More than twelve times as many UK consumers feel trust is more important than cost when transacting online

This article is brought to you by Retail Technology Review: More than twelve times as many UK consumers feel trust is more important than cost when transacting online.

The findings of a recent consumer survey conducted by YouGov and commissioned by VeriSign, a provider of Internet infrastructure services for the networked world, suggest that consumers in the UK may be willing to forgo gimmicks and spend a little more online if they know their identities are protected.

The survey results reveal that 85 percent of consumers state that trusting the site is most important when interacting on a Web site and sharing confidential information.  In contrast, seven percent said competitive pricing was most important and five percent said ease of use was most important.  Additionally, 81 percent of respondents said they would stop transacting on a site thats not secure.  

Findings also concluded that 91 percent of consumers reported that identity theft is a concern for them.   When asked how they felt about brands that did not protect their online identity, 46 percent felt distrustful, 19 percent felt disappointed, 13 percent felt betrayed, six percent felt indifferent, and four percent felt let down.  

With major investment in retail sites and the arrival of malls such as Westfield, online retailers need to do more to show customers that they can trust them, said Gavin Bradbury, International marketing director, VeriSign. Online retailers need to ensure customers feel confident and happy to make a transaction online. The Web is facing even stronger competition from the modern shopping mall, and shoppers concerned about security online have better facilities than ever before to attract them away from the Web, they will put their money where their trust is.

Before the Internet, businesses won trust through personal references and offline indicators such as a handshake, exceptional service or having a physical storefront to walk into. In todays online world, trust is still at the apex of all customer relationships, but its earned by providing security mechanisms like two-factor authentication, encryption, and validation that the Web site is authentic.

The survey uncovered other key findings on how consumers protect their identities today when conducting transactions online:

         81 percent use a simple user name and password to enter accounts

         66 percent look for the lock icon in the address bar

         41 percent look for a logo or seal from the firm providing Internet security

         41 percent look for https:// in the address bar

         24 percent look for a green address bar

When asked how much savings theyd expect before considering shopping on an unprotected site, a quarter of consumers said they would expect at least a 30 percent discount.  This finding suggests that businesses that don't provide security measures to gain consumer trust cannot anticipate getting the same value for their goods.