Cofidis carried out an exclusive survey of 10,000 European consumers* in order to observe different payment habits and measure the appeal of both new purchasing methods and payment facilities. Here are the main insights.
1. The bank card remains king even if new payment methods emerge!
The bank card is deeply anchored in purchasing habits, whether in store or online: nearly 9 out of 10 Europeans (87%) use it regularly at points of sale and 81% say they This is their preferred online payment method. However, cash payment is still practiced by 75% of those surveyed and particularly in Germany with 90% regular users.
2. An intensifying dematerialization of payments
Payment by smartphone is gaining ground, particularly among those under 35 (58% vs. 46% for the entire population), many of whom have made it a reflex. A phenomenon which has also gained ground in the Nordic countries since the rates rise to 57% and 54% respectively for Sweden and Denmark. These countries are also ahead in the adoption of electronic wallets: 70% and 62% vs. 43% on the European average. There remains QR code payments among merchants, which are still not very widespread (33%), but 20% of those questioned said they were interested in this solution.
3. Split payment is gradually becoming established
Furthermore, many consumers now expect to benefit from split or deferred payment when making their purchases. 45% of them are even likely to react negatively in the absence of easy payment, in particular by abandoning their cart, purchasing a cheaper product or even going to the competition . Consumers questioned in the ten countries of the survey then mainly use payment in 3 or 4 installments for one-off purchases and in particular household appliances (49%) and tech or high-tech products (43%). Spreading over several months appears to be a solution to consider to better manage household cash flow. Home improvement (35%) and vacations (30%) come next in the ranking, highlighting here again the interest of split payment for projects of a certain amount but which are close to your heart! LFrance is also the country in Europe where split payment is most attractive, with the majority of purchases paid in 3 or 4 installments falling between €200 and €800 and a significant proportion of purchases between €401 and 800€.
Freedom, the search for flexibility and purchasing power are therefore the main motivations of consumers who opt for ease of payment even if the opposition is the strongest for long-term credit, particularly in France where 85% of Respondents are opposed to it in principle.
4. Everyone has their own motivations and preferences in terms of payment facilities: 4 main buyer profiles
From impulse purchases to reasoned consumption, from the need to have access to payment facilities to distrust of credit: payment preferences seem to vary depending on the socio-demographic profile and values of the customer. The study highlights four types of profile:
– The enthusiasts (15% of Europeans surveyed) distinguished by an insatiable thirst for purchasing and a great appetite for new technologies. With an average age of less than 35, 28% make online purchases at least once a week (vs. 15% for all respondents) and 32% make purchases in store. 87% like new things and change brands easily. They are particularly attracted by mobile payments (64%), the diversity of payment methods and ease of use.
– Followers (16%) live in a permanent tension between a desire to consume but significant budgetary constraints because they often have lower incomes than the average and belong to the CSP-. They therefore attach great importance to prices and are fans of payment facilities: 49% of them expect a merchant to offer a financing solution.
– Eco-responsible people (27%) are consumers concerned about their environmental impact, without forgetting their own pleasures. They therefore tend to buy only what is strictly necessary (91% vs. 80% for the average of respondents) and think more before finalizing their purchases. Their purchasing power is relatively high but they use payment facilities quite significantly: 37% have already used payment in installments in store, and 36% on the Internet.
– Finally, the sober distant (35%) favor controlled consumption and are wary of payment facilities. Older and cautious, they are more often inactive, with lower incomes and in fact, constitute occasional consumers, whether online or in store. Wary of debt, they prefer to pay cash.
Finally, note that more than half of European consumers (53%) want to be able to pay for their purchases at the point of sale, in one go or in several installments, directly from their banking application. There are therefore strong expectations for a single payment interface, particularly via mobile.
Find the complete infographic of the study!
* Study carried out by Cofidis Business Solutions in partnership with Harris Interactive.
Source: www.ecommercemag.fr
