BCCEC: Cybersecurity concerns deter half of businesses from e-commerce platform

BCCEC: Cybersecurity concerns deter half of businesses from e-commerce platform

NASSAU, BAHAMAS — More than half of the respondents in a Bahamas Chamber of Commerce and Employers Confederation (BCCEC) survey listed cybersecurity concerns as the reason for not making e-commerce platforms available to their customers. 

The BCCEC yesterday announced the results of a survey conducted by its Digital Transformation Committee during July 2021.

The survey which had 42 respondents was a follow-up to benchmark research conducted by the Digital Transformation Committee conducted in June 2020. The research aimed to determine the level of digitization and the perception of digital transformation among the BCCEC membership. 

According to Royann Dean, chairperson of the Digital Transformation Committee, the research showed a positive shift in usage and attitude towards the use of digitization and an increased interest in digital transformation. The Committee attributed the positive shift to challenges and opportunities in the business environment as a result of the Coronavirus pandemic. 

The survey results showed that more than sixty percent of organizations employ a business continuity plan, incorporating a digital strategy. Businesses were most likely to use social media (82.14 percent), cloud computing (71.43 percent), mobile apps (67.86 percent), and web content management (67.86 percent) as part of the digital strategy. Social media was the primary means of collecting customer data and feedback. The study showed that companies use the data from social media to improve operations. 

While there was an increase in the number of companies that have integrated components of digital transformation into their business model, more than half of those surveyed did not launch an e-commerce platform.

“More than half of the respondents did not have an e-commerce platform available to their customers, citing cybersecurity concerns as the main reason. However, several respondents indicated an interest in integrating a digital payment platform in the next six to twelve months,” a summary of the survey noted. 

According to the BCCEC, compared to 2020, there was an increase in the awareness of digital payment solutions.

“Many businesses indicated a likelihood of using a digital payment provider in the next six to twelve months. Most respondents did not currently use the Sand Dollar, the digital currency of the Central Bank of The Bahamas, but the responses were evenly split between the intention to use or not use the Sand Dollar as a payment option in the next six to twelve months,” the BCCEC noted.

It added: “The survey results show a positive attitude towards the use of digital in business and the importance of innovation as a part of business growth. Moreover, the respondents also indicated an interest in having an organizational culture that supports collaboration and knowledge sharing.

According to Dean, the results highlight the potential for the sustainable development of the private sector, indicating a willingness to move beyond digitizing existing processes and implementing digital transformation to improve operational efficiency, create better customer experiences, and drive holistic growth.”