2020: The year of mobile, trust and social buying - study by PayPal
PayPal just released the results from the first ever mobile commerce (mCommerce) global index.
The Global mCommerce Index is a glimpse into major commerce trends to watch in the year ahead. The research surveyed 22,000 consumers and 4,600 business owners to measure key merchant trends, consumer behaviours and considerations for businesses in 11 global markets; Australia, Brazil, France, Germany, India, Italy, Japan, Mexico, Spain, U.K. and U.S.
Interested in what’s to come in 2020? Check out these top trends we can expect to see next year!
Mobile shopping experiences are a must in 2020
The study found that nearly 80% of consumers globally have shopped via smartphone in the past six months. However, only 63% of businesses offer mobile optimised experiences on their own channels. This is more than a 15-percentage-point divide between consumers and merchants – demonstrating how important it is for businesses to prioritise their mobile channels to meet the evolving expectations of consumers.
Security and Trust remain the biggest factors in mobile purchasing decisions
Globally, 51% of consumer respondents would be less likely to engage with mobile commerce due to security concerns. The markets surveyed that are the most concerned about security when purchasing via mobile include UK (64%), Australia (63%), and the US (58%) – all English-speaking markets.
Social Commerce is top of mind
Supply and demand for social commerce is aligned between consumers and merchants; 1 in 3 merchant respondents – and 1 in 3 consumer respondents – utilise it. When it comes to the types of social platforms most frequently used on a global level, Facebook, Instagram and WhatsApp are in the lead.
Preferred payments can lead to shopping cart abandonments
21% of consumer respondents globally have abandoned a purchase because their preferred payment method was not available. Among respondents, the largest percentage of mobile shoppers use PayPal for purchases via mobile (53%) followed by the next most-used payment type: credit card (44%).
Women leading the way in mobile commerce adoption
Women are leading the way in the adoption of mobile commerce, with 48% of women preferring to make online purchases via a mobile device vs. 39% of men. When it comes to location, 19% of females use their mobile device to shop at work, whereas that number jumps to 26% with male respondents.
Source: PayPal :D