Newly released ShopVisible research findings show that 67 percent use the online payment option.
SIIA CODiE Awards winner of the best ecommerce solution of 2012, ShopVisible, has released the results of the research that it conducted over a 60 day period, involving the analysis of 23,000 online and mobile transactions, which showed that 67 percent of smartphone and tablet consumers are using PayPal or other alternative payment methods.
Only 33 percent are using traditional credit cards to make their mobile commerce purchases.
Equally, though, among consumers shopping over their desktops, the findings were the exact opposite, with 62 percent of shoppers using credit cards to complete their transactions, while 16.8 percent used PayPal, 12.9 percent used Amazon Payments, and 8.1 percent used Google Checkout.
ShopVisible explained that as far as they know, this is the first ever research that has revealed that alternative payments play such an integral role to the success of mobile commerce, which – according to Forrester Research – will be a channel worth $31 billion in 4 years from now.
This research aligns well with the recent news release that has suggested that the m-commerce share held by PayPal is currently $4 billion, and that this is a far greater achievement than even that company had been forecasting.
According to the ShopVisible CEO, Sean Cook, who is also the author of Evolving Commerce, which is slated to be released in July 2012, “These results decipher some of the code to unlocking the potential of mobile commerce.” He added that “Mobile is a different animal, as this research shows. Lacking a simple alternative payment method could crush any retailer implementing a mobile commerce strategy.”
Cook also explained that even if an existing web business doesn’t currently use alternative payments for a significant proportion of its income, its priority should be reconsidered when smartphone and tablet strategies come into play.
These findings were further discussed by Cook at the Internet Retailer Conference and Exhibition (IRCE) on June 6, at 3:30 in room 475A. He not only revealed the results of the research, but also made suggestions as to the impact that they will have on mobile commerce over the years to come.
Filed under: Featured News, Mobile Commerce, Mobile Payments, Trends · Tags: alternative mobile commerce payment methods, alternative mobile payments, credit card mobile payments, mobile commerce, mobile payments, paypal mobile commerce, PayPal mobile payments, shopvisible mobile commerce research