Security is the key motivator influencing purchasing decisions on retailers' Web sites, according to a consumer study by MasterCard International.
Out of the 1000+ US consumers surveyed for the study, 73% of respondents say enhanced security features will influence their decision to shop online in the next three months. Security and fraud issues sre a concern for 70% of respondents and 61% are worried that their credit card number would be intercepted by hackers.
MasterCard says privacy assurance, a guarantee that consumers will not receive unwanted e-mails, extra protection for credit card transactions and a security endorsement on the site are the most important factors influencing decisions to make purchases on the Web.
The study shows that online security is a broad-based issue that impacts nearly all consumers, with even confident Web users expressing moderate concerns. Steve Orfei, senior vice president and head of MasterCard International's e-commerce and e-B2B centre of excellence, says: "Key security and privacy concerns inhibit online buying among consumers with even two to four years of experience online."
Orfei adds that both online retailers and issuers could and should do more to ease consumer fears: "Extra security programs and assurances will motivate consumers to shop online."