How Effective Fraud Prevention can Boost eCommerce Conversion Rates
Keeping your eCommerce conversion rate high requires looking out for fraud. Here is the key to high conversion rates with effective fraud prevention.
Although20% of small businessesfail within their first year, there are actionable steps that can stop you from falling into their ranks. Cybersecurity is a primary concern since you won't lose your reputation before your business even kicks off. However, a top-notch consumer experience is equally critical since it keeps customers happy.
Luckily, these two things can go hand in hand. Read on to learn about how effective fraud prevention solutions can lead to conversions for your business.
1. The Relationship Between Effective Fraud Prevention and eCommerce Conversion Rates
Fraud solutions are essential because they prevent consumer information from being stolen. This means fewer instances of identity theft. Financial information will also be protected so that no one has their money stolen.
Unfortunately, many eCommerce businesses do not invest in appropriate payment fraud prevention solutions. Some have ineffective software that doesn't actually protect data. Others have too many steps for verification that turn away consumers.
You need a fraud solution that inhibits unauthorized users. However, you also need one that encourages authorized ones to complete their online purchase seamlessly. If you fail to meet this second criterion, you will have a lower-than-average conversion rate due to poor customer experiences.
2. Smooth Implementation With Less ID Verification
Did you know that the majority of web userswill abandon a pageif it takes over 3 seconds to load? Those in the 4-5 second range will have a 90% bounce rate increase from sites with shorter load times.
Convenience is key when it comes to website functionality and having a lot of verification steps means slower-loading content. People are likely to become frustrated and bounce when they need to go through many manual steps towards identity verification.
You need a fraud solution that gives your customers a seamless checkout experience. You don't want to inhibit their progress through the site since customers are less likely to complete their purchase when they need to wait. An effective transaction fraud prevention solution is one that doesn't require too much verification.
3. Machine Learning, Fraud Solutions, and Conversions
Thebest fraud prevention solutions can lead to a 15% revenue increase quickly. They do this by using advanced machine learning to adapt to the specific behaviors of consumers.
They learn the ways that humans behave vs the ways that malware behaves. The solutions can then prevent fraud when they see patterns indicative of unauthorized access while minimizing friction for good customers.
Human users can go about their online activity with minimal verification assuming that the smart software recognizes their shopping patterns as legitimate. Ultimately, this leads to increased revenue and higher approval rates. You'll have higher customer retention and draw in new consumers due to high customer reviews from satisfied users.
Get Started With the Top Fraud Prevention Solutions
Now that you know how effective fraud prevention technology can lead to eCommerce conversion, it's time to begin implementing these strategies.
We're committed to keeping your customers satisfied while ensuring their safety.Request a demoof our services to see how Vesta can help you decrease the risk of fraud while still letting you grow your business quickly.