Digital sales generate 55% of HSN’s overall sales, and the retailer is looking to new platforms, such as Facebook Live, to acquire customers.
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As part of its service, CyberSource examines merchant transaction data for at least six months to identify revenues inadvertently lost to rejected orders. The audit can be also be reversed to identify efficiencies that can be adopted elsewhere.
Tightening up--or loosening
"Sometimes the screws are too tight and need to be loosened a bit and vice versa," says Bradley, who adds that CyberSource customers typically reduce manual review rates by 40%, while reducing fraud and boosting conversion rates. "If a retailer loses just ten basis points a day in revenue due to the process, it is a significant loss over the long-term. Merchants need to understand how to optimize the value of security in relation to all the costs associated with it," he continues.
A recent test by Petco.com showed that sales increased by 8.8% when ScanAlert`s HackerSafe logo was displayed at the top of the navigation bar, compared to 6.3% at the bottom of the bar, and just 1.7% at the bottom of each page on its site.
Such improvement in sales can lead to increased brand equity, which catches the attention of senior management. "When upper management sees a tangible return on investment in security it provides the impetus to increase the IT budget to stay ahead of the game," says ScanAlert`s Leonard. "A memorable security mark does influence customer behavior."
For e-retailers looking to cash in on the growth in sales and expand their business worldwide, it is a trend they can no longer afford to ignore.