7. Conclusions and Implications
Employing a holistic approach, multi-stage data collection procedures, and rigorous analytical strategies, this study developed the reliable and valid SVO measure. The SVO measure broadens the horizon to view consumption by integrating functional and hedonic value constructs and two bodies of consumer value – benefit and cost – together into a multi-dimensional shopping value orientation. By finding second-order factors (i.e., utilitarian shopping benefit, hedonic shopping benefit, and shopping cost) for a hierarchically structured construct, the SVO measure also provides a simpler conceptualization of the larger-scale shopping value orientation.
Although the final measurement model of the SVO measure exhibits an adequate level of reliability and validity, various extensions of the current study could further enhance the value of the measure. First, this study can be replicated to non-traditional stores such as e-stores and catalogs that may offer different kinds of consumer shopping value. This becomes more important as retail channels try to capture the maximum number of customers via multiple channels. Second, the SVO measure can be validated under different shopping conditions such as involving convenience or specialty goods, or specifically focusing on service industry sectors such as restaurants or financial services. Third, a study to determine whether ethnic or cultural differences exist in consumer shopping value perceptions could be conducted. Finally, further research can address what the antecedents of the SVO measures are and how well each of the SVO factors serves as a predictor of behavior, because the ultimate goal is to link such factors to the actual purchase behavior. This understanding will offer the promise of more precise market analysis and marketing strategy development, which in turn will better meet consumer expectations.