From e-shopping to mobile apps like digital lockers, password managers and e-wallets, the e-commerce industry has become an indispensable part of millions across the globe. Security, Trust & Reliability are the three fundamental pillars of any successful e-commerce business. To instill that trust & confidence among your customers, it is therefore imperative to acknowledge and address all those major security threats that may intimidate your potential customers from using your services.
1. Weak Encryption Standards
Websites and apps that transmit sensitive information need to meet high encryption standards that make it difficult for criminal hackers to steal data. Consumers are aware of this problem, so they often try to use companies that take encryption seriously.
There are a few simple encryption standards your business can use to protect its customers. Start by using the HTTPS prefix instead of HTTP. HTTPS offers a higher level of security that every website should use. Unfortunately, many sites, including some owned by banks, don’t meet this basic standard.
Your company should also make sure that it uses the latest encryption technology. Encryption uses complex algorithms to jumble sensitive information. Other times, though, algorithms can become outdated, which makes it easy for experienced criminal hackers to break the codes. Upgrading to recent encryption tools will keep out all but the most talented criminal hackers.
2. Exploited Cloud Applications
The cloud has played an undeniable role in making large files available to more people. When your customers can stream media, they don’t need to waste precious space on their mobile devices. This matters a lot to the growing number of people who rely on smartphones to access the internet.
Perhaps because of the cloud’s important role, more people than ever worry that using cloud applications could make them targets for exploitation. Adopting robust security policies for all cloud applications should help many of your customers feel comfortable using your services.
Some approaches to improving cloud security include data center consolidation, incremental development, and risk assessment transparency. Let your customers know that you understand their concerns, and show them that you’re taking the appropriate steps to keep them safe when they use applications or store information in the cloud.
3. Jeopardized Mobile Payment Information
Smartphone companies have been pushing mobile payment technology for several years. Despite their efforts, few consumers choose to use their mobile phones to pay for in-store purchases. Too many people are worried that mobile payments will expose them to theft and identity fraud.
The irony is that mobile payments often include enhanced security features that shoppers don’t get from credit cards. For instance, many mobile payment apps generate single-use authorization codes. If someone were to steal the code, he or she could not use it for future purposes.
Smartphones also let users create passcodes that prevent thieves from accessing mobile payment apps. If someone steals a credit card, he or she has a few hours to go on a shopping spree. If the same person steals a smartphone, he or she probably doesn’t have the skills to use it. It’s up to companies to educate customers about the benefits of mobile payments.
Customers know that some companies have higher security standards than others. If you can show that you make security a standard, there is a good chance that more people will want to use your services.
4. Missing Trust Elements
Without building trust, you can’t expect your customers to do business with you. In order to win their confidence, you have to make sure that your e-commerce business incorporates the following essential trust builders:
- An about us page
- Active Social media engagements
- Seal of PCI-DSS (Payment Cards Industry – Data Security Standard) compliance
- Easy accessibility to contact/support related information via email, telephone, live chats and support tickets system
What concerns you?
We just discussed the four most important concerns that may scare customers from confidently using various e-commerce services. Besides the concerns discussed above, as a potential customer, do you have even more pointers to share and discuss? Please drop your thoughts in the comments below.