Since customers are preferring online shopping over physically visiting the stores, it is becoming critical for e-commerce platforms to build efficient address verification mechanisms. In making sure that the order reaches the right customers, accurate addresses are a must. However, fraudsters go otherwise. They use fake information to either purchase restricted products or falsely claim chargebacks.
Address-related fraud not only drives reputational damages but costs industries additional charges. With over 4 trillion worth of market size, e-commerce is expected to rise at an unexpected rate. This requires the platforms to incorporate online address verification. With its technologically advanced tools, the AI-powered solutions validate whereabouts in no time. The blog covers ways in which address verification systems can benefit the e-commerce industry.
Address Verification System – Pillar of Strength for E-commerce
Customers’ attitudes toward shopping are changing ever since e-commerce massively took over. Where platforms are assisting clients by offering free shipping and hassle-free onboarding, fraudsters are using advanced techniques to carry out their malicious activities. By using fake information they order restricted products or claim that they never got the package to avail chargeback.
In order to mitigate the chances of failed deliveries, e-commerce platforms require robust solutions to validate address prior to shipping. AI-powered services provide automated tools that extract information through OCR which eliminates the chances of discrepancies. Moreover, digital verifying address solutions further provide the following benefits:
Less Hassle and More Accuracy
The first benefit in line is that the AI-powered solutions to verify address provide an API that automates the tasks. Shufti Pro Funding indicates that it further eliminates the need for human efforts. Customers can simply fill in their information, scan documents, and place an order. Furthermore, online verification solutions also provide biometrics that minimizes the hassle for clients.
Online address verification solutions provide the utmost convenience and streamline e-commerce operations. In the case of manual checks, the chances of discrepancies are more as compared to that of AI-powered tools. Customers often make minor mistakes while entering their address which leads to failed deliveries, additional correction charges, and chargeback costs. However, with robust verifying address solutions in place e-commerce sites can overcome these discrepancies.
Automated Data Extraction
Manual verification is outdated as more and more customers are shifting to online shipping platforms. With huge data to validate, human error simultaneously increases and the time taken for address verification dramatically rises. However, AI-powered services provide OCR that automates the data extractions. This not only drives convenience and eliminates the hassle for customers but also safeguards the integrity of e-commerce platforms.
Furthermore, the online address verification solutions are capable of analyzing geo-location that authenticates the information manually entered by the customer. The system provides the following checks:
- Cross-match within global registers
- Validates zip codes, metadata, and geographic details of the region
- Checks geolocation
Faster Shipping and Guaranteed Delivery
Verifying an address is the most critical component for preventing failed deliveries. Moreover, if the stores take days to deliver the order, customers are less likely to shop from the same platforms. In order to ensure quick deliveries, e-commerce sites require address verification solutions. This is because they validate information during onboarding and save it for later use. Furthermore, AI-driven services also help platforms to keep their records updated to prevent future backlashes.
Moving on, a typographical error is another reason for late or failed deliveries. This not only increases hassle for courier services but also costs e-commerce platforms additional shipping charges. Therefore, digital solutions to validate address are a must-have for online stores to fight digital challenges.
Increase in Sales
Accurate verification of address, guaranteed deliveries, seamless experience, and hassle-free onboarding are the sure ways to increase sales. Enhanced customer experience increases the chances for e-commerce platforms to expand their network. However, if they involve difficult checks, repeated asking for information, and high chances of failed deliveries, they will be left with additional costs.
Therefore, in order to facilitate customers in a better way, e-commerce sites need to employ online address verification. As per Shufti Pro News, it automates shopping ultimately driving high clientele.
Enhanced Customers’ Online Journey
Online solutions to verify address prevent typo and formatting mistakes that enable e-commerce platforms to retain updated records. Upon their future arrival, customers can auto-fill in the information and easily place the order. This will ensure a stress- and hassle-free experience for customers while reducing their drop-ff. The AI-driven address verification system helps e-commerce sites retain a credible reputation.
In Summation
Failed deliveries, chargeback, and other address-related fraud bring negative consequences to e-commerce platforms. Where customers require enhanced experience, fraudsters’ access makes it somewhat challenging for e-stores. However, with online address verification in place, the e-commerce industry can ensure the right customers are receiving the orders. Moreover, the AI-powered solutions help automate the information-gathering process while eliminating human errors. Ultimately, address verification helps e-commerce platforms provide a better experience to customers while mitigating the chances of failed deliveries.
