Case Study: Imagine Diamonds
Imagine Diamonds leverages Signifyd's guaranteed fraud protection to grow their online jewelry business without an in-house fraud team.
Reduction in Cases Reviewed
Reduction in Review Time per Case
Increase in Accepted Orders
Imagine Diamonds successfully launched an e-tailing business selling jewelry directly to consumers online. They’ve used Signifyd from the very beginning for complete fraud protection and to eliminate chargebacks without the need for an in-house team.
With 30 years experience in the wholesale jewelry business in New York’s Diamond District, Imagine Diamonds found themselves learning a whole new business when they began e-tailing jewelry online directly to consumers. Until they began selling online they had not dealt with fraud so they had an important decision to make as they planned their online jewelry practice. After careful consideration Imagine Diamonds decided to launch with Signifyd instead of an internal in-house fraud prevention team as they wanted to ensure they could protect their business from chargebacks or fraud as they grew quickly.
Given the options available to consumers for jewelry online Imagine Diamonds knew they would need to be competitive and drive marketing aggressively to gain market share. Having Signifyd guarantee every order allowed them to focus their attention solely on growing their business. They were able to avoid lengthy manual review processes and ship orders out to customers faster. Establishing on-time deliveries and strong customer service is important when you’re acquiring new customers as you want them to know you take their business seriously and that you’re committed to a long-term relationship beyond their initial purchase.
Given their rapid growth rate Imagine Diamonds needed to focus their attention solely on good orders. Since Signifyd leverages machine learning to identify fraudulent orders in real-time Imagine Diamonds didn’t need to spend any time sorting the good orders from the bad ones. This focus is especially key for a merchant when growth is coming from many different avenues. Given their emphasis on SEO, PPC campaigns, affiliate marketing and social media Imagine Diamonds prioritized tactics that drove the highest conversion in their user journeys. Knowing which users are good and which are bad is important for optimizing your marketing investments, not just avoiding fraud, as bad users can provide misleading data on invalid purchasing behavior (since these purchases will later result in chargebacks) that diverts from marketing investments on good customers.
- Resource hours required for manual review process
- Complete liability for fraud and chargebacks
- Unable to drive growth as aggressively due to fear of fraud from new customers
- Eliminate chargebacks to create a fully predictable cost for fraud protection
- Accept more orders without increasing chargebacks or risk of fraud
- Support rapid growth of online business selling directly to consumers
- Leverage Signifyd’s guarantees to eliminate chargebacks and financial losses due to fraud
- Use Signifyd’s machine learning to reduce manual reviews
- Work with Signifyd’s risk analysts to evaluate questionable orders and avoid building an in-house fraud team
- 88% reduction in number of cases reviewed
- 60% reduction in manual review time
- 7% increase in orders accepted