Video Gaming – Do You Know Your Key Market
Secure Trading recently commissioned a report called UK Online Gaming Payments And Fraud, which explores the behaviours and payment habits of online gamers in the UK. One of the key takeaways from the report is the need for gaming operators to have in depth knowledge of their market.
The differences between gamers of different ages, genders and preferred gaming platforms, are marked. As is the difference between casual gamers, and those who identify themselves as hardcore gamers.
For example, hardcore gamers are almost twice as likely to pay for their gaming using a credit card, compared to the casual gamer. Those hardcore gamers are also more likely to be men and be between the ages of 25 and 34. This type of information allows gaming operators to make good decisions about the payment methods they provide, streamlining the payment journey for their target audience and maximising conversion.
You can download the report here.
Buyer Personas For Online Gaming Customers
Those familiar with marketing and sales terminology will understand the importance of creating buyer personas to effectively market and sell products and services to customers. These profiles explore target customers by demographics such as age, gender, education, salary, etc., as well as interests, preferred communication platforms and the needs or aspirations they have that could result in a sale.
Buyer personas are also relevant to the customer journey – from attraction to conversion and through the online checkout process. By extension they should also feature in the payment journey, ensuring that carts are not abandoned because of friction points in the process. These friction points, as our report reveals, can be very specific to different buyer personas or gamers.
Common friction points for gamers
While the following friction points are not unique to UK gamers, the gamers’ preferred platform and other demographics influence how important these are to different buyer personas.
- Payment methods: the ability to pay with their preferred payment method (credit or debit card, PayPal, vouchers, subscription or other payments) is a key factor in whether a gamer will proceed with a transaction.
- Security concerns: another key takeaway from the Secure Trading report is gamers’ attitudes to payment fraud and cyber security. For some it is more of a concern than others. Therefore if your target audience are more security aware, a payment process that promotes trust and reassures gamers of the security of their transaction is vital.
- Number of payment steps: as mobile becomes a more dominate force in iGaming the payment process needs to be optimised for mobile. Too many steps and fields to complete can result in low conversion rates. Conversely, if target audiences are PC or console users with concerns about security, i.e. older gamers and women, the payment process many require additional elements of security for these users.
Creating friction free payment journey for your target audience is essential to maximise conversion.
Gaming Account Hacking
Another consideration that impacts on gaming operators is the hacking of accounts, fraudulent transactions and chargebacks. While gamers may be inconvenienced by having their account hacked, and discovering fraudulent transactions on their credit card statement or bank account; it is the merchant who ultimately bears the consequences through chargebacks. Therefore it is important to understand gamers’ attitudes to security, and whether they present a higher risk to the gaming operator than others.
In the report we discovered that 18-24 year olds were less likely to be aware that their account has been hacked: and we already know that this age group overall is less security conscious than others. We also found that the younger age groups in our study were more likely to cancel a payment at the bank, resulting in a chargeback for the merchant.
This information can help inform gaming operators so they can put appropriate measures in place to protect their businesses andreduce exposure to fraud.
The findings above are just a snapshot of the insights in this report. For more, download your copy of UK Online Gaming Payments And Fraud here.