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The holiday season, once marked by bustling malls, has transformed into an online frenzy of clicks and carts. But while shoppers hunt for deals, fraudsters are hunting for profits...
If you’re like most retailers, you started rolling out holiday deals earlier than ever, expanding Cyber Monday into Cyber Month. It feels like we’re watching a holiday movie marathon on the Hallmark Channel (warm fuzzies with overload potential). But it’s too good to stop! I see the wisdom in your tactics.
The strategy to avoid supply chain woes by promoting early online sales will pay off … if you can convert curious browsers into buyers. In this article, I’ll tell you a simple way to fulfill that holiday wish, and the numbers look promising.
According to Deloitte, 68% of consumers plan to shop before Thanksgiving this year, and analysts say those who do are likely to spend 23% more than those who start later. In turn, Deloitte projects online sales will grow 11-15% this holiday season. It’s a big jump considering the pandemic-fueled ecommerce frenzy of 2020.
In peak season, a surge of shoppers enter your digital domain, ready to buy gifts. So how can you seize the opportunity when it’s also peak season for competition and fraud? Start by addressing two season spoilers: abandoned carts and holiday phishing scams. You can expect more of both this year, and they’ll eat a slice of your revenue if you don’t take action.
‘Tis the reason competitive retailers are racing to simplify and secure the customer experience (CX). The challenge is this: improving CX and optimizing security can be at odds, so it’s essential to find a solution that accomplishes both.
That’s exactly what you get by offering passwordless authentication. Customers gain fast and easy logins that will speed them through checkout. For you, the retailer, this means more sales and lower support costs. Plus secure biometric authentication verifies customers with confidence. With the right solution, biometrics stay safe, and there are no passwords to steal. It’s a gift that gives back, worth a deeper look.
Every holiday we see an uptick in scams, and this year’s supply chain delays and stockouts will collide with desperate shoppers to create the perfect storm. Expect phishing emails that falsely notify your customers the most popular items are, “Back in stock!” Shoppers will fall for it, typing in their credentials without thinking twice. Account takeovers (ATOs) by the millions could feel like the Grinch stole presents from Whoville again.
If you think two-factor authentication will prevent holiday fraud, think again. Too much friction leads to abandoned carts, your other holiday buzzkill. SMS one-time passcodes (OTPs) add a potential point of failure. In a recent survey, 62% of Gen Zers say an SMS OTP didn’t arrive even after clicking “send again.” If they can’t log in, you’ve lost the sale.
Passwords alone stand in the way of ecommerce. Nearly 50% of Gen Zers and 33% of all consumers will abandon a purchase if they forget their passwords. Credentials are hard to remember, difficult to manage and leave accounts poorly protected. Customers make weak passwords or reuse the same ones to ease their friction, but this only elevates risk.
Holiday shoppers want instant and secure account access, so they can checkout and be done. With biometrics they log in with a quick glance or a tap. In one step, you’ll prove the customer’s identity locally with multiple factors: a fingerprint or facial biometric and a private key on their device. One-touch MFA delivers effortless experiences, higher conversion rates and stronger security.
Most importantly, passwordless logins get more customers to register for accounts, make purchases and come back for more. It’s where technological magic meets human nature. Shoppers will naturally gravitate to your online store for the effortless experiences they prefer.
Our passwordless customer authentication service proves customer identities based on physical attributes, not passwords. None. Unlike all other passwordless solutions, which are built on top of passwords, Transmit Security never asks customers to create or enter a password. Your greatest risk is gone.
By removing frustration and friction from the login experience, biometric authentication reduces cart abandonment. Without passwords, you’ll also minimize social logins, guest checkouts and support costs associated with password resets. Customers can quickly access their shopping cart from any trusted device. Only Transmit Security passwordless MFA works on all devices and channels, so you can reap more revenue.
If you didn’t go passwordless this holiday, make it your New Year’s resolution to gain the benefits in 2022. Our Customer Identity and Access Management (CIAM) services can be integrated in weeks to months, not years.. You’ll lower upfront costs, speed time to market and improve adoption rates . See how Transmit Security passwordless MFA provides a simpler, more secure customer identity experience that will put more jingle in your holiday.
