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.
This is according to the findings of a recent PayPal survey. Polling more than 1,000 Singaporean adults, the survey aimed to find out the latest trends and concerns around online shopping in Singapore.
Essentially, the survey revealed that online shopping is becoming more popular in Singapore, with a significant 78 percent shopping online at least once a month. In fact, more than half of them (66 percent) had spent over S$100 on online shopping within the last three months.
In addition, the survey revealed a trend whereby more Singaporeans are doing their online shopping on mobile devices such as smartphones and tablets, with 55 percent of them doing mobile shopping at least once a month.
Online security still a big concern
Despite the increasing popularity of online shopping, the survey uncovered a high level of concern relating to online shopping security.
Respondents revealed that their biggest concern when making online shopping purchases is having their financial details stolen by cybercriminals and falling victim to fraud (57 percent). Other concerns include having to share credit card details with a never-before-visited website (20 percent), not getting what was ordered (11 percent), and receiving damaged goods (7 percent).
While online security is noted to be a top concern for the majority of respondents, only a mere nine percent had actually encountered any form of fraudulent activity when shopping online. However, a substantial number of respondents (36 percent) identified with receiving damaged goods, or not receiving them at all.
Additionally, the survey highlighted that online shopping security concerns are amplified when it comes to shopping on overseas websites as compared to local sites (89 percent). More respondents also expressed that they felt safer purchasing digital goods (62 percent) online as compared to physical goods (54 percent).
Giving consumers peace of mind
According to the survey, a greater assurance of protection will make them feel safer about online shopping.
Key factors that would make consumers feel safer shopping are: using reputable and trusted payment methods (69 percent), positive feedback on merchant online and on social media (66 percent), having policies that protect customers in the event of unauthorised transactions, damaged or undelivered products (61 percent), and not having to disclose credit card details to the merchant or website (52 percent).
With regard to reliable payment methods-which is the biggest factor-almost half of the respondents (43 percent) agree that PayPal is the top online payment method.
According to PayPal, security is the company's utmost priority. PayPal enables 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.