Online women’s fashion firm ChicMe selected Forter to support its global expansion by improving payment processing, reducing fraud and increasing order fulfillment efficiency.
As a result of the partnership, the retailer has already reduced fraud-related payment refusals, increased payment transaction rates and significantly improved the manual review process for uncertain orders.
ChicMe, a Geeko Tech fashion brand already popular in North America and Europe, experienced rapid growth throughout 2022 in Latin American markets such as Mexico and Brazil.
The company aims to provide a user-friendly shopping experience that features hassle-free customer service, timely delivery and a product range that delights its customers.
ChicMe decided to seek out a fraud prevention solution after encountering challenges with its payment and risk control processes in its emerging markets.
An increase in fraudulent transactions in Latin America, for instance, directly impacted its profit margin and compromised its banking channels.
According to Forter’s research, denying legitimate transactions can cause up to 75 times more lost revenue for merchants than fraud. Known as “false declines,” these occurrences are more likely to hit new customers.
New shoppers are five to seven times more likely to be declined by legacy fraud tools than returning customers. Of those shoppers who are falsely declined, 40% will then move on to purchase from a competitor instead.
Knowing this risk, ChicMe quickly jumped into action to reverse these challenges, improve the user experience across all regions and ultimately set the entire business up for success.
The brand selected Forter for its deep understanding of identity, accuracy in declaring legitimate transactions trustworthy, and use of automation to prevent fraud and improve the overall digital user experience.
“Customer satisfaction, experience and security are a key priority for us. Balancing these priorities with our plans for market expansion became a growing challenge,” said Li Feng, CTO of Geeko Tech.
Working with Forter, the retailer has increased their payment success rate by 5%, and payment refusals due to fraud dropped by more than 50% in only four months.
