Opinion: Consumption and growing challenges in digital commerce
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In contemporary society, consumption is deeply intertwined with a dimension of risk, both in its physical aspect and, even more prominently, in digital channels. Consumers often have limited knowledge about products and services, facing challenges related to the security of sales channels and digital payment methods. On the other hand, although generally more informed, merchants also face significant threats due to the actions of external agents.
According to data released by the Bank of Portugal, in 2023, the Portuguese made 4.2 billion retail payments, totalling €740.2 billion. Payment cards accounted for 88.9% of transactions by volume and 27.2% by value, with a notable increase in the use of contactless technology (31.1% of transactions by number and 32.7% by value). Online purchases made with cards also saw significant growth, increasing by 35.3% in volume and 33.7% in value.
Despite reducing in fraud rates, the inherent risk increases proportionally with the rise in transaction volume. Dates like Black Friday, Cyber Monday, and the Christmas period drive consumption, especially in e-commerce, and accelerate the adoption of digital payment methods. According to the CTT E-commerce Report 2024, product sales through e-commerce are expected to grow by 14.6% in Portugal, while services are projected to increase by 4.7%.
However, cybersecurity risks increase disproportionately to the volume of purchases. A study conducted by Escolha do Consumidor on Black Friday shopping reveals that most consumers (65%) are influenced by promotions and make impulse purchases. As for payment methods, 46% use MBWay, followed by cards (30%), PayPal, and other methods. It is estimated that in 2024, consumers spent an average of €359 during this period, equivalent to around 40% of the national minimum wage, often on purchases made electronically or digitally.
Given this scenario, the question arises: how can consumers and merchants prevent or mitigate the risks associated with these practices?
Guidelines for consumers: planning, awareness, and digital security
Consumers are generally more vulnerable to the risks associated with online shopping. Therefore, it is essential to adopt strategies such as planning, avoiding impulsive purchases, identifying potential price fraud, monitoring prices, and implementing digital security practices. It is recommended that the needs be assessed beforehand and a budget set while monitoring prices for at least once a month before making purchases. Tools like the DECO and KuantoKusta price comparison websites can be helpful.
In the digital realm, attention is essential. When receiving newsletters or promotional ads, it is important to verify the sender’s legitimacy and ensure that the email addresses match the brands. Devices like smartphones, tablets, and computers should be protected with up-to-date antivirus software, whether free or paid.
Regarding payment methods, creating temporary virtual cards, such as those provided by MBWay, can be an effective solution to limit potential damage in the event of fraud. In problematic situations, it is crucial to report the issue: financial matters should be reported to the bank, while issues related to purchases, advertising, or pricing can be forwarded to ASAE, DECO, or other competent authorities.
Guidelines for merchants: stock management, payments, and security
For merchants, especially smaller ones, Black Friday represents both an opportunity and a challenge. Stock management should be carried out in advance to avoid shortages and price speculation. Additionally, it is crucial to inform consumers about the price history, promoting transparency in transactions.
Regarding payments, diversification is key. Offering options such as cash, POS, bank references, and IBAN increases accessibility for different customer profiles. For e-commerce, adopting electronic invoicing can provide greater agility and security in operations.
Another critical point is preventing fraud associated with counterfeit store clones on social media or websites. When a business becomes successful, it is common for fraudulent platforms to emerge, harming both consumers and the reputation of legitimate companies. Constant monitoring is essential to prevent such situations.
Although some of the measures above may be difficult to implement, those that are adopted can prevent setbacks and provide greater security for both consumers and retailers. In the following years, these practices can be improved, ensuring a safer and more satisfying shopping experience.
News: Dinheiro Vivo
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