As far back as 2013, Peter Sondergaard an executive vice president and member of Gartner’s operating committee stated, “Every company is a technology company”. For any business operating today, no matter the nature, to succeed, user experience and accurate data are imperative. So, in this ever-increasing world of tech, data more than ever is king.
In this blog series, we look at how address verification (also known as address validation) can support your business and what to look for when choosing a solution. In this, the first blog of the series we look at the benefits of address verification, from improving your customers’ experience to cleansing your CRM database.
The benefits of address verification
Address verification can help your business in a number of ways, from improving customer engagement to enhancing business capabilities. Below, we look at the benefits address verification offers a number of key industries. This is by no means an exhaustive list but is an indication of the areas that address verification can help businesses like yours.
eCommerce - real-time customer addresses, email & phone number validation
Maintain best quality customer data, increase online conversion rates, reduce failed deliveries, drive business efficiency and improve your user experience.
Retail - reduce the amount of typing required from a customer by over 70%
Minimising checkout friction and clean, verified data means fewer failed deliveries and improvements in the quality of your internal databases.
eServices - predictive typing , mobile optimisation & international data capture improves online conversion
Enhanced address verification features increases conversion and completion rates, increasing your revenue.
Fintech & Finance - accurate, up-to-date information ensures your systems are clean, reliable & compliant
Accurate customer data ensures your business delivers the best customer experience, and protects you from fraudulent activity.
Insurance - accurate data entering your database first time, eliminating problems further down the line
Ensure data is accurate as it enters your CRM to maintain a reliable and valuable database. Improve risk assessment, provide accurate quotes and improve data quality in back-office systems.
Healthcare - high quality data you need to provide a reliable, trusted service
Complete peace of mind that all patient communications reach the intended recipient and regulatory requirements are met.
Logistics & Transportation - ensure pinpoint accuracy, across the globe
Ensure your deliveries reach the right destination everywhere and every time.
Gaming - accurate identity checks for regulations compliance & supporting social responsibility
Provide a smooth and seamless customer on-boarding experience as well as ensuring the quality of new and existing data for regulatory purposes, such as anti-money laundering.
Hospitality - accurate global location data to verify guest identity on booking
Accurate guest verfication at booking to reduce risk and adhere to industry regulations.
What the analysts say
A Forrester Consulting Thought Leadership paper commissioned by Loqate in July 2018 found that over half of the 253 global firms surveyed reported that the poor quality of location data to be one of the biggest inhibitors to their ability to leverage location intelligence. Data quality and technology issues, especially hindering the use of address data. In the same study 1,503 consumers who had recently purchased products and/or services online were surveyed. Most consumers in the study stated they were interested in receiving promotional discounts and vouchers based on location (63%) and in their location data being used to improve customer services (55%) and checkout experiences (53%). So, from Forrester’s study it is clear that personalising online experiences based on location will allow firms to compete on digital customer experiences, improve how they engage customers, and ultimately boost business growth. It isn’t just about finding any address verification solution, it is about finding one that delivers accurate and timely location data.
“Firms must know and understand their customers’ unique context and location to compete on digital experiences.”
All address verification solutions are not equal
As we have already discussed data is king. Despite this, some address verification solutions do not focus on data quality or recency. They do not use official postal authorities, enhance their data through trusted third parties or regularly update their database, and hence struggle to find a match. In addition, pricing models vary significantly, some charge even if the address is not selected. So, not only is quality sacrificed but you are charged for it. And if something goes wrong and you need help? Can you access support quickly and effectively, can you speak to a human being? Not always.
Finding the best address verification solution saves you time, money and improves your data quality and user experience. In part two of this blog series we take a closer look at all the differences between the market’s leading solutions for your end users.
Find out more about Loqate address verification.