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

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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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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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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( 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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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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