E-commerce businesses are one of the most active industries that allow customers to shop online every day. E-commerce business success depends on the trust and seamless customer experiences on their e-commerce platform. Almost every person explores e-commerce platforms for online shopping according to their needs. As rapid e-commerce shopping is on the rise, security threats such as identity fraud, payment fraud, and account takeovers also exist. In the e-commerce industry, to deal with these types of risks, robust KYC solutions are significant and assist in recognizing genuine customers and preventing identity fraud and unauthorized access.
Numerous e-commerce businesses are available in the market that are operating globally, and a few of them are as follows:
- Amazon is a pioneer in the e-commerce industry that deals with categories like Home & Kitchen, Beauty & Personal Care, Toy & Games, Clothing, Shoes & Jewelry, Health, Household & Baby Care, Sports & Outdoors, Arts, Crafts, & Sewing, Books and others.
- eBay is an American multinational e-commerce company based in San Jose, California that deals in buying & selling electronics, cars, clothes, collectibles & more.
- Walmart is an American multinational retail corporation that operates a chain of hypermarkets, discount department stores, and grocery stores.
- Etsy is a platform that targets buyers who are in search of crafted and vintage items and serves as a marketplace for independent sellers in e-commerce.
- Best Buy is Renowned nationwide among tech enthusiasts for mobile gadgets and other appliances; BestBuy also serves e-commerce clients alongside their outlets, including other household items.
- ASOS is a fashion retailer from the UK that sells apparel, beauty products, and accessories all over the world.
- AliExpress is a subsidiary of the Alibaba group, and it is an online shopping site that sells a wide range of inexpensive items from Chinese suppliers to international buyers.
- Overstock is an online retailer that sells surplus and returned furniture and home furnishings at much lower prices than standard retail.
- Wayfair is one of the largest e-commerce platforms for furniture and home goods. It offers a wide range of furnishings, decor, and home repair supplies.
- Costco is a membership-based retail store that sells large quantities of different items, such as groceries, appliances, and home supplies, at very low prices.
- Chewy is an e-commerce business that is known for pet supplies like food, toys, and medications, as well as customer service and subscription services.
E-commerce businesses can be in various categories, and every e-commerce site is known globally for its business categories in the e-commerce industry.
How KYC Solutions Helps Secure E-commerce Businesses?
Quick Identity Verification:
IDMERIT’s KYC API is the best-in-class KYC solution that can provide quick and easy personal identity verification and seamless fraud detection. Utilizing an API (REST), it can access over 440+ official data sources across 180+ countries to provide digital Know Your Customer (KYC) solutions. KYC Solutions help to verify the identity of the customer quickly and securely for the e-commerce industry and delivers accurate results within seconds.
Enhance Customer Trust:
When customers learn about an e-commerce platform, they use an AI-driven identity verification solution to authenticate their identity before making any purchases. It assures customers of secure purchasing on the e-commerce platform and enhances customer trust in secure payment transactions. KYC solutions assists in building trust and maintaining the fraud-proof brand reputation of e-commerce companies in the digital world.
Protect Minors:
Underage customers try to purchase from e-commerce sites, and KYC solution ensures it, whether it is a minor or an adult, according to their age. Some e-commerce sites don’t allow you to purchase anything according to age-restricted regulations that deal with age-restricted products. Protecting minors is everyone’s responsibility, and IDMERIT also helps to protect minors and prevent financial crimes.
Reduce Account Takeovers:
Cybercriminals who are involved in fraud activities often use phishing techniques to steal login credentials of e-commerce platforms. However, digital KYC ensures that only genuine account owners can access their profiles and prevent unauthorized access. It also provides video KYC solutions to achieve austerity in real-time. It reduces the chances of account takeover and helps ensure a safe online shopping experience.
Prevent Fraudulent Transactions:
KYC API ensures genuine identities before buyer-buyer transactions on the e-commerce site and prevents fraudulent transactions using stolen credit card details. It gives a red alert for fraudulent identity and helps in fraud prevention for e-commerce businesses.
Ensure Compliance:
KYC API ensures regulatory compliance with GDPR and CCPA regulations. IDMERIT’s digital KYC API ensures regulatory compliance and authenticates identities according to regulatory standards. KYC solutions ensures e-commerce businesses do not face legal risks and regulatory penalties.
Quick Onboarding:
An advanced digital KYC solution based on AI and machine learning algorithms authenticates customer identity within seconds and ensures a quick onboarding process for e-commerce sites.
As people rapidly use e-commerce sites for online shopping, e-commerce platforms must have an advanced identity verification solution that builds a robust security system, prevents unauthorized access, and provides an effortless online shopping experience. Digital KYC assists E-commerce stores in verifying identity quickly and provides a smooth user experience during the onboarding process. It assists in safeguarding minors and securing an e-commerce payment system.
Digital KYC API allows seamless customer identity verification for e-commerce businesses, complies with regulations, and prevents fraud. Effective digital KYC solutions build customer trust, mitigate risks, and smooth the operation process for your e-commerce businesses. IDMERIT helps in securing business transactions and provides a safe online shopping experience for everyone. Along with KYC solutions, IDMERIT provides comprehensive identity verification solutions that can also be utilized to meet e-commerce business requirements. Digital KYC keeps e-commerce businesses ahead of the curve in the competitive market and prevents advanced financial threats.
