Business and Economics Journal

Customer Satisfaction as a Tool for Product Development: A Case of Online Stock Trading Platforms used by Retail Investors to Trade on the Zimbabwe Stock Exchange

Abstract

Kudzanai Sharara* and Dingilizwe Nkomo

The objective of the study was to assess customer satisfaction levels of online stock trading platforms (OSTPs) that are being used by retail investors for trading shares on the Zimbabwe Stock Exchange (ZSE). The research covers the topic of improving customer satisfaction of OSTPs guided by the Kano Model of Customer Satisfaction. The study retail investors using OSTPs. The data in the study was collected using mono method of quantitative study using a quantitative survey delivered to retail investors that are using OSTPs. Questionnaires were used to collect data from the respondents. A convenience sampling method as well as a systematic random sampling method was used to select 269 retail investors of which 197 or 73.23% responded. Data were analysed quantitatively using descriptive and inferential statistics generated from Microsoft Excel. In conclusion, the research revealed that the level of customer satisfaction was high with 80% of retail investors generally satisfied with existing OSTPs. However, despite increased participation of retail investors, the overall numbers (18 347 as at end of March 2022) are still much lower than those seen in other markets running into millions. Further, of those that have opened accounts on OSTPs, approximately half are not active. Thus the ZSE is still lagging behind in terms of market liquidity a key aspect for the sustainability, viability and relevance of the stock market and its stakeholders. The study showed gaps in what existing OSTPs are offering resulting in lower numbers of active users. Also factors which lead to dissatisfaction were collected and proper recommendations were given. To cater for the needs of retail investors that are currently not being met by existing platforms a Wireframe to develop a new OSTP was put in place incorporating the missing built-in features such as, educational tools, beginners' courses, research reports, technical analysis tools, as well as company fundamentals.