Total mobile spending by Indian shoppers estimated to grow by 93% by 2020, says PayPal IPSOS Report
Mumbai/Kolkata, Nov 12 (IBNS): PayPal, the world’s leading digital payments provider and Ipsos, on Monday released the 4th Annual PayPal IPSOS Cross-Border Consumer Research 2018.
The research evaluates the global cross border shopping patterns to examine the drivers, barriers and attitudes towards online shopping. It focuses on the modes of payments used and includes an outlook of growth prospects for the Indian ecommerce sector by 2020.
The research analyses online and cross-border shopping behavior of over 34,000 consumers across 31 markets including India.
“Digital payment companies like PayPal have enabled Indians consumers make international payments in a safe and seamless manner. India is a mobile first economy and for PayPal globally mobile is a key growth driver contributing close to 40% of our total payments volume. We have customized our mobile app features for Indian consumers enabling them to make payments on the go. Our global network, focus on risk and security and unique Buyer Protection and Refunded Returns policies have led us to become a preferred payment option”, said Anupam Pahuja, Managing Director, PayPal India.
Online spending expected to increase
The research highlights that 87% of the Indians surveyed have shopped online in the last 12 months; 58 percent of purchases are within India via an app/website while 13 percent of purchases are made outside India, via apps or websites. 21% of online purchases are through market places and 9% through social media sites.
The report indicates that about 73% of Indian shoppers believe that their online spends will grow over the next 12 months while only 14% believe that it will stay the same. The top reasons for increase in online spending are convenience of shopping online (77% of those who say their online spend will increase) followed by more platforms to buy (52%) and expecting shipping to become faster (45%).
The research reveals that the top three corridors for cross-border shopping were USA (20% of online shoppers have shopped from a website in the USA in the last 12 months), China (10%) and United Kingdom (7%).
When asked if there were times of year when they shop more online from other countries than they would usually, 48% of Indian cross-border shoppers say they shop cross-border more than usual during Christmas and 46% say they shop more from other countries at Diwali.
The top three reasons for Cross-border shoppers to use PayPal for payments are that it is accepted by most retailers (41%), is a secure way to pay (40%) and processes payments quickly (39%).
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