<![CDATA[This study aims to analyze the direct effect of perceived price on customer loyalty, the effect of perceived price on customer satisfaction, the effect of customer satisfaction on customer loyalty, and the mediating role of customer satisfaction. This study employed a quantitative approach using Structural Equation Modeling–Partial Least Squares (SEM-PLS). Data were collected from 290 e-commerce users in Indonesia through purposive sampling, requiring respondents to have made at least two purchases within the previous three months. Data were analyzed using SmartPLS through measurement model evaluation and bootstrapping. Perceived price has a significant positive effect on customer satisfaction and customer loyalty. Customer satisfaction also has a significant positive effect on customer loyalty and partially mediates the relationship between perceived price and customer loyalty. The findings support the Stimulus–Organism–Response (S-O-R) framework by confirming that perceived price functions as the stimulus, customer satisfaction as the organism, and customer loyalty as the behavioral response. The results highlight the importance of fair and value-based pricing strategies in strengthening customer satisfaction and long-term customer loyalty in Indonesia's e-commerce context.]]>
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