Modern technology, especially the internet, has made monetary transactions easier for consumers. When it comes to business- to-consumer (B2C) transactions over the internet, trust becomes the key factor. The success of this business model rests in the foundation of trust. Therefore strong trust management is essential to the viability of this industry domain.
Trust is the foremost factor when it comes to business and services. Especially when it comes to Business-to-Consumer services also known as B2C. Today there are numerous websites that have a lot to offer to consumers worldwide. The foremost factor that surfaces when it concerns such services is trust. How far these websites are trusted and to what extent the service provided is authentic is the key question. With progress in time even banking has come up with number of services for its customers. Net banking, online shopping are very common now-a-days. With these services what becomes most important is trust. Therefore, trust management is a very important factor here.
When the business-to-consumer or B2C services are carried on over the internet, then it is the most important responsibility of the business management to ensure that the consumers can trust these services. Net banking is something a lot of people have entitled themselves to. It is a very useful service many banks have come up with. Consumers find it easy and comfortable to work with. It has certainly made banking hassle free and comfortable. So the management must ensure that its consumers do not face any trouble while dealing with such services. Net banking is convenient and allows the consumers to access one’s account easily and carry on transactions easily. The management dealing with net banking services must be careful before providing its customers with these services. Violation of trust may lead to permanent fracture of business. While dealing with internet banking, the management must look into the dynamics of the service. Customers must not be complaining of any breach in faith. Management must ensure that if any consumer comes up with any complaint then there must be easy solution to their problems without mush hassle. Money counts a lot, both for the management and the consumers. Consumers must not feel cheated or fooled even for a fraction of second. The management must also ensure that the consumers are satisfied with their services in every possible way. When it comes to transaction of money over the net, consumers may find it risky. Often they might find it difficult to operate. Net banking or ATM cards have certainly made banking a lot easier and a good deal of consumers find it trouble-free and not very demanding. But again, not all find it that easy. Often a consumer may come up with complains of failed transactions or deduction of money without the desired task being accomplished. Here comes in trust. The management must ensure that such problems are met with patience and easy solutions.
Now-a-days with banking made easier, online shopping is also another sphere where trust management is crucial. A number of websites have come up and become a huge success all over. For example online shopping websites, as popular as Flipkart.com or Amazon.com, has made online shopping for many consumers worldwide a lot easier. These websites are renowned of course for the kind of service they provide. Many brands and companies have their own websites while there are also a wide range of websites that offer the consumers products of various brands and price. These websites have gained popularity mainly for the kind of services they have provided to their consumers and the moment one speaks of services, trust becomes and inevitable factor. When a consumer embarks on online shopping, he or she definitely has to keep one point in mind that he or she cannot have a view of the product in physical. All he or she can do is to trust the site from where he or she is about to purchase a product. So it is obligatory on the part of the management to ensure that no infringement of trust happens. The product a consumer orders must be delivered in right time and doesn’t need saying, it should be delivered in proper condition. It takes a lot to build trust but doesn’t take long to breach it. So if faith is gone, any company, any management can lose its reputation. Consumers must be able to invest all their faith and it is the duty of the management to be meticulous enough to ensure apt trust management. Proper guidelines should be maintained and followed on trust management adhering to the company terms and policies.
Trust management is a pre-requisite and it is a given fact that most often consumers don’t rely on the websites for online shopping and even banking purposes. There are concrete reasons for this mistrust. Often consumers have to face failed transactions, often the products are not up to the mark. A lot of consumers complain against the websites for the kind of problems they face while banking or online shopping. The managements must definitely take up concrete steps to ensure complete trust of the consumers. Trust management is not an easy task. It requires detailed study, proper skills, commitment, and analysis and disciplined procedures to maintain and retain the faith of the consumers.
References:
1. Gefen D. and Straub W. D. (2004). Consumer trust in B2C e-Commerce and the importance of social presence: experiments in e-Products and e-Services. 12 April 2004. Retrieved from web. http://www.sciencedirect.com/science/article/pii/S0305048304000131
