The world is evolving quickly towards digitization. The global retail trade share of e-commerce has been rising rapidly in the past two years, from 14% in 2019 to 17% in 2020. To make sure their business runs smoothly, e-commerce companies are increasingly relying on address verification. The prevalence of online fraud has increased along with the growth of e-commerce. Online address verification is crucial in authenticating and ensuring that an e-commerce business is dealing with the right customer. Today, unethical approaches toward online purchasing are in deliberate practice when the customer is using a stolen credit card, resulting in the worst effect on business. The actual owners of the card can surely chargeback to the business. Let us have a look at how we can avoid all this by implementing better options.
Preventing threats under online address verification
Implementing the algorithm to verify address checks whether the address the client has entered into the system is correct or not. It ensures correct delivery details for customers.
For better and more secure delivery, face verification and KYC processes can surely benefit in terms of AI integrations. Address verification systems, which are ultimately AI-powered today, are the best suitable method for online address verification. Verifying address before sending deliveries prevents the chance of delivering the goods to the wrong addresses. An address verification API can help you improve and secure your customer data. By using these solutions, e-commerce businesses can programmatically correct typos, check the deliverability of an address, and access metadata to better understand their customers. Online businesses can automate manual tasks, reduce errors, save time, and improve data quality by implementing an address verification API at scale.
AVS (address verification service)
A user’s address is checked using an online address verification service before they finalize a purchase of goods. In order to reduce delivery-related fraud, it is essential for online retailers to sign up real customers, and address verification is essential for this.
Pros of online address verification
Optimize Your Checkout Experience
Strengthen your conversion rates and shorten the time it takes to complete the checkout process by automatically verifying an address.
Reduce Shipping Cost
Verify customer addresses to ensure that mail and packages are consistently delivered to the appropriate location. When redelivering an order, postage costs increase massively by three and two times, respectively. Cut your postage costs and get rid of deliverability issues by getting accurate addresses.
Enhance Your Database
Normalize and eliminate duplicate addresses from each address entered into your CRM to automate database maintenance. By programmatically capturing data on courier and deliverability restrictions, you can better understand what is going on and validate address.
Online address verification will allow you to spot fraudulent activity before the transaction is completed.
Increase Conversion Rate
Your conversion rate is the percentage of visitors who make a purchase or sign up as a paying customer. The challenging and drawn-out checkout process is one of the primary causes of a website’s declining conversion rate. Therefore, integrating an address verification API into your website would increase conversion rates as it streamlines the checkout process and ensures that the system has successfully completed the sale process.
Magnifying Marketing Results
Verification of address in the company database may improve marketing outcomes. The authorized specifics may foster client relationships that motivate devoted customers to recommend your services or products to others.
- Businesses use address verification to prevent fraudsters and unauthorized transactions.
- The ability to target specific areas with address verification lets sellers confirm that a buyer is a real person.
- An address verification software can be used to improve the quality and correctness of customer data.
- Utilizing an address verification API will allow you to enhance and update your customer data. Their address is residential or commercial, this is important to know, this is why businesses can better understand their clientele.
Delayed or undelivered orders can badly impact the e-commerce business, which causes client frustration, unrepeated buyers, and reduced sales. To overcome this constraint Address verification integrations validate the address and correct them to ensure that the orders deliver on time. E-commerce businesses will be having more happy clients and profitable businesses. With the extension of the modern digitalized world, it is basic to have address verification software modules set up to keep individuals secure. It is typically critical to protect businesses against fraudsters since they bring financial and mental harm to concerned authorities. To keep the digital world safe, an effective online address verification solution requires.