There’s some interesting insight for brands on a recent US survey of social media users’ attitudes to using their credit cards on social networks.
Almost half (45%) of social media users would be at least somewhat comfortable giving their credit card information to a known brand through a secure payment process on a social media site such as Twitter or Facebook. Of these users, those that are male (51%) are more likely to give their credit card information to brands on a social network than females (40%).
Social media users with a household income of $35K+ (50%) indicate that they are more likely to give their credit card information than those making less than $35K (38%). In addition, social media users age 18-54 (49%) are significantly more likely to do so than those age 55+ (35%).
“Social commerce” is expected to grow rapidly over the coming years, and is predicted to be worth $30bn in 5 years, yet its growth will be dependent on users’ being comfortable that their transactions are secure.
Another factor that the survey reveals is that “Likes” and “Follows” do not necessarily influence purchasing decisions:
Three-quarters (75%) of social media users indicate that they agree that they would be more likely to purchase a product or service that a friend openly endorses (i.e., write about and/or make recommendation of) on a social media site, than one they just “like” or “follow.”
Virtual currencies are also not necessarily a great influencer:
Almost three-quarters (74%) of social media users indicate that, given the option, they wouldn’t use virtual currency, such as Bitcoin or Facebook Credits to pay for a purchase made on a social media site.
The infographic below gives a good summary of the survey findings (click for a larger version):
- Tips For Avoiding Card Fraud (June 21, 2016)
- PayPal Launch PayPal.Me To Help Send & Receive Money (September 1, 2015)
- Folio App: Save Small Amounts For Specific Goals (November 30, 2016)
- Price Tracking Site Launch: Be Notified When Price Drops (February 4, 2016)
- Avoid Online Shopping Fraud on Black Friday & Cyber Monday (November 22, 2016)