New UK eCommerce Report Helps Retailers Optimise Order Acceptance
READING, England, 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 from
CyberSource , 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
"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 £78bn 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
"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:
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
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
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
About CyberSource CyberSource, a wholly-owned subsidiary of Visa Inc., is a
payment management company. Over 400,000 businesses worldwide use CyberSource
and 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 .
Contact: Amy Stevens, Berkeley PR, http://www.berkeleypr.co.uk, T:
+44(0)118-909-0909, Twitter: AmyKStevens, Facebook:
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