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.
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%).
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.