While acknowledging the downturn in retail spending as cost of living continues to increase, ForgeRock senior vice president of Asia Pacific and Japan, David Hope believes consumers are still willing to spend, using sales periods to get more for their money.

“Australians are taking advantage of the end of the year to find savings. Through it all, customers are looking for a safe and simple retail experience. Businesses that can deliver these enhanced experiences are capturing consumer loyalty and standing out from the crowd — over 81% of consumers found that ease was important when interacting with brands,” Hope said.

“In today’s world, consumers hold all of the power. Not only is there more competition among brands to see who can deliver the best digital experience, but consumers are more informed than ever. They know what they want from an organisation to create a positive digital experience – and they’re willing to leave a brand that isn’t meeting their needs.”

In light of escalating data breaches, consumers are keenly aware of the need to safeguard their personal information online. 

“For retailers, lapses in security can be costly. The key to enhancing sales while mitigating risks lies in adopting digital identity solutions. By putting users at the centre of their digital presence and online interactions, digital identity enables safer transactions with customer data stored in one place, and not across multiple touch points,” Hope said.

“For retailers, this centrally located data offers the ability to level up omnichannel experiences. With users expecting to be able to transition seamlessly from online to physical shopping, digital identity creates a unified view of a customer, allowing users to experience the same level of service no matter where they shop.”

By enabling digital identity, retailers are also reducing friction at checkouts online — no passwords and usernames mean more time clicking through to the final sale page. 

“Overall, investing in modern and thoughtful digital identity solutions puts users in control of their data and creates a secure platform for their data to be housed in.” 

The 2023 ForgeRock Breach report found that personal contact information continues to be the most sought-after information by hackers, which is the exact data retailers require to build brand loyalty and enhance customer experiences.

“While the recent Dymocks hack stemmed from a third-party loyalty provider changeover, there are many ways that hackers can access data, especially since it can be spread across multiple touchpoints. Digital identity streamlines this data, narrowing the attack surface. By minimising this vulnerability, malicious actors have fewer opportunities, which ultimately ensures user safety. 

“As we head into the holiday season, it’s crucial for retailers to remember that safeguarding customer data is paramount for building a loyal customer base. Prioritise your customers’ safety by implementing digital identity solutions to ensure a secure and trustworthy shopping experience.”