Understanding online behavior of customers
Metrics based analysis of customer’s online buying patterns was recently conducted that has been ongoing for over a decade. Around 2005 these three factors came into perspective
· Security fears of transaction
· lack of faith
· online experiences
In 2015 the three factors have evolved into
· security fears still persist
· faith is increasing but in not all-pervading
· online experience has improved exponentially
The three S’s of online transactional behavior
The common thread associated with the study then and now is the payment service provider being the backbone for most online-shopping. A key metric is security that has been addressed by leading payment service providers such as Hong Kong’s Payment Asia. In 2006 they bought a security software company that has now become the flagship of paymentasia’s secure transaction mantra.
In a recent paymentasia review it became known that experience factor is a key driver behind most shopping portals associated with this payment service provider. A shopping portal can provide the best of goods and shipping services but if the payment experience is not swift, secure and satisfactory then both the shopping portal as well as the payment service provider fails. The Internet is a viscous master. You fail once never to be heard from again. There are no second chances.
The study has couched the behavior patterns in jargon associated language termed as “ transaction cost theory”. To put it simply it means that although the metric is quantifiable there is a lot more to it than just lowering actual cost. It is the cost of experience plus the minimum cost that is going to affect the efficacy of “transaction cost theory”. The KIS principle applies at its best; keeping it simple means- back to 3S — safe, swift and satisfying — add a fourth S to the mix is sincerity. Payment Asia reviews are full of such anecdotal trivia making it a social media portal worth a look.