Online retailers are constantly plagued by shopping cart abandonment. One online security report points out that more than 63% of shoppers jumped ship on online purchases because of security and trust concerns.
That’s a lot of lost moolah for retailers—actually about $21 billion in 2008 according to Verisign.
The good news for you is businesses with a trust seal or badge on their website made 86% of online shoppers feel more confident about giving their personal and credit information, and clicking on that last “buy” button.
Inc. 5000 entrepreneur Brian Esposito understands the necessity of consumer confidence. Last year he founded a startup called paybaQ, a unique online platform that allows users to give out and manage personal micro-loans to friends and family. It’s a simple solution that relieves people of the awkwardness of asking back for money.
Because paybaQ relies on monetary transactions between lenders and borrowers, Esposito launched with trust seal service, KikScore, to win over tentative customers.
“A trust seal is crucial especially when introducing a new site or service to the world. If nobody knows about you then you need some help,” Esposito said.
There are a number of trust seals and security certificates on the market such as buySAFE, TRUSTe and McAfee SECURE. Each service focuses on one area of specialization, such as ensuring a website is hacker-proof, promising privacy for personal data, or providing customers with a guarantee on purchases.
KikScore sets itself apart by offering a multi-dimensional trust badge. Its technology continually pulls and analyzes various factors about a business such as website security, privacy policies, shopping policies, credit ratings of owners and management, e-commerce certifications and even customer feedback. The business is then given a merchant score, up to 1000, which provides a dynamic, objective rating of its trustworthiness.
All this data is made available in a merchant report card, which can be accessed on the business’ website by clicking on the KikScore seal. This KikReport is continually updated in real-time, so any good or bad changes in the business are reflected immediately.
“Many seals try to push their own brand name as a trust indicator. KikScore instead enables the small business to use their own brand, reputation and track record of reliability and trustworthiness to demonstrate trust online. We just enable the small business to take that critical information about their business and display it in one area of the website to visitors,” explained Raj Malik, CEO of KikScore.
Kikscore is competitively priced at $29.95 per month, which Esposito finds very accommodating for his small business.
“As a startup, paybaQ needs to keep an eye on all costs to ensure for a successful venture. There are other brands that offer a fraction of what KikScore aims to offer and at a very high cost. The idea of choosing the others over KikScore just did not make economical or logical sense,” said Esposito.
In addition to e-commerce stores and other online businesses that deal with money, KikScore is a good fit for small businesses with informational websites. According to Malik, lawyers, plumbers, contractors and accountants can benefit from having its trust seal on their site.
“KikScore also has a Confidence Badge specifically for these types of small business service providers that need help showing that they are trustworthy and reliable so they can close more leads,” he said.
If you’ve been noticing in your analytics customers putting items in their shopping cart, but not cashing out, you might be facing a trust issue. And a little shiny badge in the bottom corner of your website may just be remedy.