Consumer Trends – Privacy and Digital Currency
Bmoozd • Consumer Trends • Privacy
We are still fresh into 2020, and you might still be wondering what attracts the new generation of online consumers.
A huge element that we believe will companies will focus on for their consumers is Privacy. With fingerprint scanning implemented a few years ago to unlock phones, and now with facial recognition, we have transitioned into a new age of digital security.
In 2020 we will experience the world moving into more of a cashless society. We expect to see the launch of Facebook Libra, and CBDC (Chinese Central Bank Digital Currency). The world seems to be rapidly changing to an online-currency based society.
The rise of digital currencies shows how important it is for online shoppers that their money is secure and safe. This article will help your company transition into 2020 and learn about the benefits of online currency. You will also learn about why privacy is important for your business.
What is Digital Currency?
Let’s start with the basics. What is Digital Currency? Digital Currency is the same as currency that does not have a physical version of itself either as a note or coin. Similarly, to online banking, it is represented in the numbers of your account. Unfortunately, you cannot withdraw this from a cash machine.
This may seem like it serves no purpose if you can’t take it out and spend it in the real world. However, it is meant to be used through online transactions and exchanges.
You can receive digital currency by purchasing small cash credits and storing them on your computer and spending them when you make purchases on the internet.
There are a few benefits of using Digital Currency for consumers:
- Divide Currency. Being able to transfer your pounds, dollars, euros or yen into digital currency, means that the money can then be divided into a tenth of a pound. This opens up a variety of purchase options to potentially make your money go further.
- If you are a company that operates internationally, this point is very relevant to you. When purchases or exchanges are made between currencies, a tax can be added to convert the money into the correct format.Instead, you can use digital currencies to make a purchase. This means that digital currencies are essentially global currencies that can be used in every country without exchanging it.
- Security. Digital currencies are great at providing security for people who use them to make purchases. Using digital currency leaves a trail that can be used to track any purchases you made. Along with this, data encryption is a huge factor is providing security for users who use digital currencies.Hacking and online fraud are a worry for anyone who shares their personal information online. By using digital currencies, you are not required to provide your personal name and address as you might be when using your card to make online purchases.
- Affordable. Accepting digital currencies can be cost-effective for your company. Transactions are process much quicker which means you will receive the money music faster.
Upcoming Digital Currencies
With digital currencies proving to be popular with consumers, there is no doubt that organisations will start their own. In 2020 we expect to see two large digital currencies establish themselves.
The first is Libra.
Libra is a form of cryptocurrency in development by the social media company Facebook. This organisation plans to release this in 2020. This is expected to change how shopping through social media works.
Facebook is linked directly to Instagram which allows windows to open where users can make purchases using the app. When Libra is launched, we expect that Facebook could be looking to implement this digital currency on both the Facebook and Instagram platforms to allow users to make direct purchases on items.
Libra has the potential to allow customers to make purchases online directly through social media. This makes online shopping easier for consumers. However, this means that companies are going to need to begin thinking about how they will sell their products off their website on Facebook.
We do not know how the Facebook or Instagram system will work with the cryptocurrency Libra. They could allow companies to crease online shopping pages, and immediate purchases through adverts. Whatever it is your business provides, you need to be aware and prepared for the launch of Libra.
Chinese Central Bank Digital Currency
The second major digital currency that we will see introduced in 2020 is the Chinese sovereign digital currency CBDC (Chinese Central Bank Digital Currency).
China has already been moving into a cashless future in the last year with 62% of people transferring money to a digital currency. Now in 2020, they will be creating an official national, digital currency.
It is unknown how private transactions with this currency will be when it is used. However, what we can say that transferring and exchanging currencies in a digital form will be far simpler when it is done digitally.
Furthermore, if a country is willing to accept digital currencies in physical stores, this would greatly affect the number of people who choose to use digital currencies for their security.
In the next few years, we may see other countries creating their own digital currencies to keep up with our ever-changing digital world.
We live in the most globally connected age ever. You can contact people from around the world at any time, instantly! This also means that our data is accessible from all around the world.
Just in marketing, you can be sitting in Australia and launch ads aimed specifically at people living in north-east London. This is the effect that technology has had on the world.
With this easy access to information from anywhere in the world, privacy is desired by almost every consumer. If you are a company that operates globally, you should consider how you will make sure that your customers feel that they have privacy and security with your site.
If your company allows users to have accounts on your websites, a good way to remind users of their privacy is by giving them the option to manage their account preferences.
Having the ability to pick and choose whether you receive certain types of notifications from companies is a luxury that has only just being explored by larger companies.
When we have customers manage the type of content that they have sent to them directly, it gives you a clear indication of what is the best way to contact your audience.
Utilising this function will give you valuable information on your audience, and let your audience feel that they are being listened too. This will make you memorable.
All businesses that have an online presence must have a website. If you want to keep your customer’s information private, you need to make sure you have an SSL Certificate.
An SSL Certificate is what gives your website the lock symbol in the URL. This will encrypt all of the information that a customer will enter on a site such as addresses and banking details.
SSL Certificates add a wall of defence around your site that ensures safety. All data and private information are encrypted within the data of each site. SSL Certificates also add authentication to your site which will result in google ranking it higher in their search engine. Most importantly SSL certificates provide trust to people who visit your site.
Having a user’s information encrypted means that the information cannot be taken and used by hackers. With people being able to access information from anywhere in the world you need to get an SSL certificate to give security for your company and your customers.
If you are looking to secure your site with an SSL take a look at our SSL options here at Bmoozd. Get your website secure and make your customers feel safe.
Bmoozd has provided SSL certificates to many different businesses for their websites. Our SSL certificates guarantee that your webpages are safe, and all data is encrypted for security. We offer a range of SSL Certificates that will vary depend on the size of each website. Contact us to find out which of our SSL Certificates will be best for your website.
Privacy is a high priority to all consumers in the digital era. In 2020, you must ensure that your customers feel safe and protected when they are using your online portals.
Using digital currencies can give your customers safety and security when making payments online. This will also result in tax-free conversions when making international payments.
Furthermore, ensuring your site is secure through the use of an SSL certificate will result in the protection of your own, and your customer’s private information. This would be through encrypting the private information such as locations, passwords and bank details.
If you enjoyed reading this article on one of the latest consumer trends in 2020, share it on your social media and remember to tag us with @bmoozd or #bmoozd.
If you need help making sure your website is secure, take a look at our SSL certificates and find out how you can ensure the safety of your customers on your website.