A recent report revealed that Generation Zers are driving important changes in the market such as seamless and frictionless security experiences. The report further discovered that 50% of Generation Zers are likely to abandon online purchases if they forget their passwords.
Given the chance, this demographic will choose passwordless authentication along the customer journey, using tools such as biometrics. An estimated 95% of this is anticipated to use this technology this 2022.
The 600-respondent survey, conducted by Transmit Security, also compared this number to 16% of millennial shoppers, and 4% of baby boomers.
As a group, Gen Zers hold a whopping US$150-billion online buying power and are a critical demographic for banks and payment systems. This power, according to the survey, looks to be the fastest-growing globally. In the Asia Pacific alone, Gen Zers comprise 89% of the global collective, with Singapore and Indonesia leading at 91% and 95%, respectively. Earnings are expected to hit US$33 trillion by 2030, equivalent to more than 25% of the world’s income.
The survey also found that Gen Zers in Asia spend more time on social media than other demographic, making them critical for brands. Beware, of businesses with clunky user experiences, lest you lose out on this opportunity.
“Our findings confirm they want it all: fast, easy, and secure online experiences. We also discovered many are reckless with their passwords, so businesses need to protect their accounts for them,” said Transmit Security CEO and Co-Founder Mickey Boodaei.