4 ways verified address data is tied to business growth

It’s one thing to have a database full of customer data - it’s another to know if it’s accurate, usable, data. When you verify address data at the point of entry, you can ensure the data you collect from your customers can be relied upon to help grow your business and build trust from your customer base. 

Here’s how:

1. Enhanced data-driven insights

You’re only as good as the data you collect. So, if it’s unverified data, your analytics aren’t going to glean any actionable insights - instead, they’ll likely send you in the wrong direction. When we look at industries like healthcare, inaccurate patient data can quite literally cost lives, with prescriptions not reaching the right location or care services being unable to reach vulnerable individuals due to incomplete or inaccurate address data points.

Choosing not to verify your address data at the point of capture is effectively shutting off your ability to have data-driven insights, closing the door on being genuinely useful to your customer base. Using verified address data, you can achieve a 360-degree customer view, enabling more personalized and revenue-building marketing strategies.

2. Reduction in failed deliveries

19% of failed deliveries are due to inaccurate delivery address details, with the average total failed delivery cost to businesses every year totaling $216,171. But this pinch isn’t just felt financially: over time, it’ll amount to a loss in customer loyalty as the company continually fails to get essential items to the right place at the right time.

By collecting accurate address data at the point of entry using a real-time address verification tool, you can expect to reduce the rate of failed deliveries, while increasing on-time delivery rates and negating the need to clean the data post-collection - all leading to happier customers, better brand reputation, and repeat business.


3. Smoother user experience (UX)

It’s reported that a third of eCommerce businesses say they don’t check the address data when it’s inputted by the user, instead leaving it to the shipper to mitigate. Not only is this just bad practice, but it’s also a quick way to hemorrhage customers as they grow tiresome of non-user-friendly interfaces with antiquated methods of data capture.

Simple fixes like adding an auto-complete function to your address field boxes can work twofold; both pleasing your customers as they have to spend less time on your website filling in forms, and ensuring unverified data never gets the chance to enter your database as entries are verified upon capture.

Loqate’s real-time address verification tool is proven to reduce address entry time by up to 78% and cut back data entry errors at the point of capture by more than 20%. 

4. Generation of brand loyalty

Customers demand high-quality customer experiences (CX). One bad experience can cause your potential customers to take flight and leave you for competitors who have higher levels of maturity in digital transformation. If a potential customer is met with a clunky form-fill or has encountered problems on your website before, this will impact their likelihood to complete return business with you.

People like being remembered - so when it comes to repeat purchases, if a website’s CRM remembers their address and doesn’t need them to re-type the same information they gave it a few weeks ago, this will go a long way to help build loyalty and repeat business.

The benefits of partnering with Loqate

The success of your data-driven strategies hinges on the quality of your customer address data.

Loqate offers partners the most trustworthy and comprehensive global address data solution available on the market. Unlike data from other suppliers, our address database is formed by cross-referencing, combining, and cleansing the data from multiple sources within individual countries and layering them into a single golden record.

This ensures that our data has no inconsistencies caused by:

  • Weakness in coverage – the majority of data sets cover popular local areas but may not have appropriate coverage in every nook and cranny.
  • Age of data - Data typically decays by 20% every year, meaning that if your reference database is just a few years old, the majority of its data is likely to be outdated.
  • Data formatting – When data is pooled from multiple sources, labeling errors are a common mistake. Addresses carry a lot of nuances and variants that can be hard to identify and standardize.
  • Incomplete and duplicate data – redundancies in data and data entered with missing address elements are some of the most common inconsistencies to date…and also the hardest to prevent.

Location-based insights based on verified data can help your customers pinpoint an address to a higher degree of accuracy than ever before, giving you the power to enrich your customer profiles, engage current customers in new ways, and reach new audiences.

By reducing data entry errors on the front-end and enriching customer data on the back end, Loqate’s Address Verification solutions ensure our partners deliver their best product to market, optimize their digital experiences, and grow revenue.

To find out more about the benefits of becoming a Loqate partner, click here or contact the partner team at partnerprogram@loqate.com