Purpose In 2016, the market size of mobile(m-) shopping goes beyeond more than half of a total of online shopping. People use smartphones as the main device for m-commerce. Under the circmustances, this study attempts to address why people prefer to use smartphone-based m-commerce. In other words, it is necessary to understand the main value that smartphone-based m-commerce creates. Drawing on the studies of consumption value, this study focuses on utilitarian value in predicting customers' continuance intention in the context of smartphone-based m-commerce, recognizing that utilitarian value is a key extrinsic motivation in the goal-oriented, performance-oriented shopping contexts. Furthermore, this study identifies factors affecting customers' utilitarian value from the perspective of benefits and costs, following the notion that it represents the result of evaluating a trade-off of benefits and costs caused by smartphone-based m commerce. More specifically, in this study, ubiquitous service, location-based service (LBS), transaction speed, and price utility belong to the benefit dimension, whereas technology anxiety and cognitive effort belong to the cost dimension. Design/methodology/approach To test the proposed hypotheses, the study conducted partial least squares (PLS) analysis with a total of 294 data collected on users with experience in smartphone-based m-commerce. Findings The results show that first, utilitarian value is increased by the benefits, such as ubiquitous service, transaction speed, and price utility. However, LBS has no direct effect on utilitarian value. Second, the noteworthy finding is that ubiquitous service and LBS greatly increase transaction speed. Third, technology anxiety and cognitive effort considered as the cost dimension are negatively associated with utilitarian value but their impacts on it are non-significant. Finally, the results support the argument that utilitarian value is a determinant of continuance intention. Overall, the findings imply that utilitarian value greatly depends on the peception on benefits rather than the aspect of cost in smartphone-based m-commerce. Overall, the findings offer new insight into the studies of m-commerce by considering and verifying the impacts of its benefits and costs simultaneously.