Ecommerce is booming. And experts say there's more online spending to come. In fact, the National Retail Federation announced it expected sales to jump 3.7% to $630.5 billion in 2015. Higher than the ten year average of 2.5%. Retail sales in the first half of 2016 performed at a solid pace, growing close to 4 percent on a year-over-year basis and will surely continue.
But, while the surge in spending is good news for eRetailers, there's another issue they must content with--online fraud. According to a study by LexisNexis, merchants pay $3.10 in costs (replacement costs plus fees) for each dollar of fraud losses they incur. Finding a technology to help you discern if a shopper is who they say they are is a critical step to preventing fraud.
The tricky part is that customers expect quicker transactions as they perform ever-increasing amounts of purchases online. So while eRetailers look to ensure a fast and seamless customer experience, they also have to combat the challenges of data accuracy and protect their business.
How can retailers maneuver through this? This post will continue as a series in three further parts, stay tuned! If you have questions about how you can prevent fraud now, please visit our website! Or read part 2