There has been a major turnaround within the retail industry since the last couple of years regarding buying or purchasing of commodities. This trend has given a whole new direction to the buying process globally. Similarly, merchants, on the other hand, have felt the need of initiating new methodologies to cope with demands of the consumers. As it stands, retailers and merchants are still struggling hard to meet the pace of this new buying pattern. Yes! We are talking about the online buying mentality of the consumers that has penetrated so vigorously that it became an alarming concern for the retail industry.
Since the trend of online buying and purchasing has stepped up to the plate, different kinds of issues started crawling in! Merchants had significant chargebacks since this trend has started which resulted in huge losses to numerous merchants. Now, this is the time when merchants considered it as a danger for their businesses by knowing that it cannot be overlooked. The retail industry has severe concerns on verifying their consumers’ identity which cost them thousands of dollars every year. To better address this concern of the retail industry, digital identity verification comes to rescue!
Digital identity verification techniques have allowed the consumers to aggressively buy or purchase through online channels. It seems like a lot of problems for the retail industry will be resolved by verifying the user’s identity in just a few seconds. One of the biggest challenges for the retail sector is to authenticate the online transactions without any fraudulent activities. Merchants have been much curious to know about minimizing the number of chargebacks they get every year. With such growing need of an intelligent solution to minimize chargebacks and combat identity frauds, digital identity verification gained much more popularity. Consumers have now got a free hand to make online purchases in a quick and efficient manner. The digital verification allows them to get their credit/debit card verified and complete their transaction.
Digital verification has also secured the online transactions by biometric recognition of the user’s face while verifying the credit/debit card. It ensures that the person who is making the transaction is the original card holder and it further authenticates the verification process. Digital identity verification does not only help merchants secure the transactions from terrorist financing and anti-money laundering but also enables them to make consumer experience even better. The retail industry might not have been this much secured in the past years from identity frauds as it has become now with the use of real-time digital identity verification. Now, the online transactions have become so easy and simple for the consumers where they just need to show their face and credit card to complete the transaction. Starting from the early problems that retail industry was going through from ending up at digitally verifying the document is certainly an achievement within the digital world.