, as they are considered first generation that grew up using
Internet based technologies in everyday life. The results revealed that
millennial consumers in Montenegro recognize benefits of online shop­
ping, but consider it risky. As the perceived barriers and disadvantages
of this type of purchase have stronger impact on their behavior
compared to perceived benefits, they usually do the online purchase of
inexpensive products, such as clothes and cosmetics. However, the re­
sults also suggest that if perceived risks are lower, Millennials in
Montenegro would be more engaged in online purchase, as they have
positive attitudes towards it and consider it an important tool of
strengthening competitiveness of a company. These findings confirm
that regardless of specific cultural norms and pronounced barriers to
online shopping caused by low e-commerce market development, Mil­
lennials from Montenegro have positive attitude toward this type of
purchase, similar to the perception of other members of this generation
from developed countries. Besides of that, despite the fact that given
study was conducted only in Montenegro, it provides significant theo­
retical and practical implications that can be applied to other countries
whit similar culture values and where e-commerce market is not suffi­
ciently developed, such as some of the Western Balkan or Southeast
Europe countries.
Although Millennials as online consumers were subject of interest in
some previous research (Table 9), the obtained results were often
opposite, suggesting the necessity of investigating this topic more in
depth, as well as on local market level. The given study, thus, provided
significant theoretical contribution through understanding how main
motives and barriers of online shopping that Millennials face in
Montenegro affect their behavior, despite their high Internet penetra­
tion and the existence of all prerequisites needed for online purchase.
11
Technology in Society 65 (2021) 101561
Although previous studies dealing with this issue were conducted in
other countries, this is the first one conducted in Montenegro. Besides of
that, although this study was aimed at investigating behavior of Mil­
lennials in the online shopping, the results obtained can serve as a basis
for understanding main motives and barriers that determine the
behavior of consumers that belong to other generations. Finally, this
study provides short discussion on link of e-commerce growth with tax
systems and fiscal economy of a country, which is of great importance
considering the fact that this issue is in general insufficiently investi­
gated, especially in Montenegro where no previous scientific research on
this topic were conducted and where e-commerce is not sufficiently
recognized in public economic policies.
The results delivered significant practical implication for companies
that plan to implement e-commerce in their businesses and for state
policy makers. In order to implement e-commerce in business operations
of their company and use all the benefits it provides, managers should
increase the trust of millennial consumers. Besides of dissemination of
accurate information, high quality products and well-organized delivery
service, well designed website should also be one of the key instruments
of e-commerce. It should be easy to use, informative, yet able to provide
its content on interesting way, in order to keep the attention of visitor.
One of the important features it should offer is the possibility of sharing
experience with other visitors, as it may have significant impact on
lowering perceived risks and barriers. Additionally, managers should
introduce e-commerce through offering inexpensive products at first, in
order to gain consumers trust which, is a key factor of introduction
online sales of expensive ones.
The paper also discusses the implications that e-commerce can have
for policy makers, as it is often considered important potential source of
future economic growth. E-commerce is expected to become a common
activity around the world. Hence its potential impacts regarding
different issues, such as legal and fiscal framework and other social
policies, should be analyzed [110–112]. However, many countries lack
institutional infrastructure needed for placing this form of trade activity
into regular tax flows [113–115]. Such an example is Montenegro.
Despite the fulfillment of all preconditions needed for e-commerce
transactions, this country does not have an institutional framework
dedicated to precise tracking and managing such activities, nor online
purchase is recognized as a form of trade in its legal system [106]. As
e-commerce growth is expected in near future due to positive attitudes
of millennial consumers and benefits if provides for companies, policy
makers should consider the potential changes in the existing fiscal policy
and legislative framework that would enable precise tracking of this
type of economic activity and its implementation in public economic
policies, in order to avoid the negative consequences that lack of
infrastructural support in this field can cause.
5.1. Limitations and future research
Although research dealing with this issue were not previously con­
ducted in Montenegro, the fact that it included only respondents from
one country is its main limitation. Although it is expected that conclu­
sions being made can be applicable to other countries, further research
could make comparative analysis of Millennials in Montenegro and
those living in the countries in the region. Additionally, as there were no
available scientific research on this topic in the given country, this study
included only key benefits and barriers to online shopping pointed out in
the research from other countries. Hence, future studies should include a
larger number of factors, in order to provide more precise information
on real behavior of millennial consumers in the online purchase. Addi­
tionally, future research might investigate their attitudes towards online
shopping in light of different cultural contexts, such as Hofstede’s di­
mensions of various national cultures. Furthermore this research
included only Millennials in the sample, so comparative study of Mil­
lennials and other generations may bring interesting implications. In
that sense it would be also interesting to investigate the extent to which
B. Melović et al.
pandemic COVID-19 affected the perception of different generation of
consumers regarding advantages and disadvantages of online shopping.
Considering the fact that current pandemic affected consumers’
behavior regarding type of products being purchased and the circum­
stances in which store purchases are made, future research should
investigate the extent to which it may affect the volume of e-commerce
sales in the future. As online shopping eliminated health risks inherent
to store purchases during the pandemic, future studies should also
examine if it affected the perceived risks and barriers of online shopping
and changed consumers’ trust not only towards e-commerce but also
towards overall e-business services and activities in developing and
developed markets. Finally, although the relationship between e-com­
merce and tax system was discussed and some implications provided in
the context of Montenegro, more in-depth research are needed to pro­
vide a deeper understanding of the specificities that characterize the
relationship between these two constructs, based on the accurate data
existing in the countries where there is available information needed for
this type of research. [116–118]; [119],
Funding
This research did not receive any specific grant from funding
agencies in the public, commercial, or not-for-profit sectors.
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