What consumers are worried about online

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According to Experian’s Global Insights report, 37 percent of German consumers have security concerns when shopping online. For 17 percent, concerns about online security have recently increased.

  • According to a new report by Experian Worldwide, 52 percent of consumers and 37 percent of Germans have security concerns about online transactions.
  • 42 percent of consumers worldwide were surveyed And 17 percent of Germans have been increasingly concerned about their online security over the past twelve months.
  • 63 percent of those surveyed worldwide They indicate that they will provide their personal information at an equal value. In 2021 it was still 51 percent.

The new Experian Global Intelligence Report has found that online shopping continues to grow even after the removal of lockdowns. Like email, digital payments are now commonplace to consumers. The online boom has also encouraged the use of mobile wallets, which are now competing with traditional payment methods. According to the report, 71 percent of respondents from Germany say they currently use mobile wallets such as PayPal, Apple Pay or Google Wallet. Only 39 percent say they use traditional credit cards as well. The biggest security concerns consumers have are identity theft and stolen credit card information.

Security Concerns: Consumers know the value of their data

Basically, consumers want quick, smooth and secure transactions. Eighty-one percent of respondents from all participating countries and 74 percent of Germans said a positive digital experience would improve their perception of the brand. It is comparable to a traditional purchase in a physical store. Companies are benefiting from the increase in online sales. Fifty-three percent of those surveyed have increased their spending and transactions through digital channels over the past three months, compared to 37 percent of Germans.

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The report shows that consumers are more aware of the value of their data. 90% of worldwide surveyed customers and 93% of German customers want to have full or partial control over how their data is used. 57% of respondents and 45% of Germans are willing to send their data. This is on the condition that it will ensure extra security or prevent fraud. There are also regional differences in security concerns. In all surveyed countries, including Germany, identity theft and stolen credit card information are of major concern to consumers. In China and India, data security is high on the agenda. More than 50 percent of respondents in Malaysia and Peru are concerned about deepfake scams. In other countries this is of no importance.

Digital processing of desired transactions

Dominic Conan, senior vice president of sales and accounting at Experian DACH, explains: “The results of our latest survey make it extremely desirable to make digital transactions easier, cheaper and more convenient. Over the past two years, digitally interested consumers have emerged that businesses need to meet their expectations for security, privacy, convenience and customer support. Ultimately, consumers want to make their work and life easier and safer.

The report also shows that consumers have clear options when setting up new accounts. Banks ‘websites, retailers and credit card companies’ applications are very popular. Consumers interested in digital are increasingly relying on payment processors, credit card companies, technology and streaming companies.

Dominic Conan is Senior Vice President of Sales and Account Management at Experian DACH. (Image: Experian)

Security concerns: Use of new payment methods

The widespread adoption of new payment methods such as mobile wallets, peer-to-peer (P2B) and buy now pay later (PNPL) offers businesses greater access to funding. In the United States, four out of five consumers use BNPL to avoid credit card debt. In the UK, 70 per cent of consumers do this, compared to 39 per cent in Germany. Moreover, 57 per cent of respondents noted that BNPL could modify their traditional payment system. Of the German respondents, this was 37 per cent.

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Businesses still have room for improvement as they meet customer expectations for their digital experience. 23% of surveyed customers said their expectations of the digital experience were only partially met or not met; The number of German consumers is 19 percent. That percentage is down from 30 percent of all consumers surveyed in Q4 2021. Only 23 percent of consumers expect companies to address their safety concerns, while the number of Germans is 17 percent lower.

Unlike in the past, consumers today see more responsibility in the hands of companies. 73% of consumers believe that companies have a duty to protect themselves online. 51 percent of German consumers believe this. Dominic Conan explains: “The obvious solution in this case is for companies to significantly improve customer experience and make it more secure by increasing automation, which, in turn, speeds up decision-making and can combat fraud more effectively.

About the method of study

For that Global Intelligence Report Experian surveyed 6,000 consumers and 2,000 businesses on the economic prospects of consumers and businesses. Financial well-being and security concerns in online transactions. Consumer surveys were conducted in 20 countries, including Australia, Brazil, Chile, China, Colombia, Denmark, Germany, India, Indonesia, Ireland, Italy, Malaysia, the Netherlands, Norway, Peru, Singapore, South Africa, Spain and the United Kingdom. United Nations. The report is part of a series of studies examining changes in consumer preferences and business strategies over the past seven years.

Xperion helps to make decisions that enhance the growth of information and information technology services providers and companies. Experian DACH Provides an excellent basis for their risk, fraud and identity management for companies of all sizes and businesses, such as e-commerce operators, insurance companies, financial services providers and telecommunications companies. If needed, the Experian DACH specializes in tailor-made and company-based solutions tailored specifically for large clients. (sg)

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read more: Fraud Prevention: Experian’s new solution boosts sales at online retailers

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