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Address Verification – The Future of Accurate Deliveries for Retail Stores

The number of digital buyers saw a tremendous spike after it reached 2.14 billion in 2021. Where this high-demand landscape has served growth to e-stores, 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 the 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 covers the benefits that online address verification solutions provide to online platforms. 

Outlining Benefits of Address Verification System Retail Stores

To ensure the package reaches the right buyers, retail companies must 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 the chances of fraud attempts, the retail industry requires online address verification solutions. Due to the rapid adoption of online shopping, it has become mandatory for online stores to place necessary restrictions on 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 database details, 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. 3

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 worse cases cost billions. Adding to the failure in package delivery are two scenarios, either the customers make typological mistakes or fraudsters use fake details to dodge the 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 addresses 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 

The retail industry is streamlining online shopping experiences for customers and 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 the identification process as it cross-checks the whereabouts of customers. This helps retail companies dispatch orders to right buyers while minimizing 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 the End

By incorporating online address verification, the retail industry can overcome the challenges it faces while bringing innovations. Fraudsters use fake details to claim false chargebacks 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.

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