Understanding your customers’ intent is one of the most effective ways of figuring out what your customers want and how you can help them to get that. If you know what your customer wants you will be able to find the right product for them, reducing the time customer spends looking for it and by doing that reducing the possibility of cart abandonment due to customer friction. However, identifying your customers’ intent does not only help with generating more revenue and growing your business, it also helps with protecting your business interests as well as your customers against online fraud and other cybercrimes.
There are various methods you can use for knowing more about your users, but there are two strategies for helping to secure your business that are more convenient and easier to implement into your cyber security protocol.
As everything has already shifted to online transactions, we all know that fraudsters have also stepped up their way of scamming to reach their target markets. The Federal Trade Commission received more than 2.1 million fraud reports from consumers in 2020, and the number keeps rising. Businesses need to realize the importance of cybersecurity in the modern age and take a proactive approach to enhancing the tactics and strategies that can help them stay safe online.
One way of finding out the intent of the user is by simply using a reverse email lookup tool. Just by using the email address of the user, you will be able to find out other information about them such as their number, home address, if they are connected to any social media accounts and even if they have been involved in a data breach or if they are registered on spam blacklist. This can give you a clearer picture about that customer and help verify if the user’s intent is committing unwanted cyber activity in your system or they are doing a legit transaction. Also you can use data you gather with email lookup tools to create a company database where you can easily track your customers and their purchase history and compare it with any future transactions in your system.
Another way of evaluating your user intentions is by using data enrichment tools. Data enrichment pertains to the process of taking raw data points and combining them with additional data collected from a larger internal or external database. All of this additional data allows you to create a customer’s profile without having to ask the customer extra questions and get a clearer idea about their intentions. This can help you to protect your business and your customers by stopping account takeover, identity theft and other types of cyber threats.
The best thing about data enrichment is that it will help you reduce the risk of cyber attacks without creating friction between your system and your customers and without slowing down the user’s experiences as it will perform the check in the background.
There are various reasons why your business needs to invest in data enrichment tools as it can make a significant difference in every aspect of your business. The more information you have about your customer, the easier you can make smarter business decisions.
For example, data enrichment tools can help you with:
- Trying to expand on another market
- Starting a business from scratch
- Reducing user friction
- Marketing purposes
- Updating company strategies
- Preventing fraud
Even though data enrichment is extremely helpful in every aspect of your business, the biggest difference it can make is when it comes to fraud prevention. By collecting additional details about your customers and creating the unique profiles for them you can recognize any discrepancies and red flags immediately and stop the fraud before it even happens. It is predicted that global cybercrime costs will grow by 15 percent per year over the next five years, ultimately reaching $10.5 trillion USD annually by 2025. That is an enormous difference when compared to $3 trillion USD in 2015.
In our modern digital age where every business is transitioning to the digital world, the possibility of being attacked online is relatively much higher compared to previous years. By implementing data enrichment tools into your cyber security strategy you will help your business not to become a part of statistics.