# Trusting in trust marks: enhancing consumer trust in your ecommerce business  Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2022-10-31 Category: BUSINESS Category URL: https://financedigest.com/category/business Meta Title: How Trust Marks Can Boost Ecommerce Success Meta Description: Discover how trust marks can help establish legitimacy, reliability, and trustworthiness for ecommerce businesses, boosting customer confidence and ensuring URL: https://financedigest.com/trusting-in-trust-marks-enhancing-consumer-trust-in-your-ecommerce-businesshtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/e-commerce-1736814948168-compressed.jpg) _By_ **_Sara Costantini,_** _Regional Director for the UK & Ireland at European open banking fintech CRIF._ From construction to hospitality, to healthcare to leisure, major advances in technology are helping to redefine industries as we know. And as we continue to head towards the fourth industrial revolution- or Industry 4.0 – the impact of technology on world of [online shopping](https://www.financedigest.com/the-high-street-is-dead-long-live-online-shopping.html "The high street is dead – long live online shopping! ") this has been no exception. Ecommerce flourished during and following the pandemic. Now, thanks to hundreds of online resources and tools, it has become relatively simple to create and develop an [ecommerce business](https://www.financedigest.com/four-reasons-whycloud-based-inventory-management-is-important-for-your-ecommerce-business.html "Four reasons whycloud-based inventory management is important for your ecommerce business"). There are currently more ‘new’ companies that have an online presence than ever before, with [580,000 of them in the UK](https://www.caspiaconsultancy.co.uk/uk-ecommerce-market-report-2022/). However, this [rapid growth](https://www.financedigest.com/synapse-appoints-new-finance-and-operations-manager-to-support-the-rapid-growth-of-the-business.html "Synapse appoints new Finance and Operations Manager to support the rapid growth of the business") has brought with it fresh challenges. With so many [online shopping businesses](https://www.financedigest.com/6-practical-tips-for-starting-an-online-business.html "6 Practical Tips for Starting an Online Business"), it has become increasingly difficult for consumers to separate the wheat from the chaff. Trust is perhaps the most important factor for any ecommerce business if they are to [grow](https://www.financedigest.com/5-ways-to-grow-your-business-despite-a-bad-credit-score.html "5 Ways to Grow Your Business despite a Bad Credit Score") their customer base and ensure repeat business. While it has indeed become easier to [establish an ecommerce business](https://www.financedigest.com/the-maserati-100-one-hundred-business-disruptors-challenging-the-establishment.html " ‘The Maserati 100’ One Hundred Business Disruptors Challenging The Establishment"), ensuring it gets off the ground and succeeds poses much more of a challenge. Alarmingly, 90% of ecommerce start-ups [end up failing within their first 120 days](https://www.financedigest.com/amazon-to-lay-off-staff-in-u-s-canada-and-costa-rica-by-end-of-day.html "Amazon to lay off staff in U.S., Canada and Costa Rica by end of day") of operating. This is unsurprising considering that 81% of customers, [according to a buySafe survey](https://www.financedigest.com/half-brits-taken-pay-cut-job-made-happier-according-wrike-survey.html "Over half of Brits have taken a pay cut for a job that made them happier, according to Wrike survey"), feel worried when shopping on a website with which they are unfamiliar. Customers fear that sharing their personal [data with an unfamiliar ecommerce business](https://www.financedigest.com/finalised-pan-european-data-protection-laws-set-the-new-standard-for-a-privacy-friendly-business-environment.html "Finalised Pan-European data protection laws set the new standard for a ‘privacy-friendly’ business environment") could leave them open to fraud. And their concerns shouldn’t be shunned – losses to online payment fraud is [set to exceed $48 billion](https://www.telemediaonline.co.uk/ecommerce-losses-to-online-payment-fraud-to-exceed-48bn-globally-in-2023-as-fraud-incursions-evolve/) globally in 2023. According to the same buySafe survey, prior to the pandemic, 70% of virtual shopping [carts were abandoned](https://www.financedigest.com/how-strong-customer-authentication-can-prevent-cart-abandonment.html "How Strong Customer Authentication can Prevent Cart Abandonment"). The high number of [customers leaving their shopping carts not only showcases the impact](https://www.financedigest.com/the-fca-is-taking-immediate-action-on-customer-vulnerability-but-how-does-this-impact-advisers.html "The FCA is taking immediate action on customer vulnerability; but how does this impact advisers?") of distrust, but it also demonstrates the importance of legitimacy. With minimal brand recognition, [consumers will of course feel](https://www.financedigest.com/consumer-durables-sector-still-feeling-the-effects-of-recession.html "Consumer durables sector still feeling the effects of recession") unsure whether to trust an ecommerce website taken out of the thousands available on the world wide web. So, to fix this and cement brand recognition and trust, ecommerce [businesses must work](https://www.financedigest.com/despite-return-to-work-virtual-meetings-will-continue-to-disrupt-business-as-usual-in-finance.html "Despite Return to Work, Virtual Meetings Will Continue to Disrupt Business as Usual in Finance") to convince both existing, or new potential customers, that they are legitimate, reliable, and trustworthy. Without this reassurance, revenue, and by extension the [future viability of the business](https://www.financedigest.com/the-new-wave-of-technology-what-does-the-future-hold-for-businesses.html "The New Wave of Technology, What Does the Future Hold for Businesses?"), will be impacted. An effective way to instil [customer confidence is by utilising trust](https://www.financedigest.com/how-to-maintain-customer-loyalty-and-trust-in-the-face-of-a-pandemic-and-digital-competition.html "How to maintain customer loyalty and trust in the face of a pandemic and digital competition") marks. Trust marks are used to prove that a business is a legitimate provider – for example of specific goods, services, or confirming their [financial health](https://www.financedigest.com/how-can-fintechs-better-engage-zillennials-with-their-financial-health-the-answer-lies-in-speaking-to-them-in-their-own-language.html "How can fintechs better engage Zillennials with their financial health? The answer lies in speaking to them in their own language") – and are verified by a trusted third party. Usually, third party providers of financial trust marks will utilise open banking technology to take an all-encompassing 360-degree audit of a [business’](https://www.financedigest.com/financial-advice-for-starting-your-own-business.html "Financial advice for starting your own business") current financial situation, for example. From this view, they can allocate a trust mark to a said [business](https://www.financedigest.com/are-there-tax-breaks-for-business-health-insurance.html "Are there tax breaks for business health insurance?") and allow that business to easily showcase their financial health and reassure customers that they are a legitimate and stable business which they can buy from with confidence. Trust marks can be displayed as an SSL certificate on the website, or as quality certification marks such as the ISO or BSI Kitemark, and other grades from review websites, [meaning they’re a simple and effective way for an ecommerce business](https://www.financedigest.com/interest-rates-are-cut-to-an-all-time-low-what-will-this-mean-for-small-businesses.html "Interest rates are cut to an all-time low. What will this mean for small businesses?") to prove that they are trustworthy on their website. The [power that trust](https://www.financedigest.com/trusting-your-gut-how-to-harness-the-power-of-your-business-instincts.html "Trusting your gut: how to harness the power of your business instincts") marks have in cementing consumer trust was demonstrated in a recent eConsultancy survey, whereby 48% of the respondents said, when online shopping from an unrecognised website, they would decide to trust the website if it had a trust mark. This is something that [small businesses](https://www.financedigest.com/10-dirty-tricks-for-small-businesses-to-watch-out-for-when-negotiating.html "10 dirty tricks for Small Businesses to watch out for when negotiating") must overcome. Utilising open banking [technology can help businesses](https://www.financedigest.com/technology-is-a-tonic-for-late-business-payments.html "TECHNOLOGY IS A TONIC FOR LATE BUSINESS PAYMENTS") understand their creditworthiness and own financial health. Products and services, such as the Credit Passport Financial Health Badge, help SMEs [communicate their financial](https://www.financedigest.com/how-mifid-ii-will-impact-financial-advisor-communications.html "HOW MIFID II WILL IMPACT FINANCIAL ADVISOR COMMUNICATIONS") health to customers, suppliers and partners. Due to the real-time nature of open banking [credit scoring](https://www.financedigest.com/1-in-5-uk-adults-have-no-idea-what-a-credit-score-is.html "1 in 5 UK adults have no idea what a credit score is") services, the badge is updated automatically each day, helping businesses to better demonstrate their creditworthiness during uncertain economic times. Ecommerce [businesses depend on consumer](https://www.financedigest.com/citigroup-says-will-close-russian-consumer-commercial-business.html "Citigroup says will close Russian consumer, commercial business") trust and, subsequently, it’s vital that they take measures to cement it. Adding trust marks onto their websites can be a quick and straightforward [way for ecommerce businesses](https://www.financedigest.com/3-ways-to-go-about-testing-your-business-ux-design.html "3 Ways to Go About Testing Your Business’ UX Design") to enhance their reputation and boost consumer confidence. This will [improve revenue for ecommerce businesses](https://www.financedigest.com/5-ways-to-improve-your-business-finances.html "5 Ways to Improve Your Business Finances") and help drive sales by reducing cart abandonment. --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---