Viewpoints

Visa’s Blog – Visa Viewpoints

PERSPECTIVES ON DIGITAL CURRENCY

Nov 12, 2013

shopping

Holiday Shoppers Prepare to Hit the Web

 

 

 

As consumers gear up for the holidays, it’s clear we’re in for another growth year in eCommerce.  According to new data from the Visa Spending Intentions survey, 87 percent of people plan to do at least some of their holiday shopping online this year, with 40 percent saying they will do half or more gift-buying online.  That’s good news for retailers, knowing that 72 percent of people also plan to spend more or the same amount of money on gifts this year, compared to last year.

In the first 10 months of 2013, eCommerce sales are up 17 percent from the same period last year, and Visa domestic eCommerce transactions exceeded one billion dollars on 211 days, an increase of 19 percent from 2012.

Other key findings from the Visa Spending Intentions survey include:

Electronic Payments are the Norm

  • 25 percent of respondents plan to use their mobile phone or tablet for holiday shopping this year, up from 22 percent last year
  • Credit and debit cards will be the primary form of payments through the holidays, with 56 percent of people planning to use their credit card and 30 percent to use a debit card

The Holidays are Big Business, for Big and Small Businesses

  • Almost 50 percent expect to spend between $301 and $800, while 14 percent plan to spend more than $800
  • More than 85 percent of consumers are as, or more, inclined to shop at a small business this year, compared to last year

Beat the Crowds, with a Tap of the Finger

  • Online holiday shopping has become the preferred way to shop for a number of reasons, including:
    • Fits my schedule better/Can shop anytime (67 percent)
    • Better prices online (61 percent)
    • Dislike battling crowds (54 percent)

Each year, millions of shoppers rely on Visa for holiday-related purchases, providing a near real-time view into consumer behavior. If you wish to receive regular updates throughout the holiday season, send an email to globalmedia@visa.com or follow ongoing updates at http://blog-visa.fhstage2.com.

* 2013 VisaNet Data

Survey Methodology:

This survey was conducted for Visa by Prosper Insights and Analytics via an online sample of over 4,600 U.S. consumers aged 18 and over.

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Posted by: Wayne Best, Chief Economist, Visa on November 12, 2013 at 7:00 am

Dec 18, 2012

Perspectives on eCommerce

Earlier today, we shared a look into the growth of U.S. consumer online shopping behavior during the holiday peak season (Nov. 1st – Dec. 16th). It’s no surprise that with the advent of tablets, mobile devices, the growing number of online merchants, and the widening adoption of new payment technologies, eCommerce remains Visa’s fastest growing commerce channel – and we don’t see that changing for a long time to come.

As eCommerce grows, consumers are looking for services that are designed to make online payments simple and secure, without all the hassles of entering bill-to, ship-to, and account information.  Visa understands that, and is helping to usher in this next generation of commerce with a digital wallet service called V.me by Visa.

In the following video, Jim McCarthy, global head of product for Visa, provides his thoughts on how eCommerce has evolved since its inception and the tools Visa is developing to improve the online shopping experience, for everyone.

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Posted by: Jennifer Schulz, Global Head of eCommerce on December 18, 2012 at 11:55 am

Dec 18, 2012

2012: The Year of the Cyber Holiday Season

Today, Visa reported that merchants made more than $50 billion in online sales from U.S. Visa accountholders from November 1 to December 16, 2012, up 16% from the same period in 2011. While Cyber Monday remained the busiest online sales day of the year – representing $2.1 billion in online sales from U.S. Visa accountholders – Visa’s network has seen seven days with more than $1 billion in online sales during the 2012 holiday season, making this what Visa is declaring the first official Cyber Holiday Season.

In fact, merchants have been increasingly benefiting from eCommerce throughout the holiday season for several years, spurred in part by offering free shipping and other deals well before Thanksgiving when consumers shop online. According to IHS Global Insight, overall U.S. holiday sales growth is expected to be 3.9%, with online sales growth at 17%, indicating that merchants’ online sales continue to outpace in-store purchases and represent a growing portion of all holiday sales.

In addition to facilitating eCommerce, our partnerships allow merchants of all sizes to better serve their customers and grow their businesses during the busiest time of the year. We’ve been doing it since the advent of online shopping and, today, more merchants accept Visa for online purchases than any other payment method (Source: comScore, December 2012).

Accepting Visa online enables even the smallest merchants to reach consumers regardless of their location or time zone, and can increase merchants’ sales, efficiency and security.  Additional benefits of acceptance include guaranteed payment, simplified accounting and the ability to take advantage of Visa’s innovative products and services – such as V.me and Visa Offers – which enable merchants to deliver a streamlined online checkout process and use SMS text messages to send tailored promotions to Visa account holders who have opted in, respectively.

Watch the video below to see Visa Chief Economist Wayne Best discuss eCommerce trends for the 2012 holiday season:

 

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Posted by: Jennifer Schulz, Global Head of eCommerce on December 18, 2012 at 6:35 am

Dec 11, 2012

The Mashable Innovation Index 2012 Winner’s Circle

Less than four weeks and more than 22 thousand votes since the Mashable Innovation Index competition kicked off, 15 winners have been crowned for their role in creating life-changing innovations.  Last month 15 handpicked industry experts were chosen to curate 15 innovative categories and nominate five “game-changers.”  Mashable readers were then asked to vote on their favorites, and the winners are being revealed today.

Nominees selected by Sree Sreenivasan, Chief Digital Officer of Columbia University

Nominees selected by Martha Stewart, Entrepreneur

Nominees selected by Lance Ulanoff, Editor-in-Chief of Mashable

Nominees selected by Stacy London, Host of What Not to Wear and Founder, Style for Hire

Nominees selected by Adam Braun, Founder of Pencils of Promise

Nominees selected by Jess Lee, CEO and Co-Founder of Polyvore

Nominees selected by Chris Hughes, Editor-in-Chief of The New Republic

Nominees selected by Lorena Garcia, Chef

Nominees selected by Alexandra Wilkis Wilson, Co-Founder of Gilt Groupe

Nominees selected by Jon M. Chu, Filmmaker and Founder of DS2DIO

Nominees selected by Rafat Ali, Founder of Skift

  • Winner in Travel: High-Tech Airports

Nominees selected by Brett Terpstra, Podcaster and Life Hacker

Nominees selected by Coco Rocha, Model

Nominees selected by Sarah Robb O’Hagan, President, Equinox

 Nominees selected by Jon Dube, GM of CBS Fantasy Sports

V.me by Visa and Mashable recognize 2012 has been an outstanding year for innovation.  These 15 winners are setting new technology trends, creating new products, changing the way people connect and communicate, and reinventing the way consumers shop and merchants do business.

We’re inspired by the level of innovation each winner represents, and we offer our congratulations to all the winners.

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Posted by: Ryan Donovan, Corporate Relations on December 11, 2012 at 1:56 pm

Dec 11, 2012

LivingSocial and Newegg.com are the Latest Merchants Live with V.me by Visa

Whether you’re celebrating the holidays with family, friends, or both, early eCommerce data is showing just how generous people are through the holidays. Consumers are spending more time—and money—online as more people log-on to do their holiday shopping to avoid crowds, save money and simplify the gift buying experience. This year, Visa is making it even easier by adding two more leading online retailers to our growing roster of V.me by Visa merchants and further eliminating the hassles of online shopping. 

Today, visitors to LivingSocial.com and Newegg.com can sign up for V.me, checkout with a few simple clicks, and say goodbye to having to enter their bill-to, ship-to and account information each time they make a purchase online.  For both adventure lovers looking to book New Year’s Eve plans or discover a weekend excursion, or tech-enthusiasts looking for holiday shopping deals or the latest gadget, LivingSocial and Newegg.com are sure to have the perfect gift.

With just two weeks to finish holiday shopping before Christmas, it’s important to be able to buy gifts quickly. V.me allows people to do just that, enabling checkout with just a few clicks of the mouse at any of the leading 25 eCommerce merchants using V.me.  Today’s news builds on the recent launch of V.me, where more than 50 financial institutions participated in the announcement, bringing the addressable base of cardholders to as many as 55 million.

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Posted by: Jennifer Schulz, Global Head of eCommerce on December 11, 2012 at 11:56 am

Nov 21, 2012

‘Tis the Season for Ringing Checkout Registers

It’s the time of year when retailers hope that you’ve made Santa’s “Nice” list, so there are lots of presents under the tree and all stockings are stuffed! So far, early indications suggest that the season will be jolly, keeping Santa and his reindeers’ travel schedules fully booked.

The National Retail Federation predicts holiday shopping will increase 4.1 percent to $586 billion this year. Additionally, this week Adobe predicted online sales on Cyber Monday would top $2 billion this year, representing an 18 percent increase over 2011. Also of note: a prediction that mobile commerce would represent more than one-fifth (21 percent) of all online sales this holiday season.

While Black Friday and Cyber Monday are typically thought of as two of the busiest holiday shopping days of the year, a closer look at our United States-driven eCommerce data may suggest otherwise. We tasked some of our holiday number-crunching elves at Visa to look at debit and credit card purchases over the past 10 holiday seasons and found some interesting trends:

  • Weekend warriors: With a few notable exceptions (Black Friday, Cyber Monday), shopping volumes tend to climb significantly on Saturday and Sunday and drop off during the weekdays. [No matter which day you shop, if you are doing it online, V.me by Visa can help simplify the process.]
  • eCommerce excellence: According to Forrester, shoppers are expected to spend $226 million online this year alone.
  • Shopping strongholds: The Wednesday before Thanksgiving, Black Friday and Cyber Monday are BUSY shopping days—but not the busiest of the year.
  • Procrastination purchasing: Waiting until the last minute to buy gifts means a rush before Christmas. Over the last 10 years, December 22, 23 and 24th have been the busiest shopping days of the holiday season.

Whether past trends hold true this holiday season, or other days emerge as shopping surprises remains to be seen. One thing is for certain: checkout registers – whether online, mobile or in stores – will be busy ringing with the holiday sounds of spending.

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Posted by: Lucas Mast, Visa Corporate Relations on November 21, 2012 at 1:06 pm

Nov 19, 2012

#HolidaySuccess: Tips for Small Business Owners

A few weeks ago, we shared the Small Business Holiday Success Guide that we recently launched with USA Today small business columnist, Rhonda Abrams. As the holiday season is upon us, we are excited to bring you the first in a series of posts that will provide you with more in-depth strategies to help make this a successful holiday season for your small business. In this series, we will cover money management, holiday marketing techniques, tips for extending holiday success into the New Year, and more. – Janet Zablock @jzablock

6 Tips for Social Media Holiday Success

Social Media 411 chart

Whether it’s money management or marketing, every aspect of your business requires a plan. That includes social media marketing. Keep in mind the following six tips when developing your social media strategy:

  1. Remember, it’s better to give than to receive.Anything you tweet, post, pin, or blog should offer value. Just like you’ll tune out your know-it-all brother-in-law at Thanksgiving dinner, your followers will drop you if all you do is talk about your product or service and why they should buy it. Instead:
    • Write blogs showing how you meet customers’ holiday needs
    • Post links to articles and videos your followers will find useful or entertaining.
    • Discuss promotions and special items you’re offering just for the holidays.
    • Refresh your content often during the holidays to bring customers back.
  2. Write your content in advance. Before you’re knee deep in gift wrap, write as many of those blogs, tweets, and Facebook posts as you can, and merely publish them according to the calendar. Brainstorm the topics, themes, and promotions you’ll cover. Then create a calendar of what to post when (a spreadsheet is best, but a physical calendar also works).
  3. Regift. No, I don’t mean unload that itchy orange and purple sweater your mother gave you last year. I’m talking about repurposing your content. You’ve already taken the time to write your blogs and email newsletters. Now save time. Pull material out for tweets, Facebook posts, and LinkedIn updates.
  4. Put some tasks on auto-pilot. During the holidays especially, you don’t have the resources to update and like posts on Facebook all day. Of course, you’ll still pay attention to the conversation. With tools like Hootsuite, Tweetdeck, and Manageflitter, you can pre-load all that content you wrote in advance and schedule it to post later.
  5. Encourage engagement. Create surveys. Ask questions. Run a contest. Do what you can to encourage followers to engage. When they do engage, respond.
  6. Manage review sites. According to SearchEngineLand,76 percent of customers visit sites such as Yelp, TripAdvisor, and Zagat to find the best meal, store, hotel, and more. Make it easy for your customers to post positive reviews. The tool ReviewBiz allows you to embed an icon in your website that will take your customers directly to local review sites.

Visit www.visa.com/holidaysuccess to download the Small Business Holiday Success Guide and learn more!

–Rhonda Abrams (@RhondaAbrams), USA Today Small Business Columnist and Expert

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Posted by: Janet Zablock, Head of Global Small Business, Visa Inc. on November 19, 2012 at 2:00 pm

Nov 15, 2012

Visa and Mashable Recognize 2012′s Life-Changing Innovations

2012 has been a remarkable year for innovation. New trends and products in tech, digital and social have impacted how we connect, do business, shop, travel, and much more.

V.me by Visa and Mashable have teamed up to launch Mashable Innovation Index 2012, which celebrates some of the cutting edge achievements that have changed the way we live this year. We’re recognizing achievements in 15 different categories ranging from fashion to politics to home and art.

Today, we unveiled 14 handpicked curators for each category to nominate five game changers.  Our experts include well known celebrities like Martha StewartStacy London and Lorena Garcia. Here’s where you come in. Once our experts have nominated their favorite innovations, we’re turning it over to you to help select the winners of the Mashable Innovation Index 2012.

We’re also taking nominations for a 15th category and YOU could be the expert. Think we missed an important innovation or category? Then enter the community contest to be our 15th Innovation Index Curator.

Check back here for more updates.  Our 15th curator and nominees will be announced on November 26.


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Posted by: Ryan Donovan, Corporate Relations on November 15, 2012 at 10:37 am

Nov 13, 2012

Wallets: Let’s Get Digital!

Our wallets are getting a makeover just in time for the holidays.  For as many as 55 million addressable cardholders, the transformation comes courtesy of three simple words: V.me by Visa.

At Visa, we’re continuing our momentum in the modern wallet era by giving more people access to V.me.  Since our announcements with U.S. Bank and PNC, Visa has landed new strategic relationship with more than 50 additional financial institutions, meaning tens of millions of customers can make online payments using V.me by Visa.

Historically, we’ve all been unpaid data entry clerks when it comes to online shopping, typing in account, bill-to and ship-to information nearly everywhere we shop online. Beginning today, that’s all about to change. Today’s consumer types in an average of 44 fields when shopping online, and V.me gets you down to 5 or 6 (depending on if you’re sending to yourself or a loved one).

Signing up for V.me through our bank partners and enrolling your Visa (or other U.S. issued payment cards) is simple.  Before you can say “SALE!” you can start shopping online from any PC, tablet or mobile device.

Don’t see your bank on the list of partners Fear not!  Visit www.V.me to enroll online, and start your holiday shopping immediately at any of the 23 participating merchantsPacSun and Blue Nile are just a few of the leading eCommerce sites using V.me, where you’ll enjoy a more simple, secure and personalized checkout experience.

You want to shop—and we want to make it easy for you to pay how you want (although we prefer Visa), when you want (no judging if you’re shopping in your pajamas at midnight) and with the safety and security that comes with the Visa brand.

Stay tuned for even more banks and merchants coming soon, and in the meantime, happy shopping.

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Posted by: Jennifer Schulz, Global Head of eCommerce on November 13, 2012 at 5:08 am

Oct 23, 2012

V.me by Visa and U.S. Bank Make It Easier to Shop Online This Holiday Season

As the holidays approach, Visa is committed to delivering the very latest in online convenience and security, where consumers are no longer required to share personal account, bill-to and ship-to information at checkout.

Today, U.S. Bank announced its plan to offer V.me by Visa, streamlining the online holiday shopping experience for their customers using a debit or credit card. Today’s news builds on our integration with Pittsburgh-based PNC Bank, which will bring our wallet service to more than 1.2 million PNC Virtual Wallet customer accounts.

U.S. Bank customers will be able to enroll their existing Visa and other payment card accounts, allowing them to buy presents online by simply entering a username and password at checkout.

Visa’s close relationship with U.S. Bank makes buying tickets to visit family or purchasing that perfect gift online easier than ever, allowing their customers to get what they need, and get on with life.

So put down the car keys, throw a log on the fire and let us help you simplify your holiday shopping!

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Posted by: Jennifer Schulz, Global Head of eCommerce on October 23, 2012 at 8:48 am