Ecommerce is expanding exponentially, and by 2025, it is expected to be worth $7.4 trillion. Businesses are ecstatic by the limitless potential. This rapid move to eCommerce opens up an enormous opportunity for businesses to increase market share and sales—and it all starts with data quality, particularly address data.
Accurate address data is critical for e-commerce firms to prevent missed deliveries, save shipping costs, eliminate correction fees, and increase customer satisfaction. Consider this: Knowing the correct delivery address for each customer ensures on-time and smooth delivery.
The biggest obstacle that retailers encounter is not having a strategy in place to verify address data. Online address verification might help you get through this.
The article discusses how the online address verification service improves the customer experience while also lowering operating expenses for organizations.
Why do Businesses Need an Online Address Verification Service?
Address verification is a crucial component in meeting KYC standards for e-commerce sectors. Businesses can use accurate address data to optimize shipping operations, save surcharges, and reduce returns. Businesses may be able to afford free shipping due to cost reductions resulting from enhanced address data and improved onboarding solutions.
Not only can it save you money and time on returned shipments, undeliverable packages, and failed delivery fees, but it can also reassure your customers that you are committed to reducing the delivery distance by guiding drivers to the exact address the first time, every time.
Updated addresses cost your company an address correction cost, and some carriers may impose an address correction fee in addition to ordinary shipment expenses. Before a shipment is dispatched, online address verification can help identify those problems and prevent address correction costs.
What Exactly is an Address Verification Service, and How Does it Function?
The Address Verification service verifies customers’ address-related information before conducting any online transactions.
The process of verifying an address is broken down into three steps:
- Step 1: The customer uploads a photo of himself and proof of identity.
- Step 2: The customer submits a Secondary Identification Card
- Step 3: Results Verification and Dispatching takes place
An address verification API can support the enrichment and correction of customer data. These technologies allow you to correct typos programmatically, confirm the deliverability of an address, and access information to improve your consumer intelligence. Using an address verification service helps you save time, remove mistakes, automate tedious operations, and improve data quality.
Online Address Verification is the Backbone of Improving Customer Experience:
Only correct and trustworthy data enters the system thanks to an automatic technique for validating client address information. It reduces the chances of customers furnishing incomplete or wrong information, allowing e-commerce firms to provide the proper items and onboarding solutions confidently.
Online retailers are investing in technology to ensure that customers have a positive experience throughout the shopping process. The journey from evaluating a product to paying for it is a critical point in the customer experience.
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