“I would say Riskified changed our lives.”
Eileen Shulock, VP eCommerce at Kirna Zabête
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All posts with the tag Cross-Border

In 2016, the Middle Eastern eCommerce market was worth around $5 billion – a figure that’s expected to double by 2018. The region, as a whole, has tremendous potential. The digital share of retail in the Gulf states is a mere 1-2% of the total spent, compared to around 15% in more mature markets. To add allure, the average value of an online order placed in the Middle East is currently 50% higher than the rest of the world. The point is clear: The Middle East is a market that eCommerce retailers seeking to grow their business can no longer afford to ignore.

Many online merchants, however, continue to lose out on profits from this up-and-coming region due to their fear of Card-Not-Present (CNP) fraud. Some simply deny international credit cards. Others accept international cards, but fail to adapt their fraud review processes to account for cross-border transactions, resulting in high rates of false declines.  Either way, retailers need to ensure they have the infrastructure, and are prepared to handle an increase in sales from this promising market.

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In the rapidly growing eCommerce market, high-friction and time-consuming identity verification processes can have a significant impact on customer acquisition and retention rates. Airlines and online travel agencies (OTAs) face the precarious balancing act of protecting revenue from CNP fraud, while providing a smooth shopping experience. When competing travel sites offer interchangeable products, brand loyalty is vital, as customers tend to be even less forgiving if merchants fail to meet their expectations.

In this article I share five actionable tips for driving online revenue while providing a good shopping experience without incurring fraud-related losses.    

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The global jewelry and watch market is projected to be worth $407.5 billion by the end of 2019. With jewelry and watch retailers increasingly turning to eCommerce to reach new customers, growth will largely be fueled by digital sales. In fact, by 2020, online sales are expected to account for 25% of the global jewelry market.

But as eCommerce becomes more prominent, retailers need to adjust their fraud management processes to protect revenues while maximizing online sales.

Riskified has extensive experience protecting online jewellers and watch retailers from CNP fraud. We analyzed our data and compiled a report on trends and best practices for effectively distinguishing between legitimate orders and fraud in this industry. In this post, I offer a small taste of the insights that appear in the full report.

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Chinese consumers purchased $589.6 billion worth of goods online in 2015, around 70% more than their US counterparts. In 2019, it’s anticipated that this figure will rise to an annual expenditure of $2 trillion – almost 4 times more than what Americans are expected to spend.

Unfortunately, international eCommerce merchants continue to miss out on some serious revenue from this burgeoning customer segment due to a fear of Card-Not-Present (CNP) fraud. As China celebrates the beginning of a new lunar year, I thought I’d take the opportunity to discuss some of the ways online retailers can increase their chances of successfully tapping into the most lucrative eCommerce market in the world.

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Airlines and online travel agencies (OTAs) invest considerable funds and go to great lengths in an effort to prevent online fraud. But while trying to avoid chargebacks, many travel merchants impose strict rules and filters that block not only fraud attempts, but also good customers. In the highly competitive online travel market, wrongly declining a good order and failing to provide a great online experience can mean losing not only the deal, but also all of the customer’s future business.

International backpackers are a key consumer segment that airlines and OTAs falsely decline on a regular basis. In this article, I explain why online purchases by global travelers between the ages of 18-25 tend to set off red flags in fraud detection systems, and share stats showing how safe these customers actually are.

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Christmas time is widely recognized as one of the biggest online shopping periods of the year. Online sales are expected to exceed $90 billion this holiday season in the US alone. Yet despite the significant resources businesses invest in preparation for these busy weeks, heightened competition and growing consumer expectations make it harder for retailers to successfully attract the attention of savvy customers online.

In fact, many online merchants limit their ability to monetize the holiday opportunity for two main reasons: failing to devise a clear omni-channel strategy and misunderstanding international shoppers. In this post, I touch on the various ways in which retailers can maximize eCommerce revenue this holiday season and throughout the year.

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Exotic goods from lands afar have captivated minds since the dawn of humanity. For thousands of years, camel trains and ships carried goods from distant lands. More recently, travellers would sail or fly abroad, filling suitcases to the brim with local fashion and memorabilia. Today, we still seek the “alluring” and the “different,” and competition has added “bargain” to the list. But there’s no need to board a plane. We can simply launch a web browser from the comfort of our own homes to experience the back-to-back sales and endless choices that eCommerce has to offer.

Cross-border sales, meaning purchases made by residents of one country from a business based in another, account for 25% of all eCommerce orders today. This global market is growing rapidly and is expected to reach an astounding $2 trillion by 2018! In this post, I share best practices for online retailers looking to seize this opportunity and grow revenue from international consumers.

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The worldwide explosion of eCommerce presents huge domestic and cross-border opportunities for merchants in the fashion vertical. It’s estimated that global eCommerce sales of clothing and accessories hit an all time high of $85 billion in 2015. As increasing numbers of shoppers in emerging markets like China come online, both consumer fashion and luxury fashion retailers can take advantage of the increase in demand. By 2020, the value of cross-border eCommerce sales is projected to reach $1 trillion.

Riskified’s work with leading merchants in the fashion vertical – such as FarFetch, Ssense and Vestiaire Collective – provides us with a wealth of information about the eCommerce fraud challenges they face. We recently analyzed our data and compiled the findings into a report on card-not-present (CNP) fraud in the fashion vertical. In this post, we give you a taste of this report by sharing some of the insights included in it.

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For our 2017 Global eCommerce & Fraud trends – click here!

With record breaking holiday sales, 2015 ended on a high note for eCommerce merchants. As more people come online around the world, global online purchases are projected to more than double to $3.551 trillion by 2019. In the following post, we cover the key trends eCommerce merchants should look out for in 2016, along with relevant fraud management advice.

 

Mobile Commerce (mCommerce) Continues To Rise

Mobile commerce, also known as mCommerce, is on the rise, and will only continue growing in importance in 2016.  In the US alone, mCommerce sales last year were estimated to total more than $100 billion, and accounted for 22% of all retail eCommerce sales. According to eMarketer, US consumers bought an estimated $48 billion worth of goods and services using mobile devices in 2015, a 32% increase over the previous year. In other markets, mCommerce is even more popular. In 2015, mobile sales accounted for 46% of all retail eCommerce sales in South Korea and for over 50% of all retail eCommerce sales in China.

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Now’s a great time to be a US-based online retailer. Not only is the eCommerce market constantly growing, but also a larger portion of holiday shopping is moving online. In fact, US consumers estimate that online purchases will account for 46% of their 2015 holiday shopping.

Purchases by customers located outside the US, also known as cross-border sales, hold an even greater potential for US retailers. The global B2C cross-border eCommerce market was worth $230b last year, and 82% of global consumers reported making an online purchase from a merchant based outside of their home country. Especially during Black Friday and Cyber Monday, international consumers will most likely be looking to take advantage of US sales.

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