The events of 2020 have permanently altered the way customers engage with businesses. Looking to 2021 and beyond, digital businesses must adapt, expand, and innovate to stay relevant and profitable in the new environment. For ecommerce businesses, it will become even more critical to enable new revenue channels, protect against chargebacks and fraud, and enhance the entire customer journey. Understanding identity trust, or the level of trust or risk behind every interaction, is key to scaling in these three key areas.
Innovate and protect new revenue channels to pace with digital acceleration
In the past year, consumers have embraced new digital channels more than ever before, including mobile order ahead, Buy Online, Pick Up in Store (BOPIS), curbside pickup, and similar models. While some shoppers may be back to browsing the shelves in store, many still count on contactless methods, and no matter their preference, consumers will expect these offerings to continue to be offered into the future.
Successful BOPIS (or Buy Online, Pick Up Curbside, or any other of similar acronyms), requires timely processing and minimal customer interaction. There is little to no time for manual review of an order, and additionally, this model also accelerates card-not-present (CNP) payment transactions, which shifts the liability to merchants. Even just sitting in their cars in the parking lot, a few yards away from the traditional point-of-sale, shoppers are making their orders online, making it a CNP interaction.
With these changes, businesses are tasked with balancing digital fraud protection measures with customer friction to ensure all channels are adequately protected. There are several points along the customer journey where businesses can monitor and assess risk, as well as validate the customer making the purchase. Kount’s AI-driven fraud prevention coupled with the Identity Trust Global Network and its highly customisable platform enable businesses to protect and grow this channel in a way that is seamless to their good customers.