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CINCINNATI, Nov. 4, 2015 – With Christmas and holiday decorations already in the stores many people are compiling their shopping list for the holiday gift buying season. With that in mind, Vantiv conducted a survey with Socratic Technologies to see how shoppers are using their smartphones to buy in 2015. Socratic Technologies surveyed 500 consumers about how they gather information and if they purchase goods with their phones.
Respondents told us they picked the app based on the stores they liked and frequented the most, with these apps being the most popular:
- 43 percent downloaded a retailer shopping app
- 47 percent use an app from a discount retailer
- 46 percent have a restaurant app
Consumers told us they commonly use these apps to retrieve coupons or deals, (55 percent) or to compare prices (43 percent). Those surveyed found the apps Shop Savvy, Price Grabber, Red Lazer and Shop Advisor the top selections to comparison shop. Half of those who responded have the Amazon app on their smartphones, which they told us they have used to comparison shop while in the store.
While consumers have shopping apps on their phones the majority do not seem to trust the apps with their payment card information. Less than half (45 percent) have actually entered their credit or debit card information to make a purchase through an app. Instead consumers told us they don’t want the app to hold their card information at all.
"Vantiv ShopTalk highlights the growing shift towards native applications and online websites for consumer spending, but also indicates that hesitation towards storing credit card information in these apps persists," said Jeff Courcelle, vice president of user experience and design, product development at Vantiv. "Merchants with native shopping applications and/or ecommerce websites need to focus on delivering an experience that makes their customers feel secure throughout their shopping and checkout activities. This can simultaneously engender trust as well as streamline the checkout process. We feel this is a natural growing progression in the online shopping experience."
So if they aren’t buying on the app, are they purchasing on their smartphone? Vantiv ShopTalk found PayPal is a popular choice to close the sale, with 64 percent of consumers reporting using PayPal when making a purchase through an app. Others use ApplePay, which the survey shows is making a dent in mobile with 20 percent of the responders saying they have used in-app payments on Apple Pay during the first year it was available.
Next month Vantiv ShopTalk will look at card usage and the impact of EMV.
About Socratic Technologies, Inc.
Socratic Technologies, Inc. is a leader in the science of computer-based and interactive research methods. Founded in 1994 and headquartered in San Francisco, it is a research-based consultancy that builds proprietary, interactive tools that accelerate and improve research methods for the study of global markets. Socratic Technologies specializes in product development, brand articulation and advertising research for the business-to-business and consumer products sectors. www.sotech.com.
ABOUT VANTIV, INC.
Vantiv, Inc. (NYSE: VNTV) is a leading payment processor differentiated by an integrated technology platform. Vantiv offers a comprehensive suite of traditional and innovative payment processing and technology solutions to merchants and financial institutions of all sizes, enabling them to address their payment processing needs through a single provider. We build strong relationships with our customers, helping them become more efficient, more secure and more successful. Vantiv is the second largest merchant acquirer and the largest PIN debit acquirer based on number of transactions in the U.S. The company's growth strategy includes expanding further into high-growth channels and verticals, including integrated payments, ecommerce, and merchant bank.
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