7 Biggest Threats Facing eCommerce Business in 2022
Like other websites, eCommerce companies have to worry about several threats. While they don’t have to worry about the same issues as brick-and-mortar companies, eCommerce business owners need to fortify their websites to avoid losing money and data.
All eCommerce companies rely on their internet providers to keep their businesses open 24/7. Unfortunately, online businesses suffer downtime because of cyberattacks, server malfunctions, and software updates. While following cybersecurity best practices can help owners avoid downtime from attacks, part of good cybersecurity practice is frequent software patches, which can also cause downtime. Rather than waiting around each time, there’s an update to critical software, business owners can use live patching solutions to maintain security, performance, and uptime.
Credit card fraud
When a cybercriminal uses a fraudulent credit or debit card to buy items from your store, you could be responsible for covering the loss when the card owner finds out about fraudulent purchases. Business owners can protect themselves by using an Address Verification System, as fraudulent credit cards usually have different billing and shipping addresses.
Some cybercriminals will also attempt to steal your business’s financial information from customers and the shop itself, especially credit card data, therefore, it is imperative to utilize a form of protection against cyber criminals to protect your business.
No matter how small your eCommerce business is, it needs cybersecurity and strong passwords. Businesses need cybersecurity that tightens digital data control to prevent criminals from getting into private systems. Small businesses also need plans when the website is attacked to protect customer data.
Returns and refunds
Criminals try several schemes to get businesses to pay them. One standard scheme is the fraudulent return. Hackers execute transactions, then file requests for returns or refunds. When companies have weak return and refund policies, they lose significant amounts of money.
Businesses can avoid trouble with criminals and fraudulent returns by establishing a credible and realistic return policy. Look at other eCommerce policies to model yours after the programs you like.
Criminals use eCommerce stores to phish for information from unsuspecting victims. They send an email using fake copies of legitimate logos to get the victim to send money through Paypal or other online options. The emails look authentic, but they usually do not have the business’s email address.
Shipping can be expensive and unreliable. Unfortunately, eCommerce companies trust logistics and shipping companies to move their products. When the companies raise their rates and slow their speeds, the eCommerce companies struggle to meet customer demand and expectations.
Any eCommerce company that relies on shipping companies needs to keep a close eye on their shipping expenses. They should do what they can to keep costs low for customers while maintaining a high standard of service.
Finding the ideal customer
When eCommerce companies struggle to find their ideal customer, they waste money on marketing. Businesses need to understand who buys their products, then market them smartly.
As eCommerce companies look for success in today’s market, business owners need to minimize threats to cybersecurity, data, and finances. They also need to contact shipping partners closely and look for solutions for downtime and phishing problems.
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