E-commerce is on its way to dominating the entire shopping sphere with online sales expected to reach 17.5% by 2021. With the e-commerce business booming, it becomes considerably important to provide the consumers with a safe online experience.
The online world is a breeding ground for individuals looking for unfair means to obtain sensitive information. Since e-commerce deals with such information on a daily basis, it becomes an easy target for hacks and illegal access. Various tools and software programs exist to keep this behaviour in check. On top of this, many technological developments are taking place to ensure that consumers shop online without any worries.
To see how such technological advancements are setting up protection barriers, please continue reading.
Blockchain
The Blockchain is a vast online network that stores and maintains a record of any transaction made. This network is connected through several databases through which the history of transactions can be tracked and viewed without altering the data.
The B
As mentioned above, Blockchain offers a secured network which makes it impossible for individuals to alter the transactional information. Additionally, the use of cryptocurrency in the Blockchain system considerably minimises the exchange of personal and financial information which indirectly eliminates the risk of online frauds.
The Blockchain also keeps the counterfeit products in check, thus providing another layer of protection when it comes to online purchases. More often than not, e-Commerce platforms fail to maintain an online standard. They display one thing while they deliver another thing. The same goes for counterfeit products where such platforms display original products, charge the customers for them and then deliver fake products.
The Blockchain puts an end to this activity by allowing the consumers to track the lifecycle of any product. This reduces the risk of distributors swapping the original with fakes during the sale.
Secure Socket Layers (SSL)
E-commerce requires the exchange of personal as well as critical financial information, so it is natural that people try to avoid transacting through unprotected mediums. The lack of any protective measures contributes to a security gap which the SSL strives to fill in.
Secure Socket Layers is a security certificate that encrypts the data between the user and any specific platform. All the verified e-commerce channels get their own security certificate along with a tiny padlock that is always visible at the start of the URL. Apart from the encryption, SSL does not do anything; however, this is enough to provide the consumers with a sense of security and to ensure that their data is in safe hands.
Usually, around 84% of online consumes avoid transacting through unprotected websites. This is why the internet is constantly evolving with individuals coming up with various security certificates to ensure a peaceful environment. In this race of providing protection, SSL is not an isolated case because many cybersecurity companies are coming up with much-advanced security certificates. For instance, TUV, a security solutions company, has come up with their own version of the security certificate. Their Safer Shopping Certification offers a systematic assessment of the security protocols of any e-commerce platform.
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To process online orders, retailers require sensitive financial information from consumers. A simple hack in the form of gibberish text placed hidden in the website’s codes can allow hackers to steal or store a client’s credentials. Once hackers have illegal access to online consumers’ information, there will be no stopping them.
Usually, such hacks can easily go undetected which puts the consumers’ information at risk. However, the recent technological development in the form of secured shopping carts can change that!
In a world where online fraud is prevalent, secured shopping cart software compels retailers to comply with the ever-evolving PCI standards. With this software, the retailers can encrypt sensitive data and protect it through multiple firewalls.
Social Media Platforms
The reason why social media platform is a part of this article is that it provides consumers with unprecedented control over any business, thus making online shopping safer for people. Additionally, continuous developments in the existing platforms and a separate channel for businesses have compelled the retailers to focus on providing a good experience.
The availability of such mediums makes it convenient for consumers to review or rate the online ventures. So, if some retailer is hell-bent on providing an average or pathetic experience, consumers will not hold back in showing their distaste. On the other hand, good services of any online retailer will be reflected in its customer reviews. With that being said, social media platforms have given consumers an opportunity to create a safe online environment, and likewise, consumers are taking full advantage of it!
PayPal
With the credit cards as the preferred method of payment, consumers have to exchange sensitive information which could be illegally accessed. On the other hand, using PayPal considerably reduces the security concerns as it does not require any informational exchange with the retailers. On top of this, PayPal offers Buyer Protection which means that consumers will get easy refunds in case of frauds.
In instances where you fail to receive your order or if the received product looks nothing like the displayed product, then PayPal guarantees full refund. Simply put up a dispute in your PayPal account and your money will be refunded with zero involvement from the online retailer.
PayPal’s Buyer Protection is setting a new example when it comes to protecting its consumer in the online environment. This policy is also regarded as the one that is causing the entire e-commerce industry to take data protection and online security seriously.
Conclusion
Long gone are the days when online retailers only cared about making money because the internet is gradually evolving in a bid to ensure safer online purchases. So, thanks to the above-mentioned developments and many more that are yet to come because they are geared towards consumers and will always work in their favour.
Considering this, if your website still lacks protective measures, then you should hire the best Magento developers. This is because they will help fortify your e-commerce platform against unpleasant hacks designed to steal crucial information as Magento is known for its robust and secure nature.
Text: Shawn Mike
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