According to research, 57% of Filipino consumers shopped from eCommerce marketplaces every week during the third quarter of 2023. This number indicates just how much our habits have changed and how we’ve embraced online shopping for our needs.
This surge in online retail activity is driven primarily by Gen Z and Millennials, who are drawn to the diverse product offerings and competitive pricing available on digital platforms. The convenience of browsing endless options from the comfort of home and the appeal of securing great deals have made e-commerce a preferred choice for many.
However, as more Filipinos turn to online shopping, the risks associated with it have also increased. Scams such as non-delivery of items, fake sellers, and counterfeit products are becoming more prevalent, turning what should be a convenient experience into a potential nightmare. For instance, fake sellers often create convincing online profiles, luring buyers with attractive prices only to disappear once payments are made. Similarly, non-delivery scams leave buyers frustrated and without the items they paid for.
These growing threats highlight the need for secure shopping solutions and if you are someone who isn’t too comfortable about online shopping because of the risks, M Lhuillier’s ML Shop Safe might help ease your worries.
ML Shop Safe is an escrow service available through the ML Wallet app, and provides a much-needed layer of protection. By holding payments until buyers confirm receipt and satisfaction with their purchases, ML Shop Safe helps ensure that online transactions are both safe and reliable in this increasingly digital shopping environment.
Before diving into how ML Shop Safe can protect your transactions, it’s important to understand the common risks associated with online shopping.
Unverified Sellers and Products: The internet is full of sellers, but not all of them are legitimate. To protect yourself, always verify the seller’s reputation. Look for reviews and feedback from previous customers, and pay close attention to any negative reviews or complaints. Typically, sellers with mostly positive reviews are safer options.
Insecure Communication: When dealing with a seller, it’s crucial to use secure communication channels provided by the online marketplace, such as their messaging system. Avoid sharing confidential personal information outside the platform, as this can leave you vulnerable to scams. Be wary of sellers who suggest external payment methods or send you links to external websites, as these can be signs of potential fraud.
What is an Escrow Service and How Does It Work?
One of the best ways to protect yourself in online transactions is by using an escrow service. But what exactly is an escrow service?
An escrow service acts as a trusted third party between the buyer and seller in a transaction. Here’s how it works:
Buyer Protection: When a buyer makes a purchase, they send their payment to the escrow service, which holds the funds until the buyer receives and approves the product. This ensures that the seller cannot access the payment until the buyer is satisfied.
Seller Protection: The seller is assured that the buyer’s payment is secure and ready to be released once the product is delivered and accepted by the buyer.
By using an escrow service, both parties are protected from potential scams or non-payment issues, making the transaction smoother and more secure.
Introducing ML Shop Safe: M Lhuillier’s Escrow Service
M Lhuillier has brought the benefits of escrow services directly to its customers with ML Shop Safe, now available through the ML Wallet app.
Here’s how it works:
Buyer Initiation: ShopSafe is always buyer initiated via Invitation. Using the ML Wallet app, buyers can initiate a Shop Safe invite to a seller. This step is crucial as it sets up the secure transaction process.
A buyer communicates with a seller outside the platform and agrees on price, brand, model, quantity, specification, & etc.
To start a transaction, the buyer clicks the Shop Safe icon on his/her ML Wallet App. Select Start Transaction, enter the Seller’s Mobile Number, & clicks Invite Seller.
An SMS is sent to invite the seller to create an ML Wallet account & accept a Shop Safe invite. (If the seller is already an ML Wallet user, the invite will simply appear on his/her app.) Sellers can either Accept or Reject invites.
Seller Acceptance: The seller accepts the invitation and inputs the necessary item details, such as description, price, and shipping information.
Secured Payment: Once an agreement is made, the buyer sends the payment through ML Wallet, where it is securely held by Shop Safe. The seller can see that the payment has been made but cannot access the funds until the transaction is completed.
Item Drop-Off: The seller then drops off the item at the nearest M Lhuillier branch, where it is inspected, sealed, and shipped by a partner courier.
Shipping and Pickup: The item is shipped to the buyer’s nominated M Lhuillier branch. The buyer is notified once the item is ready for pickup.
Buyer Confirmation: Upon pickup, the buyer inspects the item. If satisfied, the transaction is completed, and Shop Safe releases the payment to the seller.
Transaction Completion: The entire process ensures that both parties fulfill their obligations, making online shopping safer and more reliable.
Why You Need ML Shop Safe
ML Shop Safe offers several compelling benefits such as Peace of Mind: You can shop with confidence, knowing that your payment is secure and will only be released when you are satisfied with the purchase.
It also gives you more Shopping Opportunities: With ML Shop Safe, you can buy from sellers beyond your local area, opening up more options without worrying about potential scams.
Convenience: The process is seamless and integrated into the ML Wallet app, making it easy to manage your transactions from start to finish.
To enjoy the security and convenience of ML Shop Safe, download the ML Wallet app from the Google Play Store, Apple App Store, or Huawei Gallery. Start shopping safely today and protect yourself from the risks of online transactions.
