eCommerce Spending Becomes “The New Norm”

By Pete Rizzo (@pete_rizzo_) 

Released on October 10, new data from Visa and GfK has revealed that eCommerce sales on its electronic payments network have passed $1 billion on 188 days over the first nine months, or 271 days, of this year.

The result, according to the study, is that $1 billion eCommerce days have become “the new norm” at its business.

“That growth in mobile shopping is continuing to help drive online sales, pushing Visa to process 16 percent more online transactions in the first nine months of 2013, compared to the same period last year,” wrote Sam Shrauger in a company blog post.

Visa and GfK’s latest survey, entitled “The Way We Pay: e- and mCommerce Trends” surveyed more than 1,000 U.S. adults to uncover further insights into how the rise of online and mobile buying are reshaping consumer spending.

What did it reveal about showrooming, digital wallets and cash use in America? We go behind the numbers in this PYMNTS.com Data Point.

Consumers Want Mobile Solutions

The Visa study revealed that U.S. consumers are increasingly open to mobile payment solutions at particular locations and for certain services. For example, 30 percent of respondents said they would be open to paying for public transportation with a mobile option. 

A closer look at this graph shows that consumers are increasingly open to all types of transportation-related payments, and that these services may be the key to spurring mobile adoption in the U.S.

Men And Women Are Carrying Less Cash

The survey found that 40 percent of survey respondents reported that they carry less than $20 in their wallet. An additional 26 percent said they generally hold between $20 and $50 in cash.

Men were significantly more likely to carry $100 or more in their wallets. Twenty-one percent of men reported this habit, compared to 5 percent of women. Women were more likely to report holding less than $10 in their wallets (30 percent) than men (16 percent).

Consumers Are Moving Away From Showrooming

The report also delved into the topic of consumer showrooming to unearth promising statistics for U.S. retailers. Of the respondents, the majority – 53 percent – said they never go into a retail store to test a product before buying online or via mobile.

Thirty-eight percent of consumers admitted to the practice either once a year or once a month.

The findings add depth to recent reports that have found retailers are becoming more effective at convincing customers to convert. For more on how U.S. retailers are preparing to fight showrooming this holiday season, read “eMarketer: Retailers Are Prepared For Showrooming This Holiday Season.”