Importance of Digital Trust

In this digital age, trust is of paramount importance for the success of a business. Before any kind of interaction or engagement, you have to establish ground for trust to meet the expectations of your target audience and to achieve your purpose. In recent times, both the digital and physical world have merged and the true meaning of trust has also changed. Today, when conducting business, you focus on digital trust more so that all the transactions and business dealings take place in a secure and ethical way between all the parties. 

What is Digital Trust?

Digital trust is a concept which depends on a number of factors such connectivity, transparency, data use and adoption of new technology. In order to ensure and develop the element of trustworthiness, technology must be used carefully and it should be safe, secure and reliable. Today, there is an increase in distrust because of new and emerging technologies. People have become more cautious and suspicious due to the invasion of privacy. Thus, business relationships are not just about the exchange of products and services anymore, customers’ perception of you and your brand as well as security of personal information is way more important.

The Pillars of Digital Trust

Digital trust is built upon four major pillars which are as follows:

1. Accessibility and Transparency:

With the rise in digitization, customers expect greater transparency from the company selling different products and services. They can easily search for products as they have access to massive amounts of information through the internet. Customers also share their personal data with the intention that the company offers transparency in terms of operations and also for the sake of accessibility when needed.

2. Privacy and Control: 

Customers share their data with the company because they are confident that it will not be misused. They want to gain access to the latest products and make their experience more individualized. This exchange between both the parties is mutual but has some limits. For customers convenience, a set of privacy terms and conditions are proposed which they can accept or deny. Customers can control when and how their data can be used. This leads to respect and creates a trusting relationship between them.

3. Reliability and Security

Customers feel satisfied when they are able to make a purchase, search or browse without any hassle. Though, the convenience that comes from the digital platforms is much appreciated, simultaneously they believe that companies should take full responsibility for breaking their terms or for the breach of trust. Customers are more inclined towards companies that protect their data and whom they can trust while submitting their confidential information. Today’s customers are well aware of the cybercrimes and risks so companies have to remain updated with their cybersecurity to attract and retain them.

4. Ethics and Responsibility

Companies must cling to their core values and see how they can reuse the given or available technology and resources is the best possible way. This makes them worthy in the eyes of the customers when they fulfill their expectations and deliver what they claim. 

Digital trust results in business growth and customer retention so companies must ensure a fool proof cyber security system when customers entrust their data.