Cyber Monday shattered previous online sales records and set a new all-time high, with consumers opening their wallets and spending $3.45 billion, marking a 12.1% jump over last year’s figure and earning its place in retail history.
The data, compiled by Adobe Digital Insights, surpassed initial estimates and dismissed fears that consumer shopping during the Thanksgiving weekend would hurt sales on Cyber Monday, which is historically the busiest day of the year for internet shopping. Adobe’s data measured 80 percent of all online transactions from the top 100 U.S. retailers.
The record-breaking online shopping put retailers’ data quality at the top of their priority list. Many smart retailers turned to Service Objects to help them make informed decisions about their customers, relying on Service Objects to validate over 1 million of their online transactions on Cyber Monday.
An increase in order volume impacts everything from a store’s inventory levels to brand reputation. By implementing data quality solutions like the ones Service Objects offers allows retailers to:
- Greatly reduce the number of fraudulent orders by validating that a consumer is really who they say they are;
- Ensure customers’ orders are delivered to the correct location, heading off customer service nightmares and stopping harmful customer horror stories from going viral on social media;
- Save significant money by eliminating bad or incorrect address data and increase the percentage of successful package deliveries;
- Eliminate the headache of dealing with credit card chargebacks caused by missed shipments; and
- Gain a competitive advantage over the competition and increase customer loyalty.
Using a data quality solution is fundamental to turning your customer data into a strategic asset. Read more about the different business challenges that data quality can solve.