The establishment and successful enablement of online shopping is clear for all to see; most retailers have adopted Ecommerce business models, allowing online spending to consistently rise year on year. Despite this growth, the online retail industry is being held back from becoming the foremost channel for shopping by security, or a purported lack of it. People purchased more online than ever last year, with the UK online retail market alone experiencing a 16.2% growth to be worth an estimated £52.2 billion in 2015 (retailresearch.org). Despite this growth, a staggering 70% of shopping baskets went unpurchased online due to fears of virtual fraud (Symantec).
It’s not just shoppers that can fall foul of online fraud; retailers themselves can lose customers if people are concerned for the security of their personal and financial details, depleting revenue significantly.
Businesses that build highly secure IT infrastructures, and develop online shopping provisions through a trusted platform can provide customers with assurance that their personal details are safe.
Retailers with resilient ecommerce platforms must make this clear to shoppers, highlighting accreditations such as SSL certificates and security vendor trust marks throughout the online shopping process. In addition, retailers should provide comprehensive fraud policy and user support information to help any customers who are concerned around the safety of online shopping. Clear guidelines around security policy act as a reference for a retailers’ belief in its site security, reassuring customers.
It’s clear that although shoppers have concerns around the security of buying online, they are not necessarily excluding online as a purchasing channel. Shoppers are moving to difference websites that they feel they can rely on, to provide a memorable and secure experience.
Retailers that gain customers’ trust are putting themselves in a position to increase customer transactions, recouping some of the 70% of unpurchased online shopping baskets. Online shopping will continue to grow, but which retailers will be trusted to be part of it?