TrustedSite Releases 2024 Report on the State of Ecommerce Trust

TrustedSite is excited to unveil its latest research on the state of ecommerce trust, providing valuable insights into consumer concerns and behaviors in the rapidly evolving online shopping landscape. This comprehensive study, conducted every two years, offers a detailed look at what influences consumer trust in ecommerce sites, drawing on data collected from over 550 consumers via SurveyMonkey Audiences.

As life returns to normal post-pandemic, new concerns are emerging, especially with the rise of AI and the persistent wave of data breaches affecting major brands like AT&T, T-Mobile, and 23andMe. Our 2024 survey reveals the latest trends and shifts in consumer trust.

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Key Findings from the 2024 Survey

• Widespread Concerns About Unfamiliar Sites: A significant 97% of consumers expressed concerns about shopping on unfamiliar sites, with over 50% being “very concerned.” Even sites that consumers haven’t shopped at before see 95% reporting concerns. Familiar sites continue to fare much better in terms of trust.
• Top Consumer Concerns: The biggest worry for online shoppers remains the risk of stolen credit card information, cited by 24% of respondents. However, concerns about business legitimacy are on the rise, reaching 17% this year, up from 14% in 2022 and 13% in 2020.
• Rising Identity Theft Fears: The concern about identity theft has grown significantly, with 90% of consumers worried about it this year, higher than any year prior.
• Abandoned Purchases Due to Trust Issues: Trust issues lead to abandoned carts, with 46% of consumers citing business legitimacy as their reason for abandoning a purchase, followed by 41% worried about credit card information. Only 10% of consumers reported not abandoning a cart due to these concerns, down from 17% in 2022.
• AI Concerns: With AI becoming ubiquitous, 46% of consumers expressed some concern about the potential misuse of AI in online shopping, and 41% reported being very concerned. These concerns are expected to evolve as AI continues to integrate into daily life.
• Importance of Trust Badges: Over 40% of respondents indicated that a lack of third-party trust indicators, like certifications and badges, raises concerns about a site being fraudulent. Many ecommerce sites use third-party services to validate their legitimacy, and their absence is a red flag for consumers. 83% of consumers reported that they would be more likely to trust an unfamiliar site that prominently displays a trust badge than one that does not.

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Impact of TrustedSite Certifications

The survey results highlight the importance of third-party trustmarks. TrustedSite certifications, such as Data Protection, Verified Business, and Certified Secure, significantly increase consumer confidence. In fact, 9 out of 10 consumers said they’d be more likely to purchase from a site that had earned at least one of TrustedSite’s certifications.

Conclusion

Trust is crucial in ecommerce, and the 2024 survey underscores the need for site owners to address consumer concerns. From fears about stolen credit cards and identity theft to worries about business legitimacy and AI misuse, shoppers have a lot on their minds. By earning a variety of TrustedSite certifications, ecommerce sites can cater to a broader audience, ensuring each shopper feels confident and secure.