Online Shoppers Still Have Fears about Security of Financial Data [2/18/2008]

Seventy-five percent (75%) of internet shoppers have reservations about giving out financial and personal information when shopping online. In spite of this, almost the same number, 78%, agree that shopping online is convenient. And, another 68% agree that online shopping saves them time.

These were the sentiments expressed by consumers in a recently online shopping survey from the Pew Internet & American Life Project (study conducted between Aug 3 and Sept 5, 2007 by Princeton Survey Research Associates).

The argument could be advanced that online shopping is viewed by consumers as a necessary evil, with the pros outweighing the cons.

Other findings of the survey illuminated different sentiments expressed by different income groups.

Low-income American shoppers (those making less than $25,000/year) were way more likely to distrust the online shopping experience. A full 44% in this group stated they didn’t like dispensing personal and financial information online. Only 25% of high-income Americans (those making less than $100,000/year) felt this way.

Perhaps underlying this sentiment is the confusion and information overload consumers experienced when shopping online. Fifty-eight percent (58%) said they have experienced the at least one of the following: lack of information about products/services they want to purchase (43%); confusion about information present (32%); and information overload/too much info presented (30%).

Retailers spend a lot of money on internet marketing to get consumers to shop online. Perhaps the impetus for them to ease shoppers’ fears can be found in the following  currently, 66% of internet users shop online. Pew estimates that if three-quarters (75%) of consumers who are wary about giving out information online were made to feel more comfortable (i.e., secure) about doing so, 7% more would shop online, raising the total internet shopping population to 73%.

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