Customer value is crucial in predicting customer choice in traditional consumer behavior research. However, online customer value can be different from its offline counterpart because customer value is highly context-dependent. In online retailing settings, not only the product itself, but also the web store and the Internet channel contribute value to customers. Synthesizing the research in consumer behaviour and IS, we propose an online customer value model with three key components: the outcome value, the process value, and the shopping enjoyment. These three dimensions capture different benefits an online consumer can obtain from a web store. A pilot study with a sample of 89 graduate students was carried out. The preliminary results validate our choice of constructs and test the validity and reliability of the instruments used in this study. With an explicit focus on the customer role of a web user, this value conceptualization is expected to facilitate better understanding of the online consumer behaviour.