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All posts with the tag luxury 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.Read More
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.Read More