The digital age is incredible in so many ways. Online markets have made shopping a lot simpler and entertainment a lot more available. But the new age has come at a great cost. Plenty of people don’t know how to navigate this new jungle comprised of ones and zeroes. It is no wonder that many are turning away from the wonders that the internet can provide.
But trust has always been the best advertisement. There is a reason many people prefer to shop at small family-owned grocers than in the big supermarkets. It is because they may have a relationship with the people that run the store; and are thus far more likely to trust them. The issue with online entertainment is that there is no one to trust.
That is why internet brands are doing their best to establish a connection with their fans. Online shops have taken to informing their clients on the exact location of their order; notifying them if anything has gone wrong. IGaming platforms are also hopping on board the new wave of trust and transparency. A website like Casino Days is worth your trust; as they do everything in their power to be open and honest with their customers.
But the past few years have done a massive disservice to the online world. Generative AI has blurred the lines between real content and what has come to be known as brain rot. A lot of shady businesses have taken to using AI-generated imagery in their product; which would greatly reduce the cost to make. Yet the price of the product has not gone down. It is no wonder that young entrepreneurs are doing their best to combat this new age of mistrust.
A recent report on German people’s trust in their local companies shows that said trust has fallen by 5% in the past year. It fell from 50% to 45% between; indicating that now the German population does not believe over half of the things that suppliers are telling them. The startling statistics may not have affected companies were it not for the accompanying study on the importance of trust. The research showed that 79% of customers value trust above all other factors when picking a brand.
The research focused on Germany and its business landscape. But similar sentiments exist all over the world. Land-based brands are doing everything in their power to regain the trust of the people. As brick-and-mortar shops are putting an extra emphasis on trust and transparency, online brands must also keep up. Customers have noticed that internet businesses are putting a lot of stock into honest and clear definitions of their products.
Customers know what they are getting. People seem a lot more comfortable visiting a shop when said business clearly defines their goals and their products. Most clients want to know what they are getting. If they’ve opted for a sweet tart or cake; many would be shocked to get a fancy French cheese. Some will certainly enjoy the switch up; but most would not be too happy about being deceived.
We have already established that transparency is a big step towards a better industry. But internet platforms are fighting a proverbial war on two fronts. Transparency is only one of the issues that they are facing. The second problem is people’s growing anxiety about cyber safety. Justice departments the world over are warning of a rise in cybercrime. Many of these organizations don’t have effective ways of fighting online-based criminals. The burden falls on online shops to protect their clients.
Many have adopted Know Your Client policies in order to do just that. KYC programs allow businesses to form a relationship with their customers. Rather than viewing them as nameless numbers on a screen; KYC helps to assign a name and identity to each and every person who is using the platform. The real cool thing is that the Know Your Customer approach is effective. Businesses that use it have reported a massive decline in spam accounts and a decline in cases of identity theft.
There is much more to online security than KYC obviously. Multi-factor authentication is a pretty popular way to ensure a client’s identity. The name may seem fancy; but we guarantee you have experience with it. Every time somebody uses their credit card they are dealing with multi-factor authentication. The first factor of authentication is owning the card and the second is knowing the passcode. Online businesses are using that same principle and applying it to the digital landscape.
There is no escaping a discussion of credit cards when talking about online entertainment. Most of the people who engage with internet platforms use their credit cards when the matter of payment comes up. There are good reasons to default to credit cards. First is the most obvious one; most people are aware of how credit cards work and already own at least one. Younger Americans seem to be using credit cards even more than previous generations. Since they are the primary target for online shops and entertainment; it isn’t a surprise that credit cards are such a hit.
But we are increasingly seeing internet-based platforms adopt alternatives to credit card-based payments. The big one is cryptocurrency. It is hard to say whether Satoshi Nakamoto believed that crypto would become the global mainstream phenomenon that it is today. But what we can say is that his brilliant idea has revolutionized the financial industry. Online entertainment platforms were quick to adopt Bitcoin and Ethereum as viable payment options. They did so at a huge risk; but it ultimately proved quite advantageous.
Crypto deposits exist on a blockchain; a ledger designed to store data that anyone can access easily in order to confirm a transaction. The anonymity involved gives comfort to a lot of people who would prefer to remain unknown when going about their online activities. Crypto-based deposits do carry a certain level of risk related to volatility. But it seems quite a few people are fine with taking the plunge.