Experian Data Quality

Why address verification is essential for your business

Are your customer addresses up-to-date? Have any of your customers moved since the last time you checked their address?

Outdated, inaccurate customer address data can cost your business a lot of money and waste a lot of time. From typos when entering an address to a customer moving to a new home, it’s surprisingly easy to have incorrect address information.

That’s what makes address verification so important for your business. By validating addresses, you make sure your customer data is clean and accurate. This helps your packages and mail reach their destination on time.

This past year has been overwhelming for retailers across the globe. In fact, many have become more innovative than ever before—they’ve grown their eCommerce operation and maximized marketing as they expand their product lines and customer base.

When retailers are trying to build their eCommerce efforts or stretch their marketing capabilities, their success is dependent on one thing: Data quality.

Ecommerce is growing—and it’s not slowing down. With global online sales jumping from 13 percent in 2019 to 18 percent in 2020, eCommerce is predicted to be nearly 22 percent of all global retail sales by 2024. This is leaving retailers excited, anxious, and overwhelmed with endless opportunity.

This rapid shift to eCommerce unlocks massive opportunities for businesses to expand market share and drive sales growth—and it all starts with data quality, especially address data.

Wherever you are capturing data—whether that is your CRM/ERP or eCommerce platforms—you want to have data quality control. Integrating data validation into your tech stack will help ensure that you are always capturing reliable and correct data. In turn, you will be working with trustworthy data to make customer-centric decisions.

Did you know that 72 percent of business leaders say an acceleration to digital transformation has made their business more reliant on data and data insights? Our latest data management research uncovered how businesses’ data perception and usage has transformed this past year and why high-quality data is essential in this everchanging market. Let’s talk digital transformation.

Our latest research shows 95 percent of businesses have seen impacts related to poor data quality. How does poor-quality data impact your organization? Thirty two percent believe inaccurate data negatively impacts our reputation and customer trust, and another 32 percent say it negatively impacts customer experience. Imagine trying to know who your customers are without the right information?

Identity resolution helps organizations like yours connect the dots between databases, to create a singular profile of each and every customer—no matter if they engage with you through different lines of business or marketing channels.

Identity resolution—at any level—is important because it helps you better understand who your customers are, improves marketing ROI, mitigates risky financial decisions, while streamlining communications cross-departmentally, and saving you time navigating databases.

Consistency is key, even when it comes to data. Enter: Data standardization. For any successful data management strategy, this should be at the core. You may ask yourself: Why do we need to standardize data? Let’s discuss how, without data standardization, you could be losing out on the ability to make data-driven decisions based on insights you should be able to trust.

It’s no secret that customer experience is a top priority for businesses across all industries. Identity resolution has become a key driver to uncover individuals across lines of business which helps leaders better understand who their customers are and better deliver a personalized experience. Let’s dive into what identity resolution is and why data management is a vital part of an identity solution.