68% of consumers conduct an online research before buying any financial product. While the research is primarily aimed at comparing costs and details of financial products. 18% of financial products are sold online in India!(as per a study by Google and Media Screen, a market research firm)
Few stats from the study:
- Comparing costs have become more important than evaluating product details (48% Vs 42%).
- Search engines play a major role in accessing other websites and nearly 67% of respondents use them for financial product research.
- 30% of consumers also use search engines to become aware of special rates/promotions and to access expert advice.
- Around 55% people see an online advertisement and click on them to learn more. [ET]
While the numbers are based on a survey (and open to questions, as the study is positioned more as a search ad success story), its a sure sign that Indians are opening up to online transactions which are more utility based. For instance, online tax filing went up by 504% this year.
As far as the market size of financial products are concerned, over 20 million households fall into the target market for personal financial services and metros drive the growth/adoption for online buying.
Do you buy financial product online?
Startups in this space; iTrust.in, RateKhoj, PaisaWaisa, InvestmentYogi
Question: When you say financial products ‘sold’ online – do you mean through leads generated online? Because as of now as far as I’m away there’s no ability to purchase products online (except for MF products through online brokerages)?
Gautam Kshatriya
gautam.kshatriya@moneyvidya.com
http://www.moneyvidya.com
Actually you can buy Insurance online. the recently launched Zibika.com intends to do that over the next month. Policybazaar is already doing it. And Insurance companies make money in crores through pure online sales. (Read that on Zibika’s facebook page.. an NDTV post they had). But honestly even i have my doubts as to what these stats mean!
I think it should be 68% and 18% of internet users (not consumers and financial products resp.)Still it looks very optimistic numbers!
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Does anybody has any further details of this report? Would be great if someone can share more about online indian financial products market.
Oh, ApnaAdvisor.com is here to serve insurance buyers. First time in the world, insurance buyers can select their own insurance advisor/agent/manager on this website where 1000s of insurance professionals have registered their profile.
Ya online buying accounts for 18 to 20 percent in India.ebay for example serves most of purpose.ecommerce sites also helps in cause .www.hionstocks.com