How Can Quality Customer Data Improve Your Business?
High-quality customer data is the cornerstone of operating a successful business.
How Quality Customer Data Can Improve Your Business
Let’s review a few of the ways improving your customer data can increase your bottom line and help your business run more efficiently.
Enhanced Customer Experience
Address verification software, like AddressComplete™ can greatly improve your customer experience. With AddressComplete, specifically, your customers will have a much easier time filling out their shipping and billing information correctly the first time. This process makes for an easier check out process for your customers. In fact, AddressComplete can reduce entry time by nearly 80 percent. For retailers, an easier and more efficient check out process means fewer abandoned carts and more sales. Customers are growing more and more accustomed to having their information automatically filled in as they start typing. This makes the process significantly faster for them, especially when they are filling out shipping and billing information on their phones. It’s worth noting that users who have a negative experience with your store on their phone are 62 percent less likely to buy from you again. And since the address submitted by your customer is guaranteed to be accurate, your customers will experience fewer failed deliveries— which is key.
Improved Business Efficiency
Your business’ efficiency is probably one of your highest priorities. Improving the way your customers’ address data is collected and stored can make a huge impact in how well your business runs. Data that is entered incorrectly, or unverified can cost your business precious time, money, and customers. Collecting an incorrect customer address can lead to a series of events that most would rather avoid. Incorrect customer data leads to failed deliveries. This means that your customer won’t get their package when expected, which will lead to complaints, causing your customer service team to spend time investigating the issue. Your company can also get hit with hefty correction charges. A correction charge occurs when a delivery company has to complete or correct an address in order to deliver a package. Your company must pay them for the time it took to fix that mistake for you. Rather than paying additional expenses to fix mistakes, it’s much more efficient to collect the correct data the first time and avoid mistakes altogether.
Security is a hot topic right now among most consumers. With alerts in the news about data breaches and security hacks, it’s no wonder more customers are doing their research to find businesses who go above and beyond to keep their data as secure as possible. Improved security can drastically benefit your business as well. Empty houses are often used as drop-off points for fraudulent packages. Last year alone, tens of millions of packages were marked ‘return to sender’ subsequently costing businesses and government agencies millions of dollars. With the rise of digital and online purchases, comes an increase in fraudulent purchases. Mid-to-large general-merchandise retailers selling physical and digital goods had, on average, 70 percent more fraud attempts per month than those surveyed prior to the shutdown in March 2020. AddressComplete technology will help you to track and analyze your customers’ purchasing behavior so that you are able to tell when a purchase is likely fraudulent. This not only builds trust in your brand, but also saves you and your customers time and money.
Better Marketing Opportunities
Capturing accurate customer data can totally transform the way you communicate with your customers. With accurate data collection, you will be able to track the customer journey for each of your customers. With this transparent insight into their shopping and buying habits, you’ll learn exactly how and when to reach out to your most valued customers. This will give you a much higher return on your marketing investments and keep you top of mind for consumers when it’s time for them to convert to customers.
Better AI Results
With higher accuracy in customer data collection, the machine learning systems that your company relies on will be significantly more accurate. Machine learning relies on data and evolves over time. So, if your machine receives data that is inaccurate, it will learn based on bad data and give poor results. Using data verification tools will help you ensure that your machine learning systems only take in high-quality data.
Smaller Carbon Footprint
With online shopping growing in popularity in recent years, and growing exponentially in 2020, more delivery vehicles are on the road than ever before. In Canada, transportation is responsible for about one quarter of all emission with a large portion being from delivery vehicles. At the same time, customers are taking a company’s carbon footprint into consideration during the buying journey, buying more often from companies who have a smaller negative impact on the environment. By integrating address verification software into your business systems, your company will be able to reduce the number of returned shipments, thus reducing emissions from delivery vehicles. So, not only will you benefit from saving money and providing better customer service, but you’ll also be able to make a positive impact on our planet.
Address verification software, such as AddressComplete, can provide your business with numerous benefits. From improved customer experience to greater marking opportunities, and even more secure online shopping, your customers will love that you spent the time and made the effort to implement this software into your business practices. With all these benefits, it’s easy to see why address verification should be a focal point of your business strategy.