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How Customer Identity can Boost Business Growth in 2022
CIAM not only ensures that users complete their purchases, but it also has the potential to convert these users into higher-paying customers. According to research, nearly half of customers buy an item they don't need as a result of personalized recommendations.
Fremont, CA: Customer experience (CX) is one of the primary ways that brands distinguish themselves from one another, with two-thirds of marketers stating that this is a company's primary focus. Because 94 percent of consumers who rate a company's CX highly are likely to become customers, this is likely to be worthwhile work. The management of their accounts, including account setup and login, is an important part of the customer experience. If a customer is unable to log in, they may be unable to complete a purchase, so it is obvious that this step could have an impact on a company's revenue.
Customer Identity and Access Management (CIAM) is a tool that aids in this aspect of business and consumer interaction. It enables businesses to collect and manage customer data in order to personalize their products and services.
Here are some ways that emphasizing customer identity and experience can fuel business growth:
Removes Password Resets
Customers despise having to deal with forgotten passwords. If one has a good password reset process, it should be simple to implement while also assuring the customer that their information is secure. Consumers want to be able to reset their passwords without entering sensitive information, and they want it to take no more than a minute or two. One can make this process quick and simple by using an email address, and only that customer has access to their account.
Increases Annual Expenditure
CIAM not only ensures that users complete their purchases, but it also has the potential to convert these users into higher-paying customers. According to research, nearly half of customers buy an item they don't need as a result of personalized recommendations. Furthermore, nearly 40 percent of customers have chosen to purchase a more expensive product than they intended to, with personalization increasing overall sales by nearly 20 percent. One will be able to access clearer data and gain a better understanding of user preferences if one uses a modern CIAM. This allows one to create relevant marketing campaigns that increase sales with both new and existing customers.