Satisfaction In The Age Of eCommerce
How Trust Helps Online Merchants Build Customer Loyalty
By PYMNTSMay 2022
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Inside this report
Ecommerce is a fiercely competitive industry, and delivering on an easy, convenient, and safe shopping experience is one of the most impactful actions merchants can take to retain customers. Yet, meeting ever-rising consumers’ expectations in the age of limitless options will determine a crucial factor: trust. Trust is what keeps a customer coming back. And if broken, it will send a once-loyal customer straight into the arms of a competitor. This provides data-driven insights into the complex relationship between customer experience, trust, and lifetime value.
Introduction
Part I: The link between customer satisfaction and customer value
Part II: Gaining customers’ trust and keeping it
Conclusion
Methodology
Meeting customers’ expectations to build trust
89.6% of grocery shoppers and 85.4% of retail shoppers who reported being satisfied with an online merchant expressed high levels of trust
Trust-based relationships are boosting CLV
40.1% of grocery shoppers and 40.5% of retail shoppers are very likely to leave for a competitor if they no longer trust a certain merchant
Investing in security and fraud prevention is key
Stolen data is the top issue for consumers and is likely to negatively impact their trust in a merchant, while money lost to fraud is the second
The results of a new, extensive survey by Riskified, the eCommerce enablement, and fraud-prevention solutions provider, show a dramatic difference between how retailers and consumers view the threat of fraud and who they say is to blame.
Essential information payments executives need to know
Riskified’s guide on how retailers can future-proof against the holiday season’s downfalls and leverage this period as part of their full-year growth strategy.
