How Can OCR Streamline Your eCommerce Business Operations?
As more physical businesses move towards eCommerce, the need for quality services and accurate information has become crucial. As an eCommerce retailer, you rely on your suppliers to provide all the relevant product details and images. Suppliers usually provide this information in digital formats, such as PDF, PNG, and JPEG – making it difficult for you to properly extract the right product data. This makes it a challenge for you to list accurate product details and descriptions on your eCommerce site. But, fortunately, there’s Optical Character Recognition (OCR) to help you solve this problem.
OCR is a software technology that allows computers to analyze printed or handwritten documents. The OCR algorithm automatically changes the data on printed or handwritten documents and converts it into editable formats so that computers can efficiently process it. OCR scanning is an efficient way to extract and leverage business-critical data. In this blog, we’ll take you through the ways in which you can use OCR in your eCommerce store to streamline your business operations.
According to Grand View Research, The global OCR market size was valued at US$7.46 billion in 2020, and is expected to expand at a compound annual growth rate (CAGR) of 16.7% from 2021 to 2028.
Why is OCR Important for Your eCommerce Businesses?
Extracting Product Information
The trusted sources of product information for consumers are product label images. By using OCR image processing, you can extract detailed product information from product images with a high level of accuracy.
Tackling Counterfeiting and Other Fraudulent Activities
You can use OCR to tackle fraudulent activities in your eCommerce store. The Alibaba Group was accused of selling counterfeit Tiffany and Gucci goods on its platform. To resolve this, Alibaba used OCR, machine learning, and big data models. The system analyzed images of various products listed on its portal to find discrepancies in the product description on the website. This enabled the eCommerce site to identify sellers involved in the large-scale counterfeiting activities.
Online Identity Verification
As an eCommerce business owner, it’s crucial for you to verify your customers’ information during onboarding in order to prevent identity theft fraud. OCR is a handy tool that can help you with identity verification by extracting crucial data from customers’ documents. This provides a secure means to enroll genuine users to your eCommerce site.
The Advantages of OCR for Your eCommerce Business
Quicker Data Acquisition
OCR allows you to increase your productivity by making data acquisition quicker, reliable, and accurate. Modern OCR technology provides better data acquisition by scanning through a well-structured hierarchy of operations.
OCR technology makes it possible for you to developservices that are tailored to your customers’ needs. It does this by structuring user data into organized folders and specific formats.
Affordability and Time Efficiency
OCR significantly reduces the time and money that you’d normally spendwhen manually entering data.
As the demand for OCR rises, the need for excellent OCR development in businesses also becomes increasingly apparent. The growth of eCommerce comes with several challenges that need to be addressed. These include factors such as missing information or having unclear product details on eCommerce product pages. These challenges are encountered when you try to extract data in images or file formats such as PDF. However, technologies like OCR can help you extract data and convert it to useful editable text files.
Winjit Technologies can help you find easier ways to collect, aggregate, and validate your eCommerce data. If you wish to include OCR integration into your applications, or if you want to create OCR applications for your business, contact us today so we can help you.