Consumer Survey Identifies Direct Correlation between Online Banking and Online Shopping PDF Print E-mail
MODASolutions has announced the results of a new consumer eCommerce survey which investigates the relationship between online bill payers and online shoppers. J.C. Williams Group, a global retail consulting firm, was commissioned by MODASolutions to conduct the survey and analyze the implications for the industry.

The survey revealed a compelling connection between heavy eCommerce shoppers and online banking users; heavy online banking users spend an additional 34 percent more when shopping online. This dramatic increase in eCommerce spending validates MODASolutions' online banking payment solution, eBillme(TM), as a key driver to increasing sales and customer acquisition for merchants.

Further survey results revealed:

  • 80 percent of respondents indicated that the availability of "a safe and secure online payment option" was the most important factor when shopping online.
  • 76 percent expressed interest in alternative payment methods that allow them to pay for eCommerce purchases through their online bank accounts.
  • The total eCommerce average amount spent among those engaged in online banking in the previous six months was $1,060, approximately double the industry norms ($488) from a previous national survey conducted by J.C. Williams Group. In addition, heavy bill payers spent an additional 34 percent more over the same time period versus the study average ($1,423).
  • Finally, 50 percent of the U.S. online buyer population made at least one online bill payment in the previous six months at their primary financial institution or bill payment portal.

Merchants can realize the benefits of eBillme and this lucrative consumer segment immediately after integration. MODASolutions continually conducts its own consumer surveys and research, and has uncovered results consistent with those of the J.C. Williams Group Study based on empirical data.

 
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