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50% of Gen Z Consumers Abandon an Online Purchase If They Forget Their Password.

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M2 EQUITYBITES-December 26, 2021-50% of Gen Z Consumers Abandon an Online Purchase If They Forget Their Password

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Transmit Security, the Identity Experience(TM) company, has released its new survey: "How Gen Z Is Shaping the Future of Passwordless", the company said.

The report includes survey findings from more than 600 Gen Zers in the US, ages 18 to 24, taking a deep dive into everything from their password habits and login preferences to online shopping behaviors and device usage.

The primary takeaway from Transmit Security's report is that Gen Z is intolerant of poor login experiences. If it's too difficult or complicated, you've likely already lost their business. They prefer mobile phones and want both ease of use and security. This means businesses must do more to protect their accounts while simplifying the login experience.

According to the survey, 85.3% of the Gen Z participants use a mobile phone to do some or all of their online shopping, and 83.3% use a smartphone to log in to their banking accounts and payment systems, with 37% only using their phones for online banking and payments.

While this demographic is largely mobile-first consumers, nearly 58.2% have failed to complete a website registration because the process was overly complex. More than 50% of Gen Zers have left a website and 49.5% have abandoned...

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