It is hard to overstate the global influence of the consumer electronics industry today. For example, there are more mobile devices on Earth than people and that’s just one top-selling electronic category. And if you’re a successful electronics retailer in this competitive market, then you’ve likely been bold, innovative and push boundaries of sales & marketing efforts. You’ve certainly encountered fraud along the way. The following infographic highlights five interesting facts that might just change the way you approach selling electronics online.Read More
Retail eCommerce spending via smartphones and tablets boomed in Q4 of 2016, up 45% over 2015. In fact, mobile accounted for 21 percent of total digital commerce dollars spent in the quarter, mobile’s highest recorded share of online sales ever.
And guess what? Mobile fraud is keeping pace. In 2015, the number of fraudulent transactions on mobile devices increased by 142% compared to 2014. And there’s no slowdown in sight, with CNP fraud losses projected to soar 80% by 2020.
For online Electronics retailers, this presents a dilemma. Customers and their money are obviously pouring in via the mobile channel, and you want to capture those orders. Yet with mobile fraud also soaring, you also risk higher fraud losses.
This is where the clever part comes in. There are fraud prevention solutions out there that actually help improve mobile conversion rates (while reducing fraud)! How is this possible?Read More
If you’re an eCommerce retailer that sells Electronics, these facts are why you need a robust anti-fraud system:
- Electronics as a category is a top 3 target for CNP fraud
- 31% increase in card-not-present (CNP) fraud attempts during 2016 holidays in the U.S.
- CNP fraud losses are projected to soar 80% to a record $7.2 billion by 2020
At the same time, online Electronics retailers have indicated strong concerns with the growing cost and complexity of fraud prevention. And the problem isn’t just for large eCommerce operations. Fraudsters are making the strategic decision to move “down the food chain” and target smaller retailers as their tools of the fraud trade have given them automation options. In the past 36 months, retailers have taken steps to dramatically increase their fraud mitigation efforts, but that can have substantial costs as well.Read More