As consumers, we’ve moved on from relying solely on face-to-face transactions, and so too, our reliance on traditional sources of expertise. Instead, we’ve turned to the Internet as our main channel of reference.
Many businesses today don’t just have eCommerce as a side gig. It’s their main game and their primary channel to market.
So in this online-only world, how can you show consumers that your app or Website can be trusted enough to hand over their credit card information?
You see that’s another point that’s worth making.
Let’s explore an example. For instance, let’s look at a customer who is buying an item over the counter at their local bricks and mortar retail store. The retail price for the item is $20, and they pay for it using cash. The only thing that is at risk from dealing with a dodgy vendor in that scenario the $20 note itself.
But when that same customer looks to buy that same item, from that same retailer online, they’re going to be asked for their credit card information, home address for delivery, their name, maybe even date of birth as well.
So much more is at stake than just the $20 note.
The level of trust that the same customer needs to make that same transaction online is much, much higher than the level they would need in the physical world.
Because the risk of identity theft is real, and the consequences can be far more significant than burning $20.
Credit Card Fraud and Identity theft are significant issues in the world today, and this lies at the heart of the problem.
The level of trust that is required for a consumer to make a purchase online is higher. Yet, the ability for online consumers to establish any faith at all is actually lower.
Anyone with an online business needs to understand this conundrum and work tirelessly to address it.
‘How can you, as a business builder of an App or a Website, establish brand trust?’ is a crucial question that’s important at any time of year, but at the time of writing this article, it’s now mid-September 2020. Given the events of this year that has affected nearly every business on the planet, maximising online sales throughout the final quarter (Oct-Dec) has never been a more significant opportunity, or more critical.