Solutions must learn, and evolve, to stay a step ahead of clever fraudsters
Online shopping was already on the rise as we headed into 2020, but the pandemic has driven more people online to shop for everything from groceries to cars. In fact, according to a nine-country study, “COVID-19 and Ecommerce,” more than half of the survey’s respondents now shop online more frequently, and according to another study, the number of people who bought online and picked up curbside exploded by 208%. That increase isn’t just for the largest big-box giants either. Small online retailers have managed to bounce back and go on to thrive after an initial downturn. And even the smallest mom-and-pop stores quickly pivoted to sell their wares online, with the help of Shopify, Facebook and other tools.
The trend isn’t likely to end anytime soon, in part because the pandemic isn’t yet under control, which will continue to keep people out of many brick-and-mortar locations. In addition, people increasingly are relishing the convenience of online shopping. This past September, US online sales increased 43% year over year, reaching $60.4 billion, according to Adobe Analytics. With the holiday shopping season right around the corner, it’s safe to say similar trends could continue through the end of the year.
Online shopping creates data — and data creates opportunity
Certainly, the silver lining is that online shopping is the lifeblood of many businesses right now, but there’s also another one: All this online shopping is creating a tremendous amount of data. Every time a customer places an order, you’re gaining contact information you can use later to improve customer experiences and services. If your business is like many others, you’re working with more data than ever before, and that data can be integral as you look toward recovery.
Warning: Bad data can make or break retailers
When you are working with bad data, however, you’re more likely to operate inefficiently and provide poor customer service, both of which hurt the business. In fact, 73% of consumers will likely switch brands if a company provides inconsistent levels of service, according to Salesforce Research.
So, while you may be sitting on a wealth of data right now, according to Forrester research, up to 33% of a business’s customer contact data goes stale after 12 month. In order for you to use your data to achieve your goals going forward, you need to actively maintain it. And that can be a challenge.
The critical importance of data hygiene
What can you do to ensure that all this data you’re collecting creates opportunity — and not hassle — for you later? In this brand-new ebook, we detail three critical steps to support your data-quality efforts now and later:
- Continually refresh customer data so that you’re always working with the most recent, accurate information and proactively mitigating fraud
- Get a single view of customers to remove obstacles that hurt the customer experience
- Enhance customer profiles, fill in missing details and gain a better understand of customers so you can target them more effectively and efficiently
Read the full book for more insights on how to clean and maintain your data — and better engage customers. And for more information on how TransUnion can help you meet all three of those objectives, visit tloxp.com/data-quality-solutions.