Will biometric authentication find a place in eCommerce Industry?
The usage biometric authentication is increasing consistently. Looking at the current scenario, can we expect the same to have in eCommerce industry? Let's analyze the scope of two widely accepted tech inclusions.
ECommerce industry is growing faster than it was expected to. With the passing time, it has become more of a need to sustain in the market instead of a luxury. Irrespective of the fact whether you are a B2B or B2C seller, having an online store has become a crucial requirement. While many are trying to be unique, there is a good number of online retailers who are trying best to relish the benefits of having a responsive mobile-friendly web design for their online portal.
The dawn of a new era
It hasn’t been long that biometric sensors made their space among people in general. After fingerprint scanning, eye and face recognition can also be seen entering the market. One such recent example can be iPhone X, which supports biometric face recognition.
If we try to define Biometrics in technical language, it’s a term used for body measurements and calculations. While we all are well acquainted with the use of biometrics authentication as a form of access control and identification.
While the technology has been around us since the 19th century, it took a little long for it to take place in our day to day lives. Initially, it was used by the police to track criminals, but as we mentioned lately, that today it is on our smartphones, keeping them secured through fingerprint scanning of face recognition.
Talking about facts and figures
According to a report, as of 2009 the private sector accounted 41% of the biometric industry revenue and is expected to reach the mark of 55% by the end of 2017. Another report claims that by 2020 the biometrics industry will drive a global audience of 2.5 billion users.
Yes, the figures are huge. However, we are here to talk about whether or not it’ll find a place for itself in the eCommerce industry.
Analyzing the possibilities and finding the benefits
While biometric authentication had already proved its excellence in different sectors, however, before analyzing the possibilities it is crucial to analyze its benefits in the eCommerce industry. Here are some benefits that the eCommerce industry can have by integrating biometric authentication:
1- Goodbye to passwords: Biometric authentication will let your customers permanently bid farewell to passwords. Users will be able to access their account by scanning their fingerprints, recognizing a face or scanning eye. This won’t just improve the security standards, but will also improve user experience and will eventually help the business earn customer loyalty.
2- Nearly impossible to forge: The reason behind biometric authentication gaining mass acceptance is the high-end security it avails. Access prevented through biometric authentication are nearly impossible to forge. Reason being they require unique physical attributes (eye, fingerprint, face etc.) to grant the user access.
3- Better customer experience: People have become addicted to the ease and reliability technology availed. While on one hand, it allows an individual to do things being in their own comfort zone, on the other it gives a highly secured experience. The dual impact subsequently improved customer experience and allows you to have better user engagement and more stability in the growing eCommerce market.
4- Customer loyalty: Technology undoubtedly has given everything that the human civilization has been looking for. However, with the comfort and ease, it has also increased the cases of forgery. By integrating biometric authentication in your online retail portal you’ll indeed earn customer loyalty by availing them a much-secured platform to share their confidential information and do transactions.
5- Accountability: Biometric authentication directly connects an individual to an event or action in particular which requires authentication. Technically we can say that it builds a defined and clear audit trail of activities or transactions. This eventually helps impeccably in identifying and tracking security breaches to identify the person involved in it. This subsequently avails complete and reliable accountability, which can’s be duplicated.
eCommerce industry is gaining global attention for all good reasons. Retailers are leaving no stone unturned to grab the benefits of having an eCommerce store for their product/service. Amidst this, the key to lead the competition is to present users with a new and innovative experience. Biometric authentication can be one such inclusion, which isn’t just innovative but will also help in earning a better stand against your competitors.