Investigating the Factors Influencing the Purchase of Green Tech Products

Abstract

Using environmentally friendly technologies is one way to help save the planet. Even if green tech goods are still in the relatively early stages of their development, the market for green tech products is paying attention to a significant level of emphasis. The main reasons for this are the growing concern about climate change and the loss of natural resources. Therefore, environmental ills and their threatening impact on human health have become a pressing concern among academics, government agencies, and private institution leaders. This study is really important and makes perfect sense from a business, marketing, and economic point of view. Hence, this study is an attempt to examine the factors that can influence the purchase intention of green tech products. To achieve the pious objective, it is necessary to know the factors that insist the users for green tech products so that the same can be ventilated to the masses for extending the consumer base for green tech items. This study deliberates various theoretical models and suggests a conceptual model based on those theories, especially on UTAUT2 (Extended Unified Theory of Acceptance and Use of Technology) which adapted and identifies nine independent factors (performance expectancy, effort expectancy, role of salesperson, facilitating conditions, social influence, hedonic motivation, price value, environmental concern, and consumer citizenship behavior), one moderating factor (personal innovativeness) and one dependent factor (behavioral intention to purchase) from the different related literatures. On this backdrop, this study has been undertaken to collect 660 responses from the three types of green tech product users, specifically from energy efficient LED Bulbs, energy efficient LED Televisions and Hybrid cars from Dhaka City to test the relationship between the dimensions of green tech products and the behavioral intention to purchase. This analysis involves testing the correlations, structural equation modeling, and importance performance map analysis techniques to determine the strength and significance of these relationships. Through Smart Partial Least Square (Smart PLS) software, Structural Equation Modeling (Smart PLS-SEM) is applied to analyze the primary data, by which this study contributes to the popularity of the green tech products. The findings of this research undoubtedly aid in expanding the use of green technology products, so contributing to the protection of consumer and environmental health. This study makes a significant contribution by developing and validating a comprehensive Investigating the Factors Influencing the Purchase of Green Tech Products VII University of Dhaka green tech model. It extends the UTAUT2 framework by incorporating additional constructs such as consumer citizenship behavior, environmental concern, the role of a salesperson, and personal innovativeness. Moreover, the results of this study contribute to a better understanding of the characteristics of Bangladeshi customers interested in purchasing environmentally friendly items. In addition, the findings of this study benefit local retailers and importers, particularly those who sell green technology items, by revealing the purchasing patterns of green consumers. This study also becomes useful to overseas retailers to introduce environmentally friendly products into the Bangladeshi market. The study results enhance a deeper understanding of Bangladeshi consumers' profiles when purchasing green tech items. Marketers and policymakers can also leverage these insights to inform their decision-making processes and tailor their strategies to better meet the preferences and needs of consumers in the green tech market. Overall, this research finding holds significant implications across various domains including theoretical, managerial, economic, and social aspects. These implications are valuable for future studies related to green tech products and are pertinent to stakeholders such as the Government of Bangladesh (GoB), policy makers, marketing professionals, and other concerned parties involved in the green tech product sector.