Riyadh, Kingdom of Saudi Arabia, 25 October 2021: Over a third (41%) of Saudi consumers would rather switch retailers or shop on another site than wait if there were delays in completing their online purchase while nearly one in three consumers (32%) said they would not complete a purchase at a store that did not offer contactless payment options via Near-Field Communication, according to the 2021 Stay Secure survey released by Saudi Payments, owned by the Saudi Central Bank, and world leader in digital payments, Visa as part of their annual Stay Secure consumer education campaign.
The survey indicates that Saudi consumers have become increasingly savvy about paying digitally, and their expectations for both in-store and eCommerce payment experiences have skyrocketed. When shopping online, one in two consumers (52%) abandon their shopping cart if they experience a delay or authentication error.
eCommerce sites that offer customer reviews (49%), have logos of payment providers (43%), offer payment options in local currency (42%), provide a variety of payment options (42%), and seamless refunds (38%) performed better in building high levels of consumer trust.
As consumers are now more aware of the underlying security technology that protects their digital payments, more than half (51%) are also more open to storing their card information on merchant sites if this helps to improve or speed up their shopping experience. The survey also showed that close to half of consumers surveyed (48%) do not intend to slow down their online shopping habit, while 41% said they are shopping less in stores despite the easing of lockdown restrictions.
Ali Bailoun, General Manager for Saudi Arabia at Visa, commented, "Consumers in Saudi Arabia are very savvy and will not settle for a shopping experience that does not match their expectations. Merchants need to recognize this and our survey provides them actionable insights that can help them combat fraud and ensure consumers feel safe when transacting with them. The 2021 Stay Secure survey also outlines steps merchants can take to improve the shopping experience both online and in-store. We are pleased to be able to share the results of this survey as part of our ongoing education efforts with Saudi Payments and to help support local merchants’ recovery needs and their digital transformation.”
Consumers surveyed said they feel safe shopping on merchant sites that provide customer reviews, a seamless refund experience and offer a variety of payment options. Logos of payment providers and visible security features like ‘lock’ icon and SSL certificate also helped consumers know a merchant site was secure.
The survey corresponds with the launch of Visa's fourth annual "Stay Secure" social media campaign on Facebook (@VisaMiddleEast, @mada) in partnership with Saudi Payments. The campaign reinforces safe digital payment practices and reminds consumers on how they can protect personal data even as they enjoy the benefits and convenience of eCommerce and contactless payments. The Saudi Arabia Stay Secure webpage also includes fraud prevention tips for consumers and information on security features of digital payments.