Trust unlocks online sales
11th October 2023 | Journal Of Sales Transformation
A new report from “trust platform for digital commerce” Forter has found “alarming rates of false declines, cart abandonment, and trust issues” in online shopping. The 2023 Consumer Trust Premium Report explores the relationship between consumer shopping habits and brand trust.
Over 73% of UK consumers have had a negative online shopping experience, with high rates of false declines (14%), purchases not arriving on time (37%), and expensive or difficult returns policies (27%), according to the report, which was published on 3 October and surveyed some 5,000 respondents from the US, UK, Germany, Singapore and China.
The report also found that UK consumers are willing to spend 44% more on average with retailers they trust – the so-called “trust premium”. In tough economic times, investing in building customer trust and long-term loyalty is vital to help insulate retailers against market turbulence.
The survey was conducted by Opinion Matters in May 2023. It gathered responses from 5,000 adults aged 18+ with at least two active eCommerce accounts, who shopped online at least once in the last three months in the UK, US, Germany, Singapore and China, (1,000 respondents from each territory).