The E-commerce industry is the fastest growing industry. With the aim to provide an exceptional user-experience to the customers, e-commerce sites are gaining huge attention from individuals. This has lead to another opportunity for fraudsters and cybercriminals to exploit user account and carry financial frauds.
With the high competition in the market, every business strives to be on the top. Enhanced customer experience and security are the keys to the growth of the business. And balancing between both is somewhat a great challenge for the businesses. Address verification services can be the best fit for the e-commerce businesses not just to improve the customer experience by saving their time at the checkout process but it also secures the business by preventing fraudulent purchases and chargebacks.
Reasons to Integrate Address verification service with your business
The following are the significant reasons why you should use Address verification for your business.
Save Time and Cost
The address verification saves the time and cost of the businesses for validating the customer’s address. Entering the address manually has chances of error which is identified only when the shipment is delivered on the wrong address. It results in the loss for the businesses in terms of shipment cost and also the time is wasted in contacting the customer and confirming their address.
Sometimes a customer orders multiple items from the store that belongs to different retailers. In that case, the products are delivered through multiple shipments. And if the address is not correct just imagine the cost that the business has to bear. Integrating the address verification solution can save this cost of shipping and the resources by automatically validating the address of the customer. It helps the e-commerce businesses to confirm the address of customers not only at the time of account creation but during checkout as well.
More Conversion Rates
In online shopping, user-experience matters a lot. Mostly, a large number of buyers abandon their shopping process at the time of checkout. The reason is they find the checkout process time taking and complex. With the digital address verification at the time of checkout, the user is saved from the effort of manually entering their shipping address.
With a few clicks, the customer can verify the address without wasting any time. This improves customer convenience and as a result, the user completes the checkout process hence an increased conversion rate. Furthermore, the orders are delivered at the correct address and people don’t cancel the order that they may do in case of delay.
Prevent Fraudulent Purchases and Combat Chargebacks
The rise in account takeover frauds is an alarming situation for e-commerce platforms. By gaining access to the user’s credentials, the fraudsters can exploit the customers’ accounts by making fraudulent purchases. With the instant purchase feature of an e-commerce site that readily stores the customer information (credit card number, address, etc.), the fraudsters just have to change the address in the profile and start making purchases.
Moreover, if these fraudulent purchases are successful, it can result in chargebacks for the businesses. Through online address verification, the address of the customer can be verified in real-time and any fraudulent purchase can be prevented. In addition, verifying the customer’s address at the time of checkout, the business can ensure the authorized identity of the user and combat any type of friendly or fraudulent chargebacks