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Ecommerce & Marketplaces
Businesses can range from sole proprietorships to large corporations, each with unique documentation and compliance obligations. In B2B and B2C marketplaces, verifying both business buyers and business sellers is crucial for a secure transaction environment. Implementing business identity verification is essential for fraud prevention and regulatory compliance. The key is balancing due diligence with minimizing approval friction through automation and ongoing monitoring.
Increase conversion and revenue
Verifying more businesses faster leads to increased revenue. By implementing the appropriate solutions, businesses experience a significant 5-25% boost in onboarding conversion rates, resulting in the direct revenue contribution to the business. Key factors include:
- Onboard in seconds – not days
- Frictionless verification experience
- Win more customers
- Real-time verification
- Reduce churn
- Decrease time to value
Reduce risk
and stop fraud
Bad actors consistently engage in multiple fraudulent activities. Therefore, organizations must collaborate with real-time data from various government agencies and trusted sources to obtain a comprehensive overview of the current business entity's profile. Additionally, continuous monitoring is essential as what was approved yesterday may no longer be valid today and could potentially jeopardize your business. Organization should look for:
- Automating compliance
- Access to audit-proof technology
- Ongoing customer monitoring
- Enterprise-grade security
B2B Marketplace
Identity verification challenges are further impacted by diverse business structures, complex decision making-units, regulatory compliance and risk of fraud. Advanced strategies are required to handle:
- Business buyer and seller centric workflows
- Industry specific verifications
- Business registration status
- Continuous monitoring of business risk
- Insurance coverage and status
- Automated workflows
B2C Marketplace
Connecting individual consumers to a variety of sellers comes with its set of unique challenges. Consumer buyer demand comes from having a Marketplace with trustworthy suppliers. Therefore, the first step in driving buyer demand is verified supplier and seller business verification. Innovative solutions are required that can handle:
- Comprehensive seller identity checks
- Business risk transparency and stability
- Sole proprietor verification (when applicable)
- Ongoing monitoring
- Seller feedback integration
Pro Beauty Buyer Onboarding
Pro Beauty buyers increasingly expect the convenience and speed that are commonplace for consumers, especially when they have a high intent to purchase and need to solve a specific problem. If they are forced to wait 24+ hours to complete their purchase, many simply search for the products elsewhere.
When verifications are not immediate at a Fortune 50 Ecommerce Company, roughly 50% of users churn and never convert to spending buyers. Mesh consistently drives an additional 5-10% top-line conversions.
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