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

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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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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Holidays are traditionally all about family, food, and community. But there’s a new kid on the block, a modern holiday centered not around family, but around bachelorhood. Single’s Day is held annually on November 11, or 11/11 – glorifying the digit 1. Branded a major cyber holiday by China’s eCommerce giant Alibaba in 2009, it has since smashed global online shopping records, with sales reaching $14.3 billion last year. The opportunity is immense; in the US, merchants are already aiming to brand Single’s Day as the “Black Friday” of luxury goods.

But what do the shopping patterns of single shoppers mean for eCommerce merchants? Ahead of Single’s Day, we analyzed our data on single-item shopping carts across online verticals, and sought the correlation between single-item orders and eCommerce fraud.

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Consumers are increasingly going online for their holiday shopping, with this season expected to generate the highest eCommerce order volume ever. Holiday shoppers present an enormous revenue opportunity to eCommerce retailers. However, this season is also a source of challenges for fraud teams: much of the order spike will come from hard-to-verify international cards, and since order amounts are greater, the stakes are higher on every approve/decline decision.

Riskified’s design team created the following infographic, which presents our fraud predictions for the upcoming holiday season. We hope this gives merchants and fraud teams valuable insights as they prepare to deal efficiently with what is expected to be the busiest and most successful holiday season to date.

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Valentine’s Day is right around the corner. And although the Beatles famously sang that “money can’t buy me love,” money most definitely can buy chocolates and flowers, which is essentially the same thing. The National Retail Federation estimates that in the US alone Valentine’s Day related purchases will amount to $20 billion.

Ecommerce merchants can expect to benefit from the holiday sales, as 59% of holiday shoppers prefer to make their Valentine’s Day purchases online. In this post, I discuss some key trends merchants should be aware in order to maximize their sales and avoid fraud this holiday.

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November is time to kick-off the holiday shopping season – with online sales volume expected to soar thanks to Black Friday and Cyber Monday. We put together a short fraud management checklist for merchants with five steps to help ensure fraud operations don’t get in the way of a great shopping experience for your customers and significant revenue for your business:

 

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Define your holiday season goals and KPIs

During the holidays, many more good customers are looking to take advantage of the steep discounts and complete their gift shopping. Our data from last holiday season shows that despite the dramatic spike in the amount of incoming orders, online merchants did not experience an increase in fraud rates relatively to the overall sales volume. So one of the main challenges for fraud prevention and management teams is to avoid chargebacks while making sure you don’t reject good customers or negatively impact sales revenue.

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The holidays are an intense season for anyone in e-commerce, but those in charge of reviewing incoming orders for fraud really have their work cut out. Not only is there a dramatic increase in the overall orders, but Riskified’s data from previous holiday seasons shows that fraud on entry increases significantly as well.  Whether this increase in fraud is driven by fraudsters taking advantage of dramatically increased sales or by consumers committing “friendly fraud” due to stringent returns policies, handling these orders correctly is a challenge.

A properly prepped fraud team, armed with the right tools, can help merchants recapture revenue from transactions they might ordinarily decline.

Following are four steps merchants can take to ensure optimal performance during the holidays:

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1. Prepare your team for the spike in order volume

The biggest challenge risk management teams face during the holidays is the sudden, dramatic spike of incoming orders. It is imperative that orders be processed expeditiously, otherwise the back-log could have customers waiting several days for order confirmation.

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One of the biggest challenges of managing an operational team is staying one step ahead – spikes in inbound order volume happen throughout the year, and whether the result of the holiday season, promotional sale, or a successful marketing campaign, being proactive is paramount to ensure customer satisfaction and maximize sales conversion.

During these waves, many operational services provide flexible, on-demand solutions that can be activated for a specific period of time, without any disruption to the regular order flow. For example, UPS can provide scaled shipping solutions, and inventory operations, like manufacturing and storage, can adjust their volume and capacity as needed. If you host your shop on an ecommerce platform like Shopify or Magento, for instance, the platforms will automatically launch servers if the site is overloaded with traffic.

An often-overlooked part of an online business that can also benefit from a scalable on-demand solution is risk management and order review. When you suddenly receive an influx of orders, it can be beneficial to have a trustworthy service you can rely on to support the additional load. Once you integrate with such a service, you can begin automatically submitting orders for review, relieving pressure, and giving you peace of mind during high-volume periods.

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