Many businesses struggle when it comes to balancing between e-commerce security and customer experience. When customers encounter several data security layers, they may decide to abort their transactions. However, hackers may steal their data if such layers don’t exist. businesses need to strike an intelligent balance between online security and customer experience.
53 % of clients agree that they will not go ahead with their transactions if an online retailer requires too much information during account creation. On the other hand, 27% of customers will do so if the e-commerce store lacks advanced and visible e-commerce threats and authentication.
Therefore, businesses need e-commerce security providers like Astra to provide seamless website security features under one roof. Does your business have advanced security solutions? Do you lose customers even after having security in place? Astra will help you strike a win-win balance between your e-commerce security measures and customers’ experience.
Poor E-commerce Security
Javelin Strategy & Research carried out an Identity Fraud Study in the year 2016. They found out that the year 2016 saw the highest number of online fraud incidents. In the US alone, 15.4 million consumers took the hit. That was a 17.6% increase from the previous year, which saw 13.1 million consumers losing money to fraudsters.
Despite the rise in hacking, most businesses are lagging in e-commerce security. 65% of businesses have reported losses from fraud. More than half of e-commerce stores have still not taken these warnings to implement security measures beyond their password authentication systems.
Too Much Information Required
Many consumers tend to abort transactions since websites require them to create an account before doing that one-time buying. Some cringe away from e-commerce stores that are asking for too much information. On the other hand, a lack of visible e-commerce security makes more than 27% of consumers to bail out of a transaction.
Lack of Trust
Customers want businesses to be responsible for keeping their data safe by employing improved security. The business needs to access the risk related to online transactions and identify any potential attacks. It has to look into how it can reduce breach of privacy. Since many people hold privacy in high regard, a business needs to gain the trust of consumers before they can hand over their data. Therefore, e-commerce should prove that customers’ information is safe from unauthorized third-party.
Why Most Businesses are Remaining Behind in E-commerce Security
Therefore, serious businesses with a keen eye on the above figures are always implementing advanced security measures while maintaining robust customer experience. There is no sense of having great security measures that will overwhelm the clients’ shopping and the checkout experience.
The tension between e-commerce security and positive customer experience is a headache that is continuing to disturb businesses. According to Experian plc, “Businesses are forever grappling with the tension between managing fraud and maintaining a positive customer experience.” Often, the later carries the day, since many e-commerce stores are willing to accept fraud losses that come from deficient authentication, so long as customer experience remains intact.
What is the reason behind this? The answer is that even though most stores desire to put in place water-tight security measures, they don’t have enough resources. Additionally, many small and medium-sized companies lack the financial muscles needed to implement advanced authentications.
The third reason is that businesses find it discouraging when some security measures incorrectly bar customer transactions. Its because when such incidence occurs, it means a possible loss of revenue and new customers. The existing customers may also find the experience to be stressful.
Finally, businesses may have to give incentives to their customers before they agree with new changes in e-commerce security measures. Brands that have made a name in the industry and have a large reach will have to adopt more robust security and authentication steps to enable clients to get accustomed to them.
Robust e-commerce security is very important if you want your business to avoid the ever-increasing security threats. You need to put in place robust measures that will safeguard your customers’ data. That will make potential and existing customers trust your business. Nobody wants to lose money while transacting online.
At the same time, your security measures and authentications should not overwhelm your customers. Customers that find security measures and requirements overwhelming may go away never to return. Therefore, the customers should feel secure while enjoying a seamless shopping and checkout experience. An experienced security provider that has all solutions under one roof should be able to help you here.
At Astra, we have the right e-commerce security solutions for your business. Our solutions can monitor patterns on your online store and bar malicious traffic automatically. Some firewalls and security measures out there incorrectly block legit visitors, leading to loss of revenue and customers. However, ours is intelligent enough to avoid such a crisis, leading to robust customer experience.