Study: online shoppers are also online bankers

A recent study commissioned by Moda Solutions indicates a direct link between users who shop online and bank online. According to the study, those who utilize online banking platforms are 34% more likely to shop online.

by Kristina Knight

Jim Okamura, Senior Partner of J.C. Williams Group, which conducted the study, said that consumers are fast realizing the benefits of online banking (security, convenience and speed) are very similar to the benefits of online shopping. “Consumers are now comfortable and tech savvy enough to shop online in addition to paying bills and transferring funds," he said. "And as more consumers regularly engage in both online banking and eCommerce, we expect this intersection to continue growing with profitable results.”

Other interesting findings from the study are that 76% of respondents said they wanted alternatives for paying their online shopping bills and that online banking users spent between $1,060 and $1,423 over the study time period. The study also revealed that 50% of online shoppers paid at least one bill online in the six months leading up to the study.

Online marketers and etailers can take advantage of this trend by employing some of the same tactics that online bankers employ. Offering alternative bill paying solutions and offering secured checkouts are a good place to begin.