With e-commerce fraud rampant, innovators like Protect are stepping up to empower safe, ethical online retail.
LAS VEGAS, NV / ACCESSWIRE / July 31, 2023 / There’s no doubt about it; online shopping is here to stay. But the way consumers are shopping is changing.
According to a survey from McKinsey & Co., Customers now align themselves with brands that are compatible with their values and priorities. In fact, 75% of millennial respondents say that they consider sustainability when they make a purchase.
According to GlobeScan, the global insights and advisory consultancy, caring for the environment is now a key factor for both brands and consumers around the world. 75% of sustainable goods sell better online than in-store; 78% of consumers feel that sustainability is important; 55% of consumers are willing to pay more for eco-friendly brands.
Online shopping has exploded in popularity, especially among millennials and Gen Z. According to Nasdaq, younger generations now do more online shopping than ever before. The convenience and selection offer undeniable appeal. But this new digital marketplace remains largely unregulated, leaving consumers and merchants frustrated and vulnerable.
According to the FTC, consumers reported losing $8.8 billion to fraud last year alone. After imposter scams, online shopping was the second most commonly reported area of fraud. Criminals exploit the anonymity of e-commerce to scam buyers.
Merchants also struggle with slow load time and chargebacks costing them billions annually. For brands focused on sustainability and social impact, lack of transparency online undermines consumer trust, which also hurts conversion rates.
“It’s still the Wild West out there,” says Khoi Le, founder of Protect, an e-commerce protection company. “Everyone wants the convenience of online shopping. But they also want to feel safe. That requires checks and balances.”
After writing code for billion-dollar e-commerce companies for 20 years, Le realized vulnerabilities cut both ways. “Brands were losing revenue to fraud while consumers got scammed. Everyone was left unsatisfied.”
Le built Protect to empower both sides. Protect safeguards shipments from loss, theft, & damage, covers products via extended warranties, and allows consumers to contribute to causes they love. Le believes in providing that creates mutual trust between e-commerce platforms and consumers. “We give brands and consumers the confidence to transact online safely,” Le explains.
But Le emphasizes that responsibility lies with all stakeholders – brands, consumers, and platforms. “This generation demands transparency and meaning when they shop. It’s on each of us to evolve accordingly.”
The meteoric rise of online shopping won’t slow down. But this new market needs new rules to mature responsibly. As Protect demonstrates, we can get there through technological innovation coupled with conscious consumer values.
Shoppers should have trust without sacrificing convenience. Sellers should have confidence without limiting selection. And we must protect this open marketplace from those who exploit its gaps. The potential is staggering if we build it right.
Protect Inc, founded by Kohi Le, is the first and only e-commerce protection app built to support causes and charities. Protect is the only app that seamlessly provides multiple protection features into one which speeds up load times and doesn’t negatively impact conversion rates. Protects platform was built to be versatile and responsive and allows participation from both customers and merchants to participate in various causes and charities instantaneously. To learn more, visit protect.inc. For additional information, visit Facebook, Instagram and LinkedIn.
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