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
Never Miss a Retail Update!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
