The online world plays a huge role in how businesses and charities work today, especially within the retail industry. With the industry being so vast, it is important retailers display strong cyber security and data privacy capabilities.
Recent research shows organisations who invest in cyber security sell more, which is an obvious advantage to these businesses. As a provider of EPoS Ecommerce solutions for both retail and online stores, we at Nisyst understand the importance of cyber security. So, how is cyber security benefitting organisations?
What is Cyber Security?
Simply put, cyber security is the protection against criminal or unauthorised use of electronic data. It comprises technologies, processes and controls designed to protect systems and data from cyber-attacks. This protects organisations and individuals from unauthorised uses of systems, networks and technologies.
Provides a Competitive Advantage
As an online retailer, investing in cyber security acts as an additional source of competitive advantage within retail organisations. Customers who are confident their data is fully protected are more likely to shop and purchase from online retailers, generating increased sales.
This study conducted by Capgemini includes some hugely interesting findings:
– Cyber security is the 3rd most important factor when consumers select retailers, outranking attributes such as discounts and brand reputation.
– Enhanced cyber security and data protection can increase revenue by around 5%.
– 40% of consumers are willing to increase their online spend by 20% if their retailer builds trust with them.
With over 6,700 charity shops in the UK, they represent more than three fifths of the shop market. Cyber security can help online retailers compete within this competitive industry. With continuous pressure of funding cuts and income from charities within retail, it is important they offer beneficial reasons for consumers to return.
Cyber security is an important aspect for charities, protecting their trade and data.
Builds a Huge Level of Trust
Research found 77% of consumers ranked cyber security as the third most important factor when choosing a retailer; the first two being product availability and quality. This shows how much consumers are relying on security within such an online dominated world. Cyber security even appeared above pricing and brand value, emphasising how valuable it is to a company.
A retailer with strong cyber security can increase their customer satisfaction by as much as 13%. It plays such a vital role in building trust levels as 40% of consumers would be willing to increase their online spend by 20% with those they can trust.
Building loyal customers can seem a long task, but with consumers being ensured that their data is protected by the retailer, it can help build a level of trust. Trust is one of the biggest challenges any business will come up against, but it is a vital factor for retailers to enjoy continued success.
At Nisyst, our EPoS System ensures your customers can be confident that they are purchasing from a site who use secure payment gateways. If you are interested in purchasing or would like to know more about our EPoS software, get in touch with a member of our team today who will be happy to help.