Importance of ID Verification Solutions in Retail and eCommerce

Global ID verification solutions in retail have become increasingly relevant in the retail and eCommerce industries. Cyber-attacks and fraudsters have become a common threat to large retailers and eCommerce sites, putting consumer data protection at the same priority as protecting a bank vault, if not a person's life.

Using global ID verification solutions, customers can shop across international borders with the same trust they would have in their local market. Digital identity management must be automated while maintaining a global reach.

Rise of ID Verification Solutions in eCommerce and Retail Sector Globally

Increasing online shopping and retail eCommerce sales have made ID verification in the retail and eCommerce industry necessary as a digital payment option. With eCommerce seller identity verification, customers can research products, services, companies, and purchase items without leaving their homes. There are both negative and positive tradeoffs to this increase in convenience.

The retail and eCommerce industries were attacked as sales and foot traffic increased beyond pre-pandemic levels. Even though regulators saw the need for stronger protection of consumer data, this didn't immediately lead to better protection for the retail and eCommerce industry. It wasn't until identity verification solutions were introduced that any real progress was made. Even then, there is still more work to be done to keep consumers safe online.

As businesses increasingly realized the benefits of digital identity security and management, identity verification became the standard when purchasing and conducting business. This shift was driven in part by the rollout of more regulations for anti-money laundering (AML) and combatting terrorism financing (CTF). By verifying customer identity, businesses were able to reduce fraud and protect themselves from financial crimes.

As the world increasingly moves towards a digital economy, it is becoming more prudent than ever to have reliable global ID verification solutions. These solutions help to ensure that eCommerce and retail customers are who they claim to be and thus have access to the appropriate products and services. This is especially critical in today's climate, where online identity security is a top priority for 57% of retail consumers.

Why are Global ID Verification Solutions important for the Retail and eCommerce Industries?

In today's online retail landscape, it is more important than ever to have a global ID verification solution in place. By verifying a user's identity, retailers can build trust and secure customer and business data. Global ID verification solutions provide a simple and safe way to do this, making them an essential part of any online retail business.

· They reduce shipping errors.

· Increases the ease of online business.

· Prevents Frankenstein identity frauds.

· Assures AML compliance.

· Improves digital identity management.

· Boosts online and offline sales.

· Safer hiring process.

· Enhances management for retail and eCommerce.

As online shopping becomes more popular, businesses start experimenting with pop-up shops to get a feel for the retail experience. Global ID verification solutions give your business an edge in competing in the digital world.

Identity Verification Solutions that you need

Mobile Identity Verification

As mobile commerce becomes more popular, there is a greater need for mobile ID verification. This helps retailers unite their physical stores and eCommerce site. As smartphone developers add more biometric safety features, they become the ideal conduit for biometric authentication and mobile ID verification.

As more and more businesses require mobile ID verification, cutting-edge technology is becoming increasingly important. Facial recognition and biometric scanning are two of the most advanced technologies available, and when combined with sophisticated algorithms, they provide a high level of accuracy and security. Mobile ID verification can verify customer identities in various situations, including in-store transactions, online purchases, and phone calls.

Real-time Identity Verification

As eCommerce and retail become increasingly interconnected, real-time identity verification must be performed using a combination of live video chats, signature analysis, and other digital means. This is important to provide customers with a personalized, safe, and transparent digital customer experience—something that 85% of consumers want. It's worth noting that 50% of Gen Z consumers still prefer to shop offline; however, as eCommerce continues to gain popularity, real-time identity verification will become an increasingly important part of retail.

As a retailer or e-commerce store, you know that reliable and secure real-time ID verification solutions are vital to your success. That's why automated ID verification solutions that provide real-time access to updated global watchlists are crucial in maintaining digital security and preventing fraudulent attacks. With these solutions in place, you can rest assured that your customer identification program runs smoothly and efficiently.

Online Identity Verification

As eCommerce businesses strive to protect their customers and brand reputation, they are turning to online identity verification solutions rapidly. Businesses can ensure that their customers' information is secure by offering a range of options such as phone and text verification, email, IP address, and social media verification. With online identity verification, businesses can avoid costly customer security breaches and build trust with their customer base. Online identity verification is used for gaming, cryptocurrency, and other age-restricted platforms other than social media.

IDMERIT – Industry-leading Global Identity Verification Solutions Provider

IDMERIT's global identity verification platform is the foundation of modern eCommerce and retail. With biometrics and machine learning, our scalable platform assesses a customer's identity and verifies it against a reliable global database. With additional services like document verification and sanction list screening, we help businesses build a more comprehensive customer profile and comply with AML regulations.