This article is brought to you by Retail Technology Review: New report: Impacts to global e-commerce and fraud trends amid Coronavirus.
Forter, the e-commerce fraud prevention solutions provider, has launched the May edition of its monthly COVID-19 Report, that reveals the impact of the current climate on consumer behaviour and fraud and abuse trends.
For many businesses that have traditionally been store-first, the current environment has led to a tremendous shift in focus, with online becoming the primary channel. Businesses no longer have the option of combining their brick and mortar services with small online operations and, as a result, digital transformation is required in order to survive. Now, a month after its April report, Forter is seeing new and steady increases in online consumer purchasing volumes that have forced businesses to readjust their strategies once again.
Overview of key findings:
- Fraud Trends: Promo Abuse (consumers take advantage of discounts by opening multiple accounts in order to reuse promotions), ATO Attempts (increased by 179%), Gift Card Fraud, Contactless Delivery Issues, Loyalty Fraud, Collusion (54% increase), Returns Abuse (22% decrease).
- Apparel & Accessories: 99% increase in transactions ↑
Eyewear – 648% increase ↑
Jewellery – 17% increase ↑ - Beauty & Personal Care: 235% increase in transactions ↑
Coupon abuse in this sector has increased by 55% ↑ - Food & Beverage: 190% increase in transactions ↑
Alcohol – 300% increase ↑ - Groceries & Delivery: 236% increase in transactions ↑
Bananas – 33% increase (of the proportion of cart items) ↑ - Marketplaces: 88% increase in transactions ↑
- Home Furnishings & Garden: 399% increase in transactions ↑
Mattresses & Bedding – 587% increase in transactions ↑
Note: Percentage changes for each category are the transaction volume for the week ending 3 May 2020.
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