Super Shoppers’ Favorite Internet Payment Options

Just 13 percent of global Super Shoppers generated 62 percent or $372.5 billion of online retail’s $603.5 billion total revenue, reports a 12-month survey of 20,000 purchasers. Including consumers from America and nine other countries, the overall internet population’s remaining 87 percent bought $231 billion worth of electronics, leisure goods, and clothes.

Buying Power

Factors expanding the affluent middle class in developed and emerging nations include increased consumerism, personal technologies, and urbanization. China, the world’s fourth largest country, boasted the highest buying power. A mere 5 percent of citizen’s rank as Super Shoppers for funding an astonishing 62 percent of its online profits. The greatest population proportions in the top three locales were:

  1. 25 percent in Brazil
  2. 18 percent in America
  3. 15 percent in Mexico

Typical Traits

While Super Shoppers’ average age is 37 worldwide, millennials aged 18-29 make up 34 percent of these super-connected consumers. Their consistent spending habits include:

  • 85 percent shopped online weekly
  • 15 percent placed Internet orders daily
  • 24.4 percent spent $144-$215 on their last e-commerce purchases
  • 13 percent paid over $287 for their latest cyber goods

Personal characteristics include:

  • Enjoying active lifestyles — even during late-night hours
  • Seeking out the best merchandise with the most competitive pricing
  • Displaying passion over possessions they purchase
  • Preferring to pay by credit cards

During sleepless nights, cardholders no longer count sheep. That habit has evolved into playing video games and browsing internet deals, thanks to technological advancements. Insomniacs grab the most convenient devices among desktops, laptops, tablets, and smartphones when the urge to shop strikes. Since these patrons do not let standard business hours constrain them, online searchers satisfy their desire for immediate gratification at any daylight or nocturnal moment. Buying spikes tremendously on web-enabled handhelds afterhours.

These shopaholics epitomize their homelands’ upper income classes, but they are not super rich with limitless money to squander. Instead, these sophisticated and enthusiastic shoppers research products for the best offerings and prices, enjoying the comparison and selection processes leading to fulfilling outcomes.

Transaction Preferences

Since a small proportion of high frequency, lavish-spending Super Shoppers account for a huge fraction of e-commerce profits, catering to their transaction choices is key. Worldwide, 52 percent of these Internet shopaholics favor paying with credit cards, compared to 42 percent of other consumers.

Some 72 percent of those U.S. buyers and 52 percent of international ones would abandon carts if merchants do not accept their preferred desktop and mobile credit-card transaction forms when they’re ready to pay. In actuality, 36 percent discovered at checkouts that sellers didn’t offer their ideal remittance methods. So 52 percent bought identical items on competitors’ websites while 17 percent visited physical stores to complete their desired purchases.

Providing various payment options for credit cards will help your company attract these elite spenders while avoiding lost sales. E-Complish’s PCI-compliant software programs that Super Shoppers prefer include:

  1. HostPay: Link this customizable and branded payment platform to your website for secure online credit-card processing. Among HostPay’s many advantages are rapid real-time authorizations, daily settlements, and email confirmations.
  2. MobilePay: This web-based user interface or app is the expedient solution for mobile credit-card processing. It streamlines all HostPay features for portable tablets and smartphones. Improve collections with MobilePay’s speed and convenience.

Once new customers’ addresses and card numbers are in your system, keying in that personal information every time is unnecessary. That makes future purchases super fast and easy. Offering these popular options will boost loyalty with better chances of Super Shoppers returning to buy expensive merchandise from your company more often.

E-Commerce Challenges

Researchers estimate that each missed sale from frequent, high-value clients may cost you up to $144 in lost revenue. Unhappy ones may cancel orders after bad purchasing incidents. Your greatest rivals are credit-card issuers. Inferior customer service without live agents being available afterhours may prompt disappointed Super Shoppers to file chargebacks with their banks. Each uncollected charge comes at an excessive and escalating rate for retailers. Chargebacks increase 20 percent annually, contrasted with 7-percent growth for Internet transactions.

Today’s competitive online environment grants endless options to these coveted customers. So rather than appealing to rich patrons with luxe merchandise at steep price points, e-commerce stores should offer various quality items with enhanced perceived values at fair rates. Standout vendors’ high-conversion websites ensure user-friendly 24/7/365 services, abilities, policies, and payments.