Online Payment Industry Insights and Trends

Checkout the latest industry statistics and trends related to online consumer behavior, e-commerce sales and reasons why alternative payment solutions such as Bill2Phone provide additional value to merchant websites.  

Despite the recession, it is estimated that online sales totaled $260 billion in 2009, an increase from 2008. 

Source:  Electronic Retailer Magazine.  Channel Crossing: Alternative Payment.  June 2010

Servicing consumers with their preferred payment method will help merchants gain new customers. 

Source:  Electronic Retailer Magazine.  Channel Crossing: Alternative Payment.  June 2010

Adding alternative payment options to an e-commerce website is strategic. Research has shown that adding alternative payment options helps merchants increase sales, add new customers and reduce costs. Source:  Electronic Retailer Magazine.  Channel Crossing: Alternative Payment.  June 2010

The credit crunch has impacted consumer perception and forced the government to enact laws regulating the use of credit cards. This will impact consumer credit card use even more.  These changes are significant for online retailers, which is why many are looking at alternative payment options. These alternatives will offer more choices at the checkout line and attract shoppers not willing to pay with a credit card.

Source:  Electronic Retailer Magazine.  Channel Crossing: Alternative Payment.  June 2010 

74% of American adults (ages 18 and older) use the internet.

Source: Pew Internet & American Life Project January 2010

E-Commerce sales in Q1 2010 were up 6% versus a year ago. 

Source:  comScore:  State of the U.S. Online Retail Economy in Q1 2010

37% of consumers said they were using credit cards less. Shoppers are seeking secure websites when shopping online. 

Source: Javelin Strategy & Research

According to a study released in February 2010 by Javelin Strategy & Research, prepaid cards, gift cards and alternative payments are projected to have the highest rates of compound annual growth for e-commerce purchases through 2014.

Source: Javelin Strategy & Research February 2010

39% of the large Internet retailers told the E-tailing Group that adding alternative payments options was a priority. 

Source:  Internet Retailer – Fear of Debt and Fraud Change the Way Online Shoppers Pay.  June 2009.

Other Recent Studies:

75% of internet users agree with the proposition that they do not like giving out their credit card number or personal information online. 

Most internet users (78%) say that shopping online is convenient and 68% agree that buying products on the internet saves them time.

Almost all internet users (93%) have used the internet to research products and services and to make purchases online.

• 81% of internet users have used the internet to do research about a product they are thinking about buying
• 66% of online users have purchased a product online, such as books or music
• 17% have paid to access or download digital content, such as a newscast, sporting event, or radio show

Source: Pew Internet & American Life Project – Online Shopping February 2008

75% of internet users purchase a product online. 

Source: Pew Internet & American Life Project – December 2009

If you have alternative payment figures you would like to share or have a question, comment, suggestion or concern about this page, please email us at sales@bsgclearing.com.