New Report from BigCommerce and PayPal Sheds Light on Consumer Spending Habits Post-Covid
23 Junho 2021 - 9:00AM
Business Wire
Survey results highlight need for retailers to
have omnichannel strategies to support customer preferences
Consumer shifts in how and where people buy products evolved
significantly during the COVID-19 pandemic, creating new
opportunities for retailers to use new channels, fulfillment
strategies and payment options, according to the results of a new
survey out today from BigCommerce (Nasdaq: BIGC) and PayPal
(Nasdaq: PYPL).
While a majority of the 3,000 consumers surveyed from the United
States, United Kingdom and Australia said they still prefer
in-person shopping, 62.5% of respondents reported doing most of
their purchasing online. Close to half said they’re discovering new
products on social media at least once a month, and 66.7% of
respondents said they’ve made a purchase directly through their
phone at least once in the past month.
The findings highlight a growing need for retailers to invest in
an omnichannel sales and marketing strategy that provides
convenient and consistent shopping experiences in-store, online and
on social media.
As customers continue to move away from brick-and-mortar stores
to digital commerce and increasingly use their phones to make
purchases, an omnichannel strategy opens up the opportunity for
retailers to reevaluate their sales and marketing strategies to
ensure they’re meeting customers where they are the most likely to
spend.
“For years, we’ve seen ecommerce continue to gain ground on
traditional shopping. Online and digitized experiences have
required retailers to quickly adapt to changing consumer shopping
behaviors, and this was expedited in the pandemic,” said Greg
Lisiewski, vice president of Global Pay Later Products at PayPal.
“Now more than ever, consumers want to be in control of how they
pay, and they have a desire for friction-free, seamless digital
shopping experiences regardless of which channel they are shopping
in.”
How people pay for purchases is also changing. More consumers
are using digital wallets both in-store and online. Prior to March
2020, digital wallets were the preferred payment option for 28.3%
of online shoppers globally, but that jumped to 35.2% after March
2020. The increase for using digital wallets in-store was even
greater, going from 12.1% to 22.8%.
“The data tells us that 70% of consumers are more likely to
spend more at a retailer that offers their preferred payment
method1,” said Mark Rosales, vice president of Business
Development, Payments/Banking/Fintech at BigCommerce. “By
leveraging this behavioral data, merchants have better means and
ability to implement the payment options their customers prefer,
ultimately enabling those brands to realize significant sales
growth.”
Other key findings:
- While 95.2% of respondents reported making at least one online
purchase since March 2020, a slight majority across all regions
reported a preference for in-person shopping. Despite that, 32.6%
of U.S. respondents, 29.9% of UK respondents and 29.7% of
Australian respondents said the convenience of online shopping
still trumps any drawbacks, and new options like buy online,
pick-up in store (BOPIS) are making it even more attractive.
- As a preferred way to buy, BOPIS has grown substantially since
March 2020, with a 373% increase in the U.S., where BOPIS has been
slower to catch on compared to other countries.
- The use of digital wallets rose in popularity during the
pandemic with a global increase of 24.5% online and 88.7% for
in-store purchases since March 2020. Respondents overwhelmingly
commented that they’d prefer retailers make digital payment options
more available.
- Mid-market merchants are increasingly adopting buy now, pay
later (BNPL) solutions for their ecommerce stores with Australia
leading the way. Forty-eight percent of Australian merchants, 20%
of U.S. merchants and 11% of UK merchants currently offer BNPL
options to customers. Consumers seem to fall into two main
categories when it comes to using these types of solutions: power
users and slow adopters. Globally, 46% say they’ve used a BNPL
option at least once in the past three months. However, just 10.1%
globally say they’ve used it five or more times in that same time
period. In Australia, that number jumps to 15.5%. Fifty-four
percent of global respondents -- and 60.6% of U.S. respondents --
have never used BNPL. Most said they were deterred by incurring
fees or debt, or that they simply were not familiar with the
option.
- Merchants would be wise to educate consumers on the benefits of
buy now, pay later solutions, especially interest-free payment
options. Young consumers especially are now accustomed to
subscription-based payment models. BNPL financing options fall into
this same category.
- Consumers are shopping mainly at large retailers or branded
ecommerce stores. Of those polled, 58.2% said they shop at
department stores, hypermarkets or big-box retailers, while 31.9%
said they purchase directly from the ecommerce stores of their
favorite name brands.
The full BigCommerce PayPal Consumer Spending Trends report is
available at
www.bigcommerce.com/dm/consumer-spending-trends-cdl-report/.
To learn more about BigCommerce’s built-in integration with
PayPal go to
www.bigcommerce.com/essentials/features/manage/accept-payments/paypal.
1 Data collected from an online study commissioned by PayPal and
conducted by Netfluential in November 2020, involving 1,000 US
online shoppers ages 18-39.
About BigCommerce
BigCommerce (Nasdaq: BIGC) is a leading software-as-a-service
(SaaS) ecommerce platform that empowers merchants of all sizes to
build, innovate and grow their businesses online. As a leading open
SaaS solution, BigCommerce provides merchants sophisticated
enterprise-grade functionality, customization and performance with
simplicity and ease-of-use. Tens of thousands of B2B and B2C
companies across 150 countries and numerous industries use
BigCommerce to create beautiful, engaging online stores, including
Ben & Jerry’s, Molton Brown, S.C. Johnson, Skullcandy, Sony and
Vodafone. Headquartered in Austin, BigCommerce has offices in San
Francisco, Sydney and London. For more information, please visit
www.bigcommerce.com or follow us on Twitter, LinkedIn, Instagram
and Facebook.
BigCommerce® is a registered trademark of BigCommerce Pty.
Ltd. Third-party trademarks and service marks are the property of
their respective owners.
About PayPal
PayPal has remained at the forefront of the digital payment
revolution for more than 20 years. By leveraging technology to make
financial services and commerce more convenient, affordable, and
secure, the PayPal platform is empowering more than 375 million
consumers and merchants in more than 200 markets to join and thrive
in the global economy. For more information, visit paypal.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20210623005059/en/
Rachael Hensley rachael.hensley@bigcommerce.com
PayPal (NASDAQ:PYPL)
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