Berbelanja di e-commerce, konsumen akan memiliki perceived value dan perceived risk. Pemasar perlu memahami nilai dan risiko pembelian online untuk memahami perilaku pelanggan online. Selain itu, perusahaan dapat membuat strategi pemasaran yang jelas untuk mempengaruhi niat pembelian online dan menciptakan perilaku belanja online yang berkelanjutan. Penelitian ini bertujuan untuk menganalisis pengaruh perceived value, terdiri dari utilitarian, hedonic, dan social value serta perceived risk terhadap online purchase intention, dimana layanan Cash On Delivery (COD) sebagai variabel moderasi untuk menganalisis apakah akan memperkuat atau memperlemah hubungan perceived value dan perceived risk terhadap online purchase intention. Kriteria responden pada penelitian ini adalah pelanggan e-commerce yang pernah belanja online menggunakan layanan COD dalam waktu tiga bulan terakhir dan berusia diatas tujuh belas tahun, kemudian di analisis menggunakan PLS-SEM. Hasil penelitian ini adalah social value berpengaruh signifikan terhadap utilitarian value, social value berpengaruh signifikan terhadap hedonic value, social value tidak berpengaruh signifikan secara langsung terhadap online purchase intention, utilitarian value memediasi pengaruh social value terhadap online purchase intention, hedonic value memediasi pengaruh social value terhadap online purchase intention, perceived risk tidak berpengaruh signifikan terhadap online purchase intention. COD tidak memoderasi pengaruh utilitarian value terhadap online purchase intention. COD tidak memoderasi pengaruh hedonic value terhadap online purchase intention, namun COD memoderasi pengaruh perceived risk terhadap online purchase intention. Berdasarkan hasil penelitian tersebut perusahaan e-commerce perlu berinovasi pada layanan atau menciptkan daya saing yang berbeda dari pesiang dalam meningkatkan kenyamanan konsumen saat berbelanja dan perusahaan e-commerce perlu mempertahankan layanan metode COD karena dapat menaikkan intensi online purchase intension.

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Shopping in e-commerce, consumers will have perceived value and perceived risk. Marketers need to understand the value and risks of online purchases to understand online customer behavior. In addition, companies can create clear marketing strategies to influence online purchase intentions and create sustainable online shopping behavior. This study aims to analyze the effect of perceived value, consisting of utilitarian, hedonic, and social value, as well as perceived risk on online purchase intention, where Cash On Delivery (COD) service is a moderating variable to analyze whether to strengthen or weaken the relationship between perceived value and perceived risk on online purchase intention. The criteria for respondents in this study were e-commerce customers who had shopped online using COD services within the last three months and were over seventeen years old, then analyzed using PLS-SEM. The results of this study, social value has a significant effect on utilitarian value. Social value has a significant effect on hedonic value. Social value has no significant direct effect on online purchase intention. Utilitarian value mediates the effect of social value on online purchase intention. Hedonic value mediates the effect of social value on online purchase intention. Perceived risk has no significant effect on online purchase intention. COD could not moderate the effect of utilitarian value on online purchase intention. COD could not moderate the effect of hedonic value on online purchase intention, but COD moderates the effect of perceived risk on online purchase intention. Based on the results of this study, e-commerce companies needs to innovate in services or create competitive advantages over competitors to increase consumer convenience, and e-commerce companies need to preserve the COD method service because it can increase online purchase intention.