PayPal survey sheds lights on Singapore online shoppers’ biggest concerns
While local online shoppers worry most about online security, the majority have not had encounters with fraud or cybercrime
SINGAPORE – With the local eCommerce market in Singapore set to grow to SGD$4.4 billion by 2015, PayPal today unveiled its latest survey insights into the latest trends and concerns around online shopping in Singapore. The results of the survey showed that while online shopping has taken off in Singapore, there continue to be concerns around online security, and a strong demand for reputable and trusted online payment methods.
Online and mobile shopping gaining momentum
The survey of more than 1,000 Singapore adults underscores how online shopping is becoming more popular in Singapore, with key results showing:
· 78% of respondents shop online at least once a month.
· Shopping online on mobile devices such as smartphones or tablets is becoming a preferred way to shop, with more to half of respondents (55%) shopping on these devices at least once a month.
· More than half (66%) had spent over SGD$100 shopping online over the last three months.
Online security still a big concern Despite the growing preference for online shopping amongst respondents, the survey uncovered a high level of concern relating to online shopping security. The top concerns when making online shopping purchases were:
· Financial details being stolen by cybercriminals and falling victim to fraud (57%)
· Having to share credit card details with a website not visited before (20%)
· Not getting what was ordered (11%)
· Receiving damaged goods (7%)
However, while online security was a top concern for more than half the respondents, less than a tenth (9%) had actually encountered any form of fraudulent activity when shopping online. Most respondents identified with not having received their items or receiving damaged physical goods after purchasing them online (36%).
Greater concerns when shopping cross-borderThe survey found that although cross-border shopping was becoming increasingly popular, respondents had more concerns about security when it came to shopping from overseas websites:
· Over half of respondents (55%) indicated that more than 25% of their online shopping was done internationally.
· 89% of respondents indicated that they would be more concerned about online risks when shopping from overseas websites compared to from local sites.
· More respondents felt safe purchasing digital goods (62%) online compared to physical goods (54%).
Giving consumers peace of mindThe survey found that what would make shoppers feel safer about shopping online, particularly when transacting with overseas websites, was a greater assurance of protection. Some of the top factors that would make consumers feel safer shopping online were:
· Using reputable and trusted payment methods (69%)
· Positive feedback on merchant online and on social media (66%)
· Having policies that protect customers in the event of unauthorised transactions, damaged or undelivered products (61%)
· Not having to disclose credit card details to the merchant/website (52%)
In addition, as an indication of its impact on consumer confidence, PayPal was ranked as a top way to pay online. Close to half of respondents (43%) selected PayPal as their preferred payment method.
“It is interesting to see that while majority of online shoppers in Singapore have not encountered fraud, there remains a deep concern about becoming a victim of cybercrime. This is something we must address so that online shoppers do not need to hold back on making purchases online due to security fears, which stifles the potential for eCommerce to grow. As a globally-trusted online payments platform that is accepted in 203 markets around the world, PayPal is committed to providing consumers with the protection, convenience and choice of being able to shop the world anytime and anywhere. The results also present a great opportunity for merchants to partner with us in order to establish trust with their customers and provide much needed peace of mind,” said Rahul Shinghal, Country Manager for Southeast Asia, PayPal.
Security is PayPal’s top priority. PayPal enables consumers to make safer online payments by not sharing its users’ financial details with merchants or any third parties. This way, PayPal helps consumers limit their ‘digital footprint’ and the trail of personal and financial information they leave behind. Consumer data is stored securely in the cloud and PayPal uses advanced technology for fraud detection. In addition to protecting personal and financial information, PayPal’s Buyer Protection policy helps protect online shoppers if they do not receive an eligible item they have purchased from websites that accept PayPal, or if they receive an eligible item which is significantly different than described on the website.
To learn more about PayPal’s Buyer Protection and mid-year online shopping offers, please visit http://www.paypal.com.my/buyerprotection
By following a few simple tips from PayPal, consumers can achieve greater security and better peace of mind:
· No ‘s’ after http? Stop right there!
A https at the beginning of an URL means it’s a lot more secure. Never enter your financial information on a website’s checkout page without it!
· Don’t fall for scams!
Getting emails with holiday bargains that sound too good to be true? They probably are. Do not click on links in suspicious emails, and do not give out your personal and financial details over email, ever.
· Use reputable apps!
Shopping on your mobile? Only download apps from companies you trust, and check reviews. Do not ruin your festive mood by accidentally installing an app with malware designed to steal your financial data!
· Apps and browser updated?
Whichever app or browser you’re buying from, always check that you have the latest version installed to ensure your security protection is up-to-date.
· Which sites are safe?
If you are shopping with a new website you are unfamiliar with, just do an online search. A quick scan of reviews and recommendations from other shoppers will give you good idea of how trustworthy the site really is. It’s also good to exercise a good amount of common sense, especially for bargains that sound too good to be true.
With these tips, shoppers can safely shop the world online and take advantage of exclusive deals with PayPal, including:
- Free shipping and 10% off at FABRIXSQUARE
- Free shipping at Korea Depart
- 6% off at Reebonz
- 5% off at Creation Watches
- 55% off and free gifts at Tiny Deal
For additional details on these and other deals online, you can visit: https://www.paypal.com/sg/webapps/mpp/paypal-buyer-protection