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

Luxury fashion items are coveted by many, including fraudsters. Retailers selling luxury fashion items online must juggle between two goals that don’t always coincide: the desire to provide a smooth shopping experience and the need to keep a watchful eye on purchases to avoid fraud. The decision to approve or decline an online purchase due to suspected fraud is often difficult, and mistakes can be costly.

Riskified recently published an extensive report on fraud in online fashion and apparel sales, providing insight into fraud patterns unique to the industry. As a follow up, we delved deeper into our data to pinpoint trends that are specific to luxury fashion and to address the unique fraud-related challenges luxury retailers face. The following infographic paints a clear picture of fraud patterns in online luxury fashion sales. The data may surprise readers and we hope it provides insight that can help generate sales and growth, as well as enhance customer experience.

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As consumers increasingly go online to make their purchases, luxury fashion retailers are poised to realize huge gains in eCommerce revenue. It’s estimated that the market for online luxury goods will be worth more than 20 billion euros by 2018. Moreover, the move towards digital purchases will only accelerate this trend. Last year, US consumers were expected to spend half of their budgets for luxury fashion and accessories online.

Riskified works with many luxury fashion businesses – including FarFetch, Vestiaire Collective, and Ssense. Our experience with these retailers has given us great insight into what card-not-present (CNP) fraud patterns look like within this industry. In this post, I share these insights and discuss what measures retailers can take to protect themselves without negatively impacting sales.

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We recently released a special report about CNP fraud in the fashion vertical, sharing data-based insights about fraud patterns in the world of online fashion sales as well as actionable tips based on our experience in managing fraud for both retail and high-end fashion merchants.

Riskified’s wonderful designers created the following infographic with some of the interesting data from the report:

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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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Kirna Zabête is a luxury fashion boutique located in New York City’s SoHo neighborhood. Sarah Easley (nicknamed Kirna) and Beth Buccini (aka Zabête), cofounded the store 15 years ago and still select every item sold today. Their goal continues to be providing their customers with carefully curated collections of the best edit of established and emerging designers in the world.

We sat down with Eileen Shulock, VP of eCommerce at Kirna Zabête, to talk about how luxury brands can mimic the in-store customer experience online, the difficulties faced by in-house fraud management teams, and why Kirna Zabête ultimately decided to outsource its fraud operations.

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( This article first appeared as a guest post on the I Love Fashion Retail blog )

Fashion retailers, especially those selling luxury and high-end goods, are often targeted by fraudsters. While the rollout of pin-and-chip credit cards is expected to reduce fraud rates in brick-and-mortar stores across the US, this technology is not effective in online transactions. As they are liable for fraud, eCommerce merchants naturally strive to avoid accepting fraudulent transactions and incurring the related chargebacks. Regrettably, this leads to risk-averse policies that result in good customers being rejected along with fraudsters. We have seen many cases of retailers missing out on expansion opportunities due to fear of fraud.

Riskified has the pleasure of partnering with some great fashion brands and retailers, including Ssense, Far Fetch, Vestiaire Collective, Burton, Portero Luxury, and Ghurka, to name a few. In this post, we share best practices for online fashion retailers looking to avoid fraud without turning away good customers.

 

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