New research: how UK consumers shop for credit online

[A&L]

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Good day A4U,

I’d like to draw your collective attentions to a piece of research that is annually carried out by Foolproof into the online shopping process for personal credit. Our in-house research team have forwarded me the highlights for your delectation!

• 11% of UK online adults intend to take out a loan in the next year (equates to 3.3m individuals).

• Around half of these (49%) already have a loan, 0% are re-entrants to the market and 31% have never had a loan before. (Market still no where near saturation?)

• The average online shopping session for loans lasts about 23 minutes.

• Lenders’ sites account for 44% of shopping time, search 17%, broker sites 14%, comparison sites 13% and affiliates 8%.

• The main focus in online shopping is to get repayment illustrations via comparison tools and calculators on lenders’ sites

• Although stated intentions are to get the cheapest loan, this isn’t always reflected in the final decision given shoppers’ reluctance to use new or unknown brands

One thing that surprised me was that the average shopping session for loans lasts 23 mins, less than I expected for quite a big decision, I suppose it could be one session of many. Seems we also need to grow the affiliate channel’s share of the business. Find out more about the report on Foolproof's website.

On a different note this is will be one of my last posts as affiliate manager at A&L. On February 9th I’m off to see the world for year with my partner. While I’m away I will be doing some ‘light research’ into how developed affiliate marketing is in the South America, China and India. You can keep up to date with my movements at http://www.watsonbrown.co.uk/our-travelling-adventure. I will be setting up a new handle on the forum and dropping by every now and then – probably while sipping a Mojito by the beach!

Has anybody else come across some interesting consumer research recently?

[Michael_Anthony]

That's excellent information, many thanks for sharing.

[A&L]

No problem Michael,

As the team and I come across more info we'll pass it on to you guys. I have spoke to quite a few PPC affiliates recently around their concerns for margin. They said anything they can use to get an 'edge' with regards to buyer behaviour would be a help.

Paul.B

[zinc]

Interesting stuff - thanks Paul

[jc-uk]

Very interesting information - thanks for posting.

Enjoy your trip!

[A&L]

Thanks JC,

The recruitment for my replacement is going well and I have prepared a comprehensive handover. The bottom line is business as usual for all A&L affiliates.

Paul.B

[Yourslice]

Thanks for that, it was good to see its still worth pushing loans.

Can you pm me i would like to ask a favour on a personal side.