Impact of trust in the era of data protection
by Luiza Filipoi
It is commonly known that strong security increases trust and trust increases the number of sales in online shopping. As a matter of fact, the perception of data security in eCommerce became a significant deciding factor when shopping. One of the most common reasons for customers not purchasing or paying online is a lack of faith; the absence of human interaction makes it more challenging to build trust between customers.
A major variable in boosting conversions.
A study conducted by Ipsos, in partnership with the Internet Society (ISOC) and the United Nations Conference on Trade and Development (UNCTAD), provides valuable insights on this topic. The results show that 62% of respondents indicated that a lack of internet security was a significant factor in internet distrust. Another interesting but also concerning fact is that 8 out of 10 respondents are concerned about their online privacy, and over half of them are way more concerned than they were a year ago. Even if the safety concern is a good thing, and we all should worry about our privacy and security, this year on year growth should trigger the alarm for the online businesses.
Untrusting the internet is causing users to have a more selective online behaviour, to disclose less information, and of course, to shop less online. In Europe, besides the price, security, and functionality are the primary influence factors when shopping online.
Trust is so important, but yet so hard to gain, e-Shops and other online businesses should consider these insights and act accordingly.
"To be trusted is a greater compliment than being loved."
Security is (most) important, but there are a few other things that have no direct connection with it and could make your business more trustworthy. So, before we talk more about security, let's proceed with them.
First of all, you need to make a good impression, meaning that your brand and website should be sparkles: a fresh design, seamless usability, mobile-friendly, attractive product pictures, quality content, and always consistency in communication. If the customer interacts with an unappealing brand or site, he will probably perceive it as a lack of customer care or even security.
Another important pillar in building trust is communication; we encourage you to "talk" to your customers. Enable reviews and testimonials on your site, survey your customers, talk to them on social media, and why not?!? meet up with them. It's essential to communicate, acknowledge, and, if possible, to implement their feedback. Moreover, always keep this in mind: be transparent - your customers will appreciate it.
Probably the most significant thing you can do to build trust, in this era of personal data protection, is to invest in cybersecurity solutions. In fact, not only to invest but to promote and explain how these solutions are helping your customers.
For online payments, a gateway could also represent a cybersecurity solution. As mentioned in a previous article, Twispay is complying with the PCI standards; therefore, you don't have to. Any merchant that offers online payments has to meet the PCI standards, but it doesn't have to be PCI compliant itself if its payment gateway provider is.
Twispay could even help you measure trust... at some level. We believe that online payments are like a KPI for trust; if a customer believes in your company (and if you have more payment methods), he will pay online. With our powerful dashboard, you have a partner that grants a complete overview of all your essential performance indicators and a meaningful way of analyzing and predicting your business metrics.
Long story short: trust is an essential pillar to succeed in eCommerce. Roll up your sleeves and start building it!