Time for end of year predictions, and I'm going to start with the easiest one: In e-commerce, 2024 will be the year of returns. It's always cat and mouse with fraudsters. As I look back at my predictions over the last 7 or 8 years, the trend went from stolen credit card numbers to synthetic fraud/account creation fraud, to account takeover, then to first party chargebacks. As retailers have tuned solutions to each of these scams, the bad guys move on to the next thing. Easy money for e-commerce is a thing of the past and profitability has risen in importance relative to growth. The fattest chunk of expenses ripe for savings comes from the generous return policies that have built consumer trust in online shopping. Returns are abused by all sorts of vectors, from straight 3rd party fraud to over use by low profitability customers. Look for return policies to get tighter in 2024 and more personalized as retailers match friction to their customer expected value and risk models, making returns easier for good and low risk customers and harder for others.
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In 2023, e-commerce businesses lost an estimated USD 41 billion due to returns fraud. While product returns are an essential part of the online shopping experience, they can also be a major source of fraud. Read to explore how to analyze fraudulent returns and help your business protect revenues. https://lnkd.in/dHg-uj9y #ReturnsFraud #ProductReturns #Ecommerce #CustomerExperience Gaurav Kumar | Mayukh Gupta | Harshita Singh
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In 2023, e-commerce businesses lost an estimated USD 41 billion due to returns fraud. While product returns are an essential part of the online shopping experience, they can also be a major source of fraud. Read to explore how to analyze fraudulent returns and help your business protect revenues. https://lnkd.in/dHTXsyiE #ReturnsFraud #ProductReturns #Ecommerce #CustomerExperience
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WHAT I ORDERED VS WHAT I GOT 🤔 Have you ever ordered something online and received something completely different? Or paid for a service that was never delivered? It's not a pleasant experience for anyone. Unfortunately, e-commerce fraud is a $48 billion problem that affects both vendors and customers annually. But there's a solution. I'm excited to share that I'm currently working on a platform that can secure both vendors and customers from online fraud. By partnering together, we can reduce e-commerce fraud and change the narrative. If you're interested in learning more about my platform or potentially investing in this solution, please send me a DM. Let's work together to make e-commerce a safer place for all. #changingthenarrative #solution #finance
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Black Friday #refunds and #returns can be a headache for both shoppers and merchants alike. But with #PayByBank and #InstantPayments, this holiday season is set for a revolution! 🌟 Discover how Pay by Bank powered by #OpenBanking and #A2Apayments offers quick, efficient, and cost-effective transactions during the busiest shopping season of the year. Explore how slow payments and payouts are a thing of the past! 💡 👉 Read now: https://lnkd.in/dcvcceBE #BlackFriday #Ecommerce #CustomerExperience
Why Pay by Bank Is A Game-changer For Black Friday Returns | Brite
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9moGone are the days of walking in without a receipt and getting a gift card for something purchased and forgotten months ago?