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45% Of Shoppers Don’t Trust Retailers To Keep Their Information Safe

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Almost half (45%) of shoppers don’t trust retailers to keep their credit and debit card information safe from potential hackers, according to a report from Interactions. Up to 44% of respondents have had their personal information stolen as a result of a security breach.

The Retail Perceptions report, titled: Retail’s Reality: Shopping Behavior After Security Breaches, offers insight into how consumers’ loyalty to brands changed following highly publicized data breaches. Up to 12% of shoppers said they stopped shopping with retailers that experienced a breach, with an additional 36% indicating they shopped at the retailer less frequently.

With debit and credit cards being top targets for hackers, shoppers may be swayed into making purchases via other means, particularly cash. The majority (79%) of respondents said they were more likely to use cash instead of credit cards to purchase products in-store. This change in payment preference isn’t beneficial for retailers, as 26% of consumers said they would spend less using cash.

Consumers have varied opinions regarding their comfort levels shopping with retailers after they experience a security breach. Approximately one fifth (19%) of respondents feel comfortable going back to the same retailer to shop immediately, while another 19% said they would prefer to hold off for three to six months. Conversely, some people don’t care as long as the breach is corrected quickly (22%).

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Shoppers provided four key stipulations retailers would have to adhere to in order to regain their trust after a breach:

  • Provide free credit monitoring capabilities;
  • Offer additional incentives or discounts;
  • Provide clear and honest explanations to shoppers regarding the breach; and
  • Increase security measures and communicate the changes that have been made.

Click here to access the complete report.

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