In the spring of this year, MODASolutions, the company behind the eBillme payment option, commissioned leading retail consultants, JC Williams Group, to conduct a study of eCommerce shoppers. The result of this independent market assessment identified a lucrative and untapped consumer segment. The focus of this study was to understand key commonalities and the intersection between the people who are online shopping and online banking – who are they, and what are their behaviors and attitudes.
One major finding was that half of the online shopping population in the US is made up of active online bankers. What’s more, consumers who shop online and bank online spend 117 percent more than the average online shopper. The amounts spent for total online shopping over the past 6 months revealed that across all age groups, these consumers are spending a great deal. This staggering increase in spending is a clear indicator that online banking consumers are a highly sought after demographic for any merchant looking to increase sales and reach new consumers.
Leveraging the impressive growth of online banking and online bill payment is a critical step in capturing this lucrative market segment. The ability to take advantage of the online bill payment infrastructure stems from the reliability, robustness, scalability, and the critical mass of consumers who use it.
eBillme provides the bridge between consumers, merchants and online banking. It enables consumers to shop on the web or through call centers, and pay conveniently through their trusted banking portals. To consumers, the functionality is familiar, since they already pay bills online, and they do not need to setup a new account or fill out any application forms. eBillme works at any bank, credit union, or online bill pay portal that offers online bill payment, making eBillme available at over 13,000 financial institutions.
Download the complete version in .PDF: Untapped Opportunities for eCommerce - The Online Banker
