Customer Identity: The Secret Sauce to Building a Thriving Business
How do you build a successful and sustainable business?
It’s not the sleek gadgetry, fancy algorithms, or even the most innovative business model that thrives. No, it’s something much more foundational, yet often overlooked Customer Identity.
According to Gartner, by 2024, organisations that implement a cohesive Customer Identity and Access Management (CIAM) solution will boast a retention rate of 30% higher and witness a precipitous drop of 50% in customer breaches than those that don’t. Yes, you read it right— Customer Identity is “the new black” in the technicolour world of digital business.
Serving Consumers
The concept of ‘friction’ in a consumer context refers to obstacles slowing down customer interactions—be it account creation, login, data updates, or checkout processes. A stumbling block to revenue, friction results in lower conversion rates and lost potential earnings. Studies indicate that up to 84% of APAC consumers abandon their carts due to complex login processes, while 55% of consumers express frustration with lengthy log-in and sign-up forms. CIAM provides an antidote— enabling personalised promotions, driving revenue, and reducing friction in digital engagements.
Empowering Business Customers
B2B SaaS applications are pivotal for countless organisations. However, creating a secure, convenient experience with varied access levels across different resources is a herculean task. This is where CIAM steps in, simplifying the process— enabling administrators to provide an easy login experience, build essential identity features like MFA, SAML support, and OAuth, and manage access privileges effectively. For instance, cosmetics giant Lush leverages CIAM for seamless customer experiences with SSO and guest checkout, emphasising the power of CIAM in a consumer-focused strategy.
Enabling Constituents, Partners, and Third Parties
In scenarios where customer identities must be managed by the service provider, CIAM offers the tools needed to handle customer account creation, maintenance, and termination. It ensures a seamless and convenient customer experience while also securely managing identity provisioning. Atlassian, a leading software provider, and TCSG, an agency overseeing Georgia’s technical colleges, serve as prime examples of how CIAM can help create efficient and secure identity management solutions.
In the vast CIAM jungle, be picky. Opt for a solution that doesn’t just fit, but stands out – it should empower, not encumber. It should embrace your quirks, catering to the complex needs of your unique user base. Imagine a system that’s effortless to deploy and easy to operate. And above all, it must be a fortress of trust in a cyber world full of uncertainty.
Meet Okta Customer Identity Cloud, a trailblazer in the CIAM wilderness. Hand over the reins of identity to Okta, and watch your team focus on what truly matters – delivering sterling digital experiences. Time to revolutionise your identity management – are you ready to take the leap?
Click here to find out how CIAM can help you find the balance between security and customer experience.
