GUEST BLOG: Kings of convenience

Louise Phelan, vice president of Global Operations, PayPal EMEA

Irish websites need to match their international counterparts when it comes to the level of choice on offer, believes PayPal’s Louise Phelan.

The world of shopping is undergoing massive change. Gone are the days when we queued for concert tickets in the pouring rain for hours on end, or viewed trips abroad as an excuse to visit our favourite shops.

Today, thanks to the internet, everything is at our fingertips. It has transformed how people shop and, increasingly, Irish consumers are choosing convenience by shopping online and on mobile. Nowadays, convenience is king.

Global research company, Ipsos, recently carried out extensive research on behalf of PayPal into the shopping habits of Irish online adults and the results were a real eye-opener.

The research found that online spending in Ireland grew to €4.3bn in 2015 – that’s a 23% increase on the previous year. This is expected to exceed the €5bn mark this year.

BUYING IRISH

Online commerce is a huge market bursting with opportunity, but unfortunately Irish shoppers are spending much of their cash abroad.

Some 86% of Irish online shoppers (1.9 million people) made overseas purchases in the past 12 months – making Ireland the world leader for international online spending.

Last year, that amounted to €1.8bn being spent on international websites. Why? Because the Irish market simply doesn’t offer the same level of choice as that offered on international websites.

This willingness to look overseas in search of better choice or bargains is reflective of a global trend. Digital technology has given consumers massive power; our demands have transformed how we get information, consume goods and how we shop.

Now, we have the ability to make purchases anywhere, any time and any way. It’s a huge business opportunity and Irish businesses and retailers must invest in their online presence to capitalise on a fast growing market, both at home and abroad. If they don’t, they will miss out.

Online commerce is a huge market bursting with opportunity, but unfortunately Irish shoppers are spending much of their cash abroad

GOING MOBILE

Much of the rapid growth in online spending is happening on mobile. It’s not just a trend; it’s the future. Right across the globe, smartphones and tablets are driving more and more revenue – and Ireland is no different.

Of the €4.3bn spent online last year, €1.4bn was through mobile shopping. By 2017, that will almost double to €2.7bn.

The ability to provide anytime, anywhere shopping is therefore essential for Irish businesses looking to capture a larger slice of the online action.

The fact that more Irish businesses aren’t tapping into this market is surprising. There’s a mobile revolution taking place and Irish companies must respond. Businesses should be building responsive websites with the consumer experience in mind – and that means not just incorporating mobile, but also embracing it.

FAST AND CONVENIENT

At PayPal, we make it as easy as possible for businesses to go mobile by providing on-the-go shoppers with a faster, simpler checkout experience, regardless of what device they are shopping on.

The fact is that people gravitate towards convenience. We’re living in a world in which people can meet their significant other with the swipe of a finger, or call a cab at the touch of a button. And they want their shopping experience to be just as easy.

Developments like fingerprint technology are making it easier and faster for consumers to complete transactions on their mobile devices. PayPal is working with a number of smartphone providers on initiatives that allow payments at your fingertips – literally.

Our vision is to continue to facilitate faster purchases; making it easier than ever to pay anytime, anywhere, and on any device.