Online Security: Securing Your E-Commerce Business
According to the Oxford dictionary, E-commerce is an online industry whereby users buy and sell things to one another over computer networks. 5-10 years ago, awareness for e-commerce was minimal but now everyone is indulging in shopping online. The world we live in today has taken a big technological leap that people are glued to their smartphones, iPods and iPads for entertainment, social media, shopping and marketing. The VCR has been completely antiquated and we understand that this is not the end; it is just the beginning of a revolution where the World Wide Web drives everything.
Analysts have projected global electronic commerce spending to hit $963 billion in 2013, 17.4 % increase from 2012 and by 2016; it should have a compound annual growth rate of 14.7%. Last year, 5% of retail sales were online but we believe that in the coming years this rate will increase fivefold. Why do we think e-commerce has such a bright future? It is simply because people are looking to buy expensive and precious things online such as products for the home, office and kitchen, jewelry and art instead of commodity prices for cheap prices. There are numerous new websites catered to specific target markets that are doing extremely well. For instance, Fancy.com is an e-commerce website where users can buy and sell products in a “visually appealing format” and permits users to create personalized goods. It has gained immense popularity amongst shopaholics and spendthrifts.
One doesn’t have to buy or sell expensive items because there are marketplaces like Etsy where you can sell the vintage, souvenirs and art supplies. There are many more websites where you can buy and sell things online instantly and countless companies are in the pipeline as we speak. Online shopping combined with social media networks such as Facebook and Twitter has transformed the entire ball game altogether; you do not have to call or group text your friends to find out if a dress is worth buying, you can just upload it on the various platforms that exist today and within seconds, you will get numerous comments.
People from all parts of the world are setting up e-commerce websites with cart solutions. Allied Wallet has handled transactions for 65 million users and in the coming years, that number is going to increase drastically. People are offering their products and services to the world online and get paid in 25 global currencies. Technology like that is not available in any store in the world. You might question about security? But I can assure you that merchant services are offering first-class security along with PCI Level 1 compliance that reduces the possibility of fraud. Put on your thinking caps and get along with this revolution that is going to take over the world.
What methods are you using for online security? We’d love to hear from you!