Mohamad RIZAN, Ika FEBRILIA, Agus WIBOWO, Rianti Dea Rizky PRATIWI /

Journal of Asian Finance, Economics and Business Vol 7 No 10 (2020) 283–293 283

Print ISSN: 2288-4637 / Online ISSN 2288-4645

doi:10.13106/jafeb.2020.vol7.n10.283

Antecedents of Customer Loyalty: Study from the Indonesia’s

Largest E-commerce*

Mohamad RIZAN1, Ika FEBRILIA2, Agus WIBOWO3, Rianti Dea Rizky PRATIWI4

Received: July 30, 2020 Revised: August 23, 2020 Accepted: September 03, 2020

Abstract
This study examines the effect of service quality and perceived value on customer loyalty with the intervening role of customers’ satisfaction
in the e-commerce industry. The research method uses a quantitative research design with a survey model. The sample used in this study
is Tokopedia consumers who live in DKI Jakarta and have done online shopping at Tokopedia at least twice in the last six months. All
variables used were reliable and valid and met the research requirements. The object of this research were the 200 customer respondents
who had made purchases on the largest e-commerce platform of Indonesia, Tokopedia. Data analysis was done by using SPSS and Structural
Equation Modeling (SEM). The results show that: first, the service quality and perceived value affect customer satisfaction positively.
Second, there is a mediating effect of customer satisfaction on the relationship between service quality and perceived value on customer
loyalty. Third, service quality and perceived value directly affect customer loyalty positively but insignificantly. The result implies that the
role of customer satisfaction is significant in creating loyalty. In the e-commerce industry, good quality and perception could positively
influence customers but not necessarily form loyalty. For that, e-commerce players should pay a lot of attention on customer satisfaction.

Keywords: Service Quality, Perceived Value, Customer Satisfaction, Customer Loyalty, E-commerce

JEL Classification Code: E44, F31, F37, G15

1. Introduction in carrying out their daily activities. Activities like shopping,

financial transactions, traveling, sending goods, and looking
The development of digitalization in industries has grown for information, is now more accessible. The development
at a rapid pace globally in the recent times. The development of computer technology and network infrastructure has
of technology has provided many conveniences for people revolutionized the use of the internet. This phenomenon
has led to the development of business through the internet
known as e-business. Electronic transactions done on an
e-business is known as e-commerce. The existence of
*Acknowledgements: e-commerce has also made an impact in Indonesia. With
We are grateful to anonymous reviewers and editor of the journal for the development of e-commerce now sellers can sell their
their valuable comments and suggestions in an effort to improve the
quality of the article.
products on e-commerce platforms such as Tokopedia,
1
First Author and Corresponding Author. Faculty of Economics, Zalora, Bukalapak, Lazada, Shopee and other stores.
Universitas Negeri Jakarta, Indonesia [Postal Address: Jl. Indonesia is a country which has witnessed a relatively
Rawamangun Muka Jakarta Timur, DKI Jakarta, 13220, Indonesia] fast growth in e-commerce. Merchant Machine, a British
Email: [email protected]
2
Faculty of Economics, Universitas Negeri Jakarta, Indonesia. research institute, released a list of 10 countries with the
Email: [email protected] fastest growing e-commerce industry in the world, and
3
Faculty of Economics, Universitas Negeri Jakarta, Indonesia. Indonesia was found to be the leader among these countries.
Email: [email protected]
4
Faculty of Economics, Universitas Negeri Jakarta, Indonesia.
The growth of e-commerce in Indonesia in 2018 reached
Email: [email protected] up to 78 percent (wearesocial.com, 2019). Moreover, one
of the largest e-commerce sites, Tokopedia is in Indonesia.
© Copyright: The Author(s)
This is an Open Access article distributed under the terms of the Creative Commons Attribution Tokopedia is the number one e-commerce in Indonesia with
Non-Commercial License (https://creativecommons.org/licenses/by-nc/4.0/) which permits
unrestricted non-commercial use, distribution, and reproduction in any medium, provided the
the highest number of visits per month, with 65,953,400
original work is properly cited. visits and over 90 million users active every month.
 Mohamad RIZAN, Ika FEBRILIA, Agus WIBOWO, Rianti Dea Rizky PRATIWI /
284 Journal of Asian Finance, Economics and Business Vol 7 No 10 (2020) 283–293

However, if one looks at other aspects of the assessment, switching to alternative products. Perception of good value
it turns out that Tokopedia has second place for the App offered by brands and companies can be one important
Store Rank, and third place for the Playstore Rank, the factor why customers choose a specific company and be
first position was successfully occupied by its business loyal to them rather than its competitors. El-Adly (2019).
competitor, Shopee (iprice.co.id, 2020). Valuation on the With service quality and high perceived value, customers
App Store and Play Store applications is an essential for are expected to feel satisfied and choose the company’s
e-commerce platforms to build brand equity. According to products rather than competitors’ products. The existence
Tadelis (2006), one shaper of the reputation of the online of satisfaction leads to customers buying behavior which
marketplace platform is the online rating and online review. creates a sense of loyalty and the customer tends to
The decline is understood to be a result of decreased re-choose the company’s products.
customer loyalty caused by decreased customer satisfaction This paper seeks to complement several previous
with Tokopedia services (Kussusanti, 2019). studies with a focus to examine the effect of service quality
The decrease in the level of customer satisfaction is and perceived value on customers’ loyalty with customer
allegedly due to a decrease in the quality of Tokopedia satisfaction as an intervening factor.
services digitally. Paying attention to the quality of services
provided to customers becomes important because it 2. Literature Review
dramatically influences the customer’s assessment of a
brand or company. According to Spreng and Mackoy (1996), 2.1. Customers’ Loyalty
since dealing with customer satisfaction, service quality has
become a matter of much consideration in marketing topics. According to Lovelock (2016), loyalty is an old
The perception of favorable service quality leads to increased expression that has traditionally been used to describe
customer satisfaction. In other words, there is a relationship enthusiastic devotion to a country, a certain cause, or a
between customer satisfaction and service quality. human being. Loyalty in the business context is a depiction
High-quality service will result in customer satisfaction. of the customer’s willingness to continue to patronize any
Customer service needs to exceed customer expectations so specific company and its products and services in the long
that customers feel satisfied and are loyal to the company’s run, and prefer it in a particular context, and recommend it to
services rather than to that of competitors. This is also friends and colleagues (Lovelock, 2016). Then in the context
in line with previous research conducted by Gounaris, of e-commerce or e-store, customer loyalty predisposes
Dimitriadis, and Stathakopoulos (2010), Rita, Oliveira, and buying behavior. Chang and Chen (2009) explain that
Farisa (2019), and Ningsih, Haryono, and Sawitri (2019). In theoretical support generally emphasizes the dimensions of
addition to service quality, perceived value is thought to be loyalty and repeat purchase behavior to predict the level of
another essential thing that can affect customer satisfaction. repurchase. However, it is considered insufficient because it
Some previous studies also considered that to attract more cannot distinguish between true customer loyalty and false
consumers, it is essential to develop the perceived value to customer loyalty (Nguyen, 2020).
the customer (Chang & Wang, 2009; Parasuraman et al., For this reason, in their research, Chang and Chen (2009)
2005). define customer loyalty as the preferred attitude of customers
There are many ways in which companies can build towards e-commerce sites or e-stores and a tendency of
a positive perception of value. Tokopedia, as one of the customers to repeat buying behavior. According to Pareira
major e-commerce companies, has also maximized this, et al. (2016), current research assumes customer loyalty as a
which is evident in Tokopedia’s position as an e-commerce representative of the intention to repurchase or make a return
platform with a high reputation. However, there are several visit on a specific site. Researchers later described customer
issues related to values that Tokopedia still faces. Some of loyalty in e-commerce terms or online customer loyalty as
them are related to the development of Tokopedia’s loyalty loyalty to the site, conducting transactions through the site,
program, which is still low, that is only 0.01% and product and recommending the site to others (Suhartanto et al., 2019).
quality compared to the price, which is still in the bottom
(dailysocial.id, 2018). Value is interpreted as an overall 2.2. Customers’ Satisfaction
assessment by customers about the usefulness or utility of a
product as well as about the assessment of products based on Customer satisfaction, according to Kotler and Keller
the perception of what is received and what is paid or given (2016), is said to be a feeling of pleasure or disappointment
(Parasuraman & Grewal, 2000). of an individual, which results from comparing the
Based on this definition, researchers can argue that the performance or the results felt from shopping online in
perceived value of customers will contribute to loyalty to connection with an expectation. While quoted from Rizan
the company and minimize the possibility of customers et al. (2019), Consumer satisfaction is a special relationship
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originating from the effect of a series of meetings between value (benefits derived from curiosity) 5) Conditional value
discrete services or transactions, such as searching, buying, (benefits of certain situations).
and continuing to use products in a platform or online vendor This study aims to determine the effect of service quality
for a specified period. and perceived value on customer loyalty with the intervening
Kotler et al. (2001) also explain that satisfaction is role of customers’ satisfaction with the e-commerce industry.
a feeling of pleasure or disappointment someone has It synthesized prior empirical findings and relevant theories
after comparing the performance obtained with current to develop a logical relationship between the variables.
expectations. Some of Kotler’s other definitions are to assess There are four proposed hypotheses that can be summarized
satisfaction as a function of the comparison of perceived in the following research model (Figure 1).
performance and expectation. According to Kotler (2011), Customer satisfaction is a sign of customers believing
if the performance obtained is lower than expectations, in the probability or ability of services to be able to provide
consumers will feel dissatisfied. If the performance obtained positive feelings or effects (Pereira et al., 2016). Previous
is the same as expectations, consumers will feel satisfied. If literature has confirmed that there is a significant relationship
the performance obtained exceeds expectations, consumers between service quality and customer satisfaction. The
will feel very satisfied (delighted). research of Kresnamurti et al. (2020), in which the sample was
200 hotel customers in Jakarta, found a significant positive
2.3. Quality of Service effect of service quality offered on customers’ satisfaction.
Then, according to research on website and online shopping,
To get customer satisfaction and achieve their loyalty, Kuo (2009) found that customer satisfaction on the internet
companies must be able to provide services in these research and e-commerce industry is the total response of consumers
services with good quality. Companies must be able to see to all experiences felt. In this research, customer satisfaction is
what customers want and meet the quality of services sold defined as total customer consumption when using the service.
according to the needs sought. According to Kotler et al.
(2001), product quality (services or goods) is the ability H1: Service quality affects customer satisfaction.
of a product to carry out its functions, which encompass
durability, reliability, strength, ease of use, and product Research shows perceived value is different from
repairs, as well as other valuable features. customer satisfaction in several ways, first in the concept
According to Tjiptono (2002), service quality is the level components that make up both (Kotler & Keller, 2009). Both
of expected excellence and control over elective excellence, customer satisfaction is conceptualized as unidimensional
so that customer desires are fulfilled. So it can be concluded arrangements or constructs, while the perceived value
that the two main factors that influence the quality of service in research is shown as multidimensional values. Third,
for customers are the expected service and the service perceived value is the value that brings customers to
received. In this study, the dimension used to measure various stages of the purchase, including the level before
indicators use E-SERVQUAL model. The seven dimensions the purchase. In contrast, customer satisfaction only affects
used are (1) efficiency, (2) availability, (3) fulfillment, the level after the purchase or use of the product (Sweeney
(4) privacy, (5) responsiveness, (6) compensation, and & Johnson, 1999). The study indicated that perceived value
(7) contact. Parasuraman, Zeithaml, and Malhotra (2005) could be the cause of customer satisfaction. Several previous
studies have also shown that perceived value has a positive
2.4. Perceived Value effect and is directly the cause of customer satisfaction
(Gallarza & Gil, 2019; Konuk, 2019).
Kotler and Keller (2016) explain customer perceived
value as a comparison between overall customer assessments H2: Perceived value affects customer satisfaction.
of the benefits received with the costs needed to obtain
these benefits. Kotler and Keller (2016) also explained that Customer satisfaction is considered to act as an antecedent
perceived value is the difference from what customers get (cause) of loyalty and arises from previous consumption
from what is offered, what the market or service provider experiences (Chang & Chen, 2008). Other research shows
provides, and what customers pay for the benefits they that satisfaction is the cause of loyalty, where an increase in
want to enjoy. Gallarza, Artega, and Gil (2019) formulate satisfaction can also cause an increase in customer loyalty
the dimensions of perceived value into five groups that are (Reichheld & Schefter, 2000). Other studies also show
also used in this study: 1) Functional value (the relationship that customer satisfaction has a significant and positive
between attributes, usefulness benefits) 2) Social value effect directly on customer loyalty. The research shows that
(social benefits or symbolic benefits) 3) Emotional value delighted customers will have the characteristics of being
(benefits emotional experience or benefits) 4) Epistemic more loyal, buying more, talking good things about the
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company, and comparing services with competitors a little. positive and significant relationship with customer loyalty
(El-Adly & Eid, 2016; Rizan, Warokka, & Listyawati, 2014). based on research conducted by Zeithamal and Berry
(1985). The literature on services reporting empirical results
H3: Customer satisfaction affects customer loyalty. suggests customer satisfaction as an intervening variable
that mediates the relationship between service quality and
Chang et al. (2014) shows that service quality is a particular customer loyalty (Taylor & Baker, 1994).
assessment factor of the services offered by companies.
Loyalty to individual services will bring customers to buy H6: Service quality affects the customer loyalty through
back desirable behavior. While other studies show, customer customer satisfaction as intervening.
loyalty is determined by customer experience of service
quality (Pee et al., 2018). The relationship between the two In addition to being directly related to customer loyalty,
implies that the role of service quality perceived by customers other research indicates that the relationship between
will also influence their loyalty to the product or company. customer perceived value and customer loyalty is better
Whereas in the e-commerce industry, excellent service explained by presenting customer satisfaction as a mediating
quality is the expectation of customers when shopping online or intervening variable (Lee & Lin, 2005). Research
(Suhartanto et al., 2019). This study also found the effect of conducted by Lee and Lin (2005) found that customers who
service quality on customer loyalty. make purchases online have a high perceived value to the
company, and the role of customer satisfaction is explained
H4: Service quality affects the customer loyalty. as a better variable in interpreting those values. Other
research also states that customer perceived value has an
In previous studies, there were many direct and positive indirect effect on customer loyalty (Adly & Eid, 2016) (see
influences between customer perceived value and customer Figure 1).
loyalty (Chen & Tsai, 2008; El-Adly & Eid, 2016). Seen in
the El-Adly (2016) study, which researched the retail service H7: Perceived value affects the customer loyalty through
industry, it was found that perceived value significantly customer satisfaction as intervening.
affected loyalty. Another research also argues that when
customer perceived value decreases, customers will start 3. Research Methods and Materials
to make product consumption changes to other company
brands, which indicates a decrease in customer loyalty This research uses an approach with quantitative
(Cristobal, Flavian & Guinaliu, 2007). methods. The design of this research is to use descriptive
and causal types (Malhotra, 2010). The sample used in this
H5: Perceived value affects customer loyalty. study is Tokopedia consumers who live in DKI Jakarta
and have done online shopping at Tokopedia at least twice
Service quality has been proven to have a significant in the last six months. The validity conducted using the
influence on both customer satisfaction and customer Pearson Product Moment Correlation technique and for
loyalty (Parasuraman, Zeithaml, & Berry, 1985). According reliability using the Cronbach Alpha technique with SPSS
to Caruana (2002), its role as a mediating or intervening 22. Meanwhile, the analysis using SEM (Structural Equation
variable, customer satisfaction has been shown to have a Model) using LISREL software version 8.8.

Service Quality

Customer Customer
Satisfaction Loyalty

Perceived
Value

Figure 1: Research Model

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The number of samples taken in this study was 145 significance of 5% and the number of samples 200 is
respondents. However, the size of the sample chosen was 0.1388. Furthermore, to test reliability, researchers used the
as many as 200 people with consideration given to reducing Cronbach’s Alpha test of each variable. If the Cronbach’s
the errors (Hair et al., 2011). Analysis conducted using 5% Alpha value is less than 0.6 then it can be said to be
significance for r-table values is 0.138, and for reliability, a unfavorable, if 0.7 then it can be accepted, and if the value
test is it appears to be > 0.6. All variable statuses are valid of 0.8 can be said to be good (Ghozali & Latan, 2012) (see
and reliable if they meet the requirements. Table 1).
Based on Table 1, it can be seen that all r values for each
3.1. Validity and Reliability Test indicator are greater than 0.318. So it can be concluded that
each research indicator is valid. Results in Table 2 it can be
Test the validity of this study using the Pearson test. seen that the Cronbach’s Alpha value of each variable is
Pearson values are considered valid if the r values are more than 0.6 and is more than 0.8 so it can be said to be
greater than the r-table. The r table in this study with a reliable (see Table 2).

Table 1: Validity Test Results

Variable Indicator R-values r-table 5% (n=200) Information

SQ1 0.615 0.1388 Valid
SQ2 0.626 0.1388 Valid
SQ3 0.537 0.1388 Valid
SQ4 0.706 0.1388 Valid
SQ5 0.611 0.1388 Valid
SQ6 0.682 0.1388 Valid
Service Quality (X1)
SQ7 0.654 0.1388 Valid
SQ8 0.718 0.1388 Valid
SQ9 0.622 0.1388 Valid
SQ10 0.650 0.1388 Valid
SQ11 0.614 0.1388 Valid
SQ12 0.721 0.1388 Valid
PV1 0.739 0.1388 Valid
PV2 0.737 0.1388 Valid
PV3 0.722 0.1388 Valid
Perceived Value (X2)
PV4 0.723 0.1388 Valid
PV5 0.736 0.1388 Valid
PV6 0.776 0.1388 Valid
CS1 0.795 0.1388 Valid
CS2 0.835 0.1388 Valid
Customer Satisfaction ( Y) CS3 0.836 0.1388 Valid
CS4 0.798 0.1388 Valid
CS5 0.805 0.1388 Valid
CL1 0.759 0.1388 Valid
CL2 0.750 0.1388 Valid
CL3 0.816 0.1388 Valid
Customer Loyalty (Z)
CL4 0.764 0.1388 Valid
CS4 0.798 0.1388 Valid
CS5 0.805 0.1388 Valid
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Table 2: Reliability Test Results

Variable Cronbach’s Alpha Information

Service Quality (X1) 0.876 Reliable
Perceived Value (X2) 0.872 Reliable
Customer Satisfaction (Y) 0.833 Reliable
Customer Loyalty (Z) 0.887 Reliable

3.2. Confirmatory Factor Analysis above 0.5 and the goodness of fit test is good. In this case,
the test result shows that the customer loyalty variable model
Confirmatory Factor Analysis (CFA) is an analysis produces is acceptable. The result of the model fitness test
that aims to identify the relationship between variables by with all criteria are accepted. Result of testing product quality
conducting a correlation test (Table 3). This test is also to variable consist of GFI 0.97; RMSR 0.01; RMSEA 0.04;
confirm whether the model is built as hypothesized. This AGFI 0,94; TLI/NNFI 1,00; CFI 1,00 (see Table 3).
research uses first order confirmatory factor analysis,
because the software used is LISREL. This used to test the 3.3. Test for Direct and Indirect Effects.
construct of each variable to get a model that matches the
index criteria (Hair et al., 2011). Direct and indirect influence tests are carried out to
Service Quality. In the instrument test results, the service determine whether there are direct or indirect influences
quality variable has 12 indicators. After processing the between the independent variables and the dependent
model in the first order construct, no indicators are wasted, variables tested. If the t-value on the structural equation
but adjustments are made to the recommended value of results is > 1.96, then there is a significant influence between
LISREL to produce a good Goodness of Fit Indices value. variables and vice versa, then if it is positive then the
In this case, the test result indicated that the service quality resulting effect is unidirectional. In this case, service quality
variable model produces acceptance. The result of the model and perceived value are independent variables, customer
fitness test with all criteria are accepted. Result of testing loyalty is a dependent variable and customer satisfaction is a
product quality variable consist of GFI 0.94; RMSR 0.01; mediating variable.
RMSEA 0.00; AGFI 0.91; TLI/NNFI 1.00; CFI 1.00. Based on the results of data analysis (Table 4), the
Perceived Value. In the instrument test results, the variable service quality (X1) has a direct effect of 0.38
perceived value variable has 6 indicators. After processing on customer satisfaction (Y), the perceived value (X2)
the model in the first order construct, no indicators are has a direct effect of 0.53 on customer satisfaction (Y).
wasted, but adjustments are made to the recommended value Furthermore, customer satisfaction (Y) has a direct effect of
of LISREL to produce a good Goodness of Fit Indices value. 0.51 on customer loyalty (Z). Service quality variable (X1)
In this case, the test result shows that the perceived value on customer loyalty (Z) has a direct effect of 0.47 and an
variable model produces are acceptable. The result of the indirect effect of 0.19. While the variable perceived value
model fitness test with all criteria are accepted. Result of (X2) on customer loyalty (Z) has a direct and indirect effect
testing product quality variable consists of GFI 0.98; RMSR of 0.27 (see Table 4).
0.01; RMSEA 0.00; AGFI 0.93; TLI/NNFI 1,00; CFI 1.00.
Customer Satisfaction. In the instrument test results, 4. Results and Discussion
the variable customer satisfaction has 5 indicators. After
processing the model in the first order construct, no indicators Figure 2 shows the results of the structural model equation,
are wasted. All results look valid because the value of each which answers the seven hypotheses of this study. The first
indicator is above 0.5 and the goodness of fit test is good. In hypothesis, service quality affects customer satisfaction.
this case, the test result showed that the customer satisfaction According to Figure 2 and Table 4, service quality variable
variable model produces are acceptable. The result of the (X1) to customer satisfaction (Y) has a standardized total
model fitness test with all criteria are accepted. Result of effects value of 0.38 and t-value 2.62 > 1.96. So the first
testing product quality variable consist of GFI 0.99; RMSR hypothesis that service quality affects customer satisfaction
0.00; RMSEA 0.02; AGFI 0.97; TLI/NNFI 1.00; CFI 1.00. can be accepted. The relationship between the two variables
Customer Loyalty. In the instrument test results, the variable is significantly positive. These results are in line with
customer satisfaction has 6 indicators. After processing the research by Rita, Olivera, and Farisa (2019), and Ningsing
model in the first order construct, no indicators are wasted. et al. (2019), which found that service quality has a positive
All results look valid because the value of each indicator is and significant effect on customer satisfaction.
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Table 3: First Order Construct

Items Goodness of Fit Indices Cut-off Value Result Model Evaluation

Chi Square <3 0.01 Perfect Fit
GFI ≥ 0.90 0.94 Fit
RMSR <0.05 0.01 Good Fit
RMSEA ≤ 0.08
Service Quality 0.00 Close Fit
AGFI ≥ 0.90
0.91 Good Fit
TLI/NNFI ≥ 0.90
CFI ≥ 0.90 1.00 Good Fit
1.00 Good Fit
0.06 Perfect Fit
0.98 Fit
0.01 Good Fit
Perceived Value 0.00 Close Fit
0.93 Good Fit
1.00 Good Fit
1.00 Good Fit
0.5 Perfect Fit
0.99 Fit
0.00 Good Fit
Customer Satisfaction 0.02 Close Fit
0.97 Good Fit
1.00 Good Fit
1.00 Good Fit
0.08 Perfect Fit
0.97 Fit
0.01 Good Fit
Customer Loyalty 0.04 Close Fit
0.94 Good Fit
1.00 Good Fit
1.00 Good Fit

Table 4: Structural Equation Model

Dependent Independent Standardized

Hypothesis t-values Interpretation
Variable Variable Total Effects
Customer
H1 Service Quality 0.38 2.62 Positively significant
Satisfaction
Customer
H2 Perceived Value 0.53 3.70 Positively significant
Satisfaction
Customer Customer
H3 0.51 3.05 Positively significant
Loyalty Satisfaction
Customer Service
H4 0.47 1.50 insignificant
Loyalty Quality
Customer Perceived
H5 0.27 0.02 insignificant
Loyalty Value
Customer Customer Service
H6 0.19 2.22 Positively significant
Loyalty Satisfaction Quality
Customer Customer Perceived
H7 0.27 2.24 Positively significant
Loyalty Satisfaction Value
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Figure 2: Structural Equation Model Results

The second hypothesis, perceived value affects customer The fourth hypothesis, service quality affects customer
satisfaction. According to Figure 2 and Table 4, the variable loyalty. According to Figure 2 and Table 4, service quality
perceived value (X2) on customer satisfaction (Y) has a variable (X1) to customer loyalty (Z) has a standardized
standardized total effects value of 0.53 and a t-value of 3.70> total effects value of 0.47 and t-value 1.50> 1.96. So
1.96. So that the second hypothesis perceived value affects the fourth hypothesis of service quality affects customer
customer satisfaction can be accepted. The relationship loyalty can be accepted. The relationship between the two
between the two variables is significantly positive. These variables is positive but not significant. The results also
results are in line with research by El-Adly (2019) and support Suhartanto et al. (2019) research, which states that
Konuk (2019), which states that perceived value has a the effect of service quality on customer loyalty directly
positive and significant effect on customer satisfaction. By is not significant. The study explained that the significant
studying the hospitality industry, El-Adly (2019) found that influence between the two variables then exists through
a good reputation on perceived value can support customer other variables (intervening), which also affects the service
satisfaction and encourage their desire to reuse the services. quality. Meanwhile, for this study, researchers guess that
The third hypothesis, customer satisfaction, affects the results are positive not significant because, in the
customer loyalty. According to Figure 2 and Table 4, the e-commerce industry, loyalty is not a natural conduct just
variable customer satisfaction (Y) to customer loyalty (Z) because the services were excellent. Each component of
has a standardized total effects value of 0.51 and a t-value loyalty is functional if represented by more than one factor.
of 3.05> 1.96. So the third hypothesis is that customer It is proven by the customer satisfaction factor that leads the
satisfaction can affect customer loyalty. The relationship service quality to loyalty.
between the two variables is significantly positive. These The fifth hypothesis, perceived value affects customer
results are supported by research by Pereira, Salgueiro, and loyalty. According to Figure 2 and Table 4, the variable
Rita (2016), Wahab et al. (2016), which states that customer perceived value (X2) to customer loyalty (Z) has a
satisfaction has a positive and significant effect on customer standardized total effects value of 0.27 and a t-value of
loyalty. 0.02> 1.96. So the fifth hypothesis perceived value affects
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customer loyalty can be accepted. The relationship between website in Indonesia and proposing seven hypotheses, this
the two variables is positive but not significant. These current research proposes some results.
results are also in line with Rasheed and Abadi’s (2014) The first hypothesis which says that service quality
study, which states that the effect of perceived value on affects customer satisfaction can be accepted. Service quality
customer loyalty directly is positive. However, in this study, has a total direct effect of 0.38 on customer satisfaction.
the results are different from the Tankovic and Benazic Where the effect formed is a significant positive. The second
(2018) research, which found that perceived value has a hypothesis, perceived value affects customer satisfaction
significant effect on customer loyalty. Tankovic and Benazic can be accepted. Perceived value has a total direct effect of
(2018) study explained that perceived value has a significant 0.53 on customer satisfaction. Where the effect formed is
influence on the loyalty attitude, but has a minimal effect on also significant positive. Then the third hypothesis is that
behavioral loyalty. While in this study, the researcher found customer satisfaction (Y) affects customer loyalty (Z) can be
that perceived value has a positive but insignificant effect on accepted. Customer satisfaction has a total influence of 0.51
the overall customer loyalty dimension, both attitude loyalty on customer loyalty. Where the effect formed is a significant
and behavioral loyalty. positive. The fourth hypothesis that service quality affects
The sixth hypothesis of this study, service quality customer loyalty can be accepted. Service quality has a total
affects customer loyalty through customer satisfaction as direct effect of 0.47 on customer loyalty. Where the effect
intervening. Our results show that service quality (X1) to formed is not significantly positive.
customer loyalty (Z) through customer satisfaction (Y) has The difference result showed on the fifth hypothesis;
a standardized total effect value of 0.19 and t-value 2.22> perceived value influences customer loyalty can be
1.96. So the sixth hypothesis service quality affects customer accepted. Perceived value has a total direct effect of 0.27
loyalty through customer satisfaction as intervening can on customer loyalty. Where the effect formed is positive
be accepted. The relationship between the two variables but not significant. The sixth hypothesis, service quality
is significantly positive. These results are in line with the affects customer loyalty through customer satisfaction, can
study of Wen and Fang (2014), which states that customer be accepted. Service quality has a direct effect on customer
satisfaction can mediate service quality on customer loyalty loyalty of 0.47 and an indirect effect on 0.19. Where the
on e-commerce sites. Another literature of service also found effect formed is a significant positive. The last hypothesis
that the empirical result suggests customer satisfaction as an is that perceived value influences customer loyalty through
intervening variable which mediates the relationship between customer satisfaction. Perceived value has a direct and
service quality and customer loyalty (Taylor & Baker, 1994). indirect effect on customer loyalty of 0.27. Where the effect
The last hypothesis of this study, perceived value formed is a significant positive.
affects customer loyalty through customer satisfaction as Based on the results of the study, there are some
intervening. Our result study shows that perceived quality practical suggestions and theoretical suggestions that can
(X2) to customer loyalty (Z) through customer satisfaction be taken for further research as well as for the implications
(Y) has a standardized total effects value of 0.27 and t-value of company-related policies. Some of these suggestions
2.24> 1.96. So the seventh hypothesis perceived value are such as improving the quality of service in the form
affects customer loyalty through customer satisfaction as of error minimization. Furthermore, Tokopedia must also
intervening can be accepted. The relationship between the pay more attention to meeting customer expectations so
two variables is significantly positive. These results are in that satisfaction and loyalty can be increased. Then further
line with the research of Wang and Prompanyo (2020), which research is suggested to be able to use other variables that
states that customer satisfaction can mediate the perceived can affect customer loyalty, such as Relationship Marketing,
value of customer loyalty on e-commerce sites. The study according to Rizan et al. (2014) and Product Customization,
explained that perceived functional value, procedural value, according to Chang and Chen (2008). It is recommended
and social value have a significant favorable influence on because another factor could explain more details about the
customer loyalty through customer satisfaction. relationship between each component and could provide
more data for identifying the significant effect.
5. Conclusions
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