Many studies on perceived risk in online shopping has been made, but few of them compared the consumer s risk perception between different channels of the same multichannel company. Similarly, there are few studies in literature that consider the effect of shopping orientation on the propensity of consumers to make purchases online. In this study, a survey was performed in a sample of 397 consumers of a large multichannel retailer, to measure the predominant risk perception and purchase orientation in purchasing decisions that decide the choice of one of the channels offered by the company - Internet or their physical stores. The results suggest that the performance risk and convenience orientation are predominant in the choice of channel used for information search, while the time, psychological and financial risks are relevant to make a purchase. Consumers who seek information on the online store but buy in physical store seem to perceive higher financial and time risks (or convenience) than those consumers who prefer to use the online channel for these two buying process stages. Consumers who seek information on the physical store prefer to complete the transaction online store seem to realize higher performance risk and are more recreational oriented than consumers who seek information and buy the product on the online store.