In the fast-paced world of digital commerce, businesses are constantly seeking new ways to grow and stay competitive. One powerful emerging strategy is leveraging customer identity to drive business growth.
\nCompanies can personalize experiences, foster loyalty, and ultimately boost their bottom line by understanding and utilizing customer identity. Here's how customer identity paves the way for business growth.
\nCustomer identity refers to each customer's unique profile, including their preferences, behaviors, purchase history, and interaction patterns.
\nThis data is invaluable for businesses as it allows them to tailor their offerings and communications to meet each customer's needs and desires.
\nCustomers today expect personalized experiences. They want businesses to understand their preferences and provide relevant recommendations and services. When companies effectively leverage customer identity, they can create personalized interactions that resonate with customers, increasing satisfaction and loyalty.
\nFor example, a customer who frequently purchases eco-friendly products would appreciate receiving recommendations and promotions for similar items. By tailoring the shopping experience to the customer's preferences, businesses can enhance customer satisfaction and encourage repeat purchases.
\nLoyal customers are invaluable to any business. They not only make repeat purchases but also act as brand advocates, spreading positive word-of-mouth and attracting new customers. Understanding customer identity helps businesses identify loyal customers and reward them appropriately.
\n\nLoyalty programs tailored to individual customers' preferences and behaviors can significantly boost customer retention. Offering exclusive discounts, early access to sales, or personalized rewards based on past purchases can make customers feel valued and appreciated, strengthening their loyalty to the brand.
\nCustomer identity data provides deep insights into customer behavior and preferences, enabling businesses to optimize their marketing strategies. By analyzing this data, companies can create targeted marketing campaigns that resonate with specific customer segments.
\nFor example, a business might discover that a particular segment of customers responds well to email marketing campaigns featuring personalized product recommendations. Businesses can achieve higher engagement and conversion rates by focusing marketing efforts on this segment with tailored content, driving growth.
\nLeveraging customer identity can also help businesses streamline their operations. Companies can better manage inventory, optimize supply chains, and improve customer service by understanding customer preferences and behaviors.
\nFor instance, if a business knows that a particular product is popular among a segment of customers, it can ensure that the product is always in stock and available for purchase. This reduces the risk of stockouts and enhances the overall customer experience.
\nTo effectively leverage customer identity for business growth, companies should follow these key steps:
\nUnderstanding and leveraging customer identity is a powerful strategy for driving business growth. By personalizing experiences, enhancing customer loyalty, optimizing marketing efforts, and streamlining operations, businesses can achieve significant growth and stay competitive in today's dynamic market.
\nEmbrace the power of customer identity to unlock new opportunities and pave the way for sustained success.
\n\n","frontmatter":{"date":"July 03, 2024","updated_date":null,"title":"The Strategic Impact of Customer Identity on Business Growth","tags":["customer identity management","cx"],"coverImage":{"childImageSharp":{"fluid":{"aspectRatio":1.5037593984962405,"src":"/static/4965a8039b5174ae2ea12d44acc37523/33aa5/business-growth.jpg","srcSet":"/static/4965a8039b5174ae2ea12d44acc37523/f836f/business-growth.jpg 200w,\n/static/4965a8039b5174ae2ea12d44acc37523/2244e/business-growth.jpg 400w,\n/static/4965a8039b5174ae2ea12d44acc37523/33aa5/business-growth.jpg 768w","sizes":"(max-width: 768px) 100vw, 768px"}}},"author":{"id":"Cooper Matheson","github":null,"avatar":null}}}},{"node":{"fields":{"slug":"/growth/modern-identity-customer-behavior/"},"html":"Understanding customer behavior in modern identity is not just an advantage but a necessity for businesses to thrive in the digital era. The concept of identity has exceeded its traditional boundaries and has become more multifaceted with how individuals perceive, manage, and interact with their identities in this modern world.
\nUnderstanding customers' evolving requirements and implementing new authentication methods can benefit consumers and businesses. Companies can mitigate the risk of identity theft and fraud and assist in enhancing consumer journeys, boosting customer loyalty, and improving conversion rates.
\nConsumer identity is the digital reflection of an individual's online existence. it is a collection of characteristics and attributes that uniquely define an individual consumer in the context of their interaction with different products, services, brands, and businesses.
\nIn this digital sphere, understanding and defining consumer identity is crucial for businesses aiming to personalize interactions. Platforms, agencies, and brands own consumer identities.
\nConsumer behavior in modern identity goes beyond basic demographics, encompassing the way individuals engage with digital platforms, their preferences, and the channels they use. This detailed profile enabled businesses to create personalized experiences, predict customer needs, and tailor products or services accordingly.
\nModern consumers seek seamless and secure experiences and a personalized approach when managing identities. They expect a balance between convenience and security, desiring effortless interaction without compromising protecting their personal information. Also, they focus on transparency and complete control over their identity information.
\nUnderstanding the needs of modern consumers involves keeping a close eye on the evolving environment of customer identity. The five trends in consumer identity provide valuable insights into meeting the expectations of today's tech-savvy users.
\nOrganizations are increasingly adopting RBA systems that assess risk signals before granting access. This involves evaluating device posture, network data, and user inputs, enabling fraud detection even before the authenticated session begins.
\nAn emerging trend is the move towards passwordless authentication, offering a seamless and secure login experience. This not only improves user satisfaction but also addresses the high costs associated with password-related incidents and résets. Reasons Why Businesses Should Switch to Modern CIAM Solutions For enterрrise, understanding consumer behavior in modern identity is paramount for building lasting relationships. Customer identity and access management (CIAM) solutions can help digital marketing professionals find insights into consumer behavior essential for crafting effective and targeted campaigns. Besides, as per the Consumer identity Trend Report 2023, providing a rich and seamless authentication experience can drive more conversions. Let’s understand the reasons why businesses should opt for modern CIAM solutions: How Does Robust CIAM Solution Meet The Evolving Consumer Needs? Central to this transformation is customer identity and access management (CIAM), offering a strategic approach to understanding customers, safeguarding their data, and providing seamless access to services. Here are five ways CIAM serves as a key driver in meeting evolving preferences of customer behavior in modern identity: in an era where security and privacy are paramount, CIAM ensures the protection of customer data from unauthorized access or misuse. A robust CIAM solution becomes a safeguard against potential data breaches, maintaining customer trust and preventing reputational damage. CIAM goes beyond traditional username-and-password systems, incorporating adaptive multi-factor authentication (MFA) for enhanced security. By leveraging factors like biometrics and risk scoring, CIAM simplifies the authentication process, addresses user frustrations, and reduces the likelihood of negative experiences that may lead to abandonment. Recognizing the significance of user experience, CIAM streamlines registration processes, making it more likely for unknown web visitors to convert into customers. By gathering insights into anonymous users' behavior or consumer behavior in modern identity, businesses can personalize experiences, offering relevant content and advertisements based on individual preferences. Complicated account creation processes, including password resets, often discourage customers. CIAM optimizer registration and login procedures, reducing account abandonment rates. Besides, true passwordless authentication is an emerging trend as it provides an actual passwordless experience to users. As a result, organizations can shift focus from acquisition to retention, benefiting from increased profits associated with higher customer retention rates. A powerful CIAM solution acts as a centralized platform for collecting, managing, and analyzing customer data. It enables segmentation based on various criteria, providing businesses with a deep understanding of customer choices and needs. In-depth data analysis and reporting capabilities empower organizations to make informed decisions, identify areas of improvement, and discover new growth opportunities. CIAM is a valuable tool to meet and understand consumer behavior in modern identity. Moreover, it plays a crucial role in supporting enterprises to establish seamless and personalized interactions, thereby contributing to sustainable business growth. As businesses advance into the digital age, the strategic importance of CIAM becomes increasingly evident in understanding customer behavior in modern identity. CIAM not only safeguards user data and elevates security measures but also provides vital in crafting positive user experiences, streamlining account interactions, and unraveling valuable customer perceptive. Understanding your customers is no longer just an advantage – it's a necessity. Companies constantly seek ways to enhance customer experience, build brand loyalty, and boost their bottom line. However, unveiling the customer identity base case is the key to achieving these goals. This strategic approach goes beyond demographics and purchase history to create a holistic view of the customer. In this blog, we will dive into the intricacies of the customer identity base case, exploring its significance and providing actionable strategies for success. The customer identity base case is the foundation for successful customer relationships. It involves gathering and analyzing data from various touchpoints to create a comprehensive profile of each customer. This goes beyond basic demographics, encompassing preferences, behaviors, and interactions across different platforms. By unveiling the customer identity base case, businesses can personalize their marketing efforts, predict customer needs, and tailor their products or services accordingly. By understanding individual customer preferences, businesses can create personalized experiences, leading to higher customer satisfaction and loyalty. Businesses can craft targeted marketing campaigns with detailed customer insights that resonate with specific customer segments, resulting in higher conversion rates and ROI. A robust customer identity base case helps detect fraudulent activities by flagging unusual behaviors, ensuring a secure online environment for businesses and customers. By analyzing customer data, businesses can identify gaps in the market, leading to the development of products or services that meet customer demands effectively. As we move into an era dominated by digital interactions, the importance of the customer identity base case will only intensify. Businesses that invest in understanding their customers at a granular level will be better equipped to navigate the evolving market dynamics. Emerging technologies like the Internet of Things (IoT) and augmented reality are reshaping customer interactions, providing even more touchpoints for data collection. By embracing these technologies and integrating the insights gained into their customer identity base case, businesses can create seamless, omnichannel experiences that delight customers across various platforms. In this customer-driven landscape, those who genuinely understand and value their customers will survive and thrive, setting new benchmarks for success in the customer identity base case age. Integrate data from various sources – website interactions, social media, mobile apps, and customer support – to create a unified customer profile. Utilize advanced analytics tools to gain meaningful insights. Respect customer privacy by collecting data through opt-in methods. Transparency and consent are essential in building trust with customers ensuring compliance with data protection regulations. Leverage AI algorithms to analyze vast amounts of customer data swiftly. AI-driven insights can uncover patterns and trends that may be challenging to identify through manual analysis. Customer preferences and behaviors change over time. Regularly monitor and analyze customer data to stay updated, allowing businesses to adapt their strategies accordingly. Ensure the security of customer data through encryption, multi-factor authentication, and regular security audits. Building customer trust is paramount in the digital age. Foster collaboration between marketing, sales, customer support, and IT departments. Sharing customer insights across teams ensures a consistent approach and enhances the overall customer experience. The customer identity base case is the cornerstone of a successful business strategy in today's competitive market. By investing in data-driven insights and personalization, businesses can forge meaningful customer connections, increasing loyalty and revenue. Embracing these strategies and understanding the value of the customer identity base case will undoubtedly pave the way for long-term success in the digital realm. Connecting with your customers personally is the need of the hour for marketers since customers demand personalized experiences from the moment they interact with a brand. And to offer seamless and personalized experiences, brands must leverage cutting-edge technology and tools. A CIAM (customer identity and access management) solution undeniably emerged as a secret weapon for digital marketers to nurture and convert leads effectively. With CIAM, brands can create the next-level personalization while maintaining a seamless user experience to ensure every lead is nurtured and can be converted without friction. Let’s understand the potential of CIAM for digital marketers and explore how it can be leveraged to create meaningful relationships, foster trust, and ultimately drive conversions. CIAM for digital marketers is more than just a technical concept – it's a strategic approach focusing on understanding and engaging individual customers throughout their journey. At its core, CIAM enables businesses to manage customer identities securely while offering seamless and personalized experiences across various digital touchpoints. Let’s explore how CIAM paves the way for personalization that encourages customer engagement and lead conversion. Effective personalization lies at the heart of successful digital marketing, and CIAM is the enabler. With CIAM solutions, marketers can gather rich customer data, including preferences, behaviors, and purchase history. With this information, they can tailor their campaigns to resonate with individual needs and desires, increasing engagement and trust. Imagine a potential lead visiting your website and being greeted with a personalized homepage displaying products or content that aligns with their past interactions. This level of personalization instantly makes the lead feel valued and understood, increasing the likelihood of them staying on the site longer, exploring further, and eventually converting. In an age where data breaches and privacy concerns make headlines regularly, customers have become more cautious about sharing their personal information online. CIAM addresses these concerns by prioritizing data security and privacy. Implementing strong security measures, such as multi-factor authentication and robust encryption, protects customer data and builds trust. When customers feel confident that their data is handled securely, they are more likely to engage with your brand and provide the necessary information to nurture them through the conversion funnel. CIAM solutions enable digital marketers to offer omnichannel experiences across various channels, whether websites, mobile apps, social media platforms, or in-store interactions. Omnichannel experience comprises a multichannel sales, consumer service, and marketing approach. It necessitates delivering a consistent consumer experience regardless of the channel via which consumers interact with your business. Leads who feel understood and valued are likelier to become loyal customers, making the investment in CIAM valuable for any digital marketing strategy. In the competitive digital landscape, creating a personalized and secure experience for leads and customers is no longer a luxury – it's a necessity. CIAM offers the proper strategies needed to achieve this goal. By harnessing the power of CIAM, marketers can nurture leads, build lasting relationships, and ultimately convert prospects into loyal customers. It's not just about managing identities; it's about forging connections that drive results. Embrace the most trusted CIAM- LoginRadius today and unlock the potential to nurture and convert leads like never before. Today’s highly competitive business landscape demands a strong customer identity strategy. A customer identity strategy is a plan for how a business identifies and interacts with its customers, including collecting and using customer data. However, most businesses aren’t aware of the potential benefits of leveraging customer identity for business growth, so they lag behind the competition. Whether deep consumer insights or delivering seamless and secure customer experiences, an identity management solution could help businesses stay ahead of the curve. Let’s explore five reasons your business needs a customer identity strategy for growth. One of the most significant benefits of a customer identity strategy is the ability to personalize customer experiences. We all love personalized experiences, especially when we’re catered to the exact products/services we need. And when we talk about personalization, it’s more than just a formal greeting with our name. It’s all about helpful product suggestions and recommendations that can eventually create a seamless shopping experience. By collecting and analyzing customer data through an identity management solution, businesses can tailor their marketing messages and offer to each customer's preferences and needs. This not only improves customer satisfaction but can also increase sales and loyalty. Studies have shown that personalized marketing messages can lead to a 10-20% increase in sales conversion rates. A strong customer identity strategy allows businesses to gain better customer insights. By tracking customer behavior and preferences, companies can understand what drives their customers' decisions and use this information to improve their products and services. Gone are the days when customer feedback was the only way to work on the areas that required improvement. Businesses now leverage the true potential of insightful data and demographics that help create winning marketing and sales strategies. This can lead to increased customer satisfaction and retention and improved business performance. In today's digital age, cybersecurity threats are a constant concern for businesses. A customer identity strategy can help mitigate these risks by implementing strong security measures to protect customer data. Whether multi-factor or risk-based, an identity management solution can reinforce authentication security even in the highest-risk environments. A customer identity strategy can also lead to improved marketing ROI. By using customer data to target specific audiences, businesses can improve the effectiveness of their marketing campaigns and reduce wasted advertising spend. Deeper insights help measure the impact and effectiveness of a marketing campaign. And working on areas that require significant improvement could reassure new customer acquisitions and retain current customers. And this leads to increased revenue and a higher return on investment for marketing initiatives. Finally, a strong customer identity strategy can lead to increased customer loyalty. By understanding customers' preferences and behaviors, businesses can create more relevant and personalized experiences that resonate with customers. Customers love brands that know what exactly a customer wants. Hence, serving them with their desired products/services improves customer loyalty since this leads to increased satisfaction, which can lead to increased revenue and referrals. A customer identity strategy is critical for businesses that want to grow and succeed in today's competitive landscape. By personalizing experiences, gaining better customer insights, enhancing security, improving marketing ROI, and increasing customer loyalty, businesses can create a strong foundation for growth and long-term success. If you haven't already implemented a customer identity strategy, now is the time to start. Customer verification is the process of authenticating a customer's identity. It can come in many forms, including email verification, address verification, and phone verification, but it always involves confirming that a person is who they say they are. The primary reason customer verification is needed is to prevent fraud. It's especially important to verify customers in industries with high risk for fraud like banking and finance or retail. In the wake of recent data breaches, many companies are realizing that they need to improve their customer verification process. It's no longer enough to simply check a customer's name against a list of approved names at the time of purchase. Today, you need to verify your customers' identities in more creative ways if you want to keep your business safe from hackers and thieves. In this post, you’ll learn some top ways to improve your customer verification process. But first, let’s quickly understand the types of customer verification. Here are the primary forms of verification businesses incorporate today: With the right eCommerce website builder, the process is made easy, saving you time and money. Now, check out these top ways to improve and streamline your customer verification process. For instance, if you are doing email validation integration for Shopify with ZeroBounce, after a few initial steps, you will be asked to click the verification link to begin the verification process. Notice how they explain that verifying their Shopify list will consume 500 credits from their accounts to their customers. But 500 credits are needed for the verification process. Have a look at some best practices and examples to make verification emails effective. At the same time, the more you know about your customers, the more effectively you can weed out potentially fraudulent behavior through patterns of inconsistent information or other red flags. For example, if someone places an order using an email address that isn't associated with their shipping address or payment information (or worse yet, if they use a temporary email address), that's a glaring inconsistency you should investigate before approving the purchase. As per The Baymard Institute, 24% of respondents in the US said the reason for cart abandonment during checkout was because the site wanted them to create a new account, while 17% said the checkout process was too long and complicated. Automating specific processes like account creation and form fills could considerably increase sales. For instance, you can use behavioral biometrics. Biometrics is one of the most effective methods of customer verification because physical traits like fingerprints and retina scans cannot be faked. Behavioral biometrics go one step further by considering how a person types or handles their mouse or mobile device as well as their physical characteristics. If you're looking for ways to improve your customer verification process, identity verification software could be a smart addition to your business. Using such software can help you reduce the risk of fraud and identity theft, ensure compliance with KYC regulations and other requirements, and verify the identities of customers in real-time. While choosing your identity verification software, focus on addressing your business needs. Besides, it should be able to verify customers worldwide, offer real-time verification, provide geolocation services and customization. Also, see that your solution is compliant with the global regulations and is secure. You should start looking up security tips from experts to strengthen your security. In summary, there are many ways eCommerce retailers can improve the customer verification process. One way is to tailor the process to your business to get the greatest return on investment for your specific needs. Whether you choose to develop your own system or purchase a verification solution from a third-party vendor, ensuring this process is seamless for customers, and free of errors will go a long way towards ensuring that both merchants and buyers have a trusted and satisfying shopping experience every time. Customer identification is becoming a steep climb for retail businesses since customers are no longer forced to consider from among a few options. Today, they have hundreds of options available, both online and offline. Not only has the number of retail outlets expanded exponentially in the last couple of years but so has the medium of purchase and information sources to customers. Today, shoppers want to shop seamlessly over multiple platforms, channels, and devices. After all, the more, the merrier. They could be at a physical store, fall in love with a particular pair of shoes – but the right fit isn’t available. They will pull out their smartphone to check out the same pair online. If they find it, they hit “buy.” Conversely, shoppers may love something on the virtual store and look around for the same item on the brand’s local store before purchasing. Well, that’s the kind of omnichannel experience your shoppers are looking for. They want an interconnected dimension where every possible touchpoint is twined perfectly. Meeting this kind of expectation of consumers these days isn’t a piece of cake for retailers as the modern consumer demands digital experiences at every touchpoint before making a purchase. Let’s have a quick look at some of the lingering challenges of today’s retailers and understand how to stay ahead of the curve by leveraging a cutting-edge identity and access management solution. Identity management in the retail and e-commerce industry is a seamless, secure, and scalable solution to identify and protect customer data and ensure that they can easily access any information they need. Traditionally, identity management solutions have been only about employee-centric internal security. They were designed to manage the identities of a limited number of users. Fast forward to today’s scenario – the idea of putting customer identity right in the middle of the retailer's business model is gradually picking up and turning heads. CIAM (consumer identity and access management) generates automated customer profiles across multiple channels. As a result, customers enjoy on-time delivery of digital (and physical) goods and services, along with a few add-ons like: These are opportunities ready to be grabbed. But are retailers ready to fuse identity management into their workflow? If not, it is high time that they should. Let’s learn about the challenges faced by retailers and e-commerce businesses. Modern consumers always expect a multichannel experience where they’re catered with the services across different touchpoints. Moreover, consumers are creating a balance between offline and online shopping and are spending a good time researching to buy a particular product at the best price. Now the ball would certainly be in the court of the retailers and e-commerce owners who offer seamless experience right from the beginning. This means the consumer, if onboarded rightly, would certainly finalize a purchase if they are served with the right product at the right time and the right place. The ease of personalization helps significantly increase a customer’s lifetime with your brand regardless of the device or platform to connect to. Therefore, online vendors must come up with easier ways for their shoppers to locate their favorite products. Make them feel like they understand their pain points, and it is their responsibility to solve the consumers’ issues. The online format will involve showcasing product recommendations based on previous purchases or curating a personalized homepage. With LoginRadius, you get to center around your shoppers’ behavior and gain traction for your excellent products. More so, you get to predict all upcoming success metrics, pull in more money, and remain competitive. Answer this question. What will turn casual visitors into loyal consumers? As a retailer, you need to understand the demographics of your consumers and figure out their preferences. Adding a consumer identity and access management (CIAM) solution to your business should do the trick. Speaking of which, the LoginRadius identity solution provides a centralized, available, and secure identification and management of customers' data to retailers. Among its solutions include the real-time ability for visitors to self-register for services, login and authenticate, and enjoy a single-source view. Retailers can manage customer profiles and provide a personalized omnichannel experience with consent and other preferences. Poor security and inadequate data management are the most overlooked aspects that hamper sales and tarnish brand reputation. Online retailers that cannot protect consumer identity and personal information are prone to losing loyal consumers and would undoubtedly fail to attract potential customers. Adding stringent layers of security is a must for any retailer seeking substantial growth in the ever-expanding competitive business landscape. Whether it’s multi-factor authentication (MFA) or risk-based authentication (RBA), enterprises need to quickly put their best foot forward in adopting advanced security measures to safeguard consumer information to prevent financial and reputational losses. Getting a customer that makes frequent purchases is a tough nut to crack; however, engaging customers to keep coming back is even more complicated when it comes to the challenges of customer identification in retail. Building trust over consumers is quite daunting but can do wonders for a brand if done correctly by leveraging perfect harmony of personalization and a seamless user experience. LoginRadius simplifies the shopper registration process through a seamless experience with social sign-in and single sign-on. When consumers are offered friction-less onboarding coupled with quick login options, they eventually build trust in a brand and become frequent visitors, which later turn into buyers. E-commerce and retail giants are leveraging the perfect symphony of user experience coupled with the highest level of security through a consumer identity and access management (CIAM) solution. Brands seeking substantial growth in the ever-challenging retail ecosystem need to understand the importance of cutting-edge technology that paves the path for a rich consumer experience that drives sales and ensures customers’ loyalty. Digital communication between clients and a company is now a regular practice across various industries. Businesses capitalize on these synergies to stimulate repeated sales or client reliability. Also, companies collect customer information to better interact with the clients and keep a record of sales. The data gathered in databases can be vulnerable to cyber attacks that result in stolen customer and business identities. Hence, businesses look to increase their cybersecurity with the help of SaaS-based CIAM business solutions. The role of consumer identity management in the business world is undeniable. In the past, identity was primarily used as a deciding factor to authenticate transactions. If people were successful in verifying who they were, their transactions were approved. Today, identity is more than just about security. It drives businesses' trust, customer experience, emotional connection, and brand value. And, that's incredibly enticing to a Chief Marketing Officer (CMO). But many of the emerging applications of identity are also posing serious concerns with Chief Information Officers (CIOs) and CISOs. Remediating those threats could mean CMOs having to compromise with customer experience—something they have been working so hard to improve. So, now the question arises. Can a CMO, CIO, and CISO work as a team when they crossroads? It turns out, they can (for the greater good of an enterprise). An example is how these C-suite professionals are treating identity as a shared cornerstone that keeps consumers engaged and vulnerabilities under control. A modern-day consumer identity management (CIAM) platform safely collects and maintains consumer identity and profile data, along with securing access to software, devices, and other services in the network. This is a reason why CMOs, CISOs, and CIOs of large enterprises see CIAM as a business enabler. CIAM is the solution that directly controls your experiences with consumers. Elements like registration, authentication, account management, consent and preference management, and consumer data security take the lead to the most extent. The C-suite security, information, and marketing leaders advocate CIAM platforms that are seamless and consistent across multiple devices and touchpoints. A few other features they look for include: In the past, cyber risks were often viewed as highly technical. Earlier leaders used to perceive security threats as an IT issue, but that's not the case today. Now, there is a shift in executives and board directors' mindset. They perceive cybersecurity as a vital element of enterprises' business strategies. When a cybercrime happens, it takes away much more than just consumer data. From finances to brand reputation, everything is at stake. Therefore, cybersecurity is a critical problem for the boardroom, and every organizational stakeholder is focusing their attention on it. It takes equal effort from CIOs, CSOs, and CISOs to mitigate the architectural complexities that cybercriminals prey on. To get a headstart, the security team can develop holistic frameworks that can be later adopted and extended across the board. While the CISO looks to find security loopholes in an enterprise, the CIO aims to implement new services and leverage benefits. The CMO is on the front line of dealing with brand value and consumer data. With such diverse job roles, consumer identity management can still meet the CIO, CMO, CISO's goals. Wondering how? Here are five ways: As the new \"work from anywhere\" situation continues to intensify, consumers and employees are becoming the new parameters for security. A consumer identity management platform adopts a holistic approach to help enterprises manage, monitor, and verify all users, accounts, or devices attempting to access the enterprises' infrastructure. With the regulatory landscape becoming denser than ever, consumers are particular about their data sharing and preference protocols. Consumer identity and access management have become a growing priority for security, information, and marketing leaders. They want their enterprises to be compliant with global regulations and enforces strict data sharing laws across multiple vendors, platforms, and channels. Cybercriminals can easily hack into enterprises because the latter aren't mostly competent in applying patches to known vulnerabilities. Board members and security executives should not only be responsible for identifying risks but also to reduce them. A CIAM platform helps these professionals prioritize risks and implement the right fixes with features like multi-factor authentication, passwordless login, single sign-on (SSO), and more. Another crucial implementation that CIOs, CMOs, and CISOs agree upon is the need for consistent availability and up to zero downtime. A consumer identity management solution offers scalability that possibly demonstrates a frankly extreme degree. It is always ready for potential surges and dips in consumer activities. Good experiences call for happy consumers. A consumer identity management platform offers all the features to revolutionize consumer experience in every possible way. They also add up to more revenue and lower acquisition costs. For instance, with a seamless login experience, CIAM encourages consumers to try all the enterprise's digital offerings. This way, consumers are more embedded in a digital space without extra effort. Other examples include the addition of advanced analytics, integration, unified consumer view, and more. Optimized data collection: As consumers become more cautious about sharing their data, enterprises can leverage the LoginRadius CIAM platform to seamlessly collect information about them. An example of how it does is progressive profiling. The consumer identity management platform allows enterprises to collect consumer data from different touchpoints throughout the consumer journey. For instance, they can start by building a basic profile with the details captured during login. Later, as they navigate the application, they can keep asking for more information (without making it compulsory). Security Compliance: The favorite feature of a CIO and CISO, LoginRadius, helps meet security compliance globally. The consumer identity management platform is certified by third-party security standards like AICPA SOC 2, ISAE 3000, Cloud Security Alliance, and Privacy Shield. Other compliances include the CCPA and the GDPR for enterprises to meet consumer preference and location-specific regulations, wherever they do business. Consumer behavior has never been static—nor have their expectations. A consumer identity management solution can be a strategic asset for CIOs, CISOs, and CMOs to use it to their advantage in their respective departments. Speaking of possibilities, they are endless here. In today’s digitally connected world, superior customer experience is one of the biggest drivers for company success. At the heart of that experience is personalization, which harnesses the power of digital transformation in order to create curated experiences that can drive consumer engagement and differentiation in the market. A recent survey by Accenture Interactive found that 48% of consumers have left a company’s website in favour of another simply because it lacked personalization, and that trend is increasing annually. This statistic means two things. First, personalization has become the priority for nearly all business. Second, consumers have more power than ever to switch brands if their experience lacks that personal touch. However, in order to provide a personalized experience, businesses need to collect more data about their customers. 83% of consumers are willing to share their data in order to enable a personalized experience, so long as businesses are transparent about how they plan to use that data. With that said, customers still care deeply about the security and privacy of their personal data, and organizations that fail to protect it will face a number of consequences. This is where a customer identity and access management (CIAM) solution comes in. The LoginRadius CIAM platform not only helps organizations collect better data about their customers, but it provides a number of safeguards to protect that data. The LoginRadius platform is built with security as the top priority, incorporating the highest security standards to ensure that customer data is always protected. From client browsers to the application to internal databases, personal data is always transferred following Open Authentication 2.0 protocols through an encrypted HTTPS tunnel. Our platform also incorporates end-to-end SSL encryption, which secures sensitive customer data to prevent unauthorized access and rogue attacks. LoginRadius user data storage is also a key differentiator in the CIAM market. Our platform uses Microsoft Azure as the cloud hosting platform for all production environments, meaning that customer profiles are stored on this cloud platform by default. LoginRadius stores customer data in 29 global data centres, all of which feature separate firewalled databases for each client at the highest level of security, as well as a robust backup and recovery system. The LoginRadius CIAM platform has hosting and data security approval for all of the most commonly used compliances: Many of these certifications involve rigorous third-party assessment of either our cloud service or our data management and security practices. They also help us achieve compliance with the EU GDPR: the most significant privacy legislation to impact how organizations deal with their customers’ information. In order to comply with the GDPR, LoginRadius has worked hard to ensure that our products and capabilities are leveraged to guarantee data privacy and compliance for every one of our 3,000+ customers. Some of these features include gaining customer consent for access to their personal data, allowing customers to view, export, and edit their personal data at any time, and providing customers with a right to be forgotten by deleting their accounts entirely. If you’re interested in learning more about how the LoginRadius platform works, schedule a demo today. It’s that time of the quarter again when we get to some number crunching and put out our data for the world to analyze, think and act. It’s that time when you can think whether social login is still working and how many consumers actually use social login against traditional email registration. It’s that time when you evaluate customer identity preferences to understand what’s best for you. Well, let’s get to the business end now. Like every quarter since about 13 quarters, the LoginRadius Analytics team has analyzed data from over 160,000 websites which are using LoginRadius’ Customer Identity and Access Management (cIAM) platform. The analysis brings out what customers in different industries and regions prefer in terms of their social identities, choice of social networks and choice of devices to register and login to various business websites. You can access this in depth analysis in Loginradius’ Customer Identity Preferences Trends report for Q2 2016 which is now available for free download. Before you download the report, let's get you a preview of what our data is saying this time. If you are expecting majority of website customers to be bringing their own social identities, you are spot on. In Q2 2016, almost 93% consumers preferred social login over traditional email registration on websites. If you are expecting Facebook to be the default choice of social identity for majority of the customers, you are right. But where you could be wrong is that majority is not very much. Only 53% customers logged in with their Facebook identities. So, who ate their share? Google, obviously. More and more people are preferring to use their Google identities to sign into websites for reasons that could be varied. The most apt, as per our understanding, is the ease of using Google identities and the fact that consumers don’t really have to worry much about their privacy while using Google identities to login on other websites. This is because most people don’t have a lot of Personally Identifiable Information (PII) stored on their Google accounts, unlike Facebook. But, technically, this is still the minority view, though the difference between majority and minority is as thin as a straight line. Both of them together account for 98% social logins so the question of which network to provide for social login on your web or mobile applications is a no-brainer. Social networks are not the only things that matter. People’s devices, too, play a role important enough not to be ignored. Once again in Q2 2016, majority of web browser based social login was from websites leading to the same inference as earlier that if you are targeting consumers on their mobile phones, get a mobile app for your business instead of optimizing your website for mobile. As far as social sharing is concerned, it seems Facebook is scoring where it needs to. Though its usage as a social identity reduced in Q2 2016, content sharing on Facebook increased giving credence to the theory proposed here. Some more critical insights you can obtain from the report are: Read more detailed analysis and insights in LoginRadius’ Customer Identity Preference Trends report for Q2 2016. Go ahead, download it now. In an expansive article for Harvard Business Review, McKinsey and Company analysts have described Customer Experience as “cumulative experiences across multiple touch points and in multiple channels over time.” But if somebody asks for a mathematical definition of something as psychological as Customer Experience, one could blurt out: “Customer Experience is the integral from the beginning to the end of the customer-business relationship of the integral of individual user experiences across all touch points.” Why someone would ask for a mathematical definition is a discussion for another day. Some more critical insights provided by the analysis are:\n
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\nThe Bottom Line
\nIntroduction
\nUnderstanding the Customer Identity Base Case
\nThe Significance of Customer Identity Base Case
\n1. Personalization and Enhanced Customer Experience
\n2. Targeted Marketing Campaigns
\n3. Fraud Prevention
\n4. Improved Product Development
\nLeveraging Customer Identity Base Case in the Future of Business
\nStrategies for Unveiling the Customer Identity Base Case
\n1. Data Integration
\n2. Consent-Based Data Collection
\n3. Utilize Artificial Intelligence
\n4. Continuous Monitoring and Analysis
\n5. Implement Robust Security Measures
\n6. Collaboration Across Departments
\nFinal Thoughts
\nIntroduction
\nCIAM for Digital Marketers - Uncovering its True Potential
\nThe Personalization Powerhouse
\nBuilding Trust Through Data Security
\nSeamless Omni-Channel Experiences
\nConclusion
\nIntroduction
\n#1. Personalization
\n#2. Better Customer Insights
\n#3. Enhanced Security
\n#4. Improved Marketing ROI
\n#5. Increased Customer Loyalty
\nTo Conclude
\nIntroduction
\nTypes of Customer Verification
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\n1. Explain the 'what' and 'why' behind the process to your customers.
\n2. Reduce manual processes and automate.
\n5. Use identity verification software.
\nThat’s a Wrap!
\nWhat’s Identity Management in the Retail and E-commerce industry
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\n#1. Multichannel Buying Channels
\n#2. An Outstanding and Flawless User Experience
\n#3. Security
\n#4. Engagement and Loyalty
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\nFinal Thoughts
\nImportance of Consumer IAM
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\nCyber Risk for CMOs CIOs and CISOs
\nHow Consumer Identity Management meets CIO, CMO, CISO Goals
\nEnables secure access anywhere
\nComplies with privacy regulations
\nPrioritizes security risks and patches them
\nScalability and speed innovation
\nImproves consumer experience
\nLoginRadius Identity Management for CIO, CISO, and CMO
\nConclusion
\nHow does LoginRadius store data securely?
\nLoginRadius Security Certifications
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