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BizReport : Social Marketing : February 12, 2012

Over half of shoppers wary of sharing credit card info via socnets

Social networks users may be keen to share their photos and keep friends informed of their latest movements but when it comes to sharing their credit card details they're not so keen, according to a new survey from digital marketing company Digitas.

by Helen Leggatt

logo_digitas.jpgThe online survey, conducted by Harris Interactive in January, questioned over 2,000 consumers as to their attitude towards making purchases via Facebook.

The results indicate that retailers planning to do business via the social network must do more to tackle security concerns. Over half (55%) of social media users surveyed said they were "not comfortable" sharing their credit card information via the likes of Facebook. The remaining 45% were "at least somewhat comfortable".

Survey respondents with a household income of $35,000 or more (50%) are more likely to share their credit card info on a social network than those making less than $35,000 (38%), suggests the data. Furthermore, social media users age 18-54 (49%) are significantly more likely to share than those age 55 and over (35%).

Men were found to be more likely to give their credit card details to brands on a social network than females - 51% vs. 40%.

So, what do social media users think about the use of virtual currency to make purchases? According to the survey there's little interest in this route with nearly three-quarters (74%) saying they wouldn't use the likes of Bitcoin or Facebook Credits to pay for a purchase.

"Throughout 2011, we saw social marketing and social commerce connect consumers in new ways with sellers, services, vendors and brands," said Beth McCabe, VP, Social Marketing & Technology and social commerce expert of the Social Marketing Practice at Digitas.

"As we enter into the next phase of social commerce, the survey findings show social networks must address security concerns. The results also show that brands and retailers should focus more of their social commerce efforts on male social media users and connect with them via mobile devices - the primary connection point to consumers in the post-PC digital era - as they move their strategies even deeper into their consumers' graphs."

An infographic of the complete Digitas findings can be viewed here.

Tags: consumer insight, credit card, ecommerce, online security, online shopping, social commerce, social media, social networks

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  • I love the way card issuer are using social media these days.  They are all looking for ways to give us incentives to use their cards and I have nothing against that.  I understand that there is the risk of getting people who lack self-restraint to overspend by making card use more attractive, but that is always a possibility and not a good enough reason to interfere.  F

  • Samuel Walter

    Given that 3/4 of the 74% of users who said they were uncomfortable using Bitcoin have no concept of what Bitcoin is, how it functions, or how it's virtually bulletproof in terms of fraud and subversion, I'd say your results are meaningless. Bitcoin is currently trading at $5.80USD holding steady. And forecasts expect it to climb to the $8-$10USD range by the end of summer. It is a stable, thriving currency and digital economy. Despite some early black-eyes caused NOT by the Bitcoin network, but sloppy implementation by third parties (along with poisonous comments by the ill-informed Sen Chuck Schumer) Bitcoin did have a period of rough waters, but for the most part, its trading value has stabilized and more and more merchants and services are springing up that accept Bitcoin. What is needed now is an interface that is friendly to to the masses, increased marketing, and systems which allow both merchant and consumer to more easily adopt this revolutionary force in the global economy.



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