Ekata’s Director of Business Development James Sibbick presented the following statistic on frictionless experiences:
92% of consumers expect a fast, frictionless experience – while also getting one that is as trustworthy and secure as possible.
He reminded us all that the number could well be out of date; if anything, it’s higher. Consumer expectations are rising, especially as we all conduct more of our day-to-day lives online. In fact, according to a report commissioned by us, nearly three quarters of consumers expect instantaneous results, while 92% want security without friction.
It’s been raining in Sydney, but that didn’t put a dampener on day one of the Online Retailer Conference & Exp, 2022, the largest of its kind in Australia – bursting with panel discussions and solution providers from leading local and international retailers.
We were thrilled to meet fellow solution providers, tech support officers, and merchants from near and far. Australia’s ecommerce market, the 11th largest in the world, is growing rapidly, with 15.5% year-over-year growth. With three in every four Australians shopping online, an estimated 20.7 million are expected to be doing their shopping online by 2025.
With this hyper competitive market in mind, we were honoured to present to a room of our peers. James introduced Ekata as a company that delivers the global data and risk insights needed to reduce friction, improve conversions, and combat fraud. This elusive balance – a seamless, yet secure transaction – is possible.
The food for thought presented to the audience was in the form of a question: how are you enhancing your data?
By knowing how to properly enhance the data at hand businesses will be able to address the balance of fraud mitigation and customer experience. Below we will outline the what, why, and how of data excellence, and then explain what we mean by “data enhancement.”
By knowing how to properly enhance the data at hand, you will begin to not only address the balance of fraud mitigation and customer experience, but potentially strike it all together. Below we will outline the what, why, and how of data excellence. Then, explain the meaning of “data enhancement”.
What: Data excellence refers to the impact of data management on the data itself, especially regarding data quality.. A competitive advantage in today’s global identity verification and risk market, data excellence also refers to additional data related aspects; data security, privacy, compliance, and risk.
Why: Internally collected data is simply not sufficient to verify digital identities in a global, ever-changing digital ecosystem.
How: It’s all about the layered approach; collaborate with fraud partners, law enforcement, and industry peers (why we go to these conferences in the first place!). As a leader in global identity data, partnering with Ekata gives your business access to the highly predictive Ekata Identity Engine.
Data enhancement is a process that involves adding new data elements to an already existing database. Companies often collect basic information, such as email addresses, phone numbers, and addresses. Data enhancement takes this information and matches it against a larger database of business data. As a result, ensuring the missing data fields can be added.
Take the internal data provided to you by your team, and layer it with the data you receive from external partners (like Ekata). Now is where we ask the question: how can we use this user?
- The link from Name to Phone – is it real? Have other industry partners seen this link?
- The link from Name to Email – when did this first appear?
- The link from Address to Email – what is the physical distance?
By enhancing the data at your fingertips, you can determine when and how to implement friction. Friction impacts your customer retention; getting this balance right means everything.
Want to learn more about striking the balance? Please read our eBook: Friction: Friend or Foe
Do you have questions about how our insights layer with your own to achieve this balance and near-frictionless experiences? Please contact Ekata today.