Q.6 What are the major challenges of transaction risks in E-Commerce? Describe.
ई-वाणिज्य में लेन-देन जोखिमों की क्या प्रमुख चुनौतियाँ हैं ? वर्णन कीजिए।
Ans.
Major Challenges of Transaction Risks in E-Commerce
E-commerce transactions differ from traditional verbal or in-person exchanges and are prone to several risks. These risks can lead to financial, reputational, or psychological harm for both the customer and the seller. The major challenges are as follows:
1. Order Transaction Failure
- Discrepancies may arise between the customer and the seller regarding the order confirmation.
- The seller may claim that no order was received, while the customer insists otherwise.
- This results in either the customer not receiving the service or the seller not getting paid.
- Solution: Identity verification, cookie validation, and order tracking systems should be implemented.
2. Delivery Failure
- Issues such as incorrect delivery address, delayed delivery, or receiving the wrong product can occur.
- This leads to customer dissatisfaction and financial loss.
- Solution: Use reliable courier services, ensure order tracking, and adopt secure delivery systems.
3. Payment Failure
- Customers may claim they have made the payment, but the seller does not receive it.
- Risks of credit card fraud or data theft during the transaction are prevalent.
- Solution: Use SSL (Secure Socket Layer) technology, OTP (One-Time Password), and secure payment gateways.
4. Data Security Risks
- Sensitive customer information (credit card details, passwords) may be stolen during online transactions.
- Cybercriminals can use hacking or phishing techniques to cause financial harm.
- Solution: Utilize cryptography, data encryption, and secure payment gateways.
5. Customer Privacy Violation
- There is a risk of customers’ personal information being leaked during online transactions.
- Data theft can lead to spam emails, promotional content, or fake transactions.
- Solution: Websites must adhere to strict privacy policies and ensure the protection of customer data.
6. Seller Reliability
- There is a risk of fraud by unknown or unreliable sellers on online platforms.
- Some sellers may not guarantee product quality or provide fake products.
- Solution: Customers should shop from reputed e-commerce platforms (like Amazon, Flipkart) and verify the seller’s rating and credibility.
| Source : NCERT : E-Commerce Chapter |