- Date : 02/11/2022
- Read: 3 mins
A study by Fidelity Information Services (FIS) finds that offers and discounts are a major factor in the buying decision of Indian consumers on social media apps, as 72% say they are affected by it.
Fidelity Information Services (FIS) is a fintech company that recently conducted a study. Its study found that offers and discounts are a major factor in the buying decision of Indian consumers on social media apps, as 72% say they are affected by it. It also showed that 76% of buyers in India choose UPI as their mode of payment. The study also suggested that 68% of Indian buyers want to try metaverse shopping. 84% of millennials use UPI for shopping online, and this is the largest among the groups that were surveyed. While 60% of men were interested in trying out virtual and dating metaverse events, women's percentage stood at 48%.
Read: What is UPI, and how does it work?
FIS studied consumers of different salary scales, gender, cities, and age groups in India. The study showed that Indian people were happy to try and adopt embedded finance. It is interested in exploring what the Metaverse offers. FIS explained what embedded finance is in a press release. It explained how embedded finance offers its customers tailor-made and unique financial services. These services include insurance, lending, investing, and embedded payments.
Trends in Embedded Finance
The Fidelity Information Services (FIS) study showed that Indians were happy purchasing on social media platforms, browsers, and apps. It showed how digital, virtual, and physical worlds are converging. The following are some facts that the study found:
- 78% of Indians prefer buying fashion products online, while 70% shop for groceries.
- 63% of Indians will purchase in-browser or in-app gifts. 55% want to buy investment and insurance products online.
- 76% of Indians prefer paying through UPI while shopping online.
- 84% of millennials use UPI for shopping online, and this is the largest among the groups that were surveyed.
- Offers and discounts are a major factor in the buying decision of Indian consumers on social media apps, as 72% say they are affected by them.
- 92% of Indians have shopping-related concerns when shopping on social media.
- 56% of Indians are worried about fraudulent sellers, and 62% are concerned by fraudulent transactions.
- While 60% of men were interested in trying out virtual and dating metaverse events, women's percentage stood at 48%.
Read: Top 10 UPI platforms and digital wallets in India.
The study concluded that Indian consumers are interested in embracing embedded financial services, but brands must ensure their safety and transparency to win consumers' trust. FIS believes embedded finance has intrinsically high potential to transform the customer payment experience. Customers want seamless shopping experiences, including return policies, internet availability, targeted ads, merchant offers, and quick delivery.
