When we think about some of the best experiences we've had with companies, there’s typically a common theme that ties them all together: loyalty and trust. Without both of those, we wouldn't feel comfortable trusting an online company to provide us with a product or service.
One of the obstacles we face in ecommerce is how to establish trust with a prospective customer we’ll never see face-to-face. There’s no reading of body language, no touching, smelling, or feeling a product before buying, and no small talk about the weather.
Displaying a trustmark on your site has been proven to alleviate security concerns, increase overall consumer trust, and boost conversions and sales. So what happens when your website doesn’t convey trust to your customers because you're not displaying a trustmark? See below…
Cost #1: An increase in shopping cart abandonment
Cart abandonment rates are already very high—ranging from 50-80%—and rising! While this is a challenge for all ecommerce merchants, regardless of size, there are ways to tackle this.
One of the top reasons for cart abandonment is lack of trust and security concerns. In a recent survey, we asked hundred of Americans about their online shopping habits, 62% of consumers said they've started to purchase an item online only to abandon the purchase because of security concerns.
Consumers are not comfortable sharing their personal and financial information online if they feel this information is at risk. Displaying a trustmark in areas where your visitors feel most vulnerable, like your shopping cart and checkout, reminds them that their personal information won't be compromised if they decide to buy. Without this, you're just giving your visitors one more reason to say "no" to buying from your site.
Cost #2: Lower conversion rates
Fact: trust boosts sales. If you’re experiencing low conversion rates, one reason could be that visitors don’t feel confident buying from your site.
A case study conducted by Conversion Fanatics found that trust seals resulted in a 28% increase in conversions among new customers, a 19% increase in successful orders, and a 71% increase in revenue per visitor. The ultimate goal for all ecommerce is to increase visitors’ confidence so they convert, so why not embrace the use of any trustmark that demonstrates that?
Displaying a trustmark lets customers know they're safe doing business with you. Not displaying one makes them question that. This ultimately impacts your sales and overall conversion rates.
Cost #3: A decrease in customer trust and confidence
Displaying a trustmark is especially important if you run a small ecommerce website. 75% of consumers said they are more likely to purchase from a small, independent website with a trustmark versus one without. This is the impact trust has on the consumer psyche.
If you're thinking about adding a trustmark to your site, don’t just pick any trustmark to represent your business—84% of consumers have greater confidence in trustmarks they know vs. trustmarks they’ve never seen before. People like familiarity and when they recognize a brand they feel more confident. Lesser known trustmarks can actually achieve the opposite and decrease trust.
So which trustmark to choose out of the well known brands? Inflow, a conversion rate optimization firm, performed a test on the impact of trust seals and TrustedSite stood above the rest.
Cost #4: More skeptical customers
Data breaches are up 75% since 2016, and due to constant media attention concerning data breaches, online shoppers are more worried about their online security than ever before.
This means consumers are more skeptical and more aware. Nearly 75% of consumers have concerns about getting their identity stolen when shopping. Because of this, they're constantly searching for trust signals throughout their online shopping experience—contact information, reviews, return policies, and trustmarks—to help them identity whether or not a site is safe to interact with.
If customers don't trust you, they won't buy from you, period. Establishing trust with your visitors from the moment they enter your site is crucial, and nowadays, there are no excuses. In this age where data breaches have become the norm, having a subpar Contact Us page or no trustmark on display are decisions that can cost you big time.
If you're not displaying a trustmark on your ecommerce site, you're costing yourself new customers and more sales. Adding a trustmark to your website is a simple, cost-effective way to target the concerns of visitors at every step of the sales cycle.
Interested in learning more? Explore the benefits of adding TrustedSite to your site.