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International Buy Now, Pay Later Report: More than Half of US & Southeast Asian Consumers Jumped into BNPL During PandemicJAKARTA, Indonesia, July 13, 2021 /PRNewswire/ -- According to new market research from Kredivo, the adoption of buy now, pay later (BNPL) services - and the value of those transitions - grew dramatically during the course of the last year as the global pandemic moved more shoppers online. Partnering with Katadata Insight Center, Kredivo analyzed data across millions of transactions across their leading digital credit platform in Southeast Asia to quantify e-commerce growth in Indonesia, one of the fastest-growing digital economies in Southeast Asia. The company also surveyed 1500 American consumers to provide an international lens and added insights around the meteoric rise of BNPL globally. Buy now, pay later, and e-commerce trends: Indonesia Using primary data from 10 million sample transactions made at Indonesia's six largest e-commerce platforms in 2020 as well as online surveys, the report is believed to provide a detailed picture of Indonesia's e-commerce industry. The report showed that:
Kredivo's VP of Marketing & Communications, Indina Andamari said, "The pandemic has dramatically changed our behaviors, including when transacting digitlly. The research conducted by Kredivo with the Katadata Insight Center this year reinforces our projection that e-commerce adoption will continue to increase every year. Besides increasing public trust in e-commerce, the pandemic has also encouraged people to switch to digital transactions." General Chairperson of the Indonesian E-Commerce Association (idEA), Bima Laga, said, "The pandemic has brought many changes in people's daily lives. It is important to be able to understand the online consumer trends and behavior, not only for e-commerce industry players but also for digital service providers that support the e-commerce ecosystem such as the fintech industry." Buy now, pay later, and e-commerce trends: United States While Kredivo operates only in Southeast Asia, the company's role as the leader in BNPL in the world's 4th most populous country provided an opportunity to compare trends in Indonesia against those in the United States. According to a survey of 1500 American consumers:
Kredivo's VP of Marketing & Communications, Indina Andamari continued, "Our research in both Indonesia and the United StatesĀ shows that the pandemic has also had an impact on accelerating the use of BNPL allowing it to become the fast, easy, and secure payment method of choice in e-commerce." Katadata research randomly sampled primary data from Kredivo users across 34 provinces and from five age and income groups. The research, which was conducted in the first quarter of 2021, also analyzed the profile and types of consumers who shop online from various aspects, including gender, age, and location, to explore further the types of products purchased by consumers. Meanwhile, consumer payment behavior was specifically analyzed using data obtained from an online survey taking place between 26-30 March 2021 with 3,560 respondents throughout Indonesia. The American survey was conducted in May 2021, across 1500 consumers via SurveyMonkey. The full 2021 Indonesia E-Commerce Consumer Behavior research can be downloaded from www.finaccel.co. About Kredivo Contact: View original content to download multimedia:https://www.prnewswire.com/news-releases/international-buy-now-pay-later-report-more-than-half-of-us--southeast-asian-consumers-jumped-into-bnpl-during-pandemic-301331993.html SOURCE Kredivo |