The verification of the address of a customer onboarding is done through an address verification. Businesses need standardized and up-to-date addresses of their customers. In the past, the users entered their previous or non-standard data that raised problems for the business.
History of Address Verification
Businesses develop a drop-down menu in which a user has to choose from the list. The countries, states, and cities data was stored in a database and the user can select or search his desired option from the list. This needs to develop more good searching and sorting algorithms and the searching takes a long if the user does not have a good internet connection. Also, the database needs to be updated after some time.
Users just give their zip code to the websites, and it automatically provides the country, state, city, and other information. It was useful in the case of the city but the street address can’t be fetched through zip code.
A suggestion pops up when a user types his data, and he has to choose his address from the suggestions step by step. The section of every option was irritating for the users also it was a time-taking process.
The system suggests the whole address after the user enters his data. The processing of data was difficult, costly, and time-taking.
Some websites provide live location services to verify the address of a user. Geolocation tagging was used in the implementation of this service. This has a problem with online stores like if a user wants to deliver to his house but at the time of online purchase, he wasn’t present at the home. The live location didn’t allow him to choose a different address instead of a living one.
Address Verification in 2021
In modern days, users have not enough time to manually enter data. According to a report by Baymard, 21% of online buyers abandon the shopping cart due to a complicated checkout process. Businesses need a robust solution for address verification that can comply with customer demands. Address verification in 2021 is done with the help of an online address verification system through the below steps.
The user uploads an image of himself holding his identity documents like ID card, passport, or driving license. Identity documents should be authentic and issued by the government.
The system demands to upload an image of secondary documents that have the most recent address on them. These documents can be utility bills, rent agreements, bank statements, or employee letters and should not be more than three months old.
In the final step, the documents of the user are verified. The system cross-checks the image on identity documents with the live photo of the user. The ID number on the identity documents is matched with secondary documents. The address is fetched through Optical Character Recognition (OCR) technology.
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Benefits of Address Verification
Better Customer Satisfaction
The E-commerce industry has faced huge losses due to returned shipments, delayed deliveries, and false consignments. One of the main reasons for the above problems is wrong or unverified addresses. One wrong number or word can deliver parcels to different cities or states. Although this is a mistake of customers, they are not going to take the blame themselves. The business stands responsible for such cases for not having good address verification services. By having address verification, a business will have satisfied customers who deliver right on their door with no delays. This will increase the number of customers to their website and reduce the number of abandoned carts.
The automated verification will save time for the business and customer. A business will have more orders in less time. Now the customers feel easy and convenient during checkouts. Businesses will onboard customers and verify their addresses remotely in less time.
Enhance Return on Investment
Businesses can save their resources on correcting the addresses of the customers. Also, the online system eradicates manual intrusion. The address verification ensures the updated address of a user so that the business does not have to update the address after some time.