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Consumer decision making has attracted researcher since ages and various theories on decision making have been presented. Expected utility theory of Von & Morgenstern (1947), provided the classical model of decision under a risky environment. The model was later challenged by experimental paradoxes. The most influential alternative theories proposed were prospect theory (Kahnemanand & Tversky, 1972), and regret theory (Bell, 1982). Peter and Tapey (1975) presented a valence framework advocating that consumers perceive both positive and negative attributes of a product and make buying decision by maximizing the net valence (Yang, Chen, & Wei, 2015). However, with the fast development of information and communication technology consumers are offered new tech/app-based product and services. The new technology exposed the consumers to new buying ecosystems leading to technology acceptance theories. The technology acceptance model (TAM) has been widely used to explain why consumers accept or reject technology enabled services (Wang, Wang, Wang, Wie &Wang, 2018). A large number of studies have embraced TAM by extending specific variables (Wang et al., 2018; Yu, Yi, Feng & Liu et al., 2018). However, empirical research suggests that TAM-related models only provide comparatively lower explanatory power in predicting technology adoption intention (Zhu, So & Hudson et al., 2017).
The consumers’ today are not passive actors that respond to the stimuli but rather empower themselves to justify their decision by weighing the explicit and implicit cost.Generation theorists propose that there are distinguishing changes in consumer behaviour with the changes in the macro-environment (Kitchen &Proctor, 2015;Strauss and Howe, 1999) thus creating a need to study consumer 4.0. Consumers’ 4.0 are those who have embraced mobile and internet. They are always connected and exposed to proliferating internet. Empowered by their handheld devices which provides them all the information these consumers are independent and buy goods and services online. Their decisions are influenced and influence other customers through the net community. These hyper connected consumers have the power of information. On a click of a button on their handheld devices they get all necessary information, without much consulting their friends and family. Consumer 4.0 have been brought up in times when buying/shopping is not regarded as a mere act of purchasing. The explosion of product choices has led to a retail culture where buying has taken on new entertainment and/or experiential dimensions (Lee, 2005). The customers decide on the basis of net value received (Ponte, Carvajal & Escobar, 2015). They mentally tradeoff between the efforts incurred and value received. Today’s consumer strives to derive maximum value from their consumption choices by reducing perceived risks and increasing the perceived gains.