Signifyd’s billion dollar, record-breaking Black Friday and Cyber Monday demonstrates guaranteed fraud protection is ready for prime time
Nothing serves as a better reality check for ecommerce innovation than the holiday shopping season. Guaranteed Fraud Protection just demonstrated that it’s up to the task.
Successful fraud protection in peak times comes down to mastering three things: scale, speed and decision quality. And Signifyd excelled at each during a record-breaking Thanksgiving week.
“We know how crucial the holiday shopping season is to our merchants,” Signifyd CEO Raj Ramanand said. “We’re pleased to help them provide a better customer experience during this peak period by removing fraud bottlenecks — all while shipping more orders faster than ever. And we were especially pleased to provide our typical high level of service in the face of unprecedented order volumes.”
More than a billion in sales protected
In a week when online sales broke records nearly as fast as it set them, Signifyd protected orders totaling $1.03 billion in sales for our customers. On Thanksgiving Day, our machine-learning engine processed more than $1 million dollars in transactions in a one-minute period — a record for a single minute on our platform.
Those are some big numbers, but big isn’t always better. A glut of orders can kill a merchant’s customer experience if its fraud practice can’t render decisions fast enough to avoid causing a backlog of orders.
When orders stack up, packages ultimately reach disappointed consumers long after they were expected. In an era when customers expect fast and expedited shipping, and retailers differentiate themselves by how fast they can get the goods to a home, backlogs are simply not acceptable.
Order decisions in less than 500 milliseconds
With 99.5 percent of their cases receiving a decision in less than 500 milliseconds, merchants using Signifyd know their customers will have the experience they deserve.
Our customers prepared for months for the holiday season. All of it would be for naught if a swamped fraud process declined legitimate orders because there simply wasn’t time to properly evaluate every order. If you think receiving an order late frustrates consumers, try not delivering it all.
99.2 percent approval rate
With a 99.2 percent order approval rate, on average, Signifyd’s enterprise merchants can be confident that they are shipping more legitimate orders than they would without Signifyd. Moreover, any fraudulent orders shipped won’t hit them financially, because Signifyd provides a 100 percent financial guarantee for all approved, fraudulent orders.
The statistics and metrics — scale, speed and decision quality — are crucial to make the case for Guaranteed Fraud Protection as the next-generation fraud solution. But this approach provides merchants with one more thing that numbers don’t measure: the certainty that they won’t have to pay for chargebacks later and that the money they make during the holiday shopping season is all theirs to keep.
Reach Mike Cassidy at m[email protected]; follow him on Twitter at @mikecassidy.