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Last updated on April 24, 2014 at 11:09 EDT

New UK eCommerce Report Helps Retailers Optimise Order Acceptance

March 7, 2013

READING, England, March 7, 2013 /PRNewswire/ –

CyberSource 2013 UK eCommerce Report Out Now; Provides Guidance to

Strengthen Customer Experience

Best-in-class retailers should focus on optimising order acceptance in 2013 according
to the ninth annual UK eCommerce Fraud Management Report
[http://www.cybersource.com/ukfraudreport ] from CyberSource [http://www.cybersource.co.uk
], a Visa company (NYSE: V).

The survey of 200 UK merchants revealed clear opportunities for businesses to identify
and convert valid orders faster, whilst further streamlining their manual review
processes. According to the report, retailers reject a significant proportion of eCommerce
orders, some of which may be valid. Furthermore, merchants reported that, on average, they
manually review a quarter of eCommerce orders; however they ultimately accept over two
thirds of these transactions.

“In 2013, businesses should take an holistic view of fraud management and focus on
acceptance; identifying good customers sooner and then optimising their entire payment
experience, irrespective of the device or channel used,” said Simon Stokes, Managing
Director EMEA at CyberSource.

The eCommerce opportunity
The UK eCommerce industry is a world leader in terms of its maturity and scale; worth
GBP78bn in 2012 according to the IMRG. The report found that the US, Germany, France and
Ireland generate the most cross-border eCommerce revenue for UK merchants. Italy, Spain
and China are the top countries planned for market entry in 2013. New territories and
digital channels bring significant opportunity to merchants, as well as potential
complexity.

“As businesses look to reach more customers and source new revenue opportunities, it’s
important to find the right balance when defining risk strategies,” said the report’s
co-author Dr Akif Khan, Director, Strategic Initiatives, CyberSource. “Optimising profits
means focusing on the end-to-end eCommerce journey, and doing so efficiently. By
automating acceptance and minimising the need for manual review, fraud managers can
positively impact conversion rates, profit margins and the overall customer experience.”

Optimising acceptance
CyberSource’s Managed Risk Services team has introduced a five point plan to help
businesses streamline order acceptance. Much more detailed insight is offered in the full
report, accessed here: http://www.cybersource.com/ukfraudreport

        1) Assess the Opportunity: Compare your key fraud management metrics to
          those in the report, including the order reject rate, and consider where there is room
          for improvement.
        2) Examine Review Outcomes: Look at the proportion of manually reviewed orders
          that you ultimately accept. If this is too high, the criteria used to sort orders into
          a review queue may need tightening; automate as much as you can upfront to increase
          valid order acceptance.
        3) Optimise Rules: Constantly analyse reviewed orders, and create new rules to
          improve the customer journey. Ensure rules are refined to reflect each market and
          payment method, as well as seasonal, or even daily, buying behaviours.
        4) Consolidate Channels: Using one platform helps you take a single view of the
          customer across web, mobile and call centre channels, as well as markets. Track
          transactions from multiple sources using cross-channel velocity checks.
        5) Keep Testing: Constantly test and tune new rules to understand how changes
          could improve your performance and conversion rates. Find the right balance: profit is
          the objective, not necessarily the lowest chargeback rate.

About CyberSource
CyberSource, a wholly-owned subsidiary of Visa Inc., is a payment management company. Over
400,000 businesses worldwide use CyberSource [http://www.cybersource.co.uk ] and
Authorize.Net [http://authorize.net ] brand solutions to process online payments,
streamline fraud management, and simplify payment security. The company is headquartered
in San Francisco, and maintains offices throughout the world, with regional headquarters
in Singapore, Tokyo, Miami, Sao Paulo and Reading, U.K. CyberSource operates in Europe
under agreement with Visa Europe. For more information, please visit

http://www.cybersource.co.uk.

SOURCE Cybersource


Source: PR Newswire