Why we need to talk about trust on Black Friday

It’s that time of the year where brands slash their prices and consumers try to get their hands on the biggest bargains.???

Black Friday week has become one of the most notable events in the retail calendar, with global research from the 2022 revealing that consumers are still highly engaged with the event. They’re focusing their spend on big ticket items – from electronics through to household appliances – but to part with their hard-earned cash they need to fully trust the brands they are dealing with.?

We need to remember that, at this time of the year consumers are highly likely to interact with a brand for the very first time. Instead of going to their tried and trusted retailers, they’re making practical purchasing decisions based on direct comparisons of price and quality of items.?

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So, what does all this mean for brands??

Black Friday week represents a major opportunity for retailers to establish trusted relationships with new customers. If they get this initial interaction right, they may be able to convert return customers in the new year and beyond.??

?One of the keys to success for retailers helping customers to enable seamless and secure transactions for future purchases. This will require them to generate an online identity or use social media credentials to log into a new site, so they can buy items at the press of a button.??

?There are, however, several security considerations for retailers to consider around Black Friday as they acquire customers’ personal data. Ecommerce retailers and banks have a huge responsibility to manage and authenticate customers’ identities to protect their data and help to mitigate fraud and identity theft in online transactions. Instilling trust into payment solutions is absolutely crucial for merchants to succeed – and one way to achieve this is by combining online security with customer experience. ?

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Preparing for Black Friday?

As companies got ready ?for the big weekend, they should have been feeling confident that they had all the right foundations in place to digitise their services and build confidence with potential customers.?

This starts with a Customer Identity and Access Management (CIAM) solution. At a time when data privacy laws like GDPR and CCPA regulations are heightening expectations around data protection, merchants need to be clear about when, why, where and how they are collecting a customer’s information.??

CIAM is crucial to helping organisations manage data and profiles. It offers streamlined processes for registration, authentication, and profile management, all while enhancing online security and protecting customer data - no matter which channels (web, mobile, etc.) customers use to engage with a brand.?

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Getting started??

Building trust through digital identities is fundamental for consumers to engage with new retailers around ?Black Friday and enjoy the best deals on the market. Every detail counts when trying to win over customers during the busiest time in the shopping year – and technologies that help to manage their identities are a must-have for delivering a seamless customer experience that builds trust. ?

However, if you’re a retailer reading this and know you didn’t have the right foundations in place for this year’s Black Friday season, there’s no need to panic. This should be a year-round effort and it’s never too late to adopt this concept, acquire new customers and grow your business. Ultimately, by building trust, you will find that your customers are more willing to share their personal information, which in turn builds a better customer experience and long-term loyalty.?

Find out more about customer identity and access management here:

https://www.thalesgroup.com/en/markets/digital-identity-and-security/digital-id

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