Digital trust and eCommerce platforms

While technology keeps evolving at a rapid pace, the internet has undoubtedly become one of the most integral pillars of today’s global economy. Inevitably enough, eCommerce is also growing at an unprecedented rate, thus allowing brand new, innovative online payment methods to emerge and establish themselves.

In absence of physical interaction, however, it is without doubt that customers’ trust in the midst of online transactions is anything but a given. Subsequently, the concept of digital trust has been transformed into an absolute necessity across a wide range of business sectors, including eCommerce.

How would one define digital trust, however? Why is it essential and how can it be generated?

What is digital trust?

Digital trust refers to the type of trust that users tend to showcase towards online platforms that fall within the spectrum of online banking, eCommerce and social media, among others. It could be defined as the extent to which users perceive such platforms as safe, reliable, and bounded by frameworks that ensure legitimacy, transparency, and user protection.

In this context, digital trust has become an absolute must for owners and administrators of online platforms that focus on online interaction, let alone online transactions. In a nutshell, generally high levels of digital trust across an online platform shall lead to an indisputable competitive advantage.

The importance of digital trust

Common cases such as cart abandonment and hesitation in providing credit or debit card information in e-shops are anything but a matter of luck. Without sufficient levels of digital trust, consumers will most certainly opt for the competition instead – especially in the field of eCommerce, where competition is particularly intense.

Digital trust can easily be at stake when a financial institution, e-shop or social medium dismisses the immense importance of abiding its processes with the relevant data protection legislation, as well as cybersecurity practices, and a general privacy framework. A loss of this nature can significantly damage the relevant platform’s reputation, thus leading to an equally large loss of profit, as a consequence.

Generating digital trust in eCommerce

One may wonder what e-shop owners and administrators can do to generate a sufficient proportion of digital trust, thus safeguarding consumer preference and maximizing their businesses’ profitability. Some important steps would be the following:

• Emphasize on browsing security, speed, and ease of use.
• Be transparent when it comes to the collection, processing, and protection of personal information.
• Include multiple options at checkout. 
• Maintain a variety of customer communication funnels.
• Use account verification methods, such as two-factor authentication – 2FA.
• Display their positive customer reviews.