E-commerce companies have major threats to face, with most of them taking place during the login process. These threats not only risk losing customers, but also represent a significant cost. The good news is, we understand the challenge and know how to overcome it.
Users registered multiple times
When faced with multiple website sign-in options, users might forget which service they used to register (or if they used one at all), leading to hesitation or a failed login. Worse yet, if a user selects the wrong provider, instead of signing into the service they are attempting to use, they might end up registering again and creating a second account.
Even if your website does not have multiple sign-in options, many customers simply register again when they do not remember their credentials or the email address they originally used.
A detailed analysis (uie.com – User Interface Engineering) of major e-commerce sites found that 45% of all customers had multiple registrations on the system. This makes any kind of customer data related business intelligence impossible, and limits what is known about a customer’s shopping habits.
Lost sales due to password issues
How much money does an e-commerce website lose due to login issues?
To answer this question, let’s consider the following data:
1. The average user calls Customer Service more than once a moth (Meta Group).
2. Almost one third of such calls are related to login issues (Gartner Group).
3. Individual cost associate to calls could reach $20 each. (Forrester Research).
4. Finally, according to the previously mentioned UIE.com study, once they have requested their password, 75% of those calling Customer Service never complete the purchase they started.
Now, what happens if we extrapolate these figures? For every 1,000 users:
There are more than 10. 000 Customer Service calls per year.
Of which, more than 3.000 login issue related calls per year.
Resulting in more than $60.000 (€50.000) is spent on login issue related calls.
Without question, this is a large sum of money, but it gets worse, because 75% of this cost is not not generating any sales, just unproductive cost.
81% of hacker security attacks involve weak or stolen passwords (Verizon: 2017 Data Breach Investigation Report). That means that the mere existence of a username/password combination to identify a customer endangers the security of your website and systems.
The high cost of being GDPR compliance
Handling sensitive customer identification data is not cheap.
Biocryptology acts as a GDPR data container, providing e-commerce companies access to their customers’ data anytime, anywhere, without having to maintain the costly IT infrastructure required to meet GDPR standards for keeping such data safe and secure.