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Convenience v. Security: eCommerce Isn’t as Scary as We Thought

Peter Reville |

Are consumers becoming less concerned about security when they shop online? Does convenience trump safety? A recent Datamonitor survey reports that only one-fifth of U.K. consumers enter their card details every time they shop. So what are they doing when it comes to payments?  Nearly one-half are storing their information on the merchant’s website and another 18 percent are storing their information with PayPal.

Recent research from MasterCard indicates that not only do consumers know more about how their information is used online, they are more comfortable than had been thought. Fully 58 percent of Britons agreed that storing their credit card information on sites where they regularly make purchases makes their life much easier, according to the MasterCard research.

I find this intriguing.  People want the convenience of not entering their information every time they shop.  They want the smooth and seamless click to pay method.  In the past, however, many have diligently avoided storing their card information on the web for fear of fraud.  It seems as though eCommerce is exiting adolescence.

A combination of comfort deriving from experience along with the maturing ecommerce channel has created a level of trust among consumers that their payment information is safe with retailers.  And if not retailers, with a third party.  We have heard that people share their data with retailers they frequent and trust. The consumer has become much more aware and savvy when it comes to shopping online.  They have dipped their toe in the water and realize it isn’t full of piranhas.

Familiarity breeds trust, I guess.

Topics: Economic Outlook, Payments Strategy

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1 Comment

  1. Stanford said on April 13, 2013 at 5:04 pm | Reply

    Familiarity can also breed contempt. Yes, security has improved and we all want to be able to order on online quickly and securely. Industry needs to quickly go past adolescence and avoid issues that come with puberty..