Why Address Validation is Vital for Business in Today’s Digital Age

Melissa UK Team | Address Quality, United Kingdom

It all starts with accurate addresses

We start this article by asking you what hurdles are resonating in your business today, we’re talking about the things costing you money, from returned mail & merchandise to fraudulent transactions or even deeper insight into your customer data to allow for more effective marketing & communication efforts. Whatever the case it stems from incorrect addresses and postcodes.

Almost every company (77%) believe these stigmas lie within their customer data, which inevitably entails having poor or outdated customer data progressively leading to more negative outcomes over time.

Consider a rule of thumb, where just being able to attain and verify a clean-up to date record at the point of capture, can cost little to nothing, it only starts to amount as the correction costs come in, as a list starts to accumulate within a company’s system having to clean and reverify a batch of customer address records.

You can find out more about how an address lookup tool works here.

Lastly is the “failure cost” the embodying amount businesses pay when more and more issues arise from having bad address data, logistical, fraudulent transactions, lost opportunities and man-hours spent.

If you are an eCommerce business you can check how much an address verification tool can save you with our ROI calculator here.

Simply put, bad address data means higher costs in back draws and lower profits

Location is vital in today’s customer demand

As we are continuously revolutionised by technology, we can see that our digital era has not stood still, to keep up in the age of the consumer, firms must be well adapted to this current landscape to fully understand their customers. verified address components and geocoding is a fundamental entity for also connecting organisations with their prospects, allowing a full spectrum across a range of systems delivering value and practices on point of sale, relationship management, marketing and the ins and outs of the whole customer experience area.

It is only through these types of tools that businesses can fulfil a customer-centric approach, enabling a mark on their whereabouts when interacting in locations on their smartphones, stores, branches, and iOS applications driving cars with connected devices is just a start to the ever-growing list of digital touchpoints.

Location Intelligence for Consumers

It is only through these types of tools that businesses can fulfil a customer-centric approach, enabling a mark on their whereabouts when a study was shown in regards to engagement across all stages of the customer life cycle, 72% of younger consumers in today’s world between the ages of 18 to 25 are open to very open in allowing brands to use their location data, piecing together a tailored or “personalised” experience for them in comparison to only 53% of 45 to 55-year-olds.

Being able to offer individualised promotional discounts, memberships and other deals is essential for enabling a business to compete on digital customer experiences and engage with prospects based on location. with offerings at the perfect place, the perfect time will be critical to further serving the necessity of future consumers and boosting business growth.

Protecting your organisation,

Address Data & Location Intelligence Business Stats

Financial services and similar institutions can also see similar benefits to obtaining an address checker, not only on a retail aspect but being able to maintain compliance with KYC and AML initiatives, which serves to be a crucial element in protecting its very own against fraudulent activity, like theft of personal identity and money-laundering schemes. Holding a real-time address validation API gives an identity verification process an easy outlay a matter of cross-referencing a name and other contact information to a valid address or verified location.

This can also proceed within the healthcare sector, holding a significant emphasis on upholding good data quality practices for patient records, the characteristics include; accuracy, consistency and relevancy, which correct UK addresses are vital for maintaining these efforts.

The age of the consumer is clear.

Today’s digital surroundings will continue to drive towards further optimised engagement efforts, we know that consumers perceive more value towards a brand that can understand its customer preferences, tailoring its approach to giving them a more personalised experience across their whole customer journey, unfortunately, not every business is capitalising on these opportunities, prominent use of customer data is critical, which is why organisations that have adapted to today’s age tend to stand out, which further exhibits the potential for address data and location intelligence.