In the previous years, number of digital buyers reached 2.14 billion. Where this high-demand landscape has served tremendous growth to e-stores and platforms, it is also raising various consequences. Failed deliveries, false chargeback, extra correction fees, and reputational damages are to name a few. Furthermore, the lack of address verification checks further results in customer drop-off, forcing them to leave the platforms eventually.
Accurate verification of address, secure payments, and seamless product deliveries provide ways to enhance customer experience as well as generate high revenues. Similarly, overnight shipping, remote validation, and “try before you buy” options are further revolutionizing the landscape of the retail industry. This blog entails the benefits that online address verification solutions provide to online platforms.
Address Verification System – Long-Terms Benefits for Retail Industry
To ensure the package is reaching the right buyers, retail companies need to build efficient address verification mechanisms. Otherwise, they can face compromised operations, bad client experience, and huge losses in revenue. Where frictionless onboarding will lead to the retention of more customers, inadequate verification checks can cause failed deliveries. Fraudsters often use fake details to claim false chargebacks or order a restricted product under someone else’s name.
In order to improve customer experience while mitigating chances of fraud attempts, the retail industry requires online address verification solutions. Due to rapid adoption of online shopping, it has become mandatory for online stores to place necessary restrictions in fraudsters’ ways. AI-powered verifying address solutions protect the retail industry from reputational damages while ensuring a hassle-free experience for customers.
With real-time identification and geolocation analysis, online stores can ensure on-time deliveries, accurate details for databases, and fewer abandoned carts due to complex operations. More benefits of online address verification solutions are in the next section;
Minimizes Additional Correction Charges
In case customers change their house, office, or other locations and forget to update it in the retail industry’s records, they will face failed deliveries. For online stores, this issue brings additional correction charges. Inefficient mechanisms to verify address further lead to missed sales, customer drop-off, and compromised operations. Fraudsters use various techniques such as document forgery to support their false address claim.
At the time of dispatching orders , online stores are unable to identify these attempts. Upon arrival at the wrong address, imposters claim false chargeback and leave the retail industry with nothing but a loss of big sums of money. Therefore, online stores need to accurately validate addresses prior to dispatching any order. This will help retail companies build better relationships with customers while ensuring growth both in terms of revenue and marketing.
Overcomes Failed Deliveries
Failed deliveries are another challenge for retail companies which can in most worse cases cost billions. Adding to failure in package delivery are two scenarios, either the customers make typological mistakes or fraudsters use fake details to dodge address verification system. In both cases, the retail companies undergo reputational as well as financial loss. This requires online stores to incorporate efficient address verification mechanisms to overcome the chances of failed deliveries.
AI-powered services provide real-time address verification, automated data extraction, and accurate validation of supporting documents. Platforms using these solutions can cross-verify address of customers by easily accessing global registers. All these advantages lead to better customer assistance, accurate deliveries, and a better brand reputation.
Detect and Deter Fraud Attempts
While the retail industry is streamlining online shopping experiences for customers, they are also attracting fraudsters. Imposters use synthetic identities and fake address details to onboard online platforms and either purchase restricted products or steal information from legit clients. They then use this information to make payments for orders under someone else’s name.
Online address verification is a crucial part of identification process as it cross-checks the whereabouts of customers. This helps retail companies dispatch orders to right buyers while minimizing chances of fraud attempts. With automated data extraction and document validation solutions, AI-powered verifying address services makes customers’ online shopping experience fraud-free.
Upholds Brand Integrity and Reputation
Address verification system enhances customer experience while upholding the company’s integrity and reputation. The high risk of fraud attempts drives hefty correction and re-shipping fees. Ultimately, retail companies undergo a severe downfall as they fail to provide a threat-free experience to digital buyers. However, with online address verification services in place, the retail industry can better combat fraudulent activities.
In a Nutshell
By incorporating online address verification, the retail industry can overcome challenges it faces while bringing innovations. Fraudsters use fake details to claim false chargeback and synthetic identities to place orders by imposing as legit customers. Therefore, to enhance customer experience and make their operations risk-free, the retail industry requires address verify solutions. AI-powered services leverage advanced checks that counter returned shipments, failed deliveries, reputational damages, and much more.