As retailers collect increasingly large sets of consumer data, the demand for cybersecurity grows as well. CapGemini’s latest report, “Cybersecurity: The New Source of Competitive Advantage for Retailers,” confirmed that shoppers are more likely to spend more with retailers and brands that provide heightened security measures.
“Today’s consumers are confident online shoppers and savvy about their consumer rights. They value cybersecurity highly and they want to shop with retailers they can trust,” said Geert van der Linden, cybersecurity business lead of CapGemini’s cybersecurity department. “It’s the right time for retailers to consider cybersecurity as a business priority at executive leadership level.”
To discern the emerging preferences, CapGemini surveyed over 6,000 consumers and 200 retail executives between January and February of this year in France, Germany, India, Italy, the Netherlands, Spain, the U.K. and the U.S.
The research found that 77 percent of consumers selected cybersecurity as the third most important factor when selecting a retailer — behind reliability and quality, the report said.
“Strong cybersecurity measures increase customer satisfaction by 13 percent; while 40 percent of consumers would be willing to increase their online spend by at least 20 percent more with retailers they trust,” the report said. “Retailers who are able to adopt advanced cybersecurity measures could drive a 5.4 percent uplift in annual revenue.”
Despite consumers flocking to retailers that offer reinforced safety measures, merchants are lagging to communicate their security efforts. According to the research, only 44 percent of retailers are informing patrons of their cybersecurity facets.
“Cybersecurity represents a lucrative opportunity for retailers to improve customer satisfaction and drive higher online spending,” said Tim Bridges, global sector lead of consumer products, retail and distribution at CapGemini. “Only retailers who are able to effectively align their cybersecurity measures with customer expectations will be able to impact top-line revenue.”
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