E-commerce is booming and is still expected to grow as more and more people are accessing the internet with their mobile devices from almost anywhere and at almost anytime of the day or night. But despite the rosy picture of a promising future for E-commerce, online entrepreneurs still need to address several issues about trust that is preventing a sizable number of potential shoppers from transacting business online. There are many individuals who are quite reluctant to provide credit card information and other sensitive personal data online. Without these data an online transaction can not proceed to completion. With the threat of phishing attacks constantly hanging on our heads since they came into the limelight in 1996, people have remained wary taking extra care not to share sensitive information on line.
This is what SSL Certificates are all about. It is about building the trust and confidence of potential online shoppers enough to make them complete online transactions by sharing the much needed information to see the online transaction through. SSL Certificates are about confidence building.
A study made by Harris Interactive in 2009 for Microsoft and the National Cyber Security Alliance revealed that 48% of internet users are adamant to provide personal information online for fear that it may land in the hands of cybercriminals. 36% are hesitant to provide their credit card information online for the same reason. According to the same study, 4 out of 5 online shoppers prefer to transact with e-Merchants who displays a recognizable ‘trust’ mark in their sites. Another study made by TNS Research in 2005 said that 70% of online shoppers balked down when providing payment information came around because they didn’t feel secured at all. 90% of them said they would have continued on to finish the transaction had they seen a recognizable trust mark on the site.
As more and more e-commerce sites put up those seals of confidence and trust marks in their sites the bigger the number of confident online shoppers also grows. SSL certificates have vastly improved through the years incorporating hard to crack 256-bit encryptions that will give hackers and phishers a run for their money. With the latest encryption technology, servers and web sites are more secured today than before. On top of that most Certificate Authorities are providing warranties for their SSL Certificates of up to $100,000. This will definitely change the tainted image of past online transactions mired by phishing attacks and identity thefts.
One thing is for sure, the growth of e-commerce is unstoppable. There were only 1,000 internet devices in 1984. In 2008 there were 1 billion of them. Internet sales hit $62 billion in 2007 – an increase of 26% from the previous year. In 2008, 87% of the world population used the internet compared to only 40% in 2000. It took the internet itself 4 years to reach 50 million users but it only took Face book 2 years to reach the 50 million mark. All these statistics bode well for a robust online economy in the near term and you can only be part of it if you install SLL certificates and display highly recognizable trust marks and seals of confidence in your e-commerce web sites.