All posts with the tag Customer Experience
It’s no secret that millennials spend a lot of their money shopping, and unsurprisingly 67% of younger consumers prefer purchasing online. US college students alone have an estimated buying power of $523 billion, and with a lifetime of online shopping ahead of them, they are a highly lucrative eCommerce growth engine.
Yet many retailers fail to consider how their approach to fraud is preventing the maximization of profits from college-aged consumers. In this blog, I share some insights about their importance as a consumer demographic. Better understanding fraud patterns can assist merchants in nurturing these young customers and tapping into this safe revenue stream.
We usually think of online fraudsters as liars – that the success of their operation depends on how convincingly they can pose as the legitimate card holder. But CNP fraudsters’ hands are forced when it comes to revealing their location, and ultimately they have to give their real shipping address when purchasing tangible goods, or else they won’t receive them.
Riskified has processed millions of orders across online verticals, from which we’ve drawn enormous insight into the ways fraudsters use nontraditional shipping methods to obscure their physical location in order to receive stolen goods. We have drawn on this experience to compile an eBook detailing these classic tricks, as well as tips for distinguishing fraudulent orders apart from safe – even if unusual looking – ones.Read More
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.Read More
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.Read More
2016 is drawing to a close and the holiday shopping season is in full swing. From free shipping to major discounts, businesses are throwing in all sorts of different promotions to gain customer attention. But how well are these methods working? Which are worth the time and cost, and which are just wasted efforts?
At Shippo we recently surveyed both US-based consumers and US merchants to find out what shoppers are expecting, and what other businesses are offering. Here are some of our most important findings.Read More
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.Read More
Providing an exceptional customer experience is important for eCommerce merchants. In fact, research firm Gartner estimates that in 2016, “89% of companies expect to compete mostly on the basis of customer experience“. To gain more insight into this topic, Riskified sat down with eCommerce expert Heather Nigro to discuss how retailers can optimize the digital shopping experience.
Heather told us about common mistakes brands make when it comes to the online shopping experience. We also discussed the KPIs retailers should track to improve customer experience, best practices for personalizing the online shopping journey, and how retailers can strike a balance between customization and intrusiveness.Read More
The global eCommerce market is booming with shoppers of every age and background buying online. In brick-and-mortar stores, recognizing and addressing customers’ needs is relatively straight forward, but for eCommerce merchants, learning to gauge the shopping experience can be challenging. It is not always easy to understand what brings customers back to a site or shopping app and what may be turning them away.
Riskified joined forces with user-generated content platform Yotpo to create the following infographic, which provides eCommerce businesses with stats demonstrating the importance of the online shopping experience and offers advice for enhancing the eCommerce customer experience.Read More
Everything about American luxury leather goods company Ghurka is linked to heritage – the company is named after the famously brave brigades of Nepalese soldiers who served in the British military, and the company still manufacturers bags by hand in its original Connecticut facility. However, the US-based retailer, founded in 1975, has managed to stay ahead of the times, with flagship stores in trendy New York City and San Francisco locations and a successful online store catering to both domestic and international customers.
We interviewed Justin Sellman, VP of eCommerce and Wholesale at Ghurka, who shared his tips for building a strong brand and optimizing consumer experience.Read More
For online retailers, CNP fraud is a serious problem that will only get larger as the eCommerce market continues to grow. According to a recent report, fraudulent eCommerce transactions are projected to increase by 55% over the next 3 years, reaching approximately $18.5 billion by 2018 in the US market alone.
Despite this harsh reality, senior management isn’t giving this issue the attention that it deserves, as executives fail to recognize the correlation between fraud management and the company’s overall growth and success. It is common practice for fraud prevention to be assigned as a secondary task to the customer service or payments teams, and the resources allocated to handle fraud are insufficient. On top of that, fraud managers’ success is measured in very narrow terms. The wrong incentives and performance metrics are being put on the people managing fraud – more focused on lowering chargebacks than on protecting revenue.
In this post, we set-out the value of fraud management operations as a whole, and why it is imperative that senior management play a larger role and assume responsibility for this issue.
Why eCommerce CEOs Should Care About Risk Management
C-suite managers in eCommerce companies need to pay greater attention to online fraud management operations, because failing to appreciate the importance of risk management can negatively affect the entire organization’s success in a number of ways:Read More