Suppose you own or run an e-commerce business or are thinking about starting one soon. In that case, you probably know how important it is to follow best practices for cybersecurity to keep information safe and make cyberattacks less likely. But you might not have thought about how strong security could help increase the number of people who buy something from your site. Let’s look more closely at the link.
Customers Link Trust to a Brand’s Data Protection Processes
If customers trust a business, they are more likely to buy from it again. Customers are more likely to stick with a brand if they know they can count on regular low prices and reliable service. But it’s also becoming more important for brands to show customers that they’re properly taking care of their information.
In a December 2021 study, 47% of people worldwide said that how well a company protected its data greatly affected how much they trusted the brand. Overall, the research shows that information security affected customer trust more than any other factor.
Another essential thing to learn from the research is that 59% of the people who took part said they had become more proactive about their data in the past six months. People could do that differently, but one way would be to check the website to see if it seems safe. Customers won’t be able to see all of your e-commerce security, but they’ll appreciate the parts they can see.
Shoppers Like Secure, Convenient Ways to Get Help
When people shop online, it changes how they can get help if they have questions about products, need to return items, or want more help. People don’t always have the time or patience to call companies. But there are many ways to make sure that electronic communications are safe.
People could use a secure message center to send letters, upload documents, and do other things. But if e-commerce companies go this route, their representatives must ensure that their solutions protect messages from beginning to end and follow all privacy laws. A big part of cybersecurity is knowing the rules and regulations about collecting and using other people’s information.
A live chat feature could also be added to the e-commerce site. Many people make decisions this way by contacting a third-party company that can add a chat tool to an already-existing website. But if you care about cybersecurity, you must ensure that all communication products follow the best practices for keeping data safe.
Even though most customers would like to be able to contact a business without leaving its website, some might be hesitant to use such features if they think they’re unsafe or the company won’t handle their information responsibly.
Breaches or Similar Cybersecurity Issues Could Cut Into Business
Information about company-level cybersecurity problems tends to spread quickly. That could be bad for the affected businesses if potential customers do some basic research before deciding whether or not to buy something from them. Research shows that people’s shopping habits can change differently after a breach at a company they know.
According to a survey done in 2021, 60% of customers stopped using an account because of privacy concerns. Also, 46% of the respondents said they had done this more than once. If these accounts are for online stores, that is definitely a problem.
On the other hand, 63% of people would think more highly of a brand if it was clear how it used personal information. It’s also interesting that 20% said they would tell others about these companies.
Another study from 2021 showed that shoppers would take their business elsewhere based on how much a breach affects them personally. About 35% of people said they would still buy from hacked companies. When asked, 25% of the people polled said they would go elsewhere if they knew about the cybersecurity issue.
But the number of people who would stop shopping at a store after hearing about a security breach went up to 46% if their personal information was at risk. It’s one thing to hear that some customers’ information was stolen from a company during a breach. Consumers are more likely to shop elsewhere if they are personally affected by the outcome.
Trustworthiness Increases Big-Ticket Purchases
Strong security isn’t the only thing that helps increase conversion rates on a site. Customers may not convert if they find websites hard to use, are annoyed by too much advertising or think they don’t work well or look good on mobile devices.
But people are more likely to trust brands they think will take care of their information well. They may also feel better about doing business with a company for the first time or continuing to do so if there have been no recent cybersecurity incidents in the news.
A study from 2022 also showed that trust is a big part of why people buy more expensive things online. The breakdown of the data showed that 46% of people would buy a more expensive item from a brand they trusted. People were more likely to buy something if they trusted the company more than if shipping was faster or cheaper.
After seeing these results, business leaders should add a page to a website that explains the company’s cybersecurity strategy and lists the parts that keep people’s data safe. Doing that could be helpful for any e-commerce business, no matter what it sells. But it’s essential to ensure people are comfortable with transactions that cost a lot of money.
Start Including Cybersecurity in Your Conversion Rate Efforts
Customers are more likely to convert when there are sales, freebies, and good reviews of products, among other things. But as the above research shows, you can’t ignore strong cybersecurity as a factor that will also help convince customers to switch.