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Home›Digital wallets›More and more buyers are choosing digital wallets

More and more buyers are choosing digital wallets

By Meaghan H. Gonzales
June 24, 2021
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Consumers have changed their online shopping habits during the pandemic and are now looking for easier payment methods, according to a new survey.

The BigCommerce and PayPal study collected data from 3,000 shoppers in the US, UK and Australia, concluding that shopping online is still the preferred course for most after the pandemic. Almost half of those surveyed said they discover new products on social media at least once a month, fueled by the convenience factor.

Some 62.5% of those surveyed said they have now committed to buying online. Key to the decision was being able to choose their preferred payment method, such as using digital wallets, while 66.7 of those surveyed revealed that they made a purchase using their phone at least once during the course. of the last month.

The use of digital wallets has increased during the global coronavirus pandemic. Prior to March 2020, digital wallet usage accounted for just 28.3% of payment methods used by online shoppers globally. The figure rose to 35.2% after March 2020. The percentage of consumers using the in-store digital wallet payment option has seen a similar growth, from 12.1% to 22.8% over the past year. same period.

Digital checkout

Consumers are also ready to buy now, pay later (BNPL). In fact, 20% of American traders now offer BNPL options at the cash register. However, the range and ease of e-commerce options available are also driving the demand for online shopping.

Recent announcements from Facebook and the e-commerce platform Shopify will make it increasingly easy for consumers to shop and pay online, with multiple routes to the point-of-sale terminal or digital checkout.

“For years, we have seen e-commerce continue to gain ground over traditional purchases. Online and digital experiences have forced retailers to adapt quickly to changing consumer buying behaviors, and this has been accelerated during the pandemic, ”said Greg Lisiewski, vice president of Global Pay Later Products at PayPal.

“Now more than ever, consumers want control over how they pay and want smooth and seamless digital shopping experiences, no matter which channel they shop through.

The survey highlighted the need for companies to ensure that they develop an om-channel approach to sales. Everyone from small businesses to large retailers will need to re-evaluate their sales and marketing strategies in order to respond to the changing moods of their customers.

While in-store shopping is still an attraction for some consumers, online shopping demand is greatest. Of those polled, 32.6% of those in the US, 29.9% of those in the UK and 29.7% of those in Australia said the convenience of online shopping wins out. still on the downsides.

In addition, new practical options such as online purchase and in-store pick-up (BOPIS) make it even more attractive.


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