Consumer behavior – and what they expect from brands – has changed dramatically over the past two years. In fact, there have been dire circumstances that have affected the needs and behaviors of consumers. This disruption has turned out to be more of an accelerator for a reason.
To learn more about the impact of changes in consumer behavior, digital payments platform PayPal has shared the results of a recent survey conducted with research company ACA on Spanish consumers and companies. The study was developed during the months of June and July this year. According to the said survey, these are some of the most notable trends among Spanish consumers:
Consumers demand hassle free checkout experience:
- The main obstacles to online shopping are Concerns about security in payment processing (58% of respondents) and a lengthy and confusing checkout process (47%).
- 46% of Spanish participants declare that the Internet is a major factor in making purchases that the seller offers your preferred payment typefollowed by 35% who highlighted this Speed up payment processing,
- 62% of Spanish consumers have stopped shopping on the Internet at some point, Not being able to pay with your preferred payment method (30%) and concerns about the security of operations (31%) are the main reasons for abandoning purchases.
- 32% of Spanish shoppers said PayPal was their preferred payment option, followed by debit cards (25%) and credit cards (18%).
,The habits adopted over the years have changed what people want from the shopping experience. In a way, it all boils down to one thing: comfort. Buyers don’t think about online, personal or mobile. The perception of comfort becomes an important factor in the overall customer experience. For buyers, it’s all about the speed and simplicity of finding what they need and getting it quickly and seamlessly, whether it’s fast delivery or simply finding products that are in stock.“, They say Beatriz Jimenez, director of PayPal Iberia.
,In 2022, brand loyalty is fading away and the same old customer is no longer guaranteed. Customer experience is quickly becoming something that merchants are keeping on their radar: looking at the next two years, 29% of merchants want to implement new payment technologies and 28% want to implement an integrated e-commerce platform“, add.
1. Resilience in times of volatility
Nearly half (44%) of consumers will abandon their purchase process if the “buy now, pay later” option is not available
2, a figure that rose to 49% in the case of millennials and generation Z,
Almost a year after the launch of PayPal’s “Buy Now, Pay Later” solution in Spain for “pay in 3 installments”, this trend remains strong: 72% of users of BNPL solutions are looking to re-purchase in business. more likely if it offers this financing option2,
3. Social Media Trading
37%1 Consumers have made a purchase on the social network in the past 6 months, and 11% say they do so weekly. The main categories of products that Spaniards buy on social networks are clothing and accessories (35%), health and beauty products (28%) and online games (25%).1, Following this trend, more and more Spanish businesses are joining social commerce: 69% of Spanish businesses that sell online do so through social networks.
4. Cross Border Trade
Nowadays, thanks to online commerce, all businesses, even the smallest businesses, can reach customers from all over the world., According to internal data from PayPal, the most popular verticals among small and medium-sized businesses sold internationally during the first quarter of 2022 were electronics, fashion, education, cosmetics and sports equipment.
5. Business with Purpose
Technology can play an important role in creating a more inclusive, resilient and fair financial system. An example of this is that, since PayPal allowed for Ukrainian customers to send and receive payments between friends and family, between people (P2P), through the PayPal app to support Ukrainian people and families. Over $280 million has been sent. In fact, Spain is the ninth European country with the most donations to Ukraine via PayPal.