Online shopping has become a common thing, yet the challenge of operating an e-commerce business has increased over time. While firms try as much as possible to make things easier for their customers, it is vital that the right precautions are in place to deter fraudulent activities. Unfortunately for these businesses, adding extra security increases the intricacies of the checkout process, driving away from potential customers. However, with identity verification technology, you can easily change your e-commerce landscape and make verification a much easier process for both your business and your customers.
Combating Online Fraud
Identification verification services can help fight online fraud and reduce the costs associated with fraudulent activities.
The impending change from a magnetic stripe card to a card that is chip-based is expected to reduce fraud considerably, leaving fraudsters with little or no option for utilizing a stolen credit card.
Most criminals often use stolen cards online as this is where they are able to use them undetected. To combat this trend, e-commerce businesses need to verify the details of their customers or face the repercussions of chargebacks which would greatly hamper the revenue streams.
If your e-commerce firm is looking to convert sales, it is essential to hire the right identity verification service.
Recognizing VIP Leads
As a result of lead verification, leads with specific attributes and a history of engagement with an e-commerce brand can be given personalized offers, increasing the size of the deal and enhancing the conversion rate. This involves recognizing repeat and VIP customers from email, direct marketing, call, and social centers because it is rare for people to use the same identity.
Recognizing a customer or a lead, and being in a position to complete the identity will go a long way in helping to drive conversions. Complete and accurate attributes and identity across various inbound channels enable marketers to identify the existing, as well as the prospect customers. This aspect is crucial to your ROI.
For instance, identifying a donor from the details he provided in their past dealings is essential to a not-for-profit entity that depends on fundraising. A donor may make their contributions once a year and not engage with the organization throughout the year. When they want to make another donation, they may decide to use different emails or enter the lead process using a different channel or campaign. Through lead and identity verification, the business can match the unknown email address in real-time with an email that was used previously to identify the donor, creating a targeted interaction.
Makes Ordering Easier
One of the primary reasons why shopping carts are abandoned is the intricacies associated with numerous online shopping systems. Consumers are asked to input their details multiple times, which appears to be frustrating for them. However, with the identity verification process, customers have an opportunity to scan their information once, saving them time and increasing sales.
Apart from these three, there are other numerous benefits of utilizing identity verification in your e-commerce. The integration of Identity Verification Service helps to increase leads and create more conversions for your business.
