Pandemic online shopping shows no signs of slowing

Nine out of 10 consumers in the Asia-Pacific (APAC) have shopped online or in-app more than twice last year. A new study from checkout.com, a cloud-based global payments solutions provider, surveyed more than 12,000 consumers across APAC about views on digital payments and e-commerce. Majority spend more online since the pandemic and an increase of over four-fifths is expected. After reading a checkout.com report on payments optimization in APAC, I could not find the statistics on online buying and financial technology (fintech) adoption in the Philippines. However, my account on online shopping behavior reminds me of my experience.

Findings show 95 percent of consumers in APAC shop online, with 80 percent using some form of fintech app to manage finances. I am part of the 56 percent purchasing electronically. In a post-pandemic scenario, 88 percent of respondents are expected to sustain high-level spending. Around 48 percent buy more frequently, and 40 percent increase online hauls this year and beyond. Fifty-three percent utilize an app to send or receive remittances. Ease of using fintech apps is an advantage. Complicated payment process has daunted 33 percent from returning to a site or app. Removing friction from the payment process must be considered by traders.