COVID-19 Accelerated the Need for Online Security. How Can Retailers Keep Up?

COVID-19 has impacted traditional in-store “brick and mortar” retail transactions when you consider the following:

• Global retail growth fell by 5.7% in 2020.

• Lost sales could reach $2.1 trillion due to the pandemic.

• There was a 4% drop in the popularity of cash transactions from 2019 to 2020.

With consumers suddenly forced to shop online, global retailers have reacted accordingly. To meet this rapid demand, global retailers have invested an average of three years’ worth of technology budget in just 12 months.

But if retailers want to earn – and keep – the trust of their customers, they must invest and innovate in technology which delivers a safe and secure online shopping experience that provides efficiency, scalability and reliability across their entire supply chain.

Retailers Big and Small Must Focus on Data Security

Data security is at the forefront when consumers buy from local mom-and-pop shops or large, well-known retailers. If consumers sense their personal and payment data isn’t safe, they’ll abandon the sale:

• 48% of consumers have abandoned an online sale because they didn’t trust a retailer with their payment details.

• 47% are nervous about small retailers’ ability to keep personal and payment data secure, and 12% don’t fully trust big retailers’ to be responsible in this area.

• Only 45% of global shoppers always feel their personal and payment data is secure when they make a purchase online.

That last statistic is key. In 2021, almost everyone shops online out of necessity. Yet, over half are leery about a crucial element of the experience. Imagine being forced to drive a car, but not having faith in the brakes?

New Consumer Behaviour Leads to New Technology Demands. See How Retailers Can Adapt and How SOTI Can Help

Many online retailers strive to offer an extensive product selection and efficient delivery of their products. But if retailers don’t deliver a safe and secure shopping experience, they are at a competitive disadvantage.

From Bricks to Clicks: State of Mobility in Retail 2021 Report looks at the current state of retail technology and what consumers expect from retailers when the COVID-19 pandemic ends.

It also looks at the challenges retailers face when delivering a positive e-commerce experience with real insights as to when and why customers will take their business elsewhere.

It’s a must-read for any retailer – big or small, local or international – looking to integrate and enhance their mobile operations with innovative technology investments.