Why Your E-Commerce Site Needs Identity Verification

Online shopping is more popular than ever before, but this does not mean that running an e-commerce site is a walk in the park as It can actually be quite challenging.

Whilst as a company you want to make it as easy as possible for customers to purchase from your website, you must also ensure that adequate security is in place to deter fraudulent transactions.

Ecommerce Website

Here, we are taking you through the top reasons why your e-commerce site needs to implement identity verification.

1] A Rise In Online Fraud 

Did you know that card-not-present fraud costs have risen massively in the past few years and it was predicted that by 2018 losses were expected to reach a massive $6.4 billion.

This is a serious ongoing threat that needs to be combated and so it is now more important than ever for your e-commerce business to ensure that you are verifying customer identities. Otherwise you could face consequences and costs of chargebacks which result from fraudulent transactions.

2] Reduction In Shipping Errors

What is fantastic about using identity verification is that it can help to reduce shipping errors. This system will help to make your shipping operation more efficient and accurate as it can verify the customer’s shipping address and will eliminate the problem of sending orders to the wrong place.

This is not something that any business wants as it can quickly lead to delays and very angry customers.

3] Follow Compliance Requirements 

Compliance Requirements

Identity verification software can help you to implement any compliance requirements that you need to follow. This could be verifying the age of your customers or simply complying with other regulations and will help you to prevent any potential lawsuits.

The service Cognito can even verify the age of your customers if you are selling age-restricted goods or content and it will ensure that your customers are old enough to do business with you.

4] Make Ordering Online Easy 

Shopping cart abandonment is something that every business must take seriously and try to overcome if they want their business to succeed and profit. While there can be a whole of reasons why people leave their shopping cart without buying, one of the main ones that comes up time and time again is that the system is too long or confusing.

If your customers have to input the same information multiple times, then they are far more likely to give up or not put in their information correctly.

When you use ID verification technology, your customers will have the chance to scan information straight into the system which will give you far quicker transactions. This will save your customers time and increase your sales.

5] Increase Mobile Transaction Safety 

More and more customers are using their mobile phones to make online purchases and so they must be protected too. With ID verification, you won’t have to have lots of unnecessary typing and you can accurately identify your users.

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