As ecommerce increasingly becomes the go-to destination for anything from picking a gift for a special someone to doing the weekly grocery shop, consumers regularly expect more from online brands and the customer experience they offer.

For these digitally minded shoppers, factors like multiple online payment methods, fast deliveries, various digital channels to engage with and the availability of a range of contactless experiences can make or break a purchase. However, one element is becoming more and more definitive of a positive online shopping journey: a secure, risk-free environment. 

According to Experian, 60% of consumers globally have higher expectations for their online experience and 55% say security is the most important aspect of it. However, for businesses, security has become an increasingly challenging aspect of the online customer journey, particularly as online fraud and scams become more pervasive and sophisticated.

Hence, having the right fraud detection tools and an effective cybersecurity strategy goes beyond protecting your business against fraud — it's about creating a positive shopping experience that maximizes the customer lifetime value for your brand. 

Fraud detection, speed and changing consumer expectations

Just like ecommerce trends, consumer perceptions of the best ways for businesses to keep their online shopping journey safe change all the time, particularly as new technologies and approaches are developed and refined.

For brands, this translates into the challenge of not only being attuned to evolving consumer preferences but also remaining up to date with the most recent developments in cybersecurity and fraud detection technology. 

Experian found that consumers perceive physical biometrics as the most secure method to protect online transactions, with nearly three quarters of respondents in their study mentioning this approach. PIN codes sent to mobile devices and behavioral analytics were also among the most preferred.  

And while shoppers are concerned about their online security, speed and seamlessness are also key aspects of their experience, which they are not willing to give up.

Consumers are reluctant to wait for long when it comes to security checks and would rather shop somewhere else (or cancel their purchase altogether) rather than face delays: Experian’s study revealed that consumers consistently said they abandon a transaction if they have to wait for more than 30 seconds.

This highlights the importance of ensuring that fraud detection checks are fast and smooth to keep shoppers’ impatience at bay and offer an overall positive experience that is both secure and speedy.

A tool such as THG Ingenuity’s proprietary SaaS fraud detection platform runs comprehensive security checks to spot fraudulent or illegitimate transactions whilst minimizing waiting time for consumers at checkout. 

Powered by machine learning and advanced adaptive behavioral analytics, THG Ingenuity's fraud detection solution allows for the approval of more orders and reduces false declines without negatively affecting conversions — all whilst removing risk.

This means that your business can focus confidently on growth without worrying about cybersecurity incidents and the revenue loss or potential negative impact on reputation they may represent. More importantly, it means that your customers are protected and receiving the checkout experience they are looking for.  

Discover how THG Ingenuity's fraud detection solution can help you create a positive shopping experience for your customers and keep your brand protected. Get in touch with us today to learn more.