The authors investigate the impact of satisfaction on loyalty in the context of electronic commerce. Findings of this research indicate that although e-satisfaction has an impact on e-loyalty, this relationship is moderated by (a) consumers' individual level factors and (b) firms' business level factors. Among consumer level factors, convenience motivation and purchase size were found to accentuate the impact of e-satisfaction on e-loyalty, whereas inertia suppresses the impact of e-satisfaction on e-loyalty. With respect to business level factors, both trust and perceived value, as developed by the company, significantly accentuate the impact of e-satisfaction on e-loyalty. © 2003 Wiley Periodicals, Inc.