88% cellphone owners buy, pay online: Report
In India, the respondent pool comprised 2,000 consumers aged 18 to 74, who owned or used a smartphone and over 300 business influencers or decision-makers who sell or accept payments online.
PUNE: India has emerged a forerunner in mobile commerce adoption globally, stated a study by Ipsos and commissioned by PayPal, global leader in digital payments.
The mCommerce Report analyses the latest trends in mobile commerce (mCommerce) across the globe and India. The survey conducted across 11 countries with 22,000 consumers and 4,000 business respondents examined how people shop and sell online. In India, the respondent pool comprised 2,000 consumers aged 18 to 74, who owned or used a smartphone and over 300 business influencers or decision-makers who sell or accept payments online.
As per the report, 88% consumers use mobiles for purchases or paying online, bill payments. 51% of online sales volume is made via in-app purchases. Slow page loading and security or trust issues emerged as top barriers for consumers to make payments via mobile devices.
Speaking on the findings, Anupam Pahuja, Managing Director, PayPal India, said, “India has been rapidly moving towards digitisation and millennials are embracing innovative ways of transacting using technology. We at PayPal are focused on enabling seamless and safer transactions to become a part of the daily lives of Indian consumers. Mobile penetration gives an impetus to adoption of digital payments across the country.”
- Mobile commerce: Indian consumers prefer a mobile device for purchases/ payments.
- Compared to other markets surveyed, India leads the way with 70% consumers preferring mobile-optimised experiences vs global average of 43%.
- Social commerce adoption has been increasing in India with 57% having purchased via this channel in past 6 months . This is led by the young – 54% Gen Z and 61% Millennials.
- Spends are highest in fashion sector with WhatsApp and Instagram being the most frequently used platforms.
- Nearly all business respondents use social media for promotion, but fewer do it for sales.
- Over 40% businesses are worried about data security on social media, which obstructs entry.