The rise of e-commerce business has revolutionized the way we shop, offering a convenient alternative to traditional brick-and-mortar stores. However, with the increasing volume of online transactions comes a greater risk of fraud and cyberattacks. Ensuring the security and privacy of customer data is paramount, which is why businesses must prioritize effective authentication solutions. One such solution is Privakey, an innovative approach to zero-trust authorization that offers improved security, increased convenience, and reduced cart abandonment rates. In this article, we will explore why Privakey is the ideal authentication and authorization solution for e-commerce businesses.
As the number of online transactions increase, so does the risk of fraud and data breaches. Traditional authentication and authorization methods, such as passwords and two-factor authentication, can be vulnerable to cyber-attacks like phishing or man-in-the-middle. Privakey, on the other hand, uses cryptographic protocols to authenticate users and verify their identities, ensuring that the user is who they claim to be. Moreover, Privakey’s zero-trust authorizations, known as Privakey Events™, provide a fast, convenient, and even interactive method of granting individuals access to further network assets beyond that of the initial authorization at login. The applications are infinite. This provides not only a reverification of the authenticated individual, but also an audit trail of the transaction, as well as a digital signature where applicable. It’s truly innovative and never before seen technology in the IAM industry. By using Privakey, e-commerce businesses can protect their customers’ personal information and prevent unauthorized access to their accounts, as well as introduce a variety of new purchasing experiences.
Reduced Cart Abandonment and Improved Conversion Rates
One of the biggest challenges e-commerce businesses face is cart abandonment rates. According to a study by Baymard Institute, the average cart abandonment rate is around 69%. In another study by Stripe, research revealed that by reducing time spent on authentication a company can significantly improve cart abandonment rates. By using Privakey, e-commerce businesses can offer a faster and more convenient checkout experience for their customers, which in turn can lead to increased sales conversion and revenue. By making the checkout process seamless and secure, customers are more likely to complete their purchases and return for future transactions.
Increased Convenience and Better Customer Experiences
A key reason for high abandonment ecommerce rates is the inconvenience of digital checkout processes. Account creation and traditional authentication methods, such as passwords or two-factor authentication, can be cumbersome and time-consuming. Privakey simplifies not only the authentication, but even more importantly the authorization process by sending a securely delivered Privakey challenge to the user’s mobile device, containing both context and a transaction summary that allows the user to respond with confidence.
With Privakey, customers remain in-brand and in-band throughout a seamless transaction experience. Two-way engagement during the transaction flow transforms the experience, enables bilateral trust, and establishes a new channel for customer engagement. Engaging transaction experiences allow leading brands to delight their customers and to differentiate themselves from their competition.
By reducing the authorization process to just a few clicks, Privakey makes it easier for customers to complete their purchases and reduce cart abandonment rates in a true zero-trust environment.
In summary, Privakey is the ideal authentication solution for e-commerce businesses. By using cryptographic protocols and simplifying the authentication in a zero-trust authorization process, Privakey offers improved security, increased convenience, and reduced cart abandonment rates. E-commerce businesses can benefit from the peace of mind that comes with knowing their customers’ personal information is protected, while also providing a faster and more user-friendly checkout experience. As the e-commerce industry continues to grow, it’s crucial to prioritize the security and convenience of online transactions. With Privakey, e-commerce businesses can do just that.