There is something especially sweet about Signifyd being named BigCommerce’s 2019 International Solution Award winner.
First, BigCommerce is one of our valued partnerships — and it’s always nice to be recognized by a partner you hold in high esteem. Secondly, helping merchants succeed in international markets is kind of our thing.
Think about it: The world of ecommerce is expanding — literally — at breakneck speed. As consumers weave online shopping into their lives and as domestic markets become saturated with competition, forward-thinking retailers are looking beyond their borders to tap into new buyers hungry for new digital experiences.
E-book: Finding Your Next International Market
But with great opportunity comes some risk. Merchants who expand into new geographies are suddenly selling to customers they’ve never sold to. In some cases, the data and other information available to determine whether orders are legitimate or fraudulent are significantly different from their home markets and sometimes the data available is significantly less.
So we were doubly pleased to be named this month as one of 10 BigCommerce Technology Partners of 2019 — an award, BigCommerce says, that is reserved for “technology partners that have gone above and beyond to provide BigCommerce merchants with the integrations needed to grow their business.”
The truth is, ecommerce is a team sport. Some of the industry’s biggest success stories have prospered by joining with technology partners like BigCommerce and Signifyd and many others to handle key parts of their operations while they focus on the core mission of retailing and serving customers.
Technology partners help BigCommerce help merchants succeed
“Technology partners are an integral part of the BigCommerce community, extending the core capabilities of our platform to give merchants additional layers of functionality to drive business,” said MaryAnn Bekkedahl, senior vice president of business development at BigCommerce.
Just as ecommerce has been growing rapidly as a portion of retail sales for years, cross-border sales have made up a growing slice of ecommerce revenue in recent years. By 2022, Invesp says consumers will be spending $1 trillion annually on cross-border purchases.
The role that Signifyd is playing in that evolution was a key reason BigCommerce chose to recognize the company as a leading technology partner.
“With Statista estimating that cross-border commerce will account for 22 percent of all ecommerce sales by 2022, merchants need a streamlined way to not only sell across borders, but stay protected while doing so,” Bekkedahl said. “Signifyd provides merchants country-specific fraud coverage, supporting cross-border transactions without requiring specific local fraud domain knowledge.”
BigCommerce, which is the leading platform for fast-growing and established brands, provides the ecommerce infrastructure for merchants who want to sell across borders, while Signifyd provides Guaranteed Fraud Protection to remove the fear of fraud from selling internationally.
There is little doubt that retailers are asking for help. In a comprehensive study, Pitney Bowes found that in a ranking of retailers’ top 10 concerns about selling internationally, fraud moved from No. 9 to No. 1 during a one-year period ending in 2018.
And it turns out retailers are paying dearly for that fear. Cybersource’s most recent North America Edition of the Online Fraud Benchmark Report found that while the threat of fraud was the same for domestic and cross-border orders, retailers declined 2.9% of domestic orders for fear of fraud, while declining 6.8% of cross-border orders because of fraud suspicions.
Cross-border ecommerce’s $39 billion problem
Collectively that difference is costing cross-border merchants billions in revenue. In fact, some quick math using the difference in declines and figures supplied by Forrester leads to the conclusion that fear of fraud would cost retailers $39 billion in cross-border sales in 2022, if the current course continues.
This is where Signifyd can help, as BigCommerce’s recognition points out. Because Signifyd’s Commerce Network is made up of more than 10,000 merchants selling to more than 250 million customers around the world, chances are the company has seen a customer elsewhere before a cross-border merchant sells to them for the first time.
Beyond that, Signifyd’s Guaranteed Fraud Protection is just that. Signifyd makes merchants financially whole for any approved orders that later turn out to be fraudulent. That means retailers can confidently sell into new markets while focusing on customer experience details that are important for going international — localized content, familiar payment methods, reliable shippers, culturally relevant products and presentation and on and on.
It’s the sort of help for merchants that Signifyd’s founders envisioned when they launched the company. And it’s the sort of help for merchants that is amplified by our partnership with BigCommerce. In fact, we couldn’t be more pleased to have been recognized for being a part of the ecosystem that will continue to make cross-border commerce a thing for years to come.
Photo courtesy of BigCommerce