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For Signifyd, 2022 was a year of new products, new partnerships and impressive growth

Read “The State of Fraud 2023” report

“The State of Fraud 2023” report

Cover of the Signifyd State of Fraud 2023 report

Signifyd partnered with Google Cloud and made commerce safer

Signifyd can look back on 2022 as a year in which it continued to expand its footprint of fearless commerce for its customers through new products and partnerships, even as it transformed the shape of work for its employees and helped rebalance their personal and professional lives. 

It was a year in which Signifyd took the stage — figuratively and literally — to promote the notion that by adopting a holistic view of payments, the commerce protection provider was able to significantly increase order authorization and approvals, thereby providing higher conversions and revenue for its customers. 

Signifyd’s approach to commerce was endorsed by customers who turned to Signifyd in 2022 or expanded regions and storefronts protected by Signifyd. The new and growing customers include Samsung, Unilever, Hodinkee, Trocafone, Ben Bridge Jeweler, Brighton Jewelry, Staud, For Love & Lemons, SmartyPants Vitamins and Kate Somerville among others. They contributed to the expansion of both the number of merchants and the total sales on Signifyd’s Commerce Network. 

The numbers show Signifyd’s growth

And while all those are accomplishments to be proud of, the tangible effects are found in the numbers. In 2022, Signifyd: 

  • Helped drive an average approval rate uplift of 9% for its Top 10 customers. 
  • Saw a 67% increase in sales for merchants on its Commerce Network.
  • Maintained 99.9999% uptime throughout Cyber Week.
  • Evaluated over $40 million per hour in orders during Cyber Week.
  • Increased the number of chargebacks it reversed by 49% year over year.

Signifyd achieved those milestones by rushing toward the future down many paths at once. At the beginning of the year, it became one of the workplace pioneers shifting to a four-day workweek — the idea being that the best results come from doing more meaningful work, not simply doing more work. The results have been promising.

A graphic showing Signifyd's growth-oriented accomplishments in 2022

In October, Signifyd launched Fearless Payments. The solution gives payment service providers a competitive edge in a time of increasing competition by boosting approval rates. Earlier in the year, the company joined forces with global payment giant FIS from Worldpay, whose Guaranteed Payments powered by Signifyd has improved merchants’ order approval rates by as much as 7%, according to FIS.

Signifyd partnered with payment providers and Google Cloud to make commerce safer

The company expanded its work with payment service providers in Europe by partnering with DNA Payments. And it launched the Signifyd app on the Stripe Marketplace, meaning merchants using Signifyd’s Chargeback Recovery solution can track their chargeback status and ask for updates on reimbursements without moving among digital sites. 

Signifyd also built relationships to provide better value to its customers and potentially the industry as a whole. In October, the company partnered with Google Cloud to provide Signifyd merchants with greater choice and the ability to turn to the best-in-breed capabilities in the market. The company recognized that more enterprises are turning to the Google Cloud Platform because it is better able to support advanced applications and data management, according to analysts.

The partnership also brings together Google Cloud’s reCaptcha Enterprise and Signifyd Commerce Protection Platform. The combination provides online brands with protection from automated attacks (bots), spam, fraudulent orders and policy abuse. 

Signifyd bulked up in LATAM

In August, Signifyd also joined with VTEX, one of Latin America’s most prominent commerce platforms, to provide a one-stop shop for both the region’s premier commerce platform expertise and its leading commerce protection. 

Meanwhile, the growth of the company’s effort to build a digital commerce community of unparalleled intelligence in the world took great strides forward. The year saw the first in-person FLOW Summit, which drew more than 250 digital commerce professionals to New York City. The day included presentations and panels diving deep into the transformation of payments, the optimal use of data, the rise of buy now, pay later, the role of NFTs, how to maximize returns, building memorable customer experiences and more.  

For the second year, Signifyd honored the 30 Most Influential in Ecommerce with an awards ceremony and a year of networking and follow-up discussions. And CEO Raj Ramanand laid out his vision for the future of ecommerce at the international Collision Conference.

As 2022 neared its end, Signifyd helped its thousands of merchants navigate through a holiday season that kicked off under a cloud of uncertainty given raging inflation and a murky future for the economy. In the end, the season outperformed expectations. Online sales were up 10% for the season, according to Signifyd’s Holiday Season Pulse Tracker. Signifyd had predicted an increase of 8% for the season, but sales were buoyed by consumers’ enthusiastic use of discount codes.

Signifyd stopped an aggressive fraud ring that targeted $3.3 billion in a month

The season was also marked by an aggressive fraud ring waging an unprecedented attack against U.S. merchants. In the month of November alone, Signifyd estimates the ring, based in Southeast Asia, made off with $660 million in goods from U.S. merchants. In all, the fraudsters targeted an estimated $3.3 billion in goods across the country. 

Signifyd identified the attacks on its Commerce Network and its learning machines were able to defend against them early in the season. 

The company’s achievements — forging partnerships, increasing conversion, continuing innovation, reshaping the workplace and protecting merchants from fraud — did not go unnoticed.

In March, research and advisory firm Frost & Sullivan named Signifyd the industry leader in ecommerce fraud prevention. Leading ecommerce industry publication Digital Commerce 360 named Signifyd the leading provider of payment security and fraud prevention for the Top 1000 retailers for the second year in a row. And the Business Intelligence Group honored Signifyd’s customer success team with its 2022 Excellence in Customer Service Award. 

As impressive as 2022’s accomplishments were, they were really only a start — and a platform upon which Signifyd will build in pursuit of new heights for 2023. 

Photo by Getty Images

Want to learn more about where Signifyd is headed? Let’s talk.

Mike Cassidy

Mike Cassidy

Mike is the head of storytelling at Signifyd. A former journalist and a retail geek, he covers ecommerce and the way technology is transforming digital commerce. Contact him at [email protected].