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

Abstract

Consumer purchase behavior and its relation with human psychology is a fascinating and important field of study. Understanding consumer behavior and factors that can drive their decision on adopting new products and services are some of the fundamental topics to study for any startup to succeed. In this research, we will dive deep into the world of consumer purchase behavior and how the complex motivation, attitude, preference and perception along with demographic features drive a consumer’s behavior in the context of the digital payment app industry that has taken Bangladesh by a storm. Moreover, we will explore how the adoption of digital payment apps have influenced the consumer purchase behavior of the Bangladeshi market. To fulfill our objectives, we have taken help from a diverse pool of methods such as survey design to obtain user generated data, a combination of statistical and state of the art Machine Learning based methods for quantitative analysis and incorporating basic Natural Language Processing tools along with thematic analysis for a comprehensive qualitative analysis. In the end, our research will serve as a bridge between consumers and fintech service providers, facilitating user - friendly services and innovative marketing strategies.