Trust Drives Ecommerce Differentiations & Conversions
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Jeff Barto of Norton/Symantec gave a presentation on how trust drives ecommerce differentiation and conversions. He discussed how a lack of trust prevents many consumers from shopping online and results in lost potential sales. Specifically, security, reliability, and price were cited as top concerns. Barto suggested that by addressing these concerns through solutions demonstrating prevention of fraud and resolution of issues, retailers can convert concerns into confidence to differentiate themselves and increase conversions and repeat purchases. He highlighted the benefits several companies found through A/B testing trust-building solutions. Attendees were offered a free trial through Symantec to test solutions and measure impact on their site.
Trust Drives Ecommerce Differentiations & Conversions
- 1. SESSION TITLE Presenter’s Name TRUST DRIVES ECOMMERCE DIFFERENTIATION & CONVERSIONS P R E S E N T E R : J E F F B AR TO T R U S T S T R AT E G I S T N O R TO N / S Y M AN T E C
- 2. Norton =
- 3. Instead:
- 4. I find their lack of trust disturbing 70% 56% 50% 46% 38% 37% 35% 30% 30% 25% Unexpected delivery costs Lack of information about product Do not trust website / security concerns Website difficult to navigate / Can't find what I'm looking for Complicated registration / login process Want to ask a question - can't find the answer Checkout problems Decided to do more research before purchasing Difficulty in getting any help / customer service on the website Reconsidered a purchase and decided I didn't need the product Source: eConsultancy, January 2014
- 5. I find their lack of trust disturbing 70% 56% 50% 46% 38% 37% 35% 30% 30% 25% Unexpected delivery costs Lack of information about product Do not trust website / security concerns Website difficult to navigate / Can't find what I'm looking for Complicated registration / login process Want to ask a question - can't find the answer Checkout problems Decided to do more research before purchasing Difficulty in getting any help / customer service on the website Reconsidered a purchase and decided I didn't need the product Source: eConsultancy, January 2014
- 6. I find their lack of trust disturbing
- 7. U.S. Department of Commerce: • 30% of $10 trillion in US commercial activity could have been done online • Lack of consumer confidence prevents online commerce from full potential • Most online retailers don’t effectively address issue of buyer confidence I find their lack of trust disturbing
- 9. U.S. Department of Commerce: • 30% of $10 trillion in US commercial activity could have been done online • Lack of consumer confidence prevents online commerce from full potential • Most online retailers don’t effectively address issue of buyer confidence I find their lack of trust disturbing
- 10. Our Choices A. Accept the status quo B. Project Trust
- 11. Our Choices A. Accept the status quo
- 12. Our Choices B. Project Trust
- 13. Top 3 Concerns of online shoppers Security Reliability Price 64% of identity theft originates online 83% of online users worry about their identity being stolen from an online purchase
- 14. Top 3 Concerns of online shoppers Security Reliability Price 61% of all complaints are for merchant non- performance 92% of shoppers have concerns when shopping on new and unknown websites 64% of identity theft originates online 83% of online users worry about their identity being stolen from an online purchase
- 15. Top 3 Concerns of online shoppers Security Reliability Price 45% of shoppers view price as most important 61% of all complaints are for merchant non- performance 92% of shoppers have concerns when shopping on new and unknown websites 64% of identity theft originates online 83% of online users worry about their identity being stolen from an online purchase
- 18. Consumers totally get it Security Reliability Price Prevention Resolution
- 19. Convert concerns into confidence Confidence differentiates and drives conversions It’s true. All of it.
- 20. • Domain, brand & consumer protection • Security, privacy & trust • Data protection & transparency It’s true. All of it.
- 21. It’s true. All of it.
- 22. Security Reliability Price The sweet taste of differentiation $10,000 Identity Theft Protection Provides blanket protection for 30 days to allay concerns about the security and privacy of their information. $1,000 Purchase Guarantee $100 Lowest Price Guarantee Builds buyer confidence that the product will be authentic, delivered on time, and the merchant will provide great customer service. If the merchant lowers its price within 30 days of the purchase, the price difference will be refunded to the shopper.
- 23. >7% >5% 20x increase in conversions increase in repeat buyers ROI, guaranteed The sweet taste of differentiation >140 A/B split tests performed, Average uplift <7%
- 24. >140 A/B split tests performed, Average uplift <7%
- 25. Viking Coders & Symantec Alliance • Viking Coders: Leading SI with expertise on the Miva platform Provides optimization consulting, seamless integration, and free A/B split test with results Booth 14 • Symantec: World’s most recognized trust mark on the internet Proven solution for merchants to project trust, differentiate and increase conversions Booth 17
- 26. Trust their feelings. • Ignoring “concerns of confidence” ejects consumers out of the funnel • Convert concerns into confidence • Confidence differentiates and drives conversions • Get a free 30 day trial w/ customer analytics + A/B split test • Booth 17 • website_security@symantec.com
- 27. THANKS! Mivacon attendees receive a free 30 day trial w/ customer analytics and A/B split test Booth 17 website_security@symantec.com