Despite limited understanding on what makes a website secure and a lack of trust in the retail industry when it comes to protecting personal data, UK customers will be blinded by deals today for Cyber Monday and will flock to websites and physical stores to complete several purchases.
According to a UK consumer survey by nCipher Security, in which 1,008 UK residents aged over 18 were polled, 23 per cent of people in the UK don’t know how to tell if a website is secure and 53 per cent will only feel “somewhat safe” if they see a formal seal of encryption appear on the screen – for instance a green check used on retail sites to indicate secure e-payments. The retail industry has also been revealed as one of the least trusted in the UK when it comes to encryption, with only 15 per cent feeling confident that companies will protect their personal information.
However, none of the above will stop 75 per cent of the UK customers who will be flocking to retail websites from sharing their credit and debit card details today to secure a bargain.
When it comes to Cyber Monday purchase plans (today), Gen Z and Millennials (ages 18 to 34) differ greatly from Baby Boomers (55+) as 54 per cent of the first group admit they’ll be making an online purchase compared to only 20 per cent of those over the age of 55.
Furthermore, when it comes to the preferred in-store payment methods, nearly half of Gen Z and Millennials said they’ll be using a debit card while 35 per cent of Baby Boomers confirmed they’ll be exchanging cash.
There’s also a generational gap when it comes to the level of trust in the industry: 20 per cent of Gen Z and Millennials trust the retail industry to protect their personal data, opposed to only nine per cent of Baby Boomers.