Address verification is a process of ensuring the existence of a particular street and postal address. An address can be verified either upfront, where the user searches for the incorrect or incomplete address by methods like cleansing, matching, parsing or formatting the data in the database against the available postal data.
Address validation and verification methods help businesses wanting to locate and verify addresses. These methods allow them to find addresses crucial for geospatial data analysis precisely. Companies can pinpoint locations, street addresses, and physical buildings to plan delivery timelines, understand customer demographics and formulate marketing plans.
This blog talks about how address verification vendors in India adopt methods to ensure that all addresses in the company’s database are complete and accurate.
What is Address Verification?
Address verification refers to the process of checking addresses in a system with third-party databases to ensure that they still exist and are correct. Address verification is a significant component of digital documentation solutions for all companies. This verification implements the following checks:
- Whether the address exists
- Whether the address is deliverable
- If the address has any spelling errors
- Whether the address is complete
- Whether the address is correctly formatted
Assume an address reads “13, Janpath Road, New Delhi”. Although it is possible to reach this address, it is not complete and comprehensive. An address verification method will verify its existence and give the correct result, “13, Janpath Road, Connaught Place, New Delhi-110001, India”. Digital address verification vendors in Indiamay utilise geotagging features to extract the correct information.
Use Cases of Address Verification
Address verification as a part of digital documentation solutions can be beneficial to many sectors, including:
Delivering the correct goods on time to the right place is the success mantra for e-commerce companies and having a valid address is critical to achieving this. If delivery fails, the company must pay double to re-ship the item or make a refund to the customer. Integrating an address verification tool with the checkout process can reduce such incidents.
Businesses and Financial Organisations:
Businesses and enterprises utilise address verification solutions to get the correct address of an employee they are planning to onboard. These checks have also become prevalent with the rise of remote working. This check is even included in the background screening process. Moreover, financial organisations utilise address verification as a tool to check if the provided details are correct as per KYC, customer onboarding, and due diligence processes.
Logistics companies operate on a large-scale, serving millions of clients in a day. To ensure the smooth running of operations, they must ensure that they have accurate and valid addresses in their database. Delayed deliveries can hamper their relations with the sender and receiver, leading to wastage of time and resources. The address validation process can ensure on-time deliveries for logistics companies with minimal wastage, returns and optimised routes.
Benefits of Address Verification:
There are several benefits of address verification than just getting the correct address:
When you have the correct address, that can guarantee deliveries are made on time without any delays. Address verification helps maintain updated addresses in the address database when there are changes in city names, street names, etc. For instance, delivery agents can choose the optimal route to a location to save costs and time through accurate maps.
The autocomplete feature of address validation helps quicken the checkout process for customers. Once customers begin to enter the address, the address autocomplete API gives options to complete it. This reduces the number of clicks by customers, length of the checkout process, abandonment of shopping carts and improves sales conversions.
The main objective of KYC regulations is to maintain correct addresses, and address verification helps accomplish this requirement. It can prevent bad data from featuring in the database lowers the risk of identity theft and hacking. Through address verification, suspicious transactions and spurious activities can be detected and flagged.
Marketing campaigns have the highest success rate when they reach the target customer market. For example, a customer living in Mumbai will not be interested in a showroom opening in Delhi. By maintaining accurate addresses, businesses can segment their customers based on their demographics and other preferences for targeted marketing campaigns.
Enhance Brand Reputation:
Correct addresses mean timely and quick deliveries, which in turn means happy and satisfied customers. Additionally, you can get more protection against fraud and make your company more trustworthy and reliable. These positive factors can enhance brand reputation and strengthen your market position.
Considering all the benefits, you must choose the appropriate solutions from address verification vendors in India for your business based on your company size, customer demographics, and the scope of your business. Then, you can integrate the tool with your current website, and you are assured of definitive support.