Title: Internet Marketing and Customer's Purchase Intentions of Selected Virtual Banks in South South Zone, Nigeria
Authors: Udonde
Unyime Emmanuel
Etuk
Aniebiet
Volume: 7
Issue: 12
Pages: 134-147
Publication Date: 2023/12/28
Abstract:
The development in technology has provided opportunities for banks to use the internet as an impressive marketing tool in communicating their bank services. This development has led to the evolution of some virtual banks where customers have the opportunity of siting at the comfort of their homes and offices to make financial transactions without involving any physical presence at the banking hall. In this connection, the researchers conducted this study to examine the effect of internet marketing on customer's purchase intentions of virtual banks in South South Zone, Nigeria. Internet marketing employed by virtual banks formed the pre-determined factors in assessing customer's purchase intentions. These pre-determined factors which were email marketing and social media marketing constituted the independent variables for the study. The dependent variable was customer's purchase intentions. The study adopted a descriptive research design and a sample size of 395 customers who owned a bank account with the selected virtual banks were employed for the study. A purposive sampling technique was adopted in selecting the respondents. Data for the study were collected using structured copies of quesonnaire and 2 research hypotheses formulated for the study were tested using simple regression model at a 5% level of significance. From the data analysis, findings revealed that the independent variables (email marketing and social media marketing) significantly affect customer's purchase intentions of virtual banks in South South Zone, Nigeria. From the findings, it was concluded that internet marketing plays a significant role in influencing customer's purchase intentions of virtual banks in South South Zone, Nigeria. Hence, it was recommended that virtual banks which wish to increase their customer's purchase intentions should adopt the internet marketing of email marketing and social media marketing to help create product knowledge and repeat purchase among their customers.