A separate report showed that incorrect addresses cost the Postal Service industry about $1.5 billion a year. On the other hand, the mailing industry has to suffer a loss of $20 billion for the same reason.
All of this can be controlled by verifying data and correcting mistakes.
In this article, we’ll talk about the benefits of address verification and how it helps businesses save time and money.
What is Address Verification?
Address verification is a technique businesses use to verify addresses stored in their database. Since businesses collect addresses in a variety of ways, there’s a high risk of errors that can cost a company millions.
Address verification tools verify addresses by identifying typos, correcting wrong inputs, and verifying information against different portals. This ensures you only have correct and valid addresses. But, how does address verification benefit businesses?
It improves the bottom line by helping businesses save time and money. Here’s how:
How Address Verification Saves Time
Here’s how address verification can save time:
1. You Will Be Able to Deliver Faster
An incorrect address can cause delayed deliveries. The person delivering the parcel may have to ask around to find the exact address, which doesn’t just waste valuable time but also may end up costing you more.
When you have the exact address, you’d be able to deliver goods on time and save money. This is how companies like Amazon are able to deliver via drones, they do not have to worry about incorrect addresses.
Imagine the horror of a drone leaving a parcel at an incorrect address. With drone delivery expected to become a trend in the future, the demand for address verification has only increased.
2. Fewer Return Mails to Take Care Of
A large number of mails are returned every day due to incorrect addresses. In fact, without address verification, you risk having to repost parcels about 4.7% of the time, according to EasyPost because 4.7% of the times an individual completes a form, they are bound to make an error.
Some of these mails are resent, which wastes time and money, and some go to waste lying around. The best way to solve this problem is to authenticate addresses.
Once you have correct addresses, all parcels will get delivered on time and your employees will waste less time delivering the same order twice.
How Address Verification Saves Money
At the end of the day, it is all about money. Studies show that shipping errors due to incorrect addresses can cost a business more than $70 per package depending on the size of the shipment.
Here’s how address validation helps save money:
- Brings You More Business By Improving Customer Satisfaction
Gone are the days when businesses could provide poor services and get away with it. Time has changed and today’s customers are spoilt for choice. They will not think twice before ditching you for your customers if you do not offer them the level of service that they expect.
- Improves Your Marketing Campaigns
If you like to send marketing materials via post then it is very important to ensure that they’re sent to the right address. Your efforts will not bear fruits if they’re not delivered to your target audience.
Since every marketing dollar is important, you must take steps to ensure the right parcel is sent to the right person. All in all, data verification allows all kinds of businesses and industries to better use the resources available to them.
What Are Some of the Most Common Address Errors?
- Multiple addresses for the same person or organization
- Invalid zip code
- Incorrect city or state name
- Insufficient address information
- Deliberately fed incorrect information
According to reports, West Virginia has the highest number of returned mails due to incorrect addresses. This is because a large percentage of the state’s population lives in rural areas that are not very commonly visited by postmen.
In 2013, an Atlantic reporter visited the state to get in touch with the locals and find the cause why this was such a major problem in the state. She found that the streets are difficult to navigate and houses are not always numbered.
“The postman doesn’t deliver there…directions are proffered in paragraphs; landmarks (‘the stone church,’ ‘the old sewing factory,’ ‘the dumpster painted like a cow’) function as de facto street signs,” said the reporter.
This was the scenario in 2013 and while things have changed now the sad fact is that some businesses still use older addresses. Address verification can solve this problem by updating addresses.
The average person moves more than 11 times in a lifetime, hence it is important to update addresses every few years because old addresses are not always reliable.
How Can Businesses Verify Addresses?
Back in the day, the only option to verify addresses was to double check documents manually, call the person and inquire, etc. This process was both costly and time consuming. Fortunately, there are now address verification tools like WinPure Address Verification software that can get the job done.
Our award winning software is suitable for all kinds of businesses and can process up to 3 million addresses per hour. It can add missing values and help you save time and money. It uses a powerful Global Parsing Engine (GPE) to parse, standardize, verify, cleanse and format address data. From a simple click it will automatically correct and add all missing address elements by comparing it to the very latest country datasets. The solution is fully on premise and requires no online connection.Learn About WinPure Address Verification Tool