Since the dawn of selling, trust has underpinned commercial transactions. Faith in the quality and security of online shopping is more important now than ever as the pandemic spike is ebbing, and eCommerce retailers are in a race to lock in loyalty before the dust settles.
In Satisfaction In The Age Of eCommerce: How Build Customer Loyalty Trust Helps Online Merchants Build Customer Loyalty, a PYMNTS and Riskified collaboration, we surveyed over 2,150 U.S. consumers about online shopping experiences, features and the importance of nurturing trust between merchant and customer. The trust-satisfaction link stands out.
Consumer satisfaction with retail experiences is closely linked to their trust in merchants. When eCommerce experiences go awry anywhere along the line from lackluster checkout features to bad returns episodes, shoppers will quickly pivot to a constellation of competing retailers.
The digital shift is creating more of a security mindset among consumers, millions of whom are burned via online fraud of one kind or another each year. This area is critical to trust building.
Satisfaction In The Age Of eCommerce found that close to half of all consumers are afraid of both identity theft and digital theft of funds. This is a clear signal to eCommerce operators that fraud prevention is now a pillar of trust in the consumer-merchant relationship.
Increased customer lifetime value is one of the many benefits of a trust bond between shoppers and eCommerce merchants. Maintaining it is worth the investment in online security and fraud management, as 70% of those who say they highly trust their online grocers have been doing business with them for more than a year. For retail, it’s 48%.
That’s a sign of trust, but it’s a fragile concept that must be safeguarded in a cybersecurity environment that’s rife with highly sophisticated and well-equipped fraudsters.