“I would say Riskified changed our lives.”
Eileen Shulock, VP eCommerce at Kirna Zabête
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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.

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This Mother’s Day is projected to bring in $23.6 billion in revenue, easily clearing last year’s record of $21.4 billion. For many eCommerce retailers, optimism about the surging order volume over this major shopping holiday is tempered by fear of CNP fraud. As Mother’s Day approaches, we analyzed historical order data to provide eCommerce merchants with tips and insights to help streamline the fraud review process in the days leading up to this lucrative opportunity.

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Last year, to mark International Women’s Day, we researched the role of gender in CNP fraud patterns, and found that males committed fraud at a significantly higher rate than females. This year we decided to revisit the topic, analyzing hundreds of thousands of eCommerce transactions from global digital retailers to reveal some interesting findings about gender in the online 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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For online fraudsters who spend all year hiding behind masks, Halloween is just business as usual. Fraudsters who obtain stolen credit card details and hide behind makeshift email accounts are especially fond of digital goods, because of their high resale value and instantaneous over-the-web delivery. These goods, mainly digital gift cards, airline and event tickets tend to attract the most sophisticated and devious fraudsters.

Over the course of several years, Riskified reviewed millions of orders, including many instances of obvious and subtle fraud. Below, we lay out some of the most common ‘‘tricks” we’ve identified which fraudsters use to swindle retailers. These includes tips on shady order elements to look for, as well as methods used by fraud rings that our in-house tools were able to identify, and which we think merchants should be aware of as they track and review orders.

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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.

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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.

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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.

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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.

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Ecommerce merchants spend significant time and money trying to optimize sales and the omnichannel shopping experience, only to harm revenue with conversion mistakes. This is especially the case in larger companies, as multiple stakeholders in separate departments often measure success differently. While Riskified usually focuses on fraud-related challenges and best practices, we are always happy to share expert advice about fixing the mistakes that lead ecommerce merchants to lose revenue.

Last week, Riskified sponsored a webinar with Practical eCommerce about mistakes ecommerce merchant make that add up to lost revenue. The webinar was led by ecommerce expert and online business consultant Pamela Hazelton. Rather than provide tips for new tools or processes to add to your ecommerce site, the webinar focused on things merchants are already doing today – and discussed how to optimize them to ensure ecommerce revenue is not negatively impacted. In the following post we recap some of the actionable tips Hazelton provided.

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