In this modern and rapidly evolving world, businesses are competing with each other at a rapid pace to become a well-known organization around the globe. No one is evolving in the business market to waste their time and money. But unfortunately, they face this same issue when they send a parcel to their customer and that parcel gets returned because the customer provided an invalid address. Few typos are enough to mess up the whole address of the clients. According to the study, 30% of online sales, with the amount of 123.9 billion were returned in the past couple of years.
Considering this issue, businesses are integrating themselves with such products that provide accurate and efficient services of digital address verification solutions. The customer’s address is matched against the authoritative database to check whether the address is valid or not. With the help of artificial intelligence, the accurate address is suggested to the user in a dropdown menu to combat human typing errors. Also, technologies are intelligent enough that users don’t have to enter the address repetitively on the same website, which reduces the risk of typos.
Following are the different sectors where address validation service is acquired to combat the wastage of time and money, along with fraudulent activities.
- Online Brands
In this interconnected digital world, people are running their online brands on independently hosted websites, where they deliver their parcels directly to their customers. Acquiring AI-based address validation solutions is mandatory for such independent businesses and reduces the risk of unnecessary parcel returns. Address validation checks are performed on the address provided by the customer to avoid unnecessary wastage of time and money.
- E-commerce Platforms
The E-commerce industry is the most trendy and well-known industry since the advent of the internet around the globe. People are establishing online stores, adopting AI-based identity verification services to manage their customers, and order inventory, and making the running of online businesses easier. The number of returned shipments is reduced by adopting digital address validation solutions. In this way, the customer’s experience is enhanced, and businesses control and reduce the wastage of time and money.
- Anyone Who Needs Parsing
Products that are integrated with up and running businesses can parse and validate addresses using address validation solutions through natural language processes (NLP). The process includes the conversion of raw address information involving valid and official addresses by the united state postal service and other domestic and global carriers. For example, a wedding invitation, submitting handwritten address information to the school. In these sorts of situations, the sender is using unvalidated and raw mailing addresses that need parsing to reduce cost returns.
- Vacation Rental And Home-Share Services
The evident rise in the sharing economy has boosted the evolving usage of address validation solutions in home-share services. Vacation rental and other related platforms use the service of digital address verification to pinpoint the location of residence submitted by every new client. Address validation plays a crucial role to ensure that information is communicated accurately between merchant and client.
- Background Check Firms
Financial services companies can benefit from acquiring digital address verification tools. Mainly because these type of businesses involves personal information of the client, including his official and personal residential address to run the credit card and perform background checks. Financial sectors are responsible for credit checks even if an invalid address is submitted by the client. Rather than wasting time and money on invalid credit checks due to some typo in address, companies choose to integrate themselves using address validation solutions.
Conclusion
The rising rate of fraudulent activities led the organizations to develop robust mechanisms to arm themselves with security features. The service of online address validation plays a vital role in numerous businesses to prevent the wastage of time and money, and also to combat fraud. There exist various products that provide AI-based address verification services to a wide range of businesses such as e-commerce industries, online brands, third-party logistics companies, home-share services, and vacation rental services, background check firms, and anyone who needs parsing.
