All posts with the tag eCommerce
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.
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.Read More
The global eCommerce market is booming, and consumer electronics are leading the way. By 2018, online consumer electronics sales are expected to reach $108.4 billion in the US alone. But a surge in online sales present not only opportunity, but new challenges as well, including preventing Card Not Present (CNP) fraud.
Effectively preventing CNP fraud requires familiarity with both safe and fraudulent online shopping patterns within the industry. Riskified provides fraud management services to dozens of consumer electronics retailers across the world, including Abt, ePrice, Digital River, Alcatel, and Skullcandy. We analyzed our data and put together a report specifically for consumer electronics retailers, providing insights and best practices for detecting fraud while maximizing online revenues. In this post, I share some of the findings that appear in the full report.Read More
There’s never been a better time to be an online travel merchant. It’s estimated that there were over 1.2 billion international tourist arrivals in 2015, and many of these travellers used digital channels to book their flights. In fact, digital travel sales topped $200 billion last year in the US alone. By 2020, the global online travel market is expected to be worth $817 billion.
Preventing card-not-present (CNP) fraud in the online travel vertical, however, presents unique challenges. Airlines and online travel agents (OTA) often respond to fraud attacks by implementing overly risk-averse measures that result in the rejection of good customers along with the bad. To help provide insights into consumer behavior and fraud patterns in online travel sales, Riskified analyzed its data and compiled the findings into a report on CNP fraud in the online travel vertical.
The report reveals whether fraudsters are more likely to target domestic or international flights, and shows how online purchases can be approved despite mismatches. We share some of the insights included in the report in the article below.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
July is a big month in North America. Canadians usher in the month with Canada Day festivities, and as their celebrations settle down, Americans light up the barbecues and start celebrating the 4th of July. For many of us, telling Canadians and Americans apart is no easy task (unless they happen to utter a keyword like “about”).
Canadians are often perceived as more polite, and Americans as more animated, or extroverted. But when it comes to online shopping, there are more noticeable differences. To honor these two great nations on their holidays, Riskified provides insights into some lesser known differences between the US and Canada.Read More
Customer acquisition is tough work. Whether your online store does a few thousand or many million of dollars in monthly revenue, driving traffic to your site and converting visitors into loyal customers is no easy task. Many eCommerce merchants spend significant funds and resources on marketing to ensure the right people find their store and buy their merchandise. But did you know that many of those businesses are actually losing a meaningful percentage of their advertising budgets to eCommerce fraud?
You might think, ‘well, how does eCommerce fraud affect marketing budgets?’. Let’s look more closely at eCommerce fraud. According to the latest estimates, US-based eCommerce merchants lost over $3.4 billion in revenues due to fraud last year. That figure is set to double by 2018. While there are many eCommerce fraud prevention solutions available today, most still require human oversight and manual review of orders.Read More