HONG KONG, 18 November 2015: With online shopping becoming mainstream, 64% of Hong Kong consumers cite quality of products and services as their utmost concern when it comes to making purchases online, according to Visa’s 2015 eCommerce Consumer Monitor Survey.
However, costs and payment security were also citied, after quality, as barriers to electronic commerce. The cost factor refers to high shipping costs, or hidden charges/taxes (59% of those surveyed) and payment security (53%).
The survey found that nearly half (47%) of all shoppers in Hong Kong begin shopping online in one of four categories including bill payments, movies, travel and fashion.
Most online buyers purchase in multiple categories – 42% buy online in more than five categories and consumers buy online in 5.2 categories on average a year.
Consumers always make a number of ‘investigative steps’ before buying, however, Hongkongers said that their most recent online purchase was bought on impulse, particular in fashion and food delivery (for 36% of online purchasers), which is the highest compared to all other markets examined in the Survey.
There has been shift towards using mobile devices for eCommerce since 2014. Desktop/laptops are the preferred device for both browsing and online purchasing (62%), but nearly one-third of consumers prefer to use a smartphone for online purchasing – 30% say that a smartphone is their preferred device for online purchases, and 8% of online shoppers prefer to use a tablet.
Visa Hong Kong and Macau, country manager, Caroline Ada said: “As familiarity of eCommerce develops and online shoppers are being more mature, we are seeing payment security concerns diminish, especially as payment security innovation and protections continue to evolve to meet consumer needs.”
“Visa is committed to delivering eCommerce and digital payment solutions to consumers that provide convenience without compromising on security.”
Visa has integrated token technology into Visa Checkout, an online check out service used by merchants and consumers globally to make safe, easy payments in just a few clicks. Visa is working with merchants to apply token technology to “cards-on-file.” These are customer card account numbers that merchants store in their systems to facilitate repeat payments such as monthly subscriptions or billing services.
Tokenisation, replaces sensitive account information, such as the 16-digital account number, with a unique digital identifier called a “token” that can be used for payment without exposing the actual account details that could potentially be compromised. Tokenisation hides consumers’ confidential account information during digital transactions, making digital payments more secure for everyone, everywhere.
To learn more about Tokenisation, download the Visa Tokenisation White Paper published on its website – http://visa.com.hk/en_HK/aboutvisa/research/tokenisationwhitepaper.shtml.