All posts with the tag mCommerce
Browsing and buying products on a mobile device is quick, easy, and on-demand — three words consumers often use to describe a positive shopping experience. That’s why mobile commerce, or mCommerce, is one of the most popular shopping channels for consumers. Last year, US shoppers alone spent $208.1billion via mobile, or 39.6% of total retail eCommerce sales, and mCommerce is expected to represent the majority of eCommerce spending by 2021.
In response, merchants have invested heavily in their mobile offerings, from creating their own apps to adapting their websites for mobile browsing. However, there is one part of the mCommerce customer journey that merchants commonly fail to optimize: the mobile-order fraud-review system.
There is a serious cost to this failure, as mobile orders report the highest rate of cart abandonment during the checkout process and above-average false-decline rates when compared to other shopping channels. And yet we continue to see merchants apply the same fraud-management tactics and strategies they use for their overall eCommerce operations to their mCommerce channels and orders. Why does this matter? In short, it ruins their customers’ experience on the most popular shopping channel and biggest source of traffic by adding easily avoidable friction.Read More
By now, we’re all familiar with the promise of eCommerce and mCommerce. Today’s busy, multi-tasking, on-the-go consumer can make all kinds of purchases while walking the dog, sitting in a boring meeting, or (gasp!) driving a car. But, despite that promise, global shopping patterns haven’t quite caught up. In fact, the digital retail economy is still very much in its early adoption phase.
According to a recent Javelin study, only 11% of retail purchases in the US were made online last year. Elsewhere, eCommerce sales rates in major economies around the globe range from significantly higher (China, 23%) to much lower (India, 2.2%), with none of them pointing to the overwhelming digital adoption we might expect.Read More
Any good captain will tell you it’s impossible to acquire customers in a turbulent industry like travel without a good flight plan. For airlines and online travel agencies (OTAs), that’s where loyalty and frequent flyer programs, alliances and partnerships, fare sales and social outreach all come into play.
But Facebook posts, low fares, and pretzel-filled lounges can only do so much to make thin margins work against sky-high acquisition costs. To be a truly efficient travel business, the hard work isn’t just about identifying, attracting and converting the right shoppers into paying customers. It’s also about having a reliable, scalable way to quickly tell the difference between a valid shopper and a bad actor. After all, what good is a forecast of clear skies if the right people can’t come along for the ride?Read More
Millennials — the first generation of digitally native consumers, or those born between 1980 and 2000 — are now the most populous group of consumers in the world. Their purchasing power is estimated to exceed $13 trillion worldwide by 2020, according to the Brookings Institute. US millennials are expected to spend the most on holiday shopping this year, spending as much as four times more than baby boomers.
As retailers overhaul their omnichannel offerings to appeal to these consumers’ needs, we have noticed a critical blind spot in their approach: imprecise and outdated fraud prevention strategies that fail to accommodate millennials’ unique lifestyle and shopping behavior, creating friction during checkout.Read More
India’s eCommerce market is widely considered the most rapidly expanding in the world. Annual growth is currently 51%, and market value is expected to hit $120 billion by 2020. Bearing in mind India’s huge (and increasingly tech-savvy) population, plus the fact that over 80% of online transactions come from major international e-tailers (compared to the global average of 50%), it’s clear that there’s plenty of room for new parties to get in on this “entrepreneurial gold mine”.
Earlier this month the Rakhi Festival kicked off the major Indian buying holidays. The high online shopping volume is expected to continue through to December, when Indian consumers take advantage of the North American sales season. Unfortunately, online retailers are failing to make the most of this thriving market due to a lack of familiarity – including fear of CNP fraud. In some cases this has prevented them from entering the market. In others, they may have already opened their virtual doors to cross-border sales from the region, but are losing revenue to false declines.
In this blog, I share some insights to help retailers across the globe get acquainted with the shopping patterns of this consumer segment, and give tips to help prevent fraud, minimize the rejection of legitimate customers, and boost profits.
It’s expected that by 2019 more than 60% of total global online retail sales will be made via mobile devices. According to the 2017 Global Fraud Survey, while more than 80% of merchants support mobile shopping, only 52% actually track fraud rates by channel. To make the most of this expanding segment and account for the growing share of mobile shoppers, online retailers will need to adapt CNP fraud management processes.
Riskified has extensive experience preventing CNP fraud across channels. We have processed millions of mobile orders for online businesses, including Fortune 500 companies. By analyzing our data, we determined how mobile fraud compares to desktop and compiled our findings in a special report. The report provides retailers with tips and actionable advice for adjusting fraud management process to effectively handle mobile transactions without compromising the shopping experience.
Our design team has created the following infographic, which offers a visual sample of some the insights covered. For more information on fraud prevention best practices, download a free copy of the full report.Read More
Mobile commerce (mCommerce) is quickly becoming the first choice of consumers across the globe, with over 2 billion smartphone and tablet users expected to make at least one mobile transaction in 2017. Thanks to its appeal to young shoppers, mobile has now surpassed desktop in terms of eCommerce transaction volume. And with consumers in emerging economies increasingly accessing the internet via mobile devices, mCommerce is likely to become the preferred digital shopping method of the future. According to forecasts, more than 60% of total global online retail sales will be made via mobile by 2019.Read More
By 2020 the global online travel market is expected to be worth a whopping $817 billion. Mobile sales, or mCommerce, are becoming an increasingly important revenue stream within this market. In fact, mobile purchases will soon account for 70% of all digital travel sales in the US.
Unfortunately, as the online travel markets grows, so does card-not-present (CNP) fraud. Online travel businesses must accommodate the influx of mobile consumers, while ensuring they have adequate tools to scrutinize these orders for fraud. Riskified reviews hundreds of thousands of online travel orders. While analyzing our data on fraud in online travel, we uncovered interesting patterns related to travel mCommerce.Read More