4 ways founders can amplify revenue during hard times

techcrunch.com:

Anyone who travels frequently will tell you that one of the greatest innovations of the past decade has been the TSA PreCheck.

It’s so simple and effective that it makes you wonder why no one thought of it before. This example can serve as adequate inspiration for businesses, especially as the markets show no signs of recovery: How can companies, hoping to retain revenue during the recession, do something similar?

Companies should be offering an express lane when times are tight so customers can get into the online store, check out and be done without any roadblocks or friction to mar their experience.

How do we create customer experiences that are equivalent to the TSA PreCheck to help us retain revenue?

It is critical to understand if a visitor to your site is a new customer trying to create an account, a returning customer or a fraudster trying to steal your customer data. If you can determine whether someone is a legitimate customer up front, you won’t have to verify their email addresses or phone numbers during the account creation workflow — friction that security teams introduce to keep things secure.

I read a sobering statistic recently: While U.S. businesses will lose $95 billion to fraud this year, incorrectly identifying prospective and returning customers will cost those businesses almost $1.8 trillion.

About 58% of U.S. consumers abandon their cart due to difficulties managing their password, according to the FIDO Alliance. This shows us that you should grease the wheels of the sale in any way possible. In times of recession, you have to make things easier, not more difficult.

A business can very likely calculate the cost it incurs to get each new individual to create an account on their site or app. It should also