According to the “5th Annual Online Retail Payments Forecast 2012-2017” report by Javelin Strategy & Research, e-commerce merchants have seen a series of significant and positive changes including increases in average order value across all payment types. Moreover, Javelin’s research shows an increasing reliance on online alternative payments methods, especially credit services such as Bill Me Later, as well as an increasing reliance on mobile devices.
Data points out that almost one out of every fifteen online purchases now originate from a mobile device, as this channel has experienced rapid adoption throughout the online retail sector. Use of alternative payments methods is also continuing to evolve and is being propelled by the online credit service Bill Me Later, which has grown from just 1 percent of consumers using the service in 2010 to 21 percent of consumers in 2012. While credit cards are still the go-to payment option for larger transactions, the average purchase amount using online credit service Bill Me Later experienced one of the largest increases in 2012.
The report is based on data collected online by Javelin from 3,000 consumers and also uses key secondary data from public sources to develop a forecast for online spending trends through 2017. The report also includes a detailed profile of PayPal’s Price Matching program.
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