It is that time of the year when Consumers and retailers alike are focused on Black Friday and Cyber Monday sales. In a tradition that started in the US and has already spread across the world, the day after Thanksgiving sees countless retailers offer immense discounts on products and consumers hurrying into a shopping frenzy to take advantage. But a study suggests that consumers might be willing to spend even more online if they are reassured that their safety is a top priority.
2017 Cyber Monday and Black Friday Broke Record in Spending
Black Friday is generally perceived as one of the top spending days for retailers across the globe – and much of that money is spent on online purchases. In 2017 alone, online shopping reached $5.03 billion, which marked an almost 17% rise from the $4.3 billion spent the year before that. Smartphones contributed a large chunk of that figure, as it was estimated that 54% of visits and 37% of spending were carried out through mobile devices – with smartphones up by over 16% and tablets up by 13% in conversion rates from the year before. These figures were boosted by the following Cyber Monday, which set a record of $6.59 billion in online retail sales, up by 16.8% from the $5.46 billion spent in 2016.
You will find more infographics at Statista
Web Security Key to Boosting Sales
Shoppers are eager to take advantage of sales season, especially on a day that advertises a blink-and-you’ll-miss-it approach to unmatched discounts, but that does not mean that they are not looking for opportunities to spend all year long. The general trend is clear: in-store traffic keeps declining, as consumers are drawn to the convenience of online shopping. Easier browsing from your couch, comparing items and prices in a matter of seconds, and delivery straight to your door are among the advantages that online shoppers enjoy. By appealing to a wider consumer base, online retailers can enjoy Black Friday figures all year long – and it seems that one way to do that is to offer a secure online shopping experience. A recent study suggests that Web Security, which includes safeguards such as a WAF to protect against web application attacks, two-factor authentication to prevent unauthorized access, and protection from advanced persistent threats, are crucial for businesses looking to convert more consumers.
67% of Consumers Value Safety When Shopping Online
This survey reveals that almost 85% of all shoppers buy at least some of the products they need online, with roughly 45% stating that more than 50% of their purchases are made online. According to the same source, most of those who shop online are worried about the cybersecurity of the websites they make their purchases on. 43.6% of respondents worry that their credit card information might be hacked and 34% have stated that they are afraid their credit card details might be stolen through a malware attack, and only 33.1% store their payment details on the websites they buy from. Yet, 67% stated that they would prefer buying online from a website that they know had security measures in place.
In the age of ransomware and bots, it is only natural that consumers are beginning to take note of cybersecurity measures when shopping online – the real question is, are online retailers doing everything they can?
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