The latest Mastercard Online Shopping Survey has pointed out that 47.2% of Singapore consumers, or more than two in five, do not feel secure shopping online.
Payment security and convenience are still the top two primary concerns of Singapore consumers when shopping online, the survey pointed out. It revealed that around nearly nine in 10 consumers want more secure payment facilities and convenient ways to make a purchase. Meanwhile, 86% of consumers also regard the reputation of the website, as well as prices and delivery fees as a major concern.
The results of the survey came as online activity has gained traction, up 75.4% in 2016 compared to 67.3% three years ago.
Findings from the study indicated that nearly all 18-24 year-olds in Singapore have already made an online purchase in the last three months.
Mastercard Singapore Country Manager, Deborah Heng, said consumers in Singapore have a strong appetite for online shopping and enhanced security and convenience is absolutely vital when making their purchase decisions.
"We understand that consumers have very high expectations when it comes to their online payment experiences and we are committed to working with global retail partners, local SMEs, banks and other industry stakeholders to develop innovative, seamless and convenient payment solutions," she said, according to a statement by Mastercard.
In the Asia Pacific region, the trend in online shopping is also apparent, with South Korea, India, Japan, Vietnam, and China following Singapore in terms of consumers having made online purchases.
In terms of security, only 53% of consumers in the region feel safe when shopping online. Consumers in Vietnam, South Korea, and Hong Kong are more wary of online shopping security.
When choosing where to shop online, 36.1% of consumers in Asia Pacific rely on word of mouth recommendations from friends and family. Around 27% depend on social media sites, whilst 17.5% rely on traditional and online media sources.