In just four months, ChicMe reduced fraud-related payment refusals by more than 50% in key markets
Forter, the Trust Platform for digital commerce, today announced that ChicMe, a leading online women’s fashion brand, 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. Its mission is to consistently satisfy its customers by providing quality, on-trend fashion at affordable prices. 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 75x more lost revenue for merchants than fraud. Known as “false declines,” these occurrences are more likely to hit new customers. New shoppers are 5-7x more likely to be declined by legacy fraud tools than returning customers. Forty percent of those shoppers who are falsely declined 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 – and ChicMe saw results almost instantly.
“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, chief technology officer, Geeko Tech. “Working with Forter has empowered us to scale our business while maintaining superior customer experience and blocking fraud. In fact, we’ve already increased our payment success rate by 5 percent, and payment refusals due to fraud dropped by more than 50 percent – in only four months.”
“Leading retailers like ChicMe understand that solving for fraud accurately and instantly with automation means they’re free to focus on driving business results, expanding into new markets and building lifetime customer value,” said Marcus Holm, chief revenue officer, Forter. “We’re thrilled to see the immediate impact ChicMe has had since partnering with Forter and we’re excited for what’s to come.”
For more information about Forter’s work with the world’s leading brands, visit: https://www.forter.com/customers-overview/.