Set your ecommerce business apart from the rest. Enhance your customer experience.
According to a study conducted by PwC, an incredible 92% of online consumers agree that businesses must be proactive about privacy and security. Additionally, 85% say that cybersecurity and privacy risks are among the biggest risks facing society.
What do these statistics tell us? Privacy and security matters to online shoppers. This also means that you have a huge opportunity to act on behalf of your customers. Show them that you care about the same issues as they do by improving your privacy and security practices. At the same time, you'll enhance your business' overall customer experience.
Increase ecommerce privacy and security: Improve the customer experience
By adopting the best privacy and security practices, you can turn something that is worrisome and stressful for customers into a positive experience for them and for your business. Learning about privacy and security online doesn't have to be scary or hard for you or your customer. It's as easy as informing yourself and committing to giving your customers the best possible experience in your online store.
Commit to giving your customers the best possible experience. Then, find out what their biggest hurdles are regarding privacy and security online. Start by conducting some research of your own and going directly to your customers. To help you get started, we'll go over some known issues in the privacy and security space and provide some solutions that can help.
Learn your customers' biggest pain points, tactics you can use to solve these challenges, and privacy and security misconceptions
Any time you want to improve the customer experience, it is essential that you start at the source. After all, you can't solve a problem until you understand what it really is. It's important to make the distinction between what you think the issue is and what customers say the issue is. Before we start looking at solutions, let's review some research behind the issues that bother customers the most.
Main pain points for customers in ecommerce privacy and security
Here are a few of the main pain points for customers:
Customers worry about sharing data online - In a June 2019 survey conducted by PEW Research Center, 81% of respondents said that the potential risks of companies collecting their data outweigh the benefits. The good news is that you can make sure your customers' information is safe and protected.
Consumers are concerned about the safety of shopping online - Just this month, Marqeta released a report on customer opinions about shopping online securely. Despite a recent spike in ecommerce due to the COVID-19 pandemic (23% according to Marqeta's report), a surprising 76% of consumers still believe that shopping online puts them at risk of becoming a victim of fraudulent activity. By utilizing fraud detection solutions online, you'll be able to let your customers know you're doing everything possible to protect them.
While some of these statistics can seem dire as an online store operator, it's important to know that ecommerce is still a thriving and growing industry; worth an estimated 3,356 billion in 2019. When you take the initiative to solve your customers' concerns, you'll also make impactful and positive changes to your business's overall customer experience. Let's look at some ways to tackle the pain points and turn them into great customer experiences.
Ways to improve ecommerce customer experience through better privacy and security practices
Here are some ideas to help you get started addressing the customer pain points we just discussed:
Transparency and clarity. Make sure that your privacy and security policies are easy to find and understand. Read through these documents from a customer's point of view. You know your target audience, their experience, and knowledge about privacy policies. Are yours easy to find, read, and understand? When you can confidently answer this question with a Yes, share your privacy and policy updates with your customers. You can also put the content into smaller, bite-sized paragraphs and add images if they're helpful.
Put your customers at ease when it comes to sharing their data with you. There are a few things you can do to make sure the information your customers share with you is protected and used appropriately. The best thing to do is to communicate with your customers. Be transparent about how you're using their data. For example, let your customers know that you use their data to protect them. Let them know about the steps you take to reduce the risk of fraudulent activity during checkout.
Use fraud risk software. This technology is making strides as one way to improve the customer experience. It reduces the number of false positives by using smart and dynamic order flagging rules. Fraud detection alerts are designed to protect you and your customers. However, if it's a legitimate transaction, fraud alerts can cause unnecessary concerns and a poor experience for the customer with false positives. Get ahead of false positives with fraud risk decisioning technology.
Common misconceptions about best practices for privacy and security
As you start to optimize your privacy and security practices, learn about some of the biggest myths and misconceptions. We've provided the 10 of the most common myths:
Fraudsters aren't interested in small businesses.
All ecommerce stores provide the same level of security.
A strong password is enough for security.
SSL/TLS is required only for shops that store customers' credit card information.
PCI DSS certification guarantees payment security.
Employees don't violate ecommerce store security.
Firewalls and antivirus software are enough to eliminate fraud.
Fraudsters only target expensive items.
Companies that use cloud technology don't need additional security tools.
Mobile transactions are riskier than desktop transactions.
To learn more about these myths and how they've been busted, check out this guest blog post from our partner GoMage, Security threats in ecommerce: Debunking top 10 myths. You'll also learn how you can be proactive in addressing these myths.
By researching and reading topics like the ones covered in this article, you have the right intentions and are on your way to creating an amazing ecommerce experience for your customers.
Keep researching, and keep in mind the big takeaways: listen to your customers, ask what their concerns are and how you can help, take action on those concerns, and make sure that you're aware of the biggest privacy and security myths and misconceptions.