The coronavirus pandemic and the related restrictions, including the closure of shopping malls, are making consumers shop online even more often than usual. What about the security of such transactions? – Fewer than one in three users worldwide feels very safe when shopping online, but more than half shop online more often than before the pandemic – report ESET cybersecurity specialists.
The pandemic's impact on e-commerce
A study conducted by ESET shows that the COVID-19 pandemic has significantly contributed to the way we fulfill our shopping needs. As many as 61% of surveyed consumers admit that they use online stores far more often than before the pandemic, and in the 25-34 age group, as many as 70% of respondents say so. At the same time, only 29% of study participants said they feel completely safe when shopping online. Meanwhile, as many as 40% of consumers declare that once the situation returns to normal and all restrictions are lifted, they will continue to shop online to the same extent as they do now. The opinions and experiences regarding online shopping and virtual banking were gathered from 10,000 consumers from various parts of the world.
– The COVID-19 pandemic has significantly limited the ability to visit stores in person. It is therefore not surprising that our research shows an increase in e-commerce traffic. What is surprising, however, is that the respondents' answers indicate that we can expect this trend to continue even after the pandemic. Also crucial, especially for businesses that have increased their online activity, are consumers' feelings and experiences regarding cybersecurity – comments Ignacio Sbampato, Managing Director of ESET.
Concerns about shopping security
Despite their enormous popularity, online transactions are a source of concerns for many people, including those related to fraud and cybercrime. Among respondents, only 29% of consumers were convinced that they feel "very safe," while 16% said they feel "not very safe." However, most respondents believe they would be able to detect phishing messages imitating stores they regularly use. In this case, the mass media play an enormous role, as information about successive phishing campaigns is spread instantly – this makes society more aware and, consequently, more cautious when dealing with emails from even a seemingly trusted source.
Online banking enjoys trust
Holiday shopping online and transaction security
In the case of online banking, the level of trust is much higher. The vast majority of respondents – as many as 83% – manage their bank accounts through online services, of which 24% do so exclusively via a mobile app. Such enormous popularity stems from the transparency of the apps and the available tools for analyzing our spending – thanks to this, customers believe they have full control over the household budget, and the simple and intuitive interface helps with carrying out a whole range of different banking operations. In addition, 39% of respondents confirmed that they feel very safe when using online banking. This result fits into the global trend in which banks are ahead of retailers when it comes to consumer security and trust.
– It is worrying that fewer than one in three consumers feels very safe when shopping online. Without increasing awareness of the security measures available during online shopping, customers may expose themselves to online threats, including the loss of personal data. That is why, for both retailers and consumers, it is important that buyers' data is fully protected against cyber threats during transactions. Protecting consumers and their data using the most modern security software technology is a key challenge for the e-commerce market – adds Sbampato.
*Source: an original study among 10,000 consumers from various parts of the world, including the United Kingdom, the United States, Australia, Japan and Brazil.
Summary
The ESET study shows that the COVID-19 pandemic has permanently changed shopping habits – 61% of consumers shop online more often, and 40% declare they will maintain this trend after restrictions are lifted. Nevertheless, only 29% feel very safe during online transactions, which poses a challenge for retailers. Electronic banking is rated much better, with 83% of respondents using it and 39% trusting it fully. Experts emphasize that educating consumers and implementing modern safeguards is key to protecting data and building trust in e-commerce.
