Security matters: Empowering e-commerce in Sri Lanka through customer insights

In the fast-paced, post-COVID digital world, e-commerce presents promising prospects for significant advancement. However, customers often feel uncertain due to persistent concerns about the robustness of security measures safeguarding e-commerce platforms. The primary objective of our study was to identify factors affecting the security of e-commerce platforms based on the perceptions of Sri Lankan customers. This research was conducted using data collected from Sri Lankan e-commerce users via both online and offline surveys. An ordered probit regression model was utilised, demonstrating that transaction security, privacy, vendor system security, and platform quality positively impact the perceived security of e-commerce. The e-commerce industry in Sri Lanka is expected to see growth and an increased user penetration rate. The findings of this study are anticipated to assist e-commerce business owners and policymakers in addressing critical security issues, namely vulnerabilities in transactional security, low privacy, inadequate system security, and poor e-commerce platform quality. These improvements are expected to build trust and credibility among consumers, maximising e-commerce success.