The History of Ecommerce: What The Past Says About Tomorrow’s Retail Challenges

Originally posted to BigCommerce by Kaleigh Moore.

When it comes to ecommerce, a word that first comes to mind is growth.

Ecommerce expert Gary Hoover’s research shows that just in the last 14 years, the growth of ecommerce companies has skyrocketed across the board.

And some merchandise lines (like clothing and beauty products in particular) have achieved a remarkable 25% average CGR between 2000-2014.

This trend isn’t slowing down, either.

In fact, growth projections estimate that by 2022, ecommerce revenues will exceed $638 billion in the U.S. alone. Read the full article here.

3 Solutions for Ecommerce Merchants Fighting Fraud

Article written by NoFraud for Entrepreneur.

One of the lesser known challenges of running an ecommerce store is preventing fraud chargebacks. When a consumer doesn’t recognize a charge on their credit card statement they will dispute the charge with their credit card company, which will result in a fraud chargeback to the ecommerce store owner. The full transaction amount is deducted from their merchant account as well as a chargeback fee typically between $15 and $25.

Stolen credit card numbers are available on the black market for mere pennies. Businesses that sell online must stay vigilant to ensure the credit card used to make a transaction belongs to the customer receiving the goods to protect their reputation and avoid costly chargebacks. Read the article here.

Nearly 28% of consumers have been a victim of e-commerce-related fraud

Article posted by Katie Evans for Internet Retailer.

U.S. e-commerce is projected to grow nearly 16% in the third quarter, but consumers still have hesitations regarding the safety of shopping online, according to an exclusive Internet Retailer survey of 2,000 U.S. consumers conducted by Bizrate Insights.

For example, 40% of consumers said they did not complete a purchase on the web because of fears of fraud or concerns about the safety of their personal information. Additionally, 70% are concerned about fraud or their personal information when shopping online. Read the full article here.

Fraud Costs Rise for Merchants, Especially on the International E-Commerce Side

Original article was written by Jim Daly for DigitalTransactions.net

Merchants’ actual fraud costs are up for the third year in a row and their total fraud-related expenses also are rising, according to the latest True Cost of Fraud study from LexisNexis Risk Solutions.

Fraud as a percentage of the revenues reported by the 653 retailer risk-control executives surveyed for the 2017 study was 1.58%, up 7.5% from 1.47% in 2016. As recently as 2013, fraud was only 0.51% of revenues before increasing to 0.68% the following year and then taking a big jump to 1.32% in 2015. (more…)

Stop the Intrusion and Keep your Revenue: How to Prevent Online Fraud in Your Business

Contribution from freelance writer Jenny Holt

According to the Association of Certified Fraud Examiners, a typical organization loses 5% of revenue every year to fraud. For businesses, online fraud typically manifests itself in the form of credit card fraud, identity theft, mobile phone transaction fraud, international purchasing fraud, phishing scams, and downloaded malware that collects credit card information from customers. To protect your business and customers from this very prevalent and increasing threat, take the following steps into consideration. (more…)

A vaping e-retailer snuffs out chargebacks

Written by James Melton for Internet Retailer.

For roughly $700 per month, the owner of VapeSociety.com and VapeMood.com eliminated chargebacks of up to $5,000 per month.

Cesar Campos thought chargebacks for fraudulent credit card purchases of $3,000-$5,000 per month were going to be a regular cost of doing business.

Campos, marketing director of Campos Inc. Investments, which operates VapeSociety.com, the affiliated VapeMood.com, and other e-commerce operations, says the 5-year-old business had two employees dedicated to tracking the IP addresses of fraudulent purchasers and verifying suspicious-looking transactions. The result was a slowed-down fulfillment process and not much success in stopping the chargebacks. (more…)

Fraudulent activity undetectable by 38 per cent of organisations

Article originally posted on CPI Financial, written by Isla Macfarlane.

A survey conducted by Kaspersky Lab and B2B International suggests that banks and payment organisations are finding it difficult to manage online financial fraud in today’s connected and complex technological landscape.

The explosive growth of e-payments, combined with new technological developments and shifting business needs, has forced companies to enhance the effectiveness of their business processes in recent years. In many cases, this has been achieved by implementing e-flow systems for interacting with suppliers and clients etc. E-payments of all types have become so ubiquitous today that it is absolutely impossible for businesses to completely avoid electronic transactions of any kind. (more…)

Holiday shoppers drive site traffic and online sales higher

Originally posted on internetretailer.com By Matt Linder.

All but one day so far this holiday season has produced $1 billion in online sales in the U.S., according to Adobe.

Interest in online deals showed no signs of slowing down hot on the heels of a strong Thanksgiving weekend.

Traffic to the top 25 U.S.-based online retailers was up 10% year over year Sunday and 4% on Saturday, according to data from the Verizon Retail Index shows.

Retailers should view this as a sign shoppers are both engaged and willing to spend, says Michele Dupré, group vice president of retail, hospitality and distribution for Verizon Enterprise Solutions. “This healthy spike in weekend traffic demonstrates the importance of getting promotions right when consumers are focused on ticking items off their holiday shopping lists,” she says. (more…)