April 18, 2018
Wednesday 18th April 2018 – Beijing — Consumers in China are seeking a more luxury, personalised shopping service on their mobile, and many are even willing to pay more for a product or service if the mobile shopping experience is better. This is according to new research from Worldpay, a global leader in payments.
Worldpay’s research examined the viewpoints of 16,000 consumers across 10 global markets, including China, India, Japan, UK, U.S. and Brazil. Questioning consumers about their last mobile shopping experience and what makes them hit the “pay” button, the research found that mobile payment apps are on track to become the luxury shopping experience of the future in emerging economies.
Key findings in China include:
In addition, Chinese consumers lead in acceptance of biometric technology as long as it accelerates the payment stage. They abandon their shopping basket mostly due to a lack of preferred payment options while shopping on mobile apps.
From the global perspective, when thinking of the last purchase they made on their mobile, the majority (71%) prefer buying through an app than through a mobile website (29%). Speed and simplicity are the leading reasons. However, despite widespread use of apps for mobile purchases, significant issues remain around security and usability. User experience is valued higher in emerging economies, whereas security concerns remain in the West.
Key highlights from global perspective include:
Tang Kok San, Country Manager for China, Global Enterprise eCommerce at Worldpay, said: “Consumers in emerging economies, especially China, India and Brazil, are active mobile users who have leapfrogged past traditional modes of online shopping and now demand a personalised, luxury, on-the-go experience in the palm of their hand. Online merchants that can deliver the right experience have much to gain, as these consumers are making bigger, more valuable purchases via their smartphones and are even happy to spend more with merchants that deliver a better experience. At the same time, to capitalise on the mobile shopping opportunity, merchants must consider how to help smartphone users feel secure.”
Tang Kok San added: “Merchants can help to mitigate security fears by providing a mobile payment experience that’s quick, seamless and familiar. This might mean storing payment details so mobile users don’t need to enter them every time, or simply providing a range of payment options so they can always use their preferred method. In China, for example, lack of preferred payment options is the top reason for smartphone basket abandonment – an important reminder that capturing this emerging class of luxury mobile shoppers depends upon providing a comfortable and convenient mobile payment journey.”
Worldpay’s research also discovered some interesting sector-specific global findings:
About the data
The research was compiled in partnership with Opinium and interviewed interviewed 16,000 consumers who have purchased goods on their mobile in the last 3 months in Australia, Brazil, China, Germany, India, Japan, South Korea, the U.S. and UK. Reports are available at: http://www.mobilepaymentjourney.worldpay.com
Worldpay, Inc. (NYSE: WP; LSE: WPY) is a leading payments technology company with unique capability to power global integrated omni-commerce. With industry-leading scale and an unmatched integrated technology platform, Worldpay offers clients a comprehensive suite of products and services globally, delivered through a single provider.
Worldpay processes over 40 billion transactions annually through more than 300 payment types across 146 countries and 126 currencies. The company’s growth strategy includes expanding into high-growth markets, verticals and customer segments, including global eCommerce, Integrated Payments and B2B.
Worldpay, Inc. was formed in 2018 through the combination of the No. 1 merchant acquirers in the U.S. and the U.K. Worldpay, Inc. trades on the New York Stock Exchange as “WP” and the London Stock Exchange as “WPY.”
Visit us at www.worldpay.com