Capturing Current & Correct Customer Data – Why is it so Important in E-Commerce?
Up Close & Personal – The Four P’s of People Data
Nothing holds more value for ecommerce organizations than accurate people data – name, address, phone, email and demographics. We have outlined four major factors that impact the success of a business and increase customer satisfaction in regards to accurate and complete people data.
1. Protect your organization – By verifying customer identities, you protect yourself against potential fraud.
Fraud costs ecommerce businesses billions of dollars each year and continues to grow as the market does. There were a total of 150 million attacks on ecommerce businesses in the first quarter of 2018 alone. This is an 88% increase from the same period of the year before. The top struggle that businesses face regarding fraud is the need to verify addresses and identities while maintaining a frictionless customer check out. An effective first step is verifying data at point-of-entry by validating name, phone, email and address in real-time as it is entered. By verifying identities before a transaction has taken place, businesses can protect themselves from fraudulent charges and expensive chargebacks.
2. Provide accurate delivery – Accurate and timely delivery has become the new standard in ecommerce.
Although 90% of customers say that they will wait longer in exchange for free shipping, that doesn’t mean they are willing to wait longer than expected for a delivery. One sure way to upset a customer is with an extended delay between the stated date of arrival and the actual date of arrival. A common mistake that leads to delays in shipment is unverified addresses. Misspelled, incorrectly abbreviated, or just plain inaccurate address information causes packages to be returned to the sender or even sent to the wrong residence. Customers are less likely to return to a business after a mishap such as this and it will result in lost money and lost opportunities to reengage the customer.
3. Personalize the customer experience – Better understand customers with better data.
Last year, consumers spent $517.36 billion online with U.S. merchants which accounts for a 15% growth from the year prior. This year, ecommerce is expected to grow even more. With a growing consumer base, the competition to improve websites and enhance customer experience is growing along with it. One way that ecommerce websites can keep up, is with added consumer data. With past shopping details, demographics and complete contact details – marketers and e-tailers can beat the competition with better targeted marketing, promotional campaigns and creative forms of engagement.
4. Prevent bad data from entering your system – and corrupting your customer view.
Bad data costs U.S. businesses $3.1 trillion each year. This figure includes the cost to mitigate, the cost to battle, and the cost to harbor all forms of bad data. Aside from an incredibly uncomfortable dollar amount, perhaps the more harmful damage of bad data is the lost single customer view. Without an accurate view of a customer, e-tailers are blind to their customers’ needs, their forms of engagement and whether their personal information is reliable or updated. This harms the customer experience and business decisions that could potentially be based on incorrect data.
Personator® Provides All Four P’s of People Data
Personator is an all-in-one verification and enrichment solution that addresses all four areas of the customer experience that we have outlined above. Personator’s capabilities include address, phone and email verification, consumer demographic data enrichment, contact records completion, change-of-address processing, and geocoding.
So, what does that mean for a business? One can: Protect from fraud with reliable identity verification upon entry. Provide accurate and timely deliveries with validated and updated address information. Personalize each customer experience with added demographic information and complete contact details. Prevent bad data from entering a system with a stringent wall of security that verifies and enriches information in real-time.
Visit our U.S. Identity Verification page for more information and to schedule a demo. Explore exactly how Personator works through the Developer Portal. Call 1-800-MELISSA to speak with an expert on how Melissa can help you reach your data-driven goals with leading, global data quality solutions.