Chris Bowser Tips: Managing the risk is an art in any kind of business. One needs to take risks to make profits. The modern holiday season is one of the features on online shopping. If given a choice between traffic-filled parking lots, packed malls, and snail-paced lines or the convenience of online shopping, many prefer the latter. When you want to shop without going outside, online shopping is the best way. Although there are risks in online shopping as a seller, you can abide by a risk management system for online shopping. Chris Bowser has discussed the tips how to manage risks.
Risk Management for the Online Seller
When you buy or sell online, you need to follow five P’s
- Passwords – This is the first thing you need to do with risk management. You need to ensure that the password is secure, but at the same time, it should be easy for you to remember. Many use the same password, fearing that they might forget it. However, this is a common mistake which should be avoided. You need to protect your device with separate passwords.
- Pricing – You need to be very careful when you are choosing to buy from the sites and the sellers. Keeping an eye on the price is important. If you see a price on the unfamiliar website, it will be too good to be true.
- Protection – When you are surfing on that particular website for the first time, you need to make sure that your checkout is secure. This is one of the criteria for the risk management. When you are inputting any financial information, make sure that URL starts with https instead of http.
- Payment Method – As far as risk management is concerned, if you have to face any risk, you need to try and mitigate the possible loss or damage that is likely to occur. Methods like PayPal offers a great protection for the users who shop online as they protect your transaction for 45 days. Credit card or low limit card is the alternate method for online shopping.
- Privacy – This is the final P that makes the standard online risk management tips. Privacy is important for although many people freely share the information online. You need to avoid sharing your information that asks for your information through online forms as it takes away your payment details which is subject to get misused.
There are plenty of do’s and don’t’s for the Amazon buyers. There are numerous risks in online selling and buying. It in not always easy to get the concise list about what the sellers are supposed to do to avoid them. If the losses are inevitable, one needs to minimize them as much as possible. The common mistake is divulging the personal information to the unfamiliar website forms. Online shopping saves time which enables you to enjoy your holidays, wherein you can enjoy your shopping. However, you need to make appropriate use of risk management.