As business owners, we go above and beyond to appear as a trusted authority to customers. We may focus on high-quality images and web design, advanced customer service, or testimonials to demonstrate our relevance and reliability. However, consumers are additionally very attracted to any guarantees we offer, and this is majority tied up in safety. If asked today, would a customer look at your policy and methods, and feel safe about doing business with you? It’s a very important question.
Customer Trust in Decline
Once a breach has led to fraud, the consumer tends to view that account as tainted. Research conducted a few years ago examines the practices of consumers following an average case of fraud. After determining that approximately 27% of cardholders had been victimized, with 14% encountering multiple instances, their behaviors change dramatically.
For instance, 63% of these consumers will think twice about using their payment methods in the same way again. They may opt not to do business with the same retailers and companies, or may refrain from using that payment method altogether without certain security measures.
Then there are those that were sent new cards as part of their resolution. Of these, nearly half didn’t use those replacement cards as much as they used their original cards. A shift, one that is certainly as emotional as it is logical, has led them to the belief that they should be more judicious about who they do business with.
This can be seen as a very practical and even beneficial result for consumers. But for those businesses who have no reassurance to offer the once-bitten customer, it’s critically bad. Without enhanced security and fraud protection, that business doesn’t stand a chance of being chosen.
What Do Customers Want? Honesty
So, you’ve made it clear to the consumer that you can protect against fraud with Netverify. Indeed, many inherently trust features like facial recognition and document verification, as they increasingly become standard.
Still, properly identifying your customer is just one way to gain greater trust. Surveys show that a majority of consumers are very concerned with how businesses handle data breaches, or, more to the point, whether or not they admit to them.
They feel this way whether or not they have personally been affected by fraud. In the end, the customer wants to feel empowered by being able to mentally connect the dots and understand how and where any fraud occurs.
They also want data you collect from them to provide extra benefits. Is it being used to curate a better customer experience, or is it being used primarily to benefit your business? Shrewd shoppers will know the difference, and they’ll definitely notice if your business is mum on the subject of data use and breaches.
It’s a good idea for every business to get in front of these problems. Dedicate time and space to security discussions, and make your policies clear to consumers. Upgrade your security and proudly share info about these measures with your audience. With many purchasing decisions taking as little as a single second, addressing concerns and having that safety net in place makes all of the difference