New research shows a zero-tolerance attitude among consumers towards online theft in e-commerce today, with 65% or more saying a single incident can lose that customer.
The Securing eCommerce study, a PYMNTS and NuData collaboration, surveyed nearly 2,400 U.S. consumers about the effects of the pandemic on their e-commerce use, especially regarding concerns about fraud and data theft on these proliferating platforms and markets.
Demographics are playing their part as well, with 67% of middle-income consumers (people who earn between $ 50,000 and $ 100,000 a year) saying they would abandon an ecommerce site for just one case of fraud. Income also impacts this outlook, as the highest earners will always abandon a site and then make the same purchase where they feel it is safer.
Without the skyrocketing growth of e-commerce over the past 16 months, fraud issues could drive volume down. This is clearly not the case. For example, the Securing eCommerce study notes that 67% of millennials “say they buy online more often than before the start of the pandemic, while 65% of bridge millennials say the same.”
It’s not just legions of ecommerce converts drawing a red line on merchant data theft. The study on securing e-commerce found that “even consumers who buy less or exactly as much online than before the start of the pandemic report feeling more worried about their personal data being stolen than they were. before it starts. “
In a climate where enthusiasm for new online shopping experiences meets the age-old fear of theft, the choice of payments plays a fascinating role. Researchers found that despite the many new payment options available online, “the most common way for shoppers to pay for online purchases nonetheless is through the proven guest checkout”, with 71% of shoppers trading electronic “paying by entering their credit or debit. card information manually at the guest checkout, in fact. This represents around 172 million consumers.