Trust is the biggest single contributing factor to marketplace success. High levels of trust reassure customers that their expectations will be met and give them the confidence to do business in a virtual space. High levels of trust not only lead to higher customer acquisition rates they also trigger significantly improved conversion, and customer retention.
Ultimately, marketplaces’ real value driver isn’t the platform or tech stack that makes transactions possible, it’s the level of trust they nurture to enable trade between strangers.
Trust can be difficult to generate, however, because it results from the accumulation of customer perceptions and experiences over time. While it is hard-earned, trust can be lost very quickly, causing customers to swiftly and abruptly withdraw their business. A customer does not need to suffer loss first-hand. Sentiment in the form of negative press coverage, or even rumor can be enough to seriously erode levels of trust.
Does your marketplace have a robust trust stack?
Successful marketplaces assemble a kind of trust stack, drawing together a series of complementary processes, values, and protections, all designed to maximize customer confidence. A typical trust stack is likely to include the following layers.
While trust is critical, marketplace security systems and processes must not be allowed to negatively impact customer experience. Without care and sensitivity, identity verification in particular can add significant friction to the customer journey. This can trigger customer frustration and lead to customer drop-out at important touchpoints such as customer onboarding.
That’s where Veriff’s market-leading Identity Verification (IDV) solution proves to be transformative. The solution can verify customer identity in just six seconds using a selfie and photographs of an individual’s government-issued identity documents taken using their smartphone.
Veriff’s IDV solutions recognizes ID documents from across the globe and it verifies customer identity in just six seconds, with the highest accuracy rate on the market, enabling Marketplaces to onboard 30% more customers while achieving a high level of security.
Adopting a leading IDV solution, such as Veriff’s, is a clear choice for marketplaces unwilling to compromise on either customer trust or platform security.
Our IDV platform puts market-leading identity verification and high trust well within your reach. Plus, you can also tailor your verification processes to suit your industry and brand. If you’d like to learn more about how we can create an identity verification process for your business, get in touch with us today and book a personalized demo.
Safe and smooth user onboarding with Veriff
How can marketplaces secure their platforms against a surge of fraud? Next-generation identity verification (IDV) technology is the answer.
Over the course of three decades in the industry, Sue Schneider has seen internet gaming evolve from something of a ‘Wild West’ to the more corporate sector it is today. She offered us her thoughts on the issues that matter for the future of online gaming in her native US and beyond.