Written by: Mikhaylo Pavlyuk, Digital Identity Consultant
Recently, caught up in the Black Friday frenzy, I decided to treat myself to some new fishing gear. Not the best timing, but who can resist the pull of a good hobby? I filled up his cart, but the discount required him to log in... and, unfortunately, I couldn’t remember his password. Password recovery? Not working too well. Turns out the emails were landing in spam. It was late, so he just abandoned his cart.
My experience isn’t unique. To understand the broader impact, I took a deep dive into global statistics to see how often shoppers abandon their carts due to password issues—and how much it’s truly costing businesses.
Here’s what I found:
- 1 in 4 online shoppers would abandon a cart worth over $100 if they were asked to reset their password before completing the purchase.
- The most common password-reset struggles online banking.
- 34% of respondents admitted they reset their password at least once a month because they can’t remember it and 15% do it once a week!
Think about it—every week, 15% of transactions over $100 could be at risk. For any business, that's a costly issue.
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