Data Safety & Confidentiality a Top Concern for E-commerce Shoppers Worldwide

Nov 20, 2019

A 2019 survey by 2checkout.com on customer buying habits revealed some facts about online shoppers; that data security and confidentiality matter most to customers when buying from a web-based merchant.

The study also found that buyers are most likely to abandon a filled shopping cart because of a mind-change about a purchase than due to reasons like prolonged delivery periods or lack of their favorite payment avenues.

These findings were the result of an investigation of over 1K customers across 130 nations from

May to July. The research dabbed the Online Shopper Behavior intended to understand customer habits in terms of causes of abandonment and what matters to buyers most when making online shopping decisions.

Why Customers Would Abandon You

So what are the most common reasons for cart abandonment?

  • Mind-change about the purchase of an item is the most common cause of abandonment, at around 40 percent.
  • Unanticipated fees during the checkout stage is next at 38 percent.
  • Inadequate details about product is reason number 3 at 32 percent.
  • Lack of a preferred payment method was mentioned by 28 percent of the respondents.

That said, customers also suggested ways e-commerce merchants can reduce abandonment.

Customer Suggestions for Reducing Abandonment

While 2checkout.com found that the merchant can do nothing about product mind-change, here are the two major customer recommendations when it comes to reducing cart abandonment rates.

  • Discount offers – 38 percent
  • The use of reminders – 33 percent

Customers recommended that retailers offer discounts at checkout or use reminders to push shoppers to buy whatever they’ve added to cart.

What Matters to Shoppers When Buying Online

The researcher also sought to find out what matters to consumers most when choosing to buy items online.

Here are the findings:

  • Data security and confidentiality is a top concern at 76%,
  • Brand name and clear policies is concern number two at 70%,
  • And taking payment through the customer’s favorite payment method follows at 69%.

What are the Customers’ Favorite Payment Methods?

2checkout also sought to find out the shopper’s most favored payment methods. Here’s what came out;

  • Credit & Debit cards was the most favorite
  • PayPal was a second favorite, liked by nearly 40 percent of interviewed shoppers
  • Cash still rules a small portion at 16%, to rank as the third loved payment option

Your data security and confidentiality measures determine whether a buyer will proceed to checkout or abandon you. That means a safe payment means is not enough to win you, customers. You must have what it takes to protect customer data, lay down clear policies, and meet your shoppers at their point of need.

Final Words

It is not surprising to see customers worried about data safety with news of massive cyber breaches compromising millions of customer data circulating the internet. Retailers should use these statistics to understand customer needs and make the necessary adjustments to gain a competitive edge in the ever-changing eCommerce marketplace.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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