This article is provided by BRC Associate Member Experian.
Experian works with leading retailers to drive increased revenue and improve customer experience through better Data Quality. As part of this, Data Validation can offer a wealth of benefits.
In the fast-paced world of retail, accurate data is an invaluable asset. For businesses aiming to drive their revenue and deliver exceptional customer experiences, data quality plays a vital role. That's where Data Validation steps in, offering a wealth of benefits that can transform the way retailers operate. From reducing failed deliveries to ensuring successful conversions, we’ve outlined the 10 benefits every retailer should know.
1. Reduce Failed Deliveries
By instantly validating data as soon as a customer inputs their delivery address, retailers can ensure the information is correct and complete. Eliminating errors such as missing or inaccurate addresses means retailers have clean address data, optimising delivery planning and increasing successful delivery rates.
2. Faster Checkout Process
Data Validation can intuitively auto-complete contact fields, meaning as customers start typing their house name, number, or street, their full address will pre-populate. Enabling retailers to offer autofill options to reduce friction and speed up the checkout process allows a streamlined digital experience and more efficiency.
3. Reduced Cart Abandonment
‘Customers want to find and purchase exactly what they’re looking for in just a few clicks. We predict the cart abandonment rate will rise further if the consumer journey is not made as simple as possible’ says Matt Dine, Head of Mid Market Direct Sales, Experian Data Quality.
A complicated and time-consuming checkout process can be a major factor in cart abandonment. As customers are looking for a simple, convenient process, any additional steps can hurt their buying experience. Data Validation can quickly capture contact data, correct mistypes and validate information against official sources, helping to streamline the buying journey and reduce the likelihood of customers abandoning their carts.
4. Reduce Data Duplication
Data Validation detects and eliminates duplicate customer records. By merging or removing redundant data entries, retailers can maintain a clean and organized database, ensuring the right data and journeys are assigned to the correct customer.
New Look have partnered with Experian for over a decade to use our Address Validation solutions to verify customer account details. As a result, they have been able to minimise account duplication and maintain clean customer records to build a holistic and accurate view of their customer database.
‘As we work to re-architect our system, Experian’s Address Validation is the one platform that’s staying.’ - Chris Neal, Domain Architect – Digital, Marketing, Customer Care, New Look.
5. Increased Marketing Efficiencies
Validating contact information enables retailers to reach their customers with ease. Not only does this mean smoother order updates, but it also allows efficient marketing communication, including promotional campaigns, details about new store openings and personalised offers.
Accurate Data Validation helps facilitate an omnichannel approach for retailers. One of the main benefits of an omnichannel approach is that businesses are able to collect data including multiple user touchpoints, from their physical store and online environment. Being able to understand what customers are doing both online and offline is a huge benefit for any retailers.
By capturing accurate demographic and behavioural data, businesses gain insights into customer preferences, allowing them to tailor marketing strategies and create personalised experiences that resonate with their target audience.
Experian’s real-time Address Validation and Mosaic tool helps IKEA understand the household demographics of their customers, enabling them to send out more targeted communication. These improvements have led IKEA to increase outreach with personalised communication to a customer base of millions of members in Australia.
‘We work with Experian in many different ways. From what we saw, there wasn’t any other supplier that can give us the same level of match rates.’ - Kirsten Hasler, Country Marketing Manager at IKEA Australia.
By providing a seamless shopping experience and delivering effective communication, retailers can earn customer trust. Data Validation helps businesses provide customer experiences that align with their expectations and build strong relationships with their customers to drive acquisition, loyalty, retention, competitive standout and advocacy.
With validated data, retailers can reduce friction and customer effort through the purchase process, resulting in increased conversion rates. By leveraging accurate customer insights, businesses can tailor marketing messages, deepen customer understanding, and provide a personalised shopping experience that boosts the chances of conversion.
By improving the accuracy and completeness of the data captured, retailers can reduce wasted resources on failed deliveries, unnecessary marketing campaigns, and inefficient operations caused by inaccurate data. Data Validation can achieve greater matching of retailer’s targeted customers, empowering them to deliver more personalised marketing and, in turn, higher customer spending that contributes to a better return on investment (ROI).
In conclusion, Data Validation offers a multitude of benefits for retailers seeking to thrive in a data-driven industry. Embracing Data Validation is a crucial step for retailers striving to enhance their operational efficiency, optimize customer experiences, and achieve long-term success in the retail landscape. Find out more here.