Consumer-Driven Data Privacy in E-Commerce
For online users, online privacy has become a major concern. Despite the fact that the internet provides a wealth of opportunities and accessibility, it has also become a dangerous place. In fact, many internet users are still unaware that signing up for a newsletter or simply surfing the internet might lead to privacy violations.
People have found that their email addresses, credit card information, and billing addresses are occasionally auto-filled in internet forms by organizations they don’t recognize. As a result of technical improvements, such actions are now carried out without the consent of the consumers. Many technical improvements are aimed at making the checkout processes and other services as seamless as possible for customers. However, as a result, numerous e-commerce websites now have access to a large amount of data from both consumers and companies.
Data Breaches Are Bad for E-Commerce
According to Statista, there were roughly a total of 1,001 data breaches in the US in 2020. Approximately 155.8 million people’s data was exposed in the same year. These accidental exposures of sensitive information were caused by insufficient security.
Prior to the 2020 data breaches, stricter data policy regulations were passed in 2018. Consumers’ data was ultimately recognized as a personal asset at the time, and they were given rights to all of their data. Consumers regained power as a result of the rigorous data policy requirements, which pulled power away from e-commerce. They were finally able to see how much of their data was being shared with firms and which companies were receiving it. Furthermore, any corporation that refused to comply with the requirements faced harsh penalties, including fines in millions of dollars.
However, some businesses have been resistant in allowing customers access to their data, claiming that they will only perform the bare minimum to comply with the new data policy regulations. A study undertaken by Fortinet, a major producer of cybersecurity products, discovered that 30% of merchants lost vital business data, and 42% experienced brand deterioration as a result of cyberattacks. It’s undoubtedly difficult for businesses to regain consumer trust after a data breach, making it nearly impossible to encourage them to buy from their site again.
Consumers Are Requesting Privacy
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