Security of Online Payment Systems

Online Payment Systems have gathered more traction as e-commerce has boomed over the years. What started with payment gateways as PayPal has now evolved to various payment methods like E-Wallets and QR codes. Some of the more commonly used and preferred online payment methods include credit/debit cards, mobile payments, online bank transfers, e-wallets, and prepaid cards/gift cards for local transactions and international transactions alike.

The usage of all these online payment systems requires that a certain amount of personal information be disclosed to the relevant businesses, marketplace websites, or payee. Credit cards require users to provide their card details, name, and sometimes their addresses, while online bank transfers require the details of the receiving party as well the account number and bank name of the user. Newer methods like QR codes and mobile payments require the use of phone numbers, TouchID or PINs. 

With the rising convenience of these payment methods come understandable concerns related to the private details that are shared with second or third parties. Possible issues include cases of fraud, identity theft, chargebacks, and unauthorised cross border transactions, which also brings up the issue of conversion rates, among other things.

While the e-commerce and banking industry are constantly taking steps to combat the aforementioned issues, no system is 100% unbreachable so both the business owner and the user must take proper precautions. To do so, it may be useful to learn what steps are being taken to protect your financial security, so here are some safety systems that have been introduced over the years:

Secure Sockets Layer (SSL) 

SSL is a certificate that every e-commerce business owner should have for their site that provides a secure connection and encrypts credit card information.

Payment Card Industry (PCI) compliance

PCI compliance or PCI DSS, which stands for Payment Card Industry Data Security Standard, is a security standard meant to protect cardholders that applies to any organization, regardless of size or number of transactions, that accepts, transmits, or stores any cardholder data.

Multi-Factor Authentication

Two Factor Authentication uses a six-digit code that serves as a one-time password. Three-Factor Authentication is similar to Two Factor Authentication with an added layer of security like biometric verification. This discourages foul play with the requirement of a unique security PIN as well as security questions.

Automatic Logout

Many bank applications will log you out of your session after a certain period of inactivity to prevent others from being able to easily access your account and your details.

In Malaysia, Bank Negara has a regulation that specifically states that e-wallet funds can only be used for two things: refunds to users and payments to merchants. This was put in place to prevent companies from using the funds for anything other than its intended purpose. Additionally, the RENTAS system in Malaysia, implemented in 1999, was to improve the overall efficiency of the large-value payment system, though more specifically to reduce interbank settlement risk. On the off chance that there are unauthorized transactions, the local e-wallet by Touch n Go has implemented a money-back guarantee that ensures a full refund within 5 days should any unauthorized transactions be made using the platform.

Currently, card verification numbers are ranked as the most effective method in detecting e-commerce payment fraud as surveyed by e-commerce leaders with a rate of 54%. This is followed by biometric as the second most efficient with 53%. Besides that, two-factor phone authentication is also an effective fraud-detection tool with a success rate of 50%. Which is interesting as it has been predicted that 88% of consumer-bank interactions will happen through smartphones by 2022. 

A Timeline of Online Shopping: Shopping in the Future – Part 3

Growth catalysts like the Digital Free Trade Zone (DFTZ) which was initiated by the Malaysian Digital Economy Corporation (MDEC), which is also commissioned by the government will also see the furtherance of the e-commerce industry. It’s been set to provide boosts to SMEs and help them market themselves with expertise provided by Alibaba which potentially contributes to the rise in online brands and competitors.

Automated systems are also now on the rise and as they continue to evolve and become more personalized, they will see the future of e-commerce scaling faster and more efficiently. There are many new technologies like voice recognition and VR/AR perhaps even warehouse robotics, eco-friendly supply chains that will streamline and advance the industry while also providing a more immersive and affordable experience for consumers.

In-depth product pages will carry more weight to a consumer, considering how good a lot of products and brands can appear at surface level, making brands have to work harder to build consumer trust. With the lack of a physical store for future business owners, reviews from other users will matter even more. Having an online store does not mean there is no need for helpers, as good customer service is still a vital part of the consumer journey to purchasing your product, or you could opt for virtual assistants or chatbots instead!

As the need for convenience and personalized conveniences grows, people are going to be looking forward to brands who can provide them with that. Entertainment and content have become giants in the industry and people will constantly be looking for the next new trend or happening and they will always be seeking out easier ways to connect that are useful & simple to navigate.

A Timeline of Online Shopping: Shopping Now – Part 2

With as many as 63% of active online shoppers as of 2019, eCommerce has boomed and become an integral part of a Malaysian’s lifestyle. The expenditure in e-commerce grew by 24% in 2019 that even the government has recognized the significance of it and has made the growth of the online company a national priority. One of the highest contributors to Malaysia’s online economy is the travel industry with the country’s internet users spending more than US$ 2.7 billion on online travel purchases as of 2018.

From 2012 – 2014, Lazada, Zalora, Rakuten, Hermo & 65daigou were the top & upcoming online shopping platforms, to which Lazada became the most searched by 2014 and 65daigou is now known as Ezbuy. 2015 saw the existence of GoShop, 11street and Shopee. Founded and funded by a SEA gaming company(then known as Garena), Shopee would then become Lazada’s closest competitor. It started as a mobile-first experience and underwent traffic growth due to the growing and competitive smartphone and service provider scene.

Now with the rise of technology and new services and innovations, usability and personalized options are now better equipped to cater to the wants and needs of online consumers. Here are some more user-friendly features.

a) Live Stream Shopping – It’s rising on shopping platforms like Taobao, wherewith this feature they plan to host live sessions from 300,000 merchants per day in  2020.

b) Payment methods – It has evolved from 2012 where credit & debit cards were once the mainstream features, have now adopted online banking & gift cards.

c) Social media – With social media advancing and mobile features have come a long way,  things like mobile websites and shoppable posts have become conveniences to the mobile shopper. 

d) Search Functions & Advanced Navigation  – They are more able to narrow in more specifically into customer ideals and personalize it to them.

e) Site Interfaces – More modern and more able to customize to the comfort of the user

f) Advanced image options – Higher resolution images, availability of 360 view or 3D images with options to include multiple images

g) Digitized businesses – Being able to perform more activities like purchasing groceries, pharmaceutical items & food online all on one platform.

The concerns of today have also changed because while online security measures for payment & personal details have improved and there are more terms in place. Scammers and hackers are always finding new ways to go about and evade the system. Constant education about the dangers of online use and what precautions to take will always be necessary and will always need to be updated as the industry evolves. With such a vast availability of product options, concerns now span to product quality & delivery which have higher chances now of being late,  damaged or missing due to the complexity of the deliverables and the system that accommodates it. Another concern of consumers is the overwhelming choices that are now available in the market, where some have questionable sources. All these transactions come with policies and guarantees but not all of them are reliable or clear when it comes to refunds and returns.

A Timeline of Online Shopping: Shopping Then – Part 1

The Internet was first commercialized in 1991 and with that began the first bouts of online shopping with Amazon and eBay leading the way in the industry. Amazon, founded by Jeff Bezos sold mostly books at the time while eBay was the first C2C platform for shoppers started by Pierre Omidyar. An online payment system called PayPal would sprout out in 1998, which became compulsory for all eBay users. Back then, paying by cash on delivery was more commonplace and in Malaysia, so eBay & Lelong took the country by storm.

It was a new industry, so the online shopping scene really started out with many things needing explanations as both sellers and consumers alike didn’t necessarily know what they had to do or what equipment they needed to utilize online shopping. As pages & websites weren’t so widely familiar then, people would use services like Internet Shopping Network, essentially a virtual shopping mall, not unlike websites of today which used product images & descriptions to appeal to consumers. At that point in 2000, tracking for e-commerce sales began and due to its convenience as according to reports, sales had hit &5.3 billion in the last quarter of 1999. By 2007, the number of online users buying & researching products had doubled.

So what did the people at the time think of it all? From the start, many realized the shopping revolution that was coming and what is now known as e-commerce. It was the start of cheaper, more convenient and more customizable options in products for consumers as opposed to the traditional way of brick & mortar stores. Some dissatisfaction that arose were from retailers who were unhappy that online shopping forced margins down.

Though with the opening of a new era, comes its concerns and one of them was definitely online information security. The fear of fraud and hackers were real and for parents, the thought of children being exposed to online porn was a concern. Assumptions that advertising would overtake and exploit cyberspace, was also an assumption that grew from this exploding trend. Advertisers at the time were just as new and it was the start of new strategies on how to get eyeballs on their ads. 

Gamification in eCommerce

The blooming scene of online shopping or e-commerce is currently one of the contemporary modes of shopping in this current day and age. With the current online market consisting of saturation of different types of brands, you will need a marketing strategy that stands out in order for your business to achieve lengths. On that account, you can always look into Gamification. 

What is Gamification?

Gamification is the designation of adding gaming mechanics into nongame environments like business websites, online communities, learning management systems, or even intranets to triple participation. As gamification amplifies consumer engagement and inspires the collaboration between employees and partners.

Examples of Gamification 

Lazada Games – Laz City
In this adorable game, you will need to build buildings and complete tasks to earn diamonds. Diamonds are used to upgrade buildings and fortify your city. You will be awarded coins in order to exchange for vouchers, that will be used whilst you shop. 

Shopee Games – Battle to the Top

A series of games in the Shopee app that allows you to compete against other users for a place in the leaderboards and top ranks, play daily and get coins to exchange for freebies and vouchers, that you are able to use whilst shopping.

Social Media Marketing – Instagram Story Polls

Brands and influencers post polls, quizzes, or swipe up links to allow users to engage and interact. This raises brand awareness and enables product promotions.

3 Parts of the Gamification Process

#1 Challenge

Once the game or settings are complete, banners are put up in news feed in apps, emails, and notifications are sent to users to inform and urge potential users to engage and interact with the games build.

#2 Instruction

Once logged in, game instructions are explained to users clearly to ensure that the rules and how-tos are understood by users.

#3 Reward

Methods like leaderboards and challenges are set up in order to allow users to play and interact to gain rewards. The rewards must be something of value to the users, like discounts, vouchers, or exchangeable that encourages the users to come back for more.

So want to up your game in e-commercing? Try gamification, it will really bring your marketing to levels!

Ways to Increase Productivity at Home

There is a dated mentality that working from home or remote working is not as effective as working in the office, but recent studies have shown this to be false. With the current Covid-19 pandemic, almost everyone has been forced to convert their home into their office, and it can be a difficult transition. But fret not! There are several ways that have been proven to increase productivity when working from home. 

  1. Be Aware of Your Daily Tasks 

It’s difficult to complete your work when you don’t know what exactly you have to do. The best way to ensure that you tackle all your tasks is by creating a list of tasks, a to-do list, or a schedule. Not only will that keep you on track, checking off each completed task will give you a sense of accomplishment, encouraging you to work towards your next assignment.

  1. Setting Boundaries 

This can be taken both literally and figuratively. In the literal sense, having a specified working area, such as a study room or a quiet corner, can help you focus on your work. This can be especially helpful for multiple member households where things can become chaotic. Do not stay in this working space when taking breaks or doing leisure activities! Separating your work and lounging space will help you associate the former with productivity.

Figuratively, it’s important to set boundaries for yourself. When there is no one to hold you accountable, it can be easy to spend working hours watching Netflix or browsing social media. Spending allocated working time on other activities only means pushing back your entire schedule, it’s a domino effect!

  1. Dress for the Job

Technically, no one would know if we stayed in our pyjamas all day. However, doing so can impede on our productivity as it disrupts our sense of normalcy. Staying in loungewear can not only make it easier to slack off or get distracted, but it can also make it difficult to differentiate working hours from off-hours. As crazy as it seems, even just putting on a pair of not-so-comfortable jeans can help put us into work mode. 

Basically, a routine is vital to create a distinction between working hours versus times to relax. Our productivity doesn’t have to suffer while in isolation, there are always ways to overcome these hurdles. However, while it is important to stay productive during these times, it is also important to stay connected with your colleagues, friends, or family. 

3 Serendipitous Business Successes

Serendipity: finding things that were never actively sought, but having them turn out to be invaluable. This usually happens when we make uncommon connections and end up with something we hadn’t thought of. 

In entrepreneurship, this means happening upon strange yet genius business ideas that come when you least expect them. However, these ideas are often invaluable due to their ingenuity. Many current successful companies began as unprecedented ideas!

  1. Twitter 

Twitter, originally called Twttr, was started in 2006 by, most notably, Noah Glass, Jack Dorsey, and Florian Webb. With over 100 million users who send more than 340 million tweets a day, it’s now one of the top social media platforms globally. However, Twitter was never intended to be its own product. Rather, it was a side project that had been endorsed by a company called Odeo, where all the Twitter founders worked. It began as a simple broadcasting system that would broadcast a text sent to one person to all the user’s friends in a contact list. 

  1. Spanx

Sara Blakely did not intend for Spanx, a body-shaping undergarment, to become the commercial success that it is today. After graduating from Florida State University, Blakely worked as a fax machine salesman. Whilst working in the heat and humidity, she decided that she needed an undergarment that fit her specifications. Investing her life savings of just around $5,000 plus a $350 patent fee, she created her company. She would go on to promote Spanx at department stores, which would lead to her securing many deals until Spanx became a worldwide sensation. As of 2020, the company is estimated to generate about $400 million in profit annually.

  1. Facebook

The story of Facebook is a tale as old as time, even spawning a blockbuster movie. However, this is definitely one of the greatest examples of serendipitous business successes. Considering that Mark Zuckerberg created the first prototype of Facebook (then called Facemash) to be a ‘hot or not’ rating system only for students at Harvard University, business was definitely not his intention. It was relaunched after being taken down and the rest is history, making it the most unintentional business success. 

The New Norm: Coworking Spaces

Over the last decade, coworking spaces have increased in popularity, revolutionizing the way people work. Various regions are receptive to the concept. The Asia Pacific alone had the highest number of coworking spaces in 2019. The concept has taken off with start-ups to digital nomads to big players. Here’s a look at why they’re such a huge hit with new-age workers.

First and foremost is the rent. With rising real estate prices and the requirement of capital investment, traditional office spaces can be extremely unattainable for most startups. Due to the model of shared spaces and utilities, the cost of a coworking space is much more affordable. Furthermore, renting an office space usually requires long-term leasing, locking business owners in contracts, while the monthly memberships offered by coworking spaces means there is more flexibility. This means that a change of space or cancellation can be easily done in the event that things go awry.

Secondly, most coworking spaces provide utilities that can be used by all members. Basic necessities such as Wi-Fi, printers, air-conditioning, and electricity are all managed by the co-working space, so there is no need to worry about servicing or maintenance. Some coworking spaces even provide additional amenities such as meditation spaces, exercise rooms, healthier snacks, and more ergonomic chairs. These amenities are both beneficial to the wellbeing of the workers and helpful in increasing productivity if properly utilized.

Finally, but most importantly, coworking spaces are a great networking tool. The variety of employees or entrepreneurs from different organizations, industries, or specializations that use coworking spaces means that there are many opportunities to network outside of one’s social and business circle. The open space setup also encourages mingling with other workers, possibly leading to business relationships that would otherwise be unlikely. 

There are many reasons to use coworking spaces, and especially in the post-pandemic world where remote working and alternate day office hours are becoming normalized, it’s definitely an option to keep in mind. 

Growing Connections on LinkedIn

With the platform now topping half a billion users in more than 200 countries, it’s the clear leader among social media for connecting with B2B prospects, potential hires, and business partners. 

Although there is less traffic on LinkedIn, it is often a better choice for businesses. Besides providing you with an opportunity to connect with professionals and engage with them on a personal level, LinkedIn users are much more open to learning about products than Facebook users are. A recent set of studies have even shown LinkedIn to produce more leads than even a company’s blog.

As such, it makes sense to focus on widening your reach on the platform. Below are just a few strategies to help in building more connections on LinkedIn. 

Determine your Desired Connections
First, determine who you intend to connect with. Will you purely be seeking to keep your network exclusive to people in industries relevant to your work, or will you try to connect with as many people as possible? 

The latter is usually preferred as 1) LinkedIn doesn’t penalise users for having a large network, 2) just because someone isn’t currently in your industry, they may be in the future, 3) their connections may be in a relevant industry, and 4) having more connections will lead to a more visible profile. 

Personalising Your Requests

Once you determine your intended crowd, you should focus on personalising your connection requests. Usually, selecting the “connect” button from the “people you may know” list sends an automatic generic request. While convenient, this may not be ideal when attempting to make unfamiliar connections. For these situations, go to the person’s profile and click the “connect” button there, as this will bring up an option to personalise your request with a message. Adding a personal touch will increase the likelihood of making a successful and higher quality connection. 

Post Often

Besides manually sending requests, another strategy to build more connections is by posting often. When a connection likes, comments, or shares one of your posts, their connections will be able to see the interactions, making your profile visible to a larger audience. These “connections of connections” may take the initiative to send you a request if they see relevant content that you’ve posted. 

Don’t be too worried about annoying people with too many posts. LinkedIn’s algorithms make it so that your network likely won’t see every single post unless you publish an article natively on LinkedIn, which notifies your network.

Utilise Groups

Finally, there’s one useful feature of LinkedIn that’s often overlooked: Groups. Groups are the best way to meet like-minded individuals and lots of them. When you join a group, especially one related to your industry, you’re instantly connected with hundreds of people with interests and experiences that are relevant to your work. To utilise this function, you can either create a group and start from scratch, or the simpler option, join an already established group. 

These are just a few ways to expand your network, and hopefully, these tips can help you build more meaningful connections. 

Steps to Market your Brand in the Sea of Online Advertising

You have a brand with your own colour and design. You know your market, your target audience, and consumers. Now, you are stuck because you don’t know how and what to do with all this information. Well, take a look below to see what are the steps to market your brand in the vast ocean of online advertising.

Step 1: Have Your Own Website

And make sure it is in good condition! The website should have all the necessary information regarding your products, your brand awareness, as well as the services you are able to provide. This website can also serve as your core for all activities, where links and ads can be directed to this website, hence increasing user engagement as well.

Step 2: Get On Social Media!
In this digital age, people of all ages have access to social media. Be it Facebook or Instagram, social media has become a tool to connect people to people, businesses, services, and more. Creating an account on Facebook, Instagram, LinkedIn, and even Twitter, allows you to further engage with your audience. At the same time, this helps to build and maintain a relationship with your clients and consumers. 

Step 3: Create Content to Market Your Brand

You will need to know and have already analyzed your target audience and clients. Once you have done that, you can create content such as videos explaining your brand and product, webpage posts on how your service and brand are able to help clients (what can they expect from you). Relatable, relevant, and reliable content is able to attract the right audience. 

Step 4: Placing Advertisements

On the internet, there are a lot of ways to place your advertisements or links that will direct your targeted audience to your webpage. For example, you can opt for promotions through Instagram stories if you have a professional account. If you are targeting business groups, LinkedIn has message ads as well to allow you to reach a specific target audience. 

Step 5: Create Email Campaigns

It’s never too late to remind your clients and audience who you are and what your brand truly stands for. Create newsletters at a consistent pace such as one newsletter every week or month, include recent news or promotions, and mention your services in order to keep your brand’s place in your audiences’ mind.

Step 6: Involve Influencers and Opinion Leaders

With Instagram being the current core of all trends, it is not a bad idea to engage opinion leaders or influencers to be involved with your brand. It doesn’t matter if you are a small fashion brand or a thriving F&B business, the right influencers can be connected with for an affordable sum, and the impact would make a huge difference. But also keep in mind that you will need to enquire about the right and proper influencers for your brand as each influencer has their own values and reputation. 

Step 7: Stay True to Yourself

After each step, it is important that you are consistent in your campaigns and advertising. No matter how much advertising and marketing is out, you need to make sure that people are able to recognize you on sight based on your colour and image. This is important to guarantee that you will not get carried away while reaching out to your target audience. 

Follow the steps above and you will be able to see your brand on billboards in no time!