Around 44% consumers switch retailers for delay in online buying: Visa survey

Staff Reporter BOL News

29th Sep, 2021. 10:46 am
Online shopping scam

Online shopping scam

KARACHI: More than two-fifths (44 per cent) of Pakistani consumers would rather switch retailers or shop in-store than wait if there were delays in completing their online purchase, according to the 2021 Stay Secure survey released by the world leader in digital payments, Visa, as part of its Stay Secure consumer education campaign in Pakistan, a statement said.

The survey indicates that as Pakistani consumers have become increasingly savvy about paying digitally their expectations for both in-store and e-Commerce payment experiences have skyrocketed.

Four in 10 consumers said they would not complete a purchase at a store that did not offer contactless payment options. When shopping online, close to half (47 per cent) of the consumers surveyed will drop the idea of purchasing the product for the time being if they experience a delay or authentication error.

e-Commerce sites that offer seamless refunds (40 per cent), payment options in local currency (35 per cent), customer reviews (35 per cent), chatbot (34 per cent) and logos of payment providers (34 per cent), offer personalised shopping experience through artificial intelligence (AI) (33 per cent), and a variety of payment options (31 per cent) performed better in building high levels of consumer trust.

As consumer awareness of underlying security technology protecting digital payments has increased, close to three in five consumers (58 per cent) feel secure about storing their card information on merchant sites if this helps to improve or speed up their shopping experience.

The survey also showed that over a third of the consumers (40 per cent) continue to shop online with no signs of slowing down, while 43 per cent said they increased their in-store shopping with the easing of lockdown restrictions.

Kamil Khan, Visa’s country manager for Pakistan, said: “Consumers in Pakistan are very savvy and will not settle for a shopping experience that does not match their expectations. Merchants need to recognise this and our survey provides them actionable insights that can help them combat fraud and ensure consumers feel safe when transacting with them.”

“The 2021 Stay Secure survey also outlines steps merchants can take to improve the shopping experience both online and in-store. We are pleased to be able to share the results of this survey as part of our education efforts and help support local merchants’ recovery needs and their digital transformation.”

The consumers surveyed said they feel safe shopping on merchant sites that provide customer reviews, a seamless refund experience and offer a variety of payment options.

Logos of payment providers and visible security features such as ‘lock’ icon and SSL certificate also helped the consumers know a merchant site was secure.

The merchants looking to provide an enhanced online experience for their customers can leverage solutions like Visa Secure to make online payments more secure and seamless, and to speed up authentication.

The Visa Secure uses the latest EMV 3-D Secure (3DS) specifications, which uses fraud detection intelligence working behind the scenes to verify cardholder identity and block unauthorised transactions.

The survey corresponds with the launch of Visa’s third annual “Stay Secure” social media campaign on Facebook (@VisaMiddleEast).

The campaign reinforces safe digital payment practices and reminds consumers on how they can protect personal data even as they enjoy the benefits and convenience of e-Commerce and contactless payments.

The Pakistan Stay Secure webpage also includes fraud prevention tips for the consumers and information on security features of digital payments.

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