The Swiss e-commerce sector is growing fast, changing how the Swiss buy and pay for their online purchases. TWINT is one of the innovative payment solutions that is driving this change. In this blog, we’ll look at the Swiss e-commerce trends, the rising demand for TWINT, and how businesses can use this payment option to benefit from the Swiss e-commerce surge.
E-commerce in Switzerland: a thriving landscape
In 2020, only 9%1 of all retail sales in the country were made online. Today, that number has jumped to 14%, showing a clear change in consumer habits. This jump reflects the growing preference of Swiss consumers for the ease and diversity of online shopping.
The Swiss e-commerce market is valued at an astounding US$14 billion in 2023. What’s more, this value is expected to soar to an incredible US$22 billion by 2027, signaling huge growth potential for businesses in this field.
Payment preferences in Swiss e-commerce
Unlike the rest of the world, the Swiss have a distinctive way of paying online. Cards are used for only 35% of online purchases, indicating a preference for other digital payment methods. Swiss consumers choose from a variety of digital payment options, showing their willingness to adopt new payment technology.
One of the leading players in the Swiss payment scene is TWINT. This local mobile payment app has become very popular and is set to transform the way Swiss consumers do online transactions.
TWINT: Switzerland’s payment powerhouse
TWINT is a well-known brand in Switzerland, as an impressive 98%2 of the Swiss people know about this payment method. But TWINT is more than just a name; it has over 5 million active users, making it a powerful player in the Swiss payment landscape.
What makes TWINT stand out is its dominance in mobile payments. About 64% of all mobile payment transactions in Switzerland are done using TWINT according to ZHAW + HSG Swiss Payment Monitor 2023, showing its high popularity among customers. This high usage rate is not only online, but also offline; in fact, 77% of the physical stores accept TWINT as a payment method. Likewise, in the online store domain, 76% of them have added TWINT to their payment choices.
The TWINT advantage for businesses
TWINT is a great opportunity for businesses in the Swiss e-commerce sector. The average online shopper in Switzerland already spends US$1,6573 per year with e-commerce sellers and this number is expected to rise to US$2,458 by 2027 with the predicted continuous growth. So, businesses that have TWINT as a payment option can access this profitable market and potentially boost their income.
Also, nearly 70% of Swiss shoppers have purchased products from sellers in other countries, which indicates how much the Swiss enjoy international shopping. Businesses that take TWINT can enable smooth cross-border transactions, making it simpler for them to grow their audience and serve a wider customer base.