99.9% of all UK businesses are classed as SMEs. More specifically, 79% believe their biggest problem is attracting customers, whilst 59% say increasing revenue. During times of economic uncertainty and a deluge of data breaches resulting in highly concerned customers, it’s more important than ever to retain consumer trust. Here’s 3 handy tips to help you along:
1. Use Payment Validation
Fraud and late payments can harm your brand image, and ultimately your customer base. According to a report from PricewaterhouseCoopers (PwC), 68% of businesses claimed fraud had an impact on their reputation and brand, as well as 77% saying it affected business relations. The study also states UK businesses are spending more than ever on compliance, but are you one of them?
Using payment validation software enables you to reduce the risk of fraud with correct data, thus avoiding erroneous payments. As a result, this will help you retain the trust of your customers and protect your brand image. Additionally, you’ll also save time and money by accurately capturing payment details within the online shopping cart and internal systems.
2. Have Clean and Accurate Data
Censuswide surveyed 510 business decision makers, and half of the respondents claimed their business wouldn’t survive without top-quality data. 63% stated data helped identify opportunities for revenue growth. However, despite the numerous benefits, data also has its pitfalls. 46% said they didn’t have the right technology to take advantage of data, and 42% added they had suffered as a result of having inaccurate data.
Data becomes dirty and inaccurate over time due to natural decay. This is problematic if you don’t have access to data cleansing technology which could ultimately result in losing your customers. Cleaning your data regularly will future-proof your business and your customers’ loyalty.
3. Verify Their Address
It’s predicted that by 2021, approximately 93% of UK internet users are expected to do online shopping. However, an estimated 13% of shoppers abandon their carts because the checkout process takes too long to complete. Address validation software will significantly reduce the amount of time the user has to spend keying in their address during checkout, not to mention reducing the risk of misdelivery.
37,000 of UK businesses rely on the Royal Mail Postcode Address File (PAF) to ensure the accurate delivery of 15.5 billion letters and parcels every year. Getting your customers’ address right or wrong could be the make or break of your relationship with them. Therefore, a PAF-powered Address Lookup solution will help solidify consumer trust.
, updated 9th August 2022.