Understand the balancing act between fraud prevention and CX
New Users, Missed Opportunity
The continued increase in digital sales has drawn new battle lines for enterprises, requiring them to juggle fraud prevention with improving customer experience (CX). New research shows an alarming trend: legitimate customers are increasingly being falsely declined for purchases they’re attempting to make. In fact, new online shoppers are declined at a rate that is 5-7x greater than returning customers.
The Greater CX Challenge
451 Research finds that in just a six-month period:
- Two-thirds of all legitimate shoppers who were falsely declined did not purchase the item at all – or did so from a competing vendor
- Millennial shoppers, a high-growth demographic, tend to be the most impacted by false declines
- False declines are just a part of the problem – inefficient shopping experiences such as restrictive promotion/returns policies and limited international expansion are also significant challenges
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