You don’t need to be a Wall Street analyst to know that eCommerce is booming. In 2022, online retail will account for a fifth of all global retail sales.
With an international volume of online orders around the globe breaking records, what could possibly impede the growth of eCommerce?
Well, unfortunately, there’s one thing: “bad address data.”
Bad address data can be a silent killer – an invisible enemy that seems so trivial it’s often unnoticed and unaddressed by a company’s executives, IT teams, product and operation managers — as well as shipping professionals.
Efforts to improve address data are rarely brought up in meetings. Let’s face it: when it comes to debates about the key pillars of business operation excellence, buzzwords like “streamlined processes,” “system integration,” “strategic alignment” are bandied about in the office – not boring “address data.”
Yet, address data is one of the critical points of failure in the shipping process. According to USPS estimates, undeliverable mail and packages cost businesses over 20 billion dollars per year. Much of this problem is attributable to simple address errors; in fact, 20% of addresses entered online contain mistakes.
This problem only increases when you look internationally with the added complexity of multiple address formats and languages, which makes it easy for small errors to add up to enormous costs.
Sadly, bad address data doesn’t just impact immediate costs — it has long-lasting effects on customer satisfaction and lifetime value. Over 94% of consumers blame the retailer — not the messenger — if a delivery goes poorly. That misplaced blame occurs even if the customer entered the incorrect address in the first place. And 70% of customers say they’re unlikely to do business after a bad delivery experience.
So, what can businesses do to guard against bad address data?
Good news is a modern Address Verification Intelligent Platform — especially integrated at the point of customer data entry — has helped companies across industries transform their business to avoid shipping, mailing and marketing miscues with superior address verification accuracy. When it comes to ensuring no bad address data gets processed, a modern verification platform is goalie, guardian, and Gandalf — all in one.
Bad data — you shall not pass!
To help companies in all industries self-evaluate their database, shipping and mailing operation, Lob, the global leader in address verification, has published the ultimate benchmarking playbook titled, “How Smart Companies Avoid the High Cost of Bad Data.”
This white paper was designed to be a cold hard guide for companies to compare their shipping and mailing operation performance against industry statistics for eCommerce, financial services, real estate, and healthcare.
Lob compiled data from hundreds of companies across various verticals to determine how deliverability varies by industry with unique industry use cases.
The information inside should also help smart shipping/mailing professionals, who know the value of accurate address data, make a data-driven argument to management to adopt a modern address verification platform.
If you think you can handle the truth about bad address data — and are ready to take the steps to overcome it — then click below to download this free white paper “How Smart Companies Avoid the High Cost of Bad Data.” Lob is 4% more accurate with 50% less false negatives than any competing solution.