E-commerce Trends in the Nordics How we shop online
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1 E-commerce Trends in the Nordics 2015 How we shop online 1
2 Anna Borg Simplicity is not that simple The report in brief Facts Sweden, Denmark, Finland & Norway A strong region for online shopping Mobile commerce is growing fast How consumers want to pay in the Nordics Customer behavior at the checkout Points to consider going forward About Klarna Klarna was established in Stockholm in 2005, based on a simple and clear idea: To make it easier for people to shop online. Today Klarna is the leading payment provider in Europe and has operations in 18 countries. More than 1,200 staff are engaged in achieving our goal of becoming the way the world prefers to buy. Currently, 35 million consumers and 50,000 merchants use our solutions. About E-commerce Trends in the Nordics 2015 E-commerce Trends in the Nordics 2015 is a data-driven report on the payment market and customer behavior in the Nordic region. This year s report is based on a survey conducted in June 2015 of 4,049 representative respondents with even age and income distribution from Sweden, Denmark, Finland and Norway. The sample was assembled using CINT Opinion Hub. The section about growth in mobile commerce on page 9 is based on data from Klarna Checkout. The report also refers to statistics from other sources. The report can be downloaded at: klarna.com 2
3 Simplicity is not that simple 60 percent of Nordic consumers shop online every month. The under 26s do pretty much half of their shopping on mobile devices. The sheer speed of change is one of the things that makes this business such a thrill to be part of. This report is about online shopping habits in the Nordic region. We talk about Denmark, Finland, Norway and Sweden and these are countries with a lot of things in common. They should, however, not be regarded as one market, since there are some fairly big differences. The insight about these differences is what makes this report valuable for you as a merchant. A big challenge in e-commerce today, is that most people abandon their shopping baskets in the checkouts without actually shopping. Note that these are people with the intention of buying something. They put things in their basket. They went to the checkout. Still they just left the basket, without having bought anything. (Picture the same thing happening in a bricks-and-mortar store! Suddenly it s absurd.) The two main reasons for this behavior are that it s too complicated and that it doesn t feel secure. I am, obviously, happy that Klarna solves both of these issues. Our aim and ambition is to simplify online shopping. We focus on simplicity, security and flexibility. It s taken us ten years of constant development to get here. Or, to put it differently, simplicity don t come easy. It takes a constant focus on consumers, relentless innovation and the desire to keep on improving. I hope you ll find this report valuable and interesting. We think it could contribute to refining your marketing strategy and increasing your sales. Anna Borg Senior Vice President Nordics, Klarna 3
4 The report in brief More than 50% of those surveyed said they prefer to pay for their goods after delivery. 50% Card and invoice are the most popular payment methods. More women than men in the Nordic region shop using their mobile phones (35% to 26%) % of Nordic online shoppers have abandoned their shopping basket without completing a purchase. Most purchases are made on computers, but the share is declining rapidly. can be anxious about online fraud % state that they have been personally subject to fraud. The proportion of mobile transactions increases significantly in the evening. More than 50% of respondents state that the primary reason for abandoning a basket is high shipping charges. Tickets & travels and Clothes are the two main types of goods purchased online. 60% of Nordic consumers buy online at least one time per month. of the transactions made by consumers who are less than 26 years old are made from mobile phones. The proportion of e-commerce on mobile phones has almost doubled in the past year. 4
5 Facts Norway Finland Population = (total) Population = (total) Population = (over age 15) Population = (over age 15) Internet users = (proportion of total population) 87% Internet users = (proportion of total population) 83,9% Internet use via mobile phone = (proportion of internet users) 77,9% Internet use via mobile phone = (proportion of internet users) 67,1% Proportion of consumers = (who shop online at least once a month) 54% Proportion of consumers = (who shop online at least once a month) 52% Sweden Population = (total) Denmark 15+ Population = (over age 15) Internet users = (proportion of total population) ,1% Population = (total) Internet use via mobile phone = (proportion of internet users) 74,9 % 15+ Population = (over age 15) Proportion of consumers = (who shop online at least once a month) 61% Internet users = (proportion of total population) 86% Internet use via mobile phone = (proportion of internet users) 80,9% Proportion of consumers = (who shop online at least once a month ) 60% Resources: CIA World Factbook, 2015 emarketer,
6 A strong region for online shopping Not only do we shop a lot online in the Nordic region, but the growth is higher than in Europe in total as well. There are many similarities between the Nordic countries. At the same time, it s important to be aware of the differences, so that adaptations can be made to match all customers preferences, habits and needs in each market. 6
7 Swedes do the most shopping in the Nordics One partial explanation for the growth in the Nordic e-commerce is that consumers are shopping online increasingly often. 60 percent of Nordic consumers shop online at least once a month. In other words, shopping online has become commonplace. Swedes shop most frequently, with 61 percent of them shopping at least once a month. Followed by the Danes and then the Norwegians. Travel and Clothes top the list People are buying all kinds of products and services online. As it continuously becomes even more common, many of the sectors are likely to grow further. As can be seen, the similarities outnumber the differences when we look at the different kinds of goods in the different markets. Sweden Norway Finland Denmark 7
8 The largest categories are Tickets & travels and Clothes. 72 percent of Norwegian consumers buy tickets and travels online. In the clothing category, Sweden tops with 65 percent buying clothes online. Other countries are not far behind. Building materials is the least popular product category, especially so in Norway. In a few categories the countries differ, and it is the Finns who deviate the most. For example, less than half as many Finns bought concert tickets compared to the other countries. White and brown goods are on the other hand most popular in Finland. A total of 41 percent of Finns have bought white and brown goods, compared with some 20 percent in the other countries. Sweden Norway Finland Denmark 8
9 Mobile commerce is growing fast The development in relation to mobiles is inevitable. We view it as a hygiene factor as everybody has to have mobile functionality today. We now have more than 60 percent of purchases from mobile units ourselves. Kalle Bodestig CEO, Mandel Design 9
10 Our numbers show clearly that we love shopping with mobile phones in the Nordics. There s also a huge growth in this segment. During the second quarter of 2014, 17 percent were shopping using mobiles. During the second quarter of this year this figure had almost double to 31 percent. From 6 PM, the number of mobile transactions increases and more people shop. Most purchases are still made from computers, but the share is decreasing fast. Last year s second quarter it was 69 percent, and a year later it s just 56 percent. The proportion of purchases from tablets is largely unchanged, even though there s a hint of a slightly declining trend. The proportion of people shopping on tablets is small compared with computers and mobile phones. Computer Tablet Mobile phone 10
11 Mobile becoming the preferred channel among younger people This may not come as a huge surprise, but the highest share of mobile purchases is found among people who are under 26 years old. They do 42 percent of their online shopping that way. Looking at the other end of the spectrum, only six percent of those between years old shop using mobiles. It s very obvious that the share of computer shopping gets bigger, and the mobile phone share gets smaller, the higher age group we re looking at. Note that the computer is still the most popular way of shopping in each group. This will not last long, especially if the trend towards increased mobile shopping continues, which we expect will happen. Computer Tablet Mobile phone 11
12 Women on mobiles more than men More women than men use mobile devices for shopping in the Nordics. 35 percent of purchases made by women are via mobile phones, compared to 26 percent for men. When it comes to shopping from tablets, the proportion of women is slightly greater. Together, this indicates that women have stopped using computers to shop to a greater extent than men. Computer Tablet Mobile phone 12
13 How consumers want to pay in the Nordics The thing that differs the most between the countries is how people want to pay for their purchases. The preferred payment methods in each country are dependent on existing payment systems and what people are used to. 13
14 Most popular: Card and invoice Most consumers know a few different ways to pay for their online shopping. Paying by card and invoice are the most preferred and also the most used. The least popular are cash on delivery and part payment. The Danes are, in relative terms, very fond of card payments. Almost all transactions in Denmark are made by card. 80 percent of Danes shop with a Dankort, a type of debit card that is unique to Denmark. Swedes take the percentage lead in choosing invoice payment, followed by Norway and Finland. Almost one in three Swedes prefer payment by invoice. It is important to offer the payment methods that customers expect. Payment is an important part of the purchasing experience. Fredrik Norberg Co-founder & CMO, Fyndiq 14
15 Considered online payment methods Preferred online payment methods 33% 51% 14% 71% 28% 16% 24% 5% 20% 2% Credit/Debit card Invoice after delivery Cash on delivery Credit/Debit card Invoice after delivery Cash on delivery 74% 90% 62% 90% 74% 96% 80% 90% 79% 62% 55% 54% 90% 96% 84% 80% 82% 79% 55% 51% 54% 84% 82% 51% 33% 33% 51% 51% 14% 14% 71% 71% 33% 51% 14% 71% 28% 14% 28% 16% 26% 16% 24% 17% 24% 5% 17% 5% 33% 28% 51% 16% 14% 24% 71% 5% 20% 2% 20% 2% 2% 31% 2% 31% 3% 1% 3% 28% 20% 16% 2% 24% 31% 5% 3% 2% 1% 20% 2% Direct bank transfer Electronic wallets Part payment Direct bank transfer Electronic wallets Part payment 83% 86% 86% 60% 87% 79% 79% 84% 62% 62% 42% 35% 83% 86% 60% 87% 84% 81% 42% 44% 35% 44% 86% 81% 14% 14% 26% 26% 17% 17% 17% 17% 2% 2% 2% 2% 2% 2% 1% 1% 2% 2% 1% 1% 8% 8% 1% 1% 33% 51% 14% 71% 28% 16% 24% 5% 14% 20% 26% 2% 17% 31% 17% 3% 14% 2% 26% 2% 17% 2% 17% 1% 2% 2% 1% 2% 8% 1% 2% 1% In Finland, no less than 31 percent prefer direct payment via a bank. In Sweden it s 20 percent and in Denmark and Norway it s just a few percent each. The Finns also prefer part payment to a greater extent than consumers in the other countries. Norwegians like electronic wallets twice as much as other countries, 14% 2626% percent 17% 17% compared 2% to 2% 2% 1% around 15 percent. Sweden Norway Finland Denmark 2% 1% 8% 1% 15
16 Safe or simple? Card payments are popular because people feel that they re simple, even though it doesn t feel equally safe. Paying by invoice is regarded as the safe way to shop, since you receive the order before you pay for it. It s pretty much the same in all countries. Swedes, though, are most pronounced, with more than 70 percent thinking of cards as simple and almost 70 percent preferring invoices due to security reasons. Safe Easy to use 16
17 Behavior changes when the amount spent rises In almost all cases, more than half of the consumers prefer to pay for their orders after delivery. The higher the order value is, the more consumers tend to consider paying after delivery or part-paying their purchase. 90% 80% 70% 60% 50% Sweden 90% 80% 70% 60% 50% Denmark There are a few clear differences between the Nordic countries when it comes to paying for purchases with higher order values. In general, Swedes like to pay with an invoice and, irrespective of the purchase amount, the proportion of consumers is about the same. In Norway and Denmark, on the other hand, a larger proportion want to pay by invoice when the amount increases. In Finland this trend is reversed. If the amount rises, the proportion that prefers invoices falls. This is because the proportion of Finns who prefer part payment is larger than in other countries. The proportion of Finns who want to part pay therefore also increases much more than in the other Nordic countries. 40% 30% 20% 10% 0% 500 kr 1000 kr 5000 kr Finland 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% % 30% 20% 10% 0% 500 kr 1000 kr 5000 kr Norway 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 500 kr 1000 kr 5000 kr I prefer to pay in full, before I have received the goods I prefer to pay in full, after I have received the goods I prefer to part pay, after I have received the goods 17
18 Customer behavior at the checkout We believe that trust is earned through long-term quality management. Delivering on time, having a wide product range, the right price and good customer service. This produces satisfied customers and positive opinions. Ulf Kihlberg CEO, Bagaren och Kocken 18
19 Almost everyone has abandoned an online shopping basket Almost all Nordic online shoppers, percent, have abandoned a basket without completing a purchase. The principal reason given by more than half of the respondents is high shipping costs. Other reasons include technical problems, that the shop doesn t offer the right payment method or an unwillingness to give credit card details. This is about the same in all countries. However, there are some deviations. A much larger proportion of Finns (49 percent) has discontinued a purchase because they were not able to pay in the way they desired. Norwegians stand out in that fully 32 percent have discontinued a purchase and abandoned their basket because they didn t have their card reader available or because they wanted to save the basket, something that doesn t occur to the same degree in the other countries. Sweden Norway Finland Denmark 19
20 95 percent can be anxious about fraud Even though Nordic consumers have long experience of online shopping, they still have concerns about fraud. Almost 95 percent claim that they can be anxious about fraud, and for around 15 percent this anxiety occurs frequently. There are several reasons, but one, understandably, is that percent state that they have personally been victims of fraud. Sweden and Finland are the countries where they feel most anxious about fraud. 23 percent of Swedes and Finns feel anxious about being cheated when shopping online often or very often. This can explain why Swedes like invoice payments and why more Finns prefer part payment, in comparison with Norway and Denmark. Both payment methods are viewed as safer than other methods, as payment is not made until goods have been received. The customer should choose us because we meet their expectations and not because we are pushy. We are therefore working on the purchasing process and trying to remove all barriers to make a purchase. Sweden Norway Martin Valenta Technical Manager, Svenskt Kosttillskott Finland Denmark 20
21 Personal data is sensitive A large precentage of the Nordic consumers would rather not give their social security number, bank account number or credit card number. Swedes don t feel that their social security number is sensitive, compared with consumers in other countries. More than half of the respondents didn t want to give their bank account number. Sweden Norway Finland Denmark 21
22 All consumers know the same details by heart Almost all consumers in the Nordics know their social security number, zip code and address by heart. A large proportion of consumers also know their bank account number, particularly in Norway. Sweden Norway Finland Denmark 22
23 23
24 Please feel free to contact us for further advice Klarna AB Headquarter Sveavägen 46, Stockholm 24
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