Posts Tagged ‘paybaQ’
We are excited to announce our first KikScore Online Trust Survey. Since we are a business that serves the small business community we wanted to learn first hand what shoppers and website visitors are saying about their browsing experience, especially how it relates to small business websites. The KikScore Online Trust Survey provides an overview for small businesses, shoppers and the greater community about trust and reliability trends. It especially focuses on how consumers approach the trust and credibility issue as they perform local searches for small businesses in various search engines.
The Context and Background for the KikScore Online Trust Survey
Really since the inception of the internet, small businesses have faced the constant challenge of proving that they are trustworthy and reliable online businesses and website visitors should trust them. Lacking the large marketing budgets and brand names, small businesses face the battle of demonstrating to website visitors that they are legitimate and trustworthy businesses. This online trust challenge has resulted in billions of dollars in losses for small businesses.
Recently, to add to this challenge that small businesses face is the rise of local search. As more consumers perform local searches on Google and Bing, search results are returning more and more small local businesses. Website visitors have the increasing opportunity to visit small business websites of plumbers, realtors, contractors, lawyers and local stores such as dry cleaners and transact on many online small business websites.
We set out to study what are the trends for shoppers as well as small businesses for demonstrating trust through both local search and online shopping.
The KikScore Online Trust Survey & Report Findings
Here are some of the key findings from our report:
- The fear of being defrauded or a victim of an online scam has led more than 90% of consumers that shop online not to complete a transaction;
- 87% of website visitors feel safer buying from websites that feature information about the business and the track record of the business;
- 85% of website visitors that perform local searches are more willing to hire a small business service provider that has a trust seal on their website;
- Over 60% of website visitors are more likely to buy from a website that posts information and details about the management of an online business; and
- More than 90% of website visitors that perform local searches are more willing to trust a service business that posts information on their website about their business history and track record.
Key Implication from the Online Trust Survey for Small Businesses – More Information Means More Sales
The main takeaway from the Survey is that website visitors want to know who is “behind the online business” and information about the business itself. Further, the data indicates that one way to combat the online trust challenge for small businesses is to address the information asymmetry that exists between website visitors and small businesses. The recurring theme through the data from the report is that local searchers and shoppers want transparency through reputational information when they reach a small business website. This finding tends to makes sense from a layperson’s psychological approach to approaching something unknown. From a human relations perspective, once a person finds out more information about a previously unknown subject/person, that person then can make a much better assessment about the credibility and trustworthiness of that subject/person. The same approach generally holds true for a website visitor to an unfamiliar online business.
From this key finding, the KikScore Report provided these following recommendations for small business to act on to start addressing the information asymmetry:
- Start providing key information about your small business on your website;
- Important information to provide can include, details about the management team, financial history, location information, website history and security information, customer service and privacy policies, certification and awards and introductory videos;
- Display real customer feedback and testimonials about a shopping experience or your customer’s experience hiring your small business to provide a service; and
- Using and displaying a trust seal(s) that help you show website visitors that your business has been validated and provides information about the reputation of your small business.
The important point for small businesses from this report is to use these four steps outlined immediately above as a way to use information about your own business, your management team, your own track record and make that transparent to website visitors. These steps will help small businesses address the online trust challenge and directly help balance the information asymmetry between website visitors and small online businesses.
Case Study: PaybaQ Proves the Importance of Displaying Reputational Information
As a part of the Report, KikScore included a case study from a small business that had already implemented the recommendations above to provide an illustration of how one small business owner successfully tackled the online trust challenge. The case study is of Brian J. Esposito the CEO and founder of PaybaQ.
Shortly after launching PaybaQ, a peer-to-peer lending site, Mr. Esposito faced low signups, abandoned shopping carts and abandoned registrations. Mr. Esposito, being a prior Inc5000 listed business owner, sought to use his own reputation as a way to show website visitors his website was trustworthy and reliable. After Mr. Esposito signed up for KikScore and started using the KikScore Confidence Badge to provide more information about his track record as a business owner and also offer a way to provide feedback, PaybaQ experienced a 20% increase in conversions.
As seen from the increase in PaybaQ’s conversions after using the KikScore Confidence Badge to display reputational information about the business owner, management team, website and policies, information transparency is the fundamental method for small businesses to demonstrate trustworthiness and achieve success online. Mr. Esposito noted: “Immediate access to information and transparency into any company is crucial, especially startup small businesses. Implementing a seamless solutions on PaybaQ.com gives my potential users exactly what they need, a quick snapshot of my company, team members, and even myself. This tool helps show browsers who find our site through Google and Bing that they are on a safe credible site that they can trust.”