Ecommerce has recently blossomed into a multi-trillion-dollar industry worldwide. With the health concerns gripping the world in 2020, these numbers have grown to staggering levels. Your company faces new competitors online every day with more on the horizon; making your brand stand out can be challenging. The best way to make sure that your brand succeeds is to build a relationship with your customers based on security and trust.
Unlike traditional stores, shopping online can be risky. Customers that don’t know or trust your brand are less likely to make a purchase. In fact, a 2019 Verizon customer survey revealed that 69% of respondents would avoid purchasing from a company that had suffered a data breach. A further 62% said they almost never save their payment details to an account despite the benefits of faster service. Finally, 63% chose “honesty and transparency” in data practices as necessary for building trust. This shows that customers expect companies to provide transparent, secure solutions for purchases.
While creating strong security and privacy practices can help you build trust, not having them can cause customers to lose trust quickly. After you lose trust, it’s difficult to regain it. According to the same Verizon customer survey, 52% disclosed that they would avoid a company that had exposed their information, and 29% said they would never use that company again. This shows that building trust and then maintaining it is crucial to your success.
Building trust for your brand
You can create a strong foundation of trust by putting the security and privacy of your customers first. Focusing on four main concepts can help you achieve this goal: research, investment, transparency, and open communication.
Learn what your customers expect from you and how you can best serve their needs. Consider changes you can make to strengthen security in your transaction process. Find out if your customers prefer separate accounts, two-factor authentication, or single sign-on to keep their information safe and reduce fraudulent orders. Ask them about friction points to find out where you can personalize the process to make buying online effortless. The more information you have, the easier it will be to create optimized processes.
After doing your research, implement the changes that make sense. Finding the right tools may require more research or trial and error. Choose tools that give you the flexibility to make changes as needed.
The goal is to balance privacy, security, and ease of use. Implement changes slowly and constantly monitor them for any weaknesses. Stay up to date on all technology you use and take the time to set up your processes correctly. It will save you time and money and can help you prove to your customers that you will protect them and their data.
One of the most important aspects of building trust is being clear with your customers. If they understand why you’re implementing a particular safety feature, they are less likely to be annoyed by it. Giving them clear options about setting up their account and making purchases lets customers understand how you run your business.
Knowing more about your company and why you’ve made specific choices can be a key building block for trust. You’ll also want to provide easy methods of contact for customers to share problems when they do occur. Making this process easy can mean the difference between a loyal customer and a lost one.
Like transparency, communication makes a huge difference in how much a customer trusts your company. Customers respond best when questions and concerns are addressed quickly and efficiently. Make them feel like it’s a conversation instead of dealing with each issue individually.
Ask for feedback regularly to make sure that your customers are happy with the security measures you have implemented. When they’re unhappy, consider their suggestions for improvements. Stay in regular contact outside of marketing and sales material so your customers feel heard. Feedback and open communication can keep you ahead of any difficulties that may come up. If your customers trust you to be honest with them, they are more likely to forgive issues when they happen.
Ultimately, trust can help your company flourish or cause it to fail. With the right processes in place, you can help balance security, privacy, and trust for a more profitable future.