Hi Ryan
I believe the 72% refers to the percentage of olive oil in the soap, as part of the total oils. So for example you might have 72% olive oil, 28% coconut oil. The following is quoted from
www.savons.com.au:
"This genuine Marseille soap (savon de Marseille) is handcrafted according to the traditional method and is 100% natural, with 72% olive oil."
I made a soap with 80% olive oil, 20% coconut oil, and a 40% lye solution (because I'm impatient and I don't like to wait more than a day to cut my soap). It hardened up very quickly and was rock hard in 10 hours, plus it was a bit crumbly around the edges, so next time I won't do such a strong lye solution. I have used a 36% lye solution many times with no problems, so I think that next time I would try somewhere between 33% - 36% lye solution.
I hope this helps.