UNLOCKING MARKETPLACE GROWTH: TACKLING CUSTOMER ABANDONMENT

It is widely acknowledged that addressing client abandonment is one of the most important actions a business can take to achieve long-term growth and profitability.??

Businesses are continuously working to acquire and retain clients in a competitive environment. However, one of the significant challenges companies encounter is customer abandonment, where potential customers drop off during the onboarding process, leading to lost opportunities and revenue. A significant factor contributing to this problem is the need for robust identity verification during digital onboarding.

Customer abandonment occurs when people begin a process, such as signing up for a service, making a purchase, or filling out a form, but then fail to complete it. This could be for a variety of reasons, such as a complicated or time-consuming onboarding procedure, security concerns, or a lack of trust in the platform. A recent report published by BusinessWire showed that 90% of companies lose customers during the digital onboarding process. While 26% of? businesses name identity verification as the biggest cause of customer dropout.? This report went on to further show that customer retention can be improved by 37% when technology is used to streamline the process. stating the importance of prioritizing digital onboarding identification verification.

Prioritizing digital onboarding identity verification and putting effective safe identity verification solutions in place can help firms lower abandonment rates, improve security, and provide a smooth onboarding process that builds client trust and loyalty. Identity verification services from BCI gives your company the tools it needs to combat customer abandonment, which promotes long-term profitability and growth.?