While we described the past year as “accelerated,” another word comes to mind when looking at the coming year: opportunity.
The dust from 2020 and 2021 is beginning to settle. New shopping habits are starting to feel comfortable and familiar. And new shoppers are narrowing down which businesses will become their mainstays.
To take advantage of this opportunity to grow revenue and brand reputation, ecommerce merchants should focus on providing an excellent, personalized customer experience — which includes their fraud protection.
“Personalization is key. Every customer’s idea of a great CX is different, depending on a host of factors, like age, location and online shopping experience. Merchants should test their website regularly from the point of view of different types of customers. Is it intuitive enough for novices but feature-rich enough for high-maintenance digital natives?”
“Fraud protection has to be included as an integral part of the customer experience in this new era. Ecommerce businesses cannot afford to spend time and money perfecting their CX, only to squander reputation and revenue due to a high false decline rate. So, they need to ensure their fraud protection – either in-house or outsourced — approves as many good orders as possible.”
“Trying to directly transpose a brick-and-mortar store into an ecommerce site rarely works out well. It’s important for merchants to treat ecommerce as its own unique channel, ideally with its own operations team.”
“Customers are in the driver’s seat. In an international market where items can always be found cheaper, ecommerce businesses can avoid that revenue-draining race to the bottom by providing an amazing customer experience.”
“Alternative payment methods like digital wallets are a must-have for younger shoppers — and are gaining steam with older ones. Merchants who force consumers to pull out their physical credit card are merchants who will soon find themselves with a higher abandoned cart rate.”
At ClearSale, we’ve had the privilege to support leading ecommerce businesses like Asus, Motorola, Frigidaire and Under Armour (and many more) protect themselves from the damage of ecommerce fraud while preserving the customer experience and growing revenue.
To learn how ClearSale can help your business keep growing, or for inquiries about this report, contact us today!
