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Web stores fail to reap revenue potential due to fear of fraud

Over-aggressive fraud strategies fuel false declines, resulting in almost 3% of lost revenue for ecommerce. In the security war, fraudsters work hard to find and exploit… View Article

RETAIL SOLUTIONS

Web stores fail to reap revenue potential due to fear of fraud

Over-aggressive fraud strategies fuel false declines, resulting in almost 3% of lost revenue for ecommerce.

In the security war, fraudsters work hard to find and exploit weaknesses. Retailers retaliate by locking down online checkouts, resulting in a poor CX and unnecessary declines.

Signifyd aims to smash this cycle, helping retailers to boost web store performance by ditching fear and offsetting liability for chargebacks. It is pioneering a more holistic approach to fraud, that helps them to reclaim lost revenue while locking fraudsters, not genuine customers, out.

New insight on major industry issue

Signifyd’s latest report “Recovering Ecommerce’s Lost Revenue” sheds new light on this issue, revealing how fear of fraud impacts online retailers more than they think – with current rules-based fraud platforms causing seasonal friction and restricting cross-border opportunity. The report confirms that businesses often face a revenue sapping balancing act between fraud rates and CX, losing almost 3% of their revenue through false declines alone. At the same time, it discusses how new ML techniques, that allow 99% of sales to be safely approved, provide a better solution for protecting web stores and optimising them for customers.

Key findings

–  False declines reduce revenue while chargebacks eat into post-sales profits

–  Reliance on rules-engines alone leads to five serious pain-points for retailers

–  Integrated machine-learning smooths CX and increases net revenue by 3.2%.

–  Retailers can minimise liability by choosing a protection provider that offers a 100% financial guarantee against chargebacks.

Download the report here

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The HR Summit 2019
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Hallam Conference Centre, London W1W 6JJ
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AI in Retail Conference 2019
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Future of Retail Marketing 2020
10 June 2020
Cavendish Conference Centre, London W1G 9DT
The Future of Retail Marketing for Customer Engagement