Impact of Reward-based Fashion Crowdfunding Features on Perceived Uncertainty, Trust, and Willingness to Participate

Crowdfunding has gained attention as a new form of investment, but due to its inherent uncertainty, cases of backer-related losses are also on the rise. Therefore, based on social exchange theory and uncertainty reduction theory, this study explores how the characteristics of reward-based fashion crowdfunding projects affect consumers’ perceived uncertainty, trust, and willingness to participate. A survey conducted with 291 adults in Korea revealed that the perceived informativeness, product quality, and fairness of rewards in fashion crowdfunding projects had a significant negative effect on consumers’ perceived uncertainty. Furthermore, perceived uncertainty had a significant negative effect on perceived trust. While perceived trust had a significant positive effect on the willingness to participate, perceived uncertainty did not directly affect it. However, perceived uncertainty fully mediated the relationship between perceived trust and willingness to participate, having a significant positive effect on willingness to participate. This study enhances the literature on fashion crowdfunding in the apparel sector and strengthens the academic foundation for this topic. Additionally, it emphasizes the importance of reducing consumer uncertainty in the crowdfunding participation mechanism, providing practical insights for developing strategies based on these findings.