Combating e-commerce fraud: Harnessing the power of AI, ML, and RPA to safeguard profits
The rise of the e-commerce industry has brought immense convenience and opportunities for businesses and consumers alike. However, this growth has been met with an increase in fraudulent activity, causing significant financial losses for companies. Merchant losses related to online payment fraud are expected to exceed $343 billion by 2027. To combat this persistent threat, the e-commerce industry can harness the power of artificial intelligence (AI), machine learning (ML), and robotic process automation (RPA) to help mitigate these losses, prepare for new fraud attempts and ensure that the customer experience remains intact.
Utilizing AI-enabled, automated financial operations (FinOps) solutions allows for continuous real-time transaction monitoring. These technologies can effectively bolster security measures by enabling vendors to monitor transactions in real-time, compare them to historical data and safeguard against fraudulent activities by identifying suspicious activity that deviates from normal behavior. Moreover, the adaptive nature of AI empowers it to continually learn and adapt to emerging dishonest tactics, making it an indispensable asset in the relentless battle against illicit activities.
Real-time web data -- a new source of competitive intelligence [Q&A]
Gathering real-time public web data for business intelligence is a new competitive asset for some companies, but little information is available about the use cases for such data.
We spoke to Aleksandras Šulženko, product owner at Oxylabs.io, to learn more about how web data can be a valuable resource for enterprises.
Consumers want personalized experience but worry about sharing the data that drives it
European consumers want the personal touch in marketing communications, but are reluctant about sharing the data that enables it.
A new report, from customer engagement platform Twilo, shows 51 percent of European consumers say they will become repeat buyers after a good personalized experience, while 49 percent will tell a friend or family member, and 33 percent will become a member of the brand's loyalty program for deals and rewards.
Three-quarters of consumers are ready to ditch a company after a ransomware attack
A new study shows that 75 percent of consumers would switch their business to another company following a ransomware attack.
The survey, from backup appliance company Object First, also reveals that consumers are requesting increased protection from vendors that hold their data, with 55 percent favoring companies with comprehensive data protection measures such as reliable backup and recovery, password protection, and identity and access management strategies.
Physical meets digital -- the changing world of augmented reality [Q&A]
The physical and digital worlds continue to intertwine in new and exciting ways, and more precise mapping of the real world opens up unique opportunities for brands to drive more traffic and engagement to physical locations.
We spoke to Rypplzz CEO Josh Pendrick about why he believes augmented reality is a sector that's ripe for disruption.
Disruptions to eCommerce cost businesses up to $1 million a month
A new survey of retail and consumer brands shows that nearly 40 percent of all respondents suffer customer-impacting disruptions, which cost up to $1 million per month.
The survey, conducted by Forrester Consulting on behalf of Catchpoint, finds 61 percent of respondents say internet disruptions have resulted in lost revenue, while 64 percent report damage to their brand's reputation that led to lack of consumer confidence.
Real time data collection is needed for eCommerce companies to reach their full potential
According to new research, 62 percent of eCommerce organizations say that real-time data collection will be at the forefront of their priorities for 2023.
The study, carried out for Oxylabs by Censuswide, surveyed over 1,000 senior data decision-makers, split between UK and US eCommerce companies. It finds that as companies begin to rely more on efficient and low-cost data collection methods such as external data gathering, used by 40.54 percent of respondents, there is a clear shift towards gaining more actionable insights.
The impact of the cost-of-living crisis on eCommerce businesses
The current cost of living crisis is having a global impact, with Covid and events like the war in Ukraine playing a significant role. In the UK, Brexit has further contributed to slowing economic growth. It all points to people spending less as they become more cautious with their money. Consumers are feeling the pinch of the highest prices they've seen in a generation, with energy bills soaring, food costs rising, and mortgage interest rates reaching 15-year highs.
As a result, inflation hit a 40-year high of 11.1 percent last November, and while it is too early to predict its future direction, it is currently having a dramatic effect on people and businesses. And, inflation is not the only challenge facing businesses. Supply chain and labor shortages are also significantly impacting eCommerce stores, contributing to higher manufacturing costs and fewer products in production.
Why the mobile experience is important for eCommerce
Mobiles have become a pivotal part of the shopping experience. With each passing year, the statistics favoring mobile shopping increase, further underlining the importance of having an online store configured for mobile shopping. But why is mobile such a key aspect of shopping online? Here, we examine the power of mobile and why your online store should ensure it's optimized for more than one device.
According to Statista, mobile use numbers have grown impressively year on year. There are increasingly more users accessing the web and buying products and services from their smartphones than at any previous point in history, increasing from 52.45 percent of all eCommerce sales in 2016 to an all time high in 2022. This trend in increased m-commerce can been seen globally for example in the US 78 percent of sales traffic came from smart phones.
Cyberattacks, standards and the 'door dash' -- eCommerce predictions for 2023
The past couple of years have seen a boom in eCommerce as more people have worked -- and shopped -- from home.
But as the industry's profile has grown so has the risk of cyberattacks. What’s also been thrown into sharp focus is that delivery systems sometimes don't live up to the buying experience. So how will the eCommerce sector address these things in 2023? Here's what some industry experts think.
Poor website experience makes 60 percent of consumers abandon a purchase
A new survey of 6,000 online shoppers in the US and EU finds that many websites are causing problems for eCommerce companies due to poor design.
The study from Storyblok shows that 42 percent say they decide whether to stay on or leave a website within 10 seconds -- 20 percent within five seconds -- while 60 percent have abandons a purchase because of poor website experience.
Increasing eCommerce sales place onus on retailers protecting customers from downtime and data breaches
With the annual Christmas/New Year shopping season in full swing, high network traffic is expected to accompany the sales throughout December and into 2023. During this time, retailers will expect to see a higher-than-average number of visitors to both their stores and their online websites.
But with soaring inflation and energy price rises causing economic uncertainty, predicting the level of sales traffic that eCommerce sites can expect isn’t an easy task. Therefore, adapting their strategies to ensure they are ready for any level of network traffic must be a priority.
Balancing the risks and benefits of an online presence [Q&A]
The widespread use of digital platforms allows businesses to expand, but at the same time a growing internet presence can put organizations at risk in ways they cannot plan for.
We talked to Censys' data scientist, Emily Austin about the company's recent State of the Internet report and about how businesses can proactively fight against unknown domains and risks.
Automated threats responsible for 62 percent of eCommerce security incidents
Automated threats, ranging from account takeover, credit card fraud, web scraping, API abuses, Grinch bots, and DDoS attacks, are a persistent challenge for the eCommerce industry, according to a new report.
Cybersecurity company Imperva has conducted a 12-month analysis of threats targeting the retail industry. A continued barrage of attacks on retailers’ websites, applications, and APIs throughout the year and during peak holiday shopping times is a continued business risk for the retail industry.
Mitigating kneejerk digitalization: How to futureproof your eCommerce operation
The last three years have presented particularly unsettled waters for eCommerce leaders to navigate. eCommerce was already transforming, but the pandemic led to a period of massive growth that forced rapid change. At the same time, the fallout from events like Brexit caused operational challenges for many organizations. To cope, eCommerce leaders had to accelerate their digital plans -- meaning many discarded existing strategies and condensed three to four years of digital transformation into a matter of months.
In the short term, this "kneejerk" digitalization allowed businesses to spin up an eCommerce website or app quickly. But in the longer term, many risk being left with a technology stack that is neither futureproof nor fit for purpose. In fact, despite the increase in spend, our research finds businesses lost an average 10 percent in revenue due to downtime and website performance issues in the last two years. That’s the kind of loss that cannot be absorbed more than once.
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