Reach more customers with PayOffline

PayOffline opens up a significant, previously inaccessible, new market opportunity for Internet merchants and is appropriate for all sizes of merchant.

Based on government statistics, other publicly available research data and the data collected from an independent market research study we commissioned at the end of 2006, we conservatively estimate that there are at least 5 million UK consumers ready, willing and able to use a PayOffline service.

This figure is derived from a detailed market analysis of which demographic groups were likely to provide potential customers; how many potential consumers these represent; how many have access to the Internet to shop online; and most importantly how many would be interested in using a PayOffline service.

Size and nature of the potential market

Our research shows that there is significant demand for this service from all walks of life, in all regions and from people of all ages. In addition, it is particularly suited to the following demographic groups:

The youth market (approx 9.5 million) (Source: National Statistics Office)
Adults without credit or debit cards (approx 6 million) (Source: APACS)
Adults who do not shop online for fear of fraud (18% of adult population - approx 8.5 million) (Source: Get Safe Online)

This gives a market of around 24 million consumers. However, given that there will be a degree of overlap between the groups, the estimate has been reduced to 19 million people.

Around 65% of UK households have Internet access . To be conservative, we apply a lower figure of 50% to our estimate of 19 million people, results in a pool of potential new consumers of around 9.5 million.

Market Research Study

During November 06, we commissioned specialist online market research company Shape-the-Future to conduct a survey of these demographic groups and a control sample of the general public to establish their attitudes towards online shopping, concerns about online fraud and the level of interest in using the PayOffline service. Of the 3,000 people who took part in the survey, 80% asked to be informed when the service launches, demonstrating a high level of interest in the topic. The results conclusively support the idea and demonstrate a strong interest from consumers in using a PayOffline service.

Summaries of the market research findings are as follows:

58% had previously decided not to buy online because of concerns over security or fraud. 70% of these people would shop online more using PayOffline
65% believe it to be risky to give credit card details over the Web
66% believe it should be easier for people without credit cards to shop online

When asked: ‘If you could make secure payments for online purchases at a recognised retail payment network, would you use such a service?’

62% indicated that they would be interested in the service
59% of all respondents indicated that they would use such a service
65% indicated that they would shop online more than they do currently
45% indicated that they would buy from sites from which they do not currently buy

If we apply the 59% factor of respondents who indicated that they would use PayOffline for online purchases to the 9.5 million potential new market previously identified, we have a qualified group of more than 5 million consumers. This represents an extremely valuable additional source of consumers for Internet merchants.

Additionally, 65% of respondents claim they would shop more online than they do currently if a PayOffline service were available, indicating a significant opportunity to attract further business from existing Internet shoppers.

Interestingly, of those who indicated that they would be interested in using PayOffline, 80% provided their e-mail addresses so that they could be notified when the service becomes available, giving a further indication of the considerable interest in the concept.

This is an untapped market, which until now has not been adequately catered for and where we have found consumers to be overwhelmingly enthusiastic about using a PayOffline service.

Login Reach More Customers Pricing Integration Register now Frequently Asked Questions		Reach more customers with PayOffline PayOffline opens up a significant, previously inaccessible, new market opportunity for Internet merchants and is appropriate for all sizes of merchant. Based on government statistics, other publicly available research data and the data collected from an independent market research study we commissioned at the end of 2006, we conservatively estimate that there are at least 5 million UK consumers ready, willing and able to use a PayOffline service. This figure is derived from a detailed market analysis of which demographic groups were likely to provide potential customers; how many potential consumers these represent; how many have access to the Internet to shop online; and most importantly how many would be interested in using a PayOffline service. Size and nature of the potential market Our research shows that there is significant demand for this service from all walks of life, in all regions and from people of all ages. In addition, it is particularly suited to the following demographic groups: The youth market (approx 9.5 million) (Source: National Statistics Office) Adults without credit or debit cards (approx 6 million) (Source: APACS) Adults who do not shop online for fear of fraud (18% of adult population - approx 8.5 million) (Source: Get Safe Online) This gives a market of around 24 million consumers. However, given that there will be a degree of overlap between the groups, the estimate has been reduced to 19 million people. Around 65% of UK households have Internet access . To be conservative, we apply a lower figure of 50% to our estimate of 19 million people, results in a pool of potential new consumers of around 9.5 million. Market Research Study During November 06, we commissioned specialist online market research company Shape-the-Future to conduct a survey of these demographic groups and a control sample of the general public to establish their attitudes towards online shopping, concerns about online fraud and the level of interest in using the PayOffline service. Of the 3,000 people who took part in the survey, 80% asked to be informed when the service launches, demonstrating a high level of interest in the topic. The results conclusively support the idea and demonstrate a strong interest from consumers in using a PayOffline service. Summaries of the market research findings are as follows: 58% had previously decided not to buy online because of concerns over security or fraud. 70% of these people would shop online more using PayOffline 65% believe it to be risky to give credit card details over the Web 66% believe it should be easier for people without credit cards to shop online When asked: ‘If you could make secure payments for online purchases at a recognised retail payment network, would you use such a service?’ 62% indicated that they would be interested in the service 59% of all respondents indicated that they would use such a service 65% indicated that they would shop online more than they do currently 45% indicated that they would buy from sites from which they do not currently buy If we apply the 59% factor of respondents who indicated that they would use PayOffline for online purchases to the 9.5 million potential new market previously identified, we have a qualified group of more than 5 million consumers. This represents an extremely valuable additional source of consumers for Internet merchants. Additionally, 65% of respondents claim they would shop more online than they do currently if a PayOffline service were available, indicating a significant opportunity to attract further business from existing Internet shoppers. Interestingly, of those who indicated that they would be interested in using PayOffline, 80% provided their e-mail addresses so that they could be notified when the service becomes available, giving a further indication of the considerable interest in the concept. This is an untapped market, which until now has not been adequately catered for and where we have found consumers to be overwhelmingly enthusiastic about using a PayOffline service.