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Wish is an innovative retail enterprise built on a bold vision and bold moves.
For starters, the massive marketplace of over half a million sellers and millions of customers set up shop in a space already dominated by Amazon without batting an eye. It chose to sponsor the Los Angeles Lakers, appearing as a patch on the jerseys of one of the boldest and best-known NBA teams — and the one that won the NBA championship with the Wish logo on its players’ chests.
And it’s expanded its business into more than 60 countries — the kind of growth that takes both visionary savvy and cutting-edge technology.
“Localizing to local payment methods, local brands and local products has been a really key strategy for our forays into new markets,” Wish Director of Risk Operations Tara Mitchell explains. “There’s a lot of work that goes into this, and a lot of specific data points that we need to collect, to make sure we get it right.”
Wish processes more than 900,000 transactions a day
A lot of specific data points. Consider the size of Wish’s challenge for a minute: Its worldwide marketplace processes more than 900,000 transactions a day across 250,000 merchants selling to more than 44 million monthly active users.
It’s a lot to keep track of — particularly when it comes to protecting the enterprise from online fraud and consumer abuse. Each new market brings with it novel fraud attacks and a distinct landscape when it comes to the availability of the data needed to determine the legitimacy of online orders. By definition, new territories mean new customers, shoppers without a track record with an individual brand or retailer.
Wish is a massive marketplace featuring a quarter of a million sellers and 44 million monthly active users. It needed fraud protection that came with local expertise for each of its 60 markets around the world. Signifyd’s Commerce Protection Platform fit the bill. Since deploying Signifyd’s Guaranteed Fraud Protection and Chargeback Recovery products, Wish has:
- Seen a 6% increase in order approvals
- A 2x increase in chargeback recovery
- Applied Signifyd’s fraud and abuse protection to more than 60 markets
Read Signifyd’s full Wish case study for more.
As Wish racked up impressive growth, its executives realized they needed instant and vast insights. They needed the kind of insights that required transaction intelligence generated by a global network of retailers and trusted advisors who brought local expertise to each of the diverse markets Wish sold into.
Given Wish’s mission to provide a fun and spontaneous shopping experience to consumers who appreciate the joy of discovery, delays in order approval or mistaken denials of a legitimate order would be deadly to what Wish is all about.
And so Wish turned to Signifyd, initially for Signifyd’s Guaranteed Fraud Protection — a machine-learning fraud protection solution that recognizes the identity and intent behind each order. The solution instantly sorts fraudulent from legitimate orders. Moreover, Signifyd’s protection comes with a guarantee that if an approved order turns out to be fraudulent, Signifyd will make the merchant whole for the entire cost of fraud incurred by the merchant.
With Signifyd, Wish could confidently move into new regions of the world
Beyond offering failsafe protection, through its Agent Console, Signifyd provides Wish with the sort of transparency on decisions that gives retail leaders there a clear view of the distinct fraud and abuse trends that were lurking in each individual market.
“A big concern for us is going blind into new markets where we want to be major players,” Mitchell says. “So one of the reasons we really liked Signifyd as a solution and as a partner was the level of transparency they provided. “We love the level of information provided as to why Signifyd has made a decision. This includes not only the many variables that went into the decision to accept or reject an order but also how heavily each of these variables influenced the decision and why.”
In short, Signifyd provided the building blocks for a truly future-focused commerce protection strategy and solution. The solution came with a guarantee that removed fraud liability from Wish’s list of worries and the kind of transparency that gave the company a view into how consumer habits and fraud threats differed in each of its many markets.
Wish’s leaders saw the immediate benefit of Insights Reporting, which gave them intelligence beyond the transaction level and allowed them to benchmark and track their improved performance.
“We get learnings around the types of fraud occurring across our various markets and this, in turn, helps to inform our internal strategy around different payment methods and different attack vectors,” says Mitchell.
While all those advantages were vital to Wish’s decision to choose Signifyd for its commerce protection, it was Signifyd’s open communication and partnership and its award-winning customer success team that made Signifyd the obvious choice.
“Signifyd has been amazing at providing us with local experts on the markets that we are working in, talking to us about the local fraud trends, and educating us on the types of identity verification and fraud prevention strategies that work best.”
Wish is turning to Signifyd to recover chargebacks resulting from abuse
Wish’s return on its investment in Signifyd’s Guaranteed Fraud Protection was immediate. In fact, by partnering with Signifyd, Wish has been so successful at eliminating payment fraud that it has turned to Signifyd for help tackling and recovering chargebacks that result from abusive behavior.
“One of the big things that we are working on right now is that we have integrated with Signifyd to represent our chargebacks,” Mitchell says. “That will be a huge win for us, as it gives us an opportunity to fight abuse automatically.”
With order approvals up by 6% since deploying Signifyd and chargeback recoveries double what they were before Signifyd, Mitchell is inspired to offer some advice to other enterprises on a course to expand rapidly and globally: Turn to Signifyd.
“Absolutely,” she says. “We really feel that Signifyd goes the extra mile to keep us ahead of fraud and in the know to be successful at a global scale.”
In other words, in Signifyd, Wish has found a bold partner for a bold company with a bold mission.
Photo courtesy of Wish
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