SOCIAL MEDIA MARKETING ON PURCHASE INTENTION THROUGH MEDIATED VARIABLES OF PERCEIVED VALUE AND PERCEIVED RISK

ABSTRACT


INTRODUCTION
During the COVID-19 pandemic, there was an increase in e-commerce transactions.In 2020, there was an increase in the nominal e-commerce transactions by 29.6% from IDR 205.5 trillion in 2019 to IDR 266.3 trillion.This increase in sales from e-commerce makes manufacturers one of the opportunities to increase sales of their products by utilizing the internet network to make it easier to communicate and market their products.
The rapid transformation of technology has changed the online behavior of consumers because consumers spend part of their time on social media and participate in online discussions or share experiences with other consumers, organizations are more active in cyberspace to conduct their advertising programs and marketing personnel (Evans, Bratton, & McKee, 2021;Ismail, 2017;Phau & Poon, 2000).The social media usage allows it to be used as a means to transfer information related to products or services owned by producers to encourage consumers to purchase these products or services.The social media marketing workforce approach offers new opportunities and challenges for companies to increase the purchase intentions of their customers (Hinz, Skiera, Barrot, & Becker, 2011;Ismail, 2017).Marketing using social media must be done by product or service owners so that they can convey more detailed information and can communicate more easily with their consumers.
However, there is a separate problem that still has to be seen by producers who use social media as one of their marketing tools, this is the use of a payment system that still uses an offline system or better known as cash on delivery.Based on the data obtained from globalwebindex in 2021, it shows that 65.1% of Indonesian consumers are looking for information related to the product or brand through social media.

Picture 1. Online Chart of Indonesian Population Behaviours in 2021
Source: Kemp (2021) This shows that consumer interest in a product or service is very high, especially in the era of social media which is used as a platform to carry out the process of marketing personnel for a product or service.From this condition, it can also be seen that the purchase intention of a product or service can be seen from the traffic visits from the social media platform of the product or service.
This can be the key to a marketing force where marketing personnel are one of the main activities carried out by the company in maintaining the survival of a business, developing to make a profit.The activities of marketing personnel are designed to give meaning to serve and satisfy the needs of consumers carried out in order to achieve the goals of a business.According to Kotler (2010) marketing personnel is a social and managerial process by which individuals and groups get what they need and want by creating, offering valuable products with others.The broadest definition that can clearly explain the importance of marketing personnel is the one by Porral and Stanton (2017), that marketing personnel is an overall system of business activities aimed at planning, pricing, promoting, and distributing goods and services that satisfy the needs of both existing and potential buyers.
With the existence of social media marketing, it is easier for business actors to interact with their customers online.The costs incurred are not too large and there is no time limit while connected to the internet.Social media plays a role when marketing personnel form individual relationships with customers and give companies the opportunity to access customers (Kelly, Kerr, & Drennan, 2010).With the generalization of social media throughout society, researchers have studied the use of social media by investigating why they use social media, how much time they spend, and the amount of time used in a given period of time (Bolton et al., 2013;Rosen, Whaling, Carrier, Cheever, & Rokkum, 2013).
The results of previous research studies show an empirical foundation for this study.Meanwhile, the gap in research results found in the previous study shows that there is a research gap which can be used as a basic reason in this study.Some of the reasons that the authors used in conducting this study were: 1) There are differences or inconsistencies in the concept of the influence of social media marketing on purchase intention as expressed by Kim & Ko (2010) in Eman Reda Sabri (2019) which states that Social media has a positive influence on purchase intension in three aspects, namely entertainment, Interaction and word of mouth while in a study conducted by Bobby Chan, Edi P, and Tonny H (2020) showed different results, namely social media did not have a significant effect on purchase intension.From some of these studies, it can be seen that there are inconsistencies in the research results; and 2) The discovery of the results of empirical research quoted from Kornelius Henry, Michael Adiwijaya, and Hartono Subagio (2017) which states that perceived risk has no effect on purchase intension.This is very different from the research conducted by Cui, Jiang, Deng, and Zhang (2019) which showed the results of the influence of perceived risk on purchase intension were significant.

Table 1. Previous Research
Sumber: Processed by the author (2021) Based on previous studies, it can be seen that there is an incosistence of results due to the indicators used or other factors such as locations.This is very likely to happen because of several differences in factors, such as the indicator used, the object of research, the location of the study, and other factors.Here the author tries to add mediation variables in the form of perceived risk and perceived value in which the perceived value variable indicates the perceived value of the consumer refers to the benefits where the consumer evaluates the potential benefits and costs of the products and services being considered.In fact, the perceived value has a relationship with the intention to buy because the greater benefits can then offer a more perceived value to the consumer.perceived value was found to have an effect on purchase intention (Hee Woong Kim, Sumeet, & Li, 2005).Likewise, Mao, Zhu and Sang (2014) have concluded that perceived value is the most important criterion of purchase intention for the mediation variable perceived risk itself indicating the perceived risk has been recognized as consumer perception of their uncertainty over an outcome.This implies that an increase in consumer perceived risk can then decrease the perceived value for carrying out shopping activities on e-commerce sites (Jang, Chang, & Chen, 2015).
Based on the explanation of several phenomena that occur in e-commerce transactions, especially with the cash on delivery payment system, the researcher raised the title "Social Media Marketing on Purchase Intention through Mediated Variables of Perceived Value and Perceived Risk".

METHOD
This research used the quantitative approach with explanatory research.Research using explanatory aims to test a predetermined hypothesis whether the hypothesis is accepted or rejected by the point of the object.This study tries to explain and analyze the relationship between social media marketing, perceived value, perceived risk, and purchase intention.
This research was conducted offline through the distribution of questionnaires and online through online questionnaires given to market place consumers who have the desire to make purchases in cash on delivery on e-commerce without a purchase platform.
This research was conducted on e-commerce consumers in Malang.The choice of Malang as the location of the study was due to the limitations of the author and the research time owned by the author.
In this study, the population is all consumers who have interest in buying in e-commerce with a cash on delivery system.The sampling technique used is non-probability sampling because the size of the population is not known for certain and the opportunity for each member of the population to be selected into a sample is not the same (Cooper, Schindler, & Sun, 2006) and because of the large population, researchers have a limited ability to be able to reach the pupalation, for example limited funds, time, energy, and others.In this study, the number of variables used was as many as 15 variables, which means that the samples must be collected as many as 150 samples.

RESULTS AND DISCUSSION Direct Effect Testing
The direct test criterion is if the t-count value or t-statistic is greater than the t table (1.96) and the probability value is less than 0.05 (significance level 5%).This t-statistical test is carried out using smartpls by applying the bootstrapping method.The results of hypothesis testing in this study are shown in table 2.

H1: Social Media Marketing Has a Positive and Significant Effect on Purchase Intention
The hypothesis of the influence between the social media marketing variable on Purchase intention obtained a path coefficient of 0.593 with a t-statistical value of 3,587 (t > 1,960) or a p-value of 0.000 < 0.05 so that it can be seen a significant influence of the social media marketing variable on Purchase intention, because the p-value is 0.000 < 0.05.So that there is an influence between the variables of social media marketing on purchase intention, or in other words H1 is accepted.

H2: Social Media Marketing Has a Significant Effect on Perceived Value
The hypothesis of the influence of social media marketing variables on Perceived value obtained a path coefficient of 0.883 with a t-statistical value of 53.870 (t > 1.960) or a p-value of 0.000 < 0.05 so that it can be seen a significant influence of the Social media marketing variable on perceived value, because the Prob value is 0.000 < 0.05.So that there is an influence between the variables of social media marketing on perceived value, or in other words, H2 is accepted.

H3: Social Media Marketing Has No Significant Effect on Perceived Risk
The hypothesis of the social media marketing variable not having a significant effect on perceived risk obtained a path coefficient of 0.925 with a t-statistical value of 44.877 (t > 1.960) or a p-value of 0.000 < 0.05 so that it can be seen that there is a significant influence of the social media marketing variable on perceived risk, in other words H3 is rejected.

H4: Perceived Value Has a Significant Effect on Purchase Intention
The perceived value variable hypothesis has a significant effect on purchase intention, obtained a path coefficient of 0.339 with a t-statistical value of 2.853 (t > 1.960) or a p-value of 0.005 < 0.05 so that it can be seen that there is a significant influence of the perceived value variable on purchase intention, in other words H4 is accepted.

H5: Perceived Risk Affects Purchase Intention
The perceived risk variable hypothesis has a significant effect on purchase intention obtained a path coefficient of -0.034 with a t-statistical value of 0.209 (t > 1.960) or a p-value of 0.835 < 0.05 so that it appears that there is no influence of the perceived risk variable on purchase intention, in other words, H5 rejects.

Indirect Effect Testing
Indirect testing is carried out to test the role or influence of variables on other variables and hammer the intermediary (mediation variable), as well as to see the nature of mediation resulting from the research model.This study examines the role of perceived risk and pereceived value in mediating social media marketing towards purchase intention.The results of this test can be seen in table 3. The results of Table 3 and table 4 (Sobel test) among others, in general, can be concluded that the relationship between there is a significant influence of social media marketing variables and Purchase intention mediated by Perceived value, because the Prob value is 0.004 < 0.05.So that there is an influence between the variables of social media marketing and Purchase intention mediated by Perceived value, or in other words, H6 is accepted.It can also be seen the influence of social media marketing variables with Purchase intention mediated by perceived risk, because the Prob value is 0.837 > 0.05.So that there is no influence between the variables of social media marketing and Purchase intention mediated by Perceived risk, or in other words H7 is rejected.

The Influence of Social Media Marketing on Purchase Intention
Based on the results of the analysis, it is known that social media marketing has a significant influence on purchase intention.This shows a very strong relationship between the two variables with a positive correlation which means that the increasing use of social media as a marketing tool will make people tend to have a taste or desire to buy (purchase intention).
In most people, consumers' purchasing behavior is often initiated and influenced by many stimuli from outside themselves, both in the form of marketing stimuli and stimuli from their environment.These stimuli are then processed in oneself according to the purchase decision.The personal characteristics of consumers used to process these stimuli are very complex, and one of them is consumer motivation to buy.This is the main target of social media marketing to be used as a tool that is able to accommodate consumer needs by conveying information in the form of information that can be used as a consumer reference for the goods or services that are informed.
Research conducted by Meatry Kurniasari and Agung Budiatmo (2018) showed the results that there is a positive and significant influence between social media marketing on purchase intention.The results of the study.In line with the research conducted by Ericko Pramudita; Tony Sitinjak (2021) that social media marketing, has a positive and significant effect on Purchase intention.
This has been generally used by companies as a tool to share information at a low cost which aims to generate interest in purchases by consumers.This is something that must be done because the principle of a business is how to make the greatest profit at the smallest cost.

The Influence of Social Media Marketing on Perceived Value
Based on the results of the analysis, it is known that social media marketing has a significant influence on perceived value.This shows a very strong relationship between the two variables with a positive correlation.It means that the greater use of social media as a marketing tool will make the tendency of the community to be able to obtain more and more information and be able to increase the desire to make transactions The higher the use of social media as a tool for marketing will also increase the perceived value of the company.The higher the company uses social media from both Instagram, Facebook and so on to carry out marketing activities, the more it will increase the perceived value of the company.The public or social media users can also judge the company as having positive values.Positive values that will look like aesthetics, user comfort, time-saving transactions, and finally the ability to always provide services to users.It can also be seenthat social media is widely used by companies for company branding and is used as a marketing activity to encourage the pace of company performance.
The results of Chen and Lin's research (2019) revealed that the higher the use of social media as a tool for marketing will also increase the perceived value of the company.Likewise with research conducted by Kosasih and Secapramana (2021) there is a positive and significant influence between social media marketing activities from Instagram OVO and perceived values from OVO customers.
In terms of introduction, a company needs to do introduction or branding.This really needs to be done by the company to be able to introduce the value that the company is looking for through the products they launch.With social media that has a low cost, it will really help companies to be able to reach their consumers at a very low cost

The Influence of Social Media Marketing on Perceived Risk
Based on the results of the analysis, it is known that social media marketing has a significant influence on perceived risk.This shows a very strong relationship between the two variables with a positive correlation.Which means that the greater use of social media as a marketing tool will make the tendency of the community to be able to obtain more and more information related to the risks that will be faced when buying a product or service.In other words, with the tone of social media, consumers have a wide range of skills to find information about the needs they want.So as to be able to increase the desire to make transactions One very important concept related to perceived risk is that the risk that a consumer perceives both in existence itself and in magnitude, is something very subjective.A similar purchasing situation, when faced with two different people can generate different perceptions of risk.Moreover, the true or actual proabability of the occurrence of a loss is irrelevant to a consumer's reaction to risk, insofar as past experiences are based on which his perception is based today.Risk perception is a negative perception of consumers in shopping which refers to negative results and the possibility that these results will become real.Here the role of social media is needed that is able to accommodate information that can make consumers have confidence in the products or services they will want.
The results of this social media marketing research on perceived risk are different from previous research by Putra (2021) whose results showed a negative influence of risk perception on transaction intentions.This happens because respondents in this study tend to think about the risks that will be faced in transacting using a market place.
With the existence of social media marketing, this risk can be minimized by the existence of information that can be used as a reference for security in transactions.So that it can increase the desire of consumers to make purchases and also the company can avoid the occurrence of unwanted risks.

The Effect of Perceived Value on Purchase Intention
Based on the results of the analysis, it is known that perceived value has a significant influence on purchase intention.This shows a very strong relationship between the two variables with a positive correlation.Which means that the customer's perception of the value of a product will influence the customer to make a purchase.
Consumer behavior can change influenced by their environment which consists of culture, social class, family and situations that can shape or hinder individuals in the decision to consume a product or service (Saladin, 2006).Values are everything that is considered important to every individual or society.this will then affect attitudes and behaviors in decision making.Therefore, the company needs to convey the value of the organization in order to form value in consumers that will have an impact on increasing the number of sales The results of this study are in line with the research conducted by Rafsandjani (2018) showing a significant influence between perceived value and purchase intention.From the company's side, they must be able to show the advantages of the products they have and the products must have a different value from the products that are already on the market so that consumers will be interested in making transactions or purchases because of the advantages possessed by the product.

The Effect of Perceived Risk on Purchase Intention
Based on the results of the analysis, it is known that perceived risk has a significant influence on purchase intention.This shows a very strong relationship between the two variables with a positive correlation.Which means that the customer's perception of the risk of a product will influence the customer to make a purchase.However, respondents' concerns about the quality of products sold on the e-commerce website/application and the good delivery process are quite high.This is likely due to the policies of each seller's store and delivery courier who are not directly affiliated with the e-commerce company, although consumers can file complaints with customer service if things happen that do not match consumer expectations.Meanwhile, concerns about data security and confidentiality remain because fraud or breaches that can occur may be caused by the e-commerce company itself or external parties of the company, such as hackers or social engineering actors.
The results of this study are contrary to the research conducted by Sakti et al. (2020) showing a significant negative influence between perceived risk and purchase intention.This is because consumers who have the desire to make purchases are not always worried about things that will harm them in making purchase transactions.
Although in this study perceived risk shows a negative relationship with purchase intention, it does not mean that the risk of dal transacting will be ignored by the company.However, this risk must be included in the risk mitication which must still be controlled so as not to cause problems in the future

The Influence of Social Media Marketing with Perceived Value and Purchase Intention Mediation
Based on the results of the analysis, it is known that perceived value mediates between social media marketing and purchase intention.This shows where the relationship is.Activities carried out on social media are able to make consumers feel more value than a product or service that consumers will buy.
Value is a combination of quality, service, and price, which is also called "the three elements of customer value and reflects a number of benefits, both tangible and intangible, and costs perceived by customers.Value increases as quality and service increase, and conversely decrease as prices decrease, although other factors can also play an important role in our perception of value (Kotler & Keller, 2016).
Perceived value can increase the trust held by consumers and increase the repurchase plan of products or services in the future from within consumers (Alireza Mosavi, 2012;Chinomona, Mahlangu, & Pooe, 2013).
The results of this study are in line with the research conducted by Moslehpour, Dadvari, Nugroho, & Do (2021) shows the results that Perceived value mediates fully between social media marketing and purchase intention.

The Influence of Social Media Marketing with Perceived Risk Mediation on Purchase Intention
Based on the results of the analysis, it is known that perceived risk does not mediate between social media marketing and purchase intention.This shows a relationship where the activities carried out on social media have not been able to make consumers feel the risk that will be faced by consumers in buying a product or service will be lost.
The high interest of consumers in a product or service will cause consumers to search for information about the product or service.Social media as one of the places of information used by manufacturers to greet all kinds of information about their products or services.
Consumers describe the value of a product or service that corresponds to their perception of two factors: The perceived perception of price and quality, or, in other words, the price quality ratio.If the perceived quality exceeds the perceived cost, the customer value is high, if the price exceeds the quality, the customer value is low.The perceived value as the consumer's overall assessment of the usefulness of the product is based on the perception of what is received and what is given (Wen & Goodman, 2013).
The results of this study are in line with research by Taranggana Ari Sakti, Sukaris and Asep Saepuloh (2020) showing a negative relationship between Perceived risk and Purchase intention from social media.Which shows the relationship where the activities carried out on social media have not been able to make consumers feel the risk that will be faced by consumers in buying a product or service will be lost

CONCLUSION
Social media marketing in this study has a positive influence on purchase intention, where social media marketing is represented by interaction, sharing of content, accessivity, and credibility.This explains that these four dimensions can be used as criteria that must be owned by a social media that will be used as one of the marketing media.
In addition, social media marketing has been shown to have an effect on perceived value.The more information provided in social media, one of which is related to the value that will be obtained by consumers, will provide very clear information, so that consumers will feel the value through this information even though the product or service is not yet owned.
Social media marketing has also been shown to affect perceived risk.In line with the perceived value in the previous point, the more information and communication related to risks received by consumers, the consumer will feel that the transaction to be carried out will not harm consumers.So that consumers feel comfortable to make these transactions.
Perceived value in this study has been shown to affect purchase intention.This shows information that with the dimensions of benefits and costs can influence the decision of consumers to make a purchase.In marketing their products or services, producers must be able to provide information related to the benefits of a product or service and also related to the costs that will arise if the transaction is to be carried out.
Perceived risk has also been shown to have no effect on purchase intention.This shows that consumers do not see the risks that will be accepted by consumers, but consumers prioritize the desire to make purchases of products or services.
Social media marketing in this study has been shown to affect purchase intentions that are mediated by perceived value.This shows information that consumers in this study see information related to perceived values that are informed in social media as one of the factors used for decision making in making purchases.
Social media marketing is also not proven to affect purchase intentions that are mediated with perceived risk.This shows that information that consumers in this study see information related to perceived risk that is informed in social media is not used as one of the factors used for decision making in making purchases.

Figure
Figure 1.Research Model Source: Processed by the Author (2021)

Table 2 .
Direct Effect Testing

Table 3 .
Bootstrapping Calculation Results

Table 4 .
Sobel Test Results