Customer identity and access management solutions drive modern customer experiences
ReachFive, a focused SaaS-based Customer Identity & Access Management (CIAM) platform vendor, is pleased to announce the availability of Forrester Consulting’s Total Economic Impact™ (TEI) study; that examines the potential return on investment (ROI) enterprises may realise when deploying ReachFive’s CIAM platform, to manage customer identities and journeys. Through client interviews with Adeo and Micromania-Zing, and financial analyses, the Forrester Consulting study (commissioned by ReachFive) found that a composite organisation experiences an ROI of 333% over three years and a payback period of less than three months when using ReachFive’s technology to accelerate their digital transformation.
How ReachFive’s CIAM platform benefits Adeo Group, Micromania-Zing and others
Adeo Group is number 3 worldwide in DIY; and Micromania-Zing is a major French video game and pop culture retailer. ReachFive enabled these retailers to supersede complex in-house and external legacy solutions for identity and authentication. Previous solutions used by these retailers were unable to scale in line with growing demand. This is part of the problem ReachFive solved. Firms can now scale CIAM features 50% faster to their brands and geographies, which the TEI study explains.
Adeo Group’s Customer platform leader explains, “We want our customers to be able to connect, navigate, and interact with our brands and partners seamlessly. Deploying ReachFive directly contributes to that objective. Furthermore, it is a great example of an IT tool deployed as a ‘platform model,’ rather than as a disconnected or siloed application.”
Micromania-Zing’s Director of e-commerce & digital adds, “We wanted to improve our ability to recognise customers, while continuing to secure authentication capabilities. We had a need to facilitate our ability to collect customer consents, to manage and store them.”
In addition, the Forrester study points out that after firms invest in ReachFive’s CIAM solution, clients were able to: 1) improve their customer experience at scale, with streamlined and accelerated authentication procedures, and 2) strengthen consent management. Moreover, by using ReachFive, the Forrester study indicates that organisations are also collecting enriched customer data through profile reconciliation capabilities, while securely managing access to identities.
The study’s key findings: quantified benefits, unquantified benefits and costs
The study’s key findings also include an assessment of quantified and unquantified benefits and costs associated with using ReachFive’s technology:
- Quantified benefits: Risk-adjusted present value quantified benefits include incremental revenue with improved customer experience, resulting in $1.4 million in benefits. For instance, ReachFive helps provide frictionless authentication for organisations and facilitates the creation of user accounts. Using features like social login, single sign-on, and multifactor authentication (MFA) has led to a 15% increase of new user account creation for one organisation interviewed by Forrester. In addition to this, incremental revenue as a direct result of higher availability and scalability enabled by the ReachFive platform, results in $2.2 million in benefits. Replatforming with ReachFive also halved the time required by team members to perform associated tasks, which ultimately resulted in higher efficiency gains; helping guarantee strong data accuracy through migrations.
- Unquantified benefits: Benefits not quantified for this study include stronger data protection and security; improved data-based decision-making; and an alignment and support of corporate digital strategy. This speaks to reduced risk of contravening GDPR guidelines, reduced risk of identity theft (and therefore insurance premiums that cover that eventuality) and reduced risk of damage to brand equity and consumer trust.
- Costs: The composite organisation evaluated experienced implementation costs and annual license fees too.
“Through the pandemic customer relationships have become increasingly digitised. This makes it crucial for brands, especially retailers selling online, to ensure they have powerful customer identity and access management solutions in place, quickly, to enable them to drive a modern and personalised customer experience (CX). This experience needs to be able to connect identities, brands, partners, channels and customer data solutions for a seamless experience and higher conversion rates,” said Jeremy Dallois, Founder and CEO, ReachFive. “This is exactly what ReachFive promises. As the Forrester Consulting study has proven, brands can achieve a 333% ROI when working with us and achieve a payback period of less than three months when deploying our CIAM solutions.”
Russell Loarridge, Director, UK, ReachFive adds, “COVID-19 triggered a fundamental change in shopping behaviour and for the time being this online-first mentality looks set to remain. But the pandemic has also highlighted the stark difference between the online and physical shopping experience. The impersonal online experience is never going to inspire customer loyalty and that will not sustain retail in the long term. CIAM technology can move the online experience closer to the high street experience, by enabling retailers to ‘just ask’ their customers what they want and put that identity at the heart of a personalised omni-channel relationship.”