Intelligent CISO Issue 45 | Page 64

According to a study by PYMNTS and NuData , 65 % of e-commerce shoppers would abandon a merchant after a single data breach .

According to a study by PYMNTS and NuData , 65 % of e-commerce shoppers would abandon a merchant after a single data breach .

they open the merchant ’ s website until checkout and delivery .
A straightforward and seamless checkout experience is a deciding factor when people consider finalising their purchase and returning to you in the future . To achieve this , it ’ s important that merchants eliminate any unnecessary steps in the process and streamline the customer ’ s journey as much as possible .
Merchants should implement easy access to the checkout page , with quick navigation to the basket review and confirmation stages . And for repeat customers , look for ways to minimise repeat information entry by securely storing customers ’ details for the future .
Customers expect to be able to pay through their preferred method , which has made it important for merchants to enable a variety of payment methods based on their customers ’ needs , while robust security is also another must for online shoppers .
How do merchants need to respond to keep pace with these changing expectations ? needs are at the centre of everything you do . Under this approach , all decisions and processes stem from the needs and desires of the customer .
Customer-obsessed companies gather feedback from customers not to see how well they ’ re performing , but rather to see where their business should be going . By focusing on the customer ’ s needs , businesses can identify potential pain points and work backwards to eliminate them . We built Amazon Payment Services based on the customer-obsessed philosophy , using our deep understanding of businesses ' needs across the region to empower organisations with simple , affordable and trusted online payment experiences .
How can merchants and businesses best manage risk and establish trust with their end-users ?
When you move away from physical to digital commerce , transactions become faceless . The side-effect of this is the rise of fraudulent and bad actors . Data security incidents are disastrous for the customer ’ s trust in a merchant or a business . According to a study by PYMNTS and NuData , 65 % of e-commerce shoppers would abandon a merchant after a single data breach , making it imperative for merchants to effectively manage and minimise fraud by following a risk-based approach that caters to the unique risks faced by each business vertical .
First , they should have robust fraudprevention solutions in place . This could mean stricter monitoring of all online transactions as well as implementing security protocols to assist with authentication and personal data storage .
Merchants should opt to use third-party real-time fraud prevention solutions that utilise Machine Learning to track behavioural patterns of customers to signal high-risk transactions to an internal team .
Additionally , they can safeguard their customers ’ payment activities with the help of a dedicated fraud management team and use finely-tuned and fully scalable security features to offer their customers added protection for all their payments .
Maintaining round-the-clock vigilance with advanced fraud detection systems is key to ensuring that transactions are seamless , safe and secure , and that any issues are resolved swiftly to the customer ’ s satisfaction .
The key is to adopt a customerobsessed approach . This means placing an absolute focus on creating a better customer experience , where customer
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