Let’s get this straight…online stores almost always offer products and services at a lesser price than in a physical store, and one can simply sit back in the comfort of one’s home and buy almost anything he/she wants to at a discounted rate with just a few clicks. So why is it that all the physical stores still exist? Aren’t they supposed to become extinct by now?
Well, if price was the only factor to define consumer behavior, like many believe it to be, then probably…yes. But the fact remains that there is much more than just price that finally gives the green signal in a buyer’s mind to go ahead and buy!
Let’s say, you see a wine glass seton your way back from work that you like. You get back home, check it out online, get the same set at a much lower price and you buy it. But, what about a pair of jeans? Or shoes? Would you have gone for it if the website didn’t have a Return / Exchange policy? I guess not, since you might have had an issue with the fittings! Okay, now what about a mobile phone? Wouldn’t the Reviews from other users be an important factor for you to consider in this case? What about a credit card, or a bank loan? Let me guess…you would prefer going to a bank, talking to the staff and then taking one, right? Well…so simply put, if there’s one factor that largely defines the consumer behavior pattern in case of online transactions, it is not price, it is – TRUST.
What is the Trust Factor Exactly?
The trust factor in the Ecommerce World mainly refers to the assurance in the buyers’ mind about receiving quality product/ service from the seller against the money they pay, the protection of their financial information thereof, and the belief that any post purchase processes that might be required can be completed in an easy manner.
Why is the Trust Factor So Important?
The answer to this is simple. People like to do business with or buy things from people who they like, know and can trust. In short…the more trustworthy you are, the more conversions you would get on your online store.
What Creates the Trust Factor Online?
Your Website – Think of a physical store. A buyer walks in to a big attractive store since he thinks the seller is big and can be trusted. You need to provide the same trust building experience on your online site as well. A well designed attractive website that looks professional but is also personal (since people trust people, not webpages) and is organized in terms of product navigation, etc is your first step towards building the online trust factor.
Reviews & Testimonials – The more reviews you have, the more people feel that you are serious about offering quality stuff. Needless to say testimonials work wonders since there’s nothing better than other people saying that you are good.
Return Policy – An easy and user friendly return policy firstly gives an idea that you are sure products wouldn’t be returned and secondly, gives a lot of assurance to the buyer and acts as a catalyst to his / her buying decision.
Contact & Communication – Having a contact and communication space where people can call or write in generates the assurance that a real person would get back to you, which in turn builds trust.
Payment Assurance – Last, but not the least, the aspect which holds the giant share of the trust factor online is the payment spectrum. The sole reason why online transactions are still at a backseat sometimes is simply because people don’t trust online space enough to provide their credit card or bank details.By providing multiple payment modes, ease in buying process, Secured Check out and complete Payment assurance, the trust factor in online transactions can be built so that your brand can be completely trusted for not only providing quality products but taking care of people’s money as well – The ultimate secret to creating the trust factor online!