PYMNTS MonitorEdge May 2024

Four in 10 Consumers Demand Greater Data Protection

Properly securing consumer data could be key to maintaining the loyalty of eCommerce merchants’ most engaged customers, according to PYMNTS Intelligence.

The shopping features connected consumers prioritize

By the Numbers

The PYMNTS Intelligence “2023 Global Digital Shopping Index: U.S. Edition,” which drew from a survey of more than 13,000 consumers and 3,000 merchants across Brazil, India, Mexico, the United Arab Emirates, the United Kingdom and the United States, examined the factors that influence how and where consumers shop and pay.

The results revealed that digital enthusiasts — those who highly demand digital shopping features — are the most likely of all to prioritize data protection as their top concern while shopping online.

Overall, the study found that 40% of U.S. consumers rank this concern as either the most important or “very or extremely important.”

The fact that digital enthusiasts, who are more inclined to use digital shopping features, also prioritize data protection suggests that there is a heightened awareness among this group about the risks associated with online transactions and the importance of safeguarding personal information. This finding underscores the necessity for businesses to prioritize robust data protection measures to cater to the needs and concerns of this group.

A Deeper Dive

Consumers see data security as being important across their digital routines. The PYMNTS Intelligence report “Payments and Credentials Vaults: Gauging Consumer Interest,” which drew from a survey of more than 2,000 U.S. consumers, found that 77% said strong data security is a major factor influencing their willingness to use a payments and credentials vault. Plus, 58% of consumers said they were at least somewhat likely to switch to merchants that link their services to a payments and credentials vault.

These findings underscore the role of data security in maintaining the loyalty of eCommerce merchants’ most engaged customers. Moreover, the broader trend of consumers emphasizing data security across their digital routines highlights the need for businesses to invest in secure payments and credentials vaults to retain and attract customers.