Read the State of Fraud Report 2021
Precious Moments has changed with the times since releasing the Original 21 Precious Moments figurines in 1978. Since its founding, the company has produced over 2,500 collectible figurines — and it has built an online presence to help get them into collectors’ hands.
Today, the company’s product lines have expanded beyond figurines to include baby gifts and home décor. Its collectible figurines, while remaining true to the original vision, have seen innovations as well: Some can be ordered with customized hair color and skin tone.
But while customers continue coming back for Precious Moments’ inspirational figurines, the company realized in recent years that its online ordering system needed updating.
To create a modern customer experience for this timeless brand, Precious Moments enlisted ecommerce agency Classy Llama. The goal: to find ways to better serve their customers and showcase their well-loved products.
Reducing Fraud, Increasing Customer Satisfaction
One of the challenges Precious Moments faced was how to minimize fraud while making sure legitimate customers received their figurines promptly. Like many retailers, Precious Moments was using traditional order review methods, performing manual reviews of nearly 50% of incoming orders. This meant slow turnaround times — which could be frustrating for the customers who were waiting for their holiday figurines.
By turning to Signifyd’s Guaranteed Payment Fraud Protection, Precious Moments:
- Increased its revenue by 8%
- Decreased its chargeback rate by 97%
- Decreased its order decline rate by 90%
The situation presented dual risks to Precious Moments’ brand: Fraudulent transactions could jeopardize both the company’s reputation and its profits. And a slow, frustrating experience for customers who were waiting for their purchases could send them looking elsewhere next time they were shopping for gifts.
In 2019, Classy Llama recommended Signifyd to Precious Moments to help mitigate their fraud challenges and protect the brand’s reputation.
Precious Moments implemented Signifyd’s Fraud Protection solution, which uses big data and machine learning to instantly sort fraudulent from legitimate orders while providing a financial guarantee against fraud on approved orders.
A Boost to the Bottom Line
The result? Precious Moments saw its chargebacks decrease by 97%. Its order decline rate decreased by 90%. And average monthly sales increased by 8%.
Signifyd’s ecommerce chargeback protection and the business disruption that can come with them. It also frees staff to work on new products or other enhancements to the customer experience, rather than manually reviewing orders.
“Before we implemented Signifyd, the Precious Moments staff spent a lot of valuable time reviewing possible fraudulent orders. I’d say it reduced our review process by 85% or more,” said Jimmy Ling, vice president of IT and distribution at Precious Moments. “Additionally, our finance team isn’t focused on chargeback management anymore either.”
The Signifyd implementation was part of a larger project to upgrade the Precious Moments website to simplify implementation and maintenance, ensure future scalability, and lower the total cost of ownership. They also wanted a more contemporary look and feel for the site, and to optimize it for mobile users. The redesigned site added features such as a “Find a Retailer” search and a customer loyalty rewards program.
The redesigned site offers a highly personalized and tailored experience for each customer, with prompt processing of orders – while still protecting against fraud.
Photo: Precious Moments screenshot
Want to automate your order flow and increase conversions, decrease your chargeback rate and decrease your decline rate? Let’s talk.
Latest posts
