Thomas Heymsfield*, Wald
Friedrich, Seitz Stearns,
Murray Baffour

ABSTRACT

The rapid growth of digital financial services has transformed the manner in which retail investors participate in stock markets, particularly through online stock trading platforms (OSTPs). This research examined the satisfaction levels of retail investors using OSTPs for share trading on the Zimbabwe Stock Exchange (ZSE), with emphasis on how customer satisfaction can contribute to platform enhancement and market participation. The investigation was guided by the Kano Model of Customer Satisfaction to identify factors influencing investor experiences and expectations. A quantitative research approach was adopted using survey questionnaires administered to retail investors actively utilizing OSTPs. Through convenience and systematic random sampling techniques, 269 investors were selected, of which 197 respondents successfully participated, representing a response rate of 73.23%. Data collected from the respondents were analyzed using descriptive and inferential statistical techniques through Microsoft Excel. The findings revealed that the majority of retail investors expressed positive perceptions toward existing OSTPs, with nearly 80% indicating general satisfaction with platform services and accessibility. Despite this encouraging level of satisfaction, the study identified challenges related to inactive user participation and limited market liquidity. Although the number of retail investors using OSTPs increased significantly, active trading participation remained relatively low compared to international stock markets. The study further established that existing platforms lack several important features required by modern retail investors, including educational resources, investment tutorials, technical analysis tools, research reports, and access to company fundamental information. The research concludes that improving customer-oriented digital features and enhancing user experience can strengthen investor participation and increase trading activity on the ZSE. Based on the findings, a proposed wireframe for an improved OSTP was developed to incorporate missing functionalities capable of addressing investor needs, improving satisfaction, and supporting sustainable growth within Zimbabwe’s digital trading environment. Keywords: Customer Satisfaction, Retail Investors, Online Stock Trading Platforms, Zimbabwe Stock Exchange, Digital Trading, Market Liquidity.