A recent survey found that 80% of internet users have purchased goods or services online - everything from books and DVDs to clothing and travel services. As consumers become better informed and more comfortable about shopping online, this number is expected to grow.
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Online shopping does present challenges - not being able to see the goods purchased being one of the biggest. And some of the same problems that can plague a Saturday afternoon at the mall (such as poor customer service) can be found in the world of e-commerce, while others (such as finding parking and navigating crowds) are not.
The best way to take advantage of the convenience and choice available is to be informed. The following tips can help.
Know the merchant. Reputable businesses should clearly display their company name and physical mailing address on their Website, along with contact information, including a toll-free phone number.
If you want more information about the company or its products, don't hesitate to call the merchant and speak with someone before placing an order. For maximum safety, shop with well-known merchants.
Shop securely. Only shop at sites that use secure encryption technology to transmit your financial data. After all, it's in the merchant's interest to make your shopping experience safe and secure.
Most Internet browsers will indicate when you're using a secure page to place an order - look for the "padlock" symbol at the bottom of your browser's window, and an "s" after the "http" in the Website address.
Did you know? More than 627 million Internet users worldwide have purchased a product or service online. Internet users in Germany, Austria, and the United Kingdom are the biggest shoppers, with more than 95% having bought online.
Check the shipping policies. Find out who covers the shipping costs. Some merchants will waive the shipping fees if you spend a certain amount. Typically, the sooner you want the goods, the more you'll have to pay. If you're buying a gift for the holidays, it's a good idea to start early, as deliveries can get lost in the shuffle if you place your order late - especially if you're buying from an international merchant.
Look for clear return policies. Since you can't touch and feel the product, it's a good idea to know the return policy and warranty for any items you purchase online. Expected delivery dates, shipping/handling information, and return policies and instructions should all be clearly laid out on the company's Website. If they're not, it's best to try another merchant.
Did you know? The most popular online purchase is books (34%), followed by videos/DVDs/games (22%), airline reservations (21%), and clothing/accessories/shoes (20%).
Use the technology to your advantage. You can find pretty well anything you want online - from brand-name goods to the most obscure collectibles. Seemingly unlimited selection is just one unique feature of e-commerce.
You can also compare prices in a snap, and read a wealth of customer reviews on products/services and merchants. So take the time to do your research. And don't forget to ask friends and family members about their online shopping experiences.
Print out order confirmations. After you make an online purchase, you should receive an electronic order confirmation, which will typically detail the costs, product information, and confirmation/tracking number. It's a good idea to save at least one printed copy of this information, along with any return policies, for your records.
Check the company's privacy policy. Find out what kind of information the company will collect about you, and how they will use it. All reputable businesses will post their privacy policies on their sites.
Did you know? Credit cards are by far the most popular payment method for online purchases (59%).
Protect yourself. No matter how comfortable you are with the company's promises to protect your personal information, you should also take steps to safeguard your privacy.
Most reputable businesses will require you to set up an online account with them. Never reveal your online password to anyone.
Tip. Make it a habit to check your monthly statements carefully to guard against any unauthorized transactions, and promptly report any fraudulent activity.
Practice safe computing. In general, it's important to always practice safe computing - everything from installing anti-virus software and a personal firewall, to protecting your online passwords, to verifying your account transactions on your electronic or paper statements. Visit your Scotiabank.com site for more information on Safe Computing Practices.
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