With eCommerce booming, particularly during the current holiday shopping season, merchants are benefiting from Riskified, a startup that increases shopping cart conversions using machine learning algorithms.
In a press release, Riskified said its technology is able to increase conversion rates for merchants by reviewing orders instantly and approving as many legitimate ones as possible.
“As consumers increasingly move their shopping online, eCommerce has grown tremendously,” said Eido Gal, CEO of Riskified, in a press release. “Merchants using Riskified are outpacing even that explosive growth. We can’t take too much credit for that, but we’re honored that some of the world’s most innovative and respected brands choose us to help enable that growth. We want to thank them for their partnership, and we look forward to even more success in 2019.”
According to Riskified, the holiday shopping season is very demanding, but rewarding, for merchants hawking their products online, as customers around the world are turning to the internet to find gifts for friends and family and want to get discounts on their purchases. Merchants have responded by offering online deals and discounts.
Beyond the increase in sales during the holiday shopping season, Riskified said the influx of new customers provides merchants with a chance to deliver a perfect experience and convert one-time shoppers into lifelong customers – but that opportunity isn't devoid of challenges. Consumers have a lot of choices, and as a result have been very demanding in terms of the perks they get from eCommerce operators. Riskified noted that consumers want free shipping, in-store pickup, delivery to lockers and a host of other innovating services. Merchants are also forced to make quick decisions on orders that are coming in from customers they have never dealt with. Riskified takes some of the risk out of the equation with its machine learning-led technology.
"This holiday season, merchants offered their customers a multitude of products and means of fulfillment. Whether these orders were big and bulky, digital goods or gift cards, they were approved instantly. And whether they were delivered to a mailbox, bought from the office and picked up on the way home or dropped off in a locker, merchants gave their customers a friction-free shopping experience," Riskified said in the press release.