How To Increase Conversion Rate In Business During Customer Verification
A stream of features has characterised the emergence of online businesses in converting sales and retaining customers. However, this can only be achieved when certain metrics are implemented to measure the business’s productivity.
For instance, an e-commerce platform can use the conversion rate to track signups on the website.
This platform can further track how users interact with the products and services to inform the platform on what to improve upon.
It is common knowledge that the shorter the funnel, the higher the conversion rate in business. This means reducing the steps of customers accessing products and services to optimise the business productivity.
In most instances, businesses must provide KYC processes to their customers to verify their identity.
However, the conversion rate in a business may significantly drop if the KYC process is long and time-consuming. This is because customers may get bored and discouraged, which may, in turn, lead to a high rate of abandonment of the onboarding process.
Contributing Factors To The Drop In Conversion Rate
1. Limited Guidance Amid The Verification Process
It is a good deal for businesses to have a user-friendly platform with every information needed to compel visitors to become customers.
However, some users need that push to make their experience seamless with the business. That is why you must always provide real-time information to guide your customers in interacting with your products and services.
2. Too Many Steps For Customers
The increase in the dropoff rate of customers in business is a function of the number of steps to complete a trade or transaction. No customer wants to go through this when interacting with the business.
So, customer experience with your business must be seamless and excellent.
This also applies to the identity verification of your customers. You may likely lose more customers when the onboarding process has many steps to complete.
3. Lack Of Multiple Languages
The conversion rate of international businesses may drop if there is no provision for alternative languages other than English. This is because users from other climes who are not English-speaking may find it difficult to interact with the business.
Therefore, translation opportunities must be in other popular languages to attract and retain more customers during their verification process.
This enables them to understand what the information is about and what is required.
How To Create Identity Verification That Increases Conversion Rate
1. Inform Your Customers Before Identity Verification Commences
You must plan to notify and enlighten your customers before proceeding with the identity verification process.
This is to give your customers ample information on the rationale behind the process – which can increase their chances of moving into your conversion funnel.
In most instances, you can add a short introductory message or full demo video before the start of the process.
2. Give Feedback During Verification
It is important to let your customers know they are not alone during identity verification.
This gives them good encouragement and confidence to continue with the process.
Usually, customers may be unclear about how and what to use to capture their faces during identity verification.
They may also not be sure of the information on their identification document that needs to be captured. The customers may also have divergent opinions on the real definition of a good-quality photo.
However, some businesses may give feedback on the quality of the identification document or face ID that customers provide.
They may require customers to provide a better quality – which customers can do or drop off when the issue persists.
3. Remind Customers To Complete The Verification Process
Your customers may be anywhere when you sign up for your business. That time may not be convenient for them to start their identity verification process.
But a reminder will do the magic of reinforcing their interest in your business by proceeding with the verification process.
Therefore, you should track the users who have already signed up but have not completed their verification process.
You can achieve this by sending them a personalised email to remind them.
4. Keep Them In The Funnel After Verification
Your customers’ information underscores whether their verification process will be approved, declined, or may require resubmission.
You can send an approval notification to your customers via email or SMS to inform them of your service(s) availability.
In addition, users in the funnel of decline and resubmission can be contacted to implore them to begin the verification process again.
You may give the customers personalised reasons why their identity verification has not been approved.
5. Make The Identity Verification A Continuous Process
Customers may need certain guides to help them with the identity verification process.
As such, you must continue to update your frequently asked questions (FAQs) and other supported resources based on customers’ feedback about the process.
The feedback would give you an overview of possible issues customers may face while completing the process.
This can be on how to take a selfie to capture the customer’s face and major information needed for the process.
Peppa Is Your Identity Verification Partner And Not Provider
Peppa boasts of sustainable client relations with an equitable partnership.
Therefore, we work in synergy with your team to achieve the best verification conversion rate. We strive to exceed the verification objectives of our clients.
The bottom line of every business is an increase in the conversion rate. This portends a wide profit margin that keeps the business afloat.
But as it becomes necessary for businesses to understand their customers to stay compliant with KYC/AML regulations, it is a best practice to take steps that would prevent the identity verification process from hampering your conversion rate.
If you are thinking of achieving your verification goals without a glitch, Peppa is the best partner to help you with the process.