由於在網路尋找替代品的成本低廉且便利，因此在企業對顧客的（B2C）網絡購物環境中培養忠實顧客是很困難的。關係行銷（RM）被視為提升客戶忠誠度的一個重要途徑，而顧客的滿意度與信任度則是關係行銷的兩個關鍵組成因子。最近的研究指出，顧客價值已成為關係行銷範疇下關鍵的課題。因此，本研究綜合知覺風險價值模型、顧客滿意度以及信任度發展一個從價值取向關係行銷角度的顧客忠誠度理論研究模型。我們以有經驗的網路購物者為樣本對象以驗證本理論研究模型。此外，我們以嚴謹的統計方法來驗證顧客滿意度與信任度對B2C網站的知覺價值與忠誠度關係之間是否具有中介效果。如同研究中所做的假設，研究結果發現正向電子口碑（eWOM）會顯著影響知覺電子服務品質（e-SQ），進而影響知覺風險和知覺價值。研究結果也顯示，知覺價值會透過顧客滿意度與信任度中介因子顯著影響顧客忠誠度。基本上，本研究藉著強調價值取向因子（即正向電子口碑、知覺電子服務品質、知覺風險、知覺價值）如何透過關係中介因子（即顧客滿意度與信任度）來強烈影響顧客忠誠度，從而大大豐富了我們對B2C線上購物網站競爭優勢的理解。最後也說明本研究的理論與實務意涵。

Due to the low cost and convenience of searching for alternatives online, it is difficult to foster loyal customers in the business-to-customer (B2C) online shopping context. Relationship marketing (RM) is recognized as an important way to enhance customer loyalty. Among components of RM, satisfaction and trust are key ones. Recent studies have noted that customer value becomes a critical issue in the RM context. This study thus integrates the perceived risk-value model, satisfaction, and trust to develop a theoretical research model of customer loyalty that is based on an integrated value-driven RM perspective. Data collected from experienced online shoppers are used to validate the theoretical research model. Additionally, the mediation effects of customer satisfaction and trust on the relationship between perceived value and customer loyalty in B2C websites are validated using rigorous statistical methods. As hypothesized, the findings indicate that positive electronic word-of-mouth (eWOM) significantly affects perceived e-service quality (e-SQ) and, in turn, influence perceived risk and perceived value. The results also imply that perceived value significantly influence customer loyalty via the mediation of customer satisfaction and trust. This study substantially enriches our understanding of the competitive advantage of B2C online shopping websites by highlighting how the value-driven factors (i.e., positive eWOM, perceived e-SQ, perceived risk, perceived value) can strongly influence customer loyalty through relational mediators (i.e., satisfaction and trust) on these websites. Theoretical and practical implications are discussed.

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