Digital Commerce 360 lists the industry’s top vendors in its annual “Leading Vendors to the Top 1000 Retailers” report, which also explores new ways in which online merchants are deploying ecommerce tools and technology to increase profits and better serve their customers. 

While the report’s rankings are important in pointing merchants to the best ecommerce vendors to help them succeed, it also explores merchants’ thinking through a detailed survey. This year’s survey illustrates how difficult it is to juggle all the competing requirements for digital commerce companies to be successful and how important it is for an ecommerce business to view entire customer journeys when making tech investments.

Consider the following findings in this year’s “2024 Leading Vendors to the Top 1000 Retailers” report:  

• Retailers will spend more on technology in 2024 — 63% said so.
• Equal numbers will pay to increase conversion and improve customer experience — 57% in both cases.
• 48% said technology spending for improved payments and payment security had effectively increased conversion in 2022.
• One in 10 placed improving payments and payment security among their top five 2024 priorities.

Where digital commerce companies are spending in 2024

You probably see where this is going. The surveyed retail leaders said they wanted to increase conversion and provide better customer experience. The vast majority said that’s where they’d be spending their money. A smaller number — only 10% — said improving payments and security, including fraud protection, was a priority.

That’s a disconnect. Here’s why: Investing in a future-focused payment stack is a key to increasing conversion and providing a better customer experience. An often-quoted study from 451 Research found that poor payment strategy  — limiting payment options and incorrectly declining legitimate orders — cost retailers $36 billion annually.

That’s a lot of cart abandonment and lost conversion. And the customer experience? The damage there goes without saying. OK, we’ll say it: When a legitimate customer is turned away for no good reason — and that experience accounts for $16 billion of 451 Research’s number — it’s a bad user experience. Bad enough that a sizable portion of those customers are finished with the retailer who turned them away.

Furthermore, 451 Research discovered during the COVID-19 pandemic that retailers who considered payments a “strategic area of focus” were in a better position to succeed than those who were not.

Optimizing payments is a key to better user experience

In fact, of the retailers who said payments was “a highly strategic area of focus, 55% said at the time that the COVID-19 outbreak was having a positive impact on their sales,” 451 Research reported in “Payments in the (New) Roaring Twenties.” Among those who described payments as somewhat or not at all strategic, only 25% said the pandemic was having a positive effect on sales, according to the report. 

 Signifyd Chief Customer Officer J. Bennett made a similar point in an interview included in DC 360’s “2024 Leading Vendors to the Top 1000 Retailers,” explaining that the job of risk intelligence teams goes well beyond stopping fraud. 

“Instead of stopping loss, they’re charged with maximizing conversions and minimizing bad approvals,” Bennett said in a Leading Vendors report Q&A. “When they do this successfully, customer satisfaction scores go up. The best risk management teams are now seen as a driver of business growth rather than a cost center that needs to be managed.” 

In short, risk intelligence teams at successful retailers are focused on maximizing conversions and contributing to a customer experience that brings customers back repeatedly and builds long-term customer value. 

DC360 listed Signifyd among the best ecommerce vendors for the third time

The 2024 report marks the third year in a row that Signifyd was listed as the No. 1 solution provider offering payment security and fraud prevention for the largest online retailers in the United States. The list is assembled based on the number of customers a solution provider has among Digital Commerce 360’s Top 1000 retailers, based on revenue. 

The continued success comes at a time when payments and risk are rapidly evolving. As ecommerce has grown as a portion of retail sales during and since the pandemic, fraud and policy abuse have grown with it. All of which has led to a new breed of risk intelligence professionals.  

“The retailers that are successfully managing these risks are working more cross-functionally within their organizations than ever before,” Bennett told Digital Commerce 360 for its report. “They’re working with marketing to understand the promotions they’re pushing and the customers they’re trying to attract; with the payments team to understand loss prevention and with operations to understand fulfillment.” 

Signifyd’s third consecutive appearance on Digital Commerce 360’s list comes amid a series of accolades, including being named to Fast Company’s 2023 Most Innovative Companies list for its work in artificial intelligence and among Deloitte’s 2023 Technology Fast 500 winners. 

Feature image by Signifyd

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And how do you do that? Every past action by a fraudster provides a clue about their most likely next move. That’s why Signifyd automatically cross-references every incoming order against a shopper’s order history at your storefront and across ecommerce as a whole – surfacing less obvious connections to fraud and abuse.

And today, with the introduction of an innovative new tool called Power Search, Signifyd is providing its customers with unprecedented visibility into this order-linking analysis. With Power Search, merchants can identify patterns of fraud and proactively take action by reviewing orders across a two-year time frame, linking identities with six common identifiers and evaluating transactions across 30 different order fields.

Power Search demystifies superior fraud pattern recognition

Using Power Search, merchants can: 

Identify fraud risk with a bigger picture

Whereas traditional fraud prevention solutions assess risk purely at the transaction level (intra-order anomalies), Signifyd’s decision engine also cross-references incoming orders against historical transaction and behavioral data – revealing suspicious order connections (inter-order anomalies). 

That’s why an order that appears legitimate in isolation may be deemed risky and declined by Signifyd. In these instances, a merchant may want to review Signifyd’s decision to ensure there are no false declines – and Power Search gives merchants that additional peace of mind.

A merchant can leverage Power Search to quickly display second- and third-degree connections to fraudulent activity. For example, a merchant can use Power Search to determine when a delivery address for a given order has been used in past orders that resulted in a chargeback.

A new process for identifying fraud

Power Search introduces a new way for merchants to see a much bigger picture about that particular buyer so they can make an informed decision. 

Field customer inquiries with confidence

To provide the best possible experience for customers, it is typical for merchants to offer shoppers an opportunity to contact customer service when an order has been deemed risky. 

When providing buyers with this opportunity, it’s important that the merchant’s customer service rep has a clear view of all order data pertaining to the individual shopper so that they can make accurate and informed decisions in the moment. 

Power Search gives support reps just that – a clear snapshot of why an order was declined – allowing them to take appropriate action on customer inquiries with confidence. 

Leverage insights to deploy more effective business policies

Fraudsters deploy multiple tactics to obscure connections to past scams. With the use of Power Search, merchants can quickly identify order connections in their transaction history to bring suspicious activity to light.

Pairing Power Search with Decision Center allows merchants to turn those insights into more effective policies around common abuse patterns such as promo abuse, unauthorized resellers, gift card fraud and more. 

Try as they might to cover their tracks, fraudsters leave a trail of clues in their wake. With Power Search, you can uncover these telltale signs of sinister activity and stop fraudsters in their tracks.  

Beat fraudsters at their own game with Power Search. 

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The future, as in years from now — and the future, as in tomorrow. Digital commerce is developing in dog years and it favors the fleet of foot. The more than 300 attendees at the second annual FLOW learned that the future requires a new operating system — one that is part technology and part mindshift. 

The winners in online retail and payments will embrace a platform of platforms — a commerce ecosystem in which data moves fluidly among banks and payment providers and ecommerce platforms and commerce protection platforms, and post-purchase orchestrators optimizing returns, refunds and customer support.

The future will bring the customer journey together

“You get into this concept of how do I get access to something new in the customer journey that gives me an edge,” Signifyd CEO Raj Ramanand told the crowd at the day’s opening session. “The future is going to be tying together that customer journey that is very disparate today. I think that is the next, big, very exciting opportunity in this space.” 

Ramanand’s keynote kicked off Signifyd’s second annual FLOW Summitt, which brought together retail, commerce and payments professionals in lower Manhattan for a day of learning, challenging assumptions, charting the future, connecting with old friends and making new ones. 

A Summit theme was Fearless Connections and the summit energy was optimistic and future-focused. Focused on the future, including that platform of platforms idea. 

Data, not surprisingly, will be the glue that holds the platform together. The work constructing it is already well underway. In fact, FLOW’s opening panel, “The Next CX Frontier: Connecting Platforms Across the Customer Journey” personified the model. It brought together experts from Adobe, Narvar, Google Cloud and FIS/Worldpay — a group of industry leaders that spans the entire shopping journey. 

“I think the future is catching up to what we’re talking about here,”  said panelist Jason Knell, Adobe’s senior director, commerce services GTM & content partnerships. 

It’s time to become more prescriptive

Merchants, he explained, are overwhelmed by the choices of platforms and solutions available to help them get their jobs done across their entire operations. The answer to the overload, Knell explained, is to pull together a strong ecosystem that works together. With that at their disposal, solution providers are better able to guide merchants toward the best decision.

“We’re trying to make that easier by picking partners that we want to bet on,” Knell said. “We’ve gotten more prescriptive to help solve that problem.” 

For instance, he explained, Adobe has doubled down on its partnership with Signfiyd, rather than suggesting a range of potential fraud-protection providers to merchants using Adobe Commerce solutions. 

And about that data, the glue holding the platform of platforms together, the key is having “a strong consortium” with meaningful data, said John Winstel, vice president of product management at FIS.

“For me, it really boils down to data at the end of the day,” he said. “Any type of machine learning-AI-type model, it’s really only as good as the data and being able to see across ecosystems — across multiple merchants, multiple financial institutions.” 

Say goodbye to spotting the stoplights

In fact, it’s data, intelligently deployed, that has allowed Google Cloud to protect commerce with its reCaptcha solution, Cy Khormaee, head of product, Google security explained. And it’s an incredible volume of data that has allowed Google to do that in many cases without consumers even realizing they were being confirmed as legitimate users. In fact, the panelists joked, copious amounts of data means consumers are no longer required to identify photos of stoplights in order to log into accounts — a little Captcha humor. 

But even with the data and the strong consortiums, and the end to picking stoplights from a photo lineup, it will take something more to successfully launch the platform of the future.

“The way that I really think that we turn it around is to be fearless, like you started the day with,” Kelli Lin, Narvar vice president product, told the packed room, acknowledging Ramanand’s opening remarks and echoing the theme for FLOW Summit 2023.

Be fearless

For instance, she explained, if a carrier sends a customer a message that an ordered package is on its way, that might smooth the post-purchase customer experience. But wouldn’t it be better for both the customer and the merchant, if that were a branded message, if the brand was part of the reassurance?

“Have you recaptured your brand in that and driven the next level of engagement? No,” she said. “You have to step into it. You have to give that information as opposed to just reacting and managing. So, being fearless is hopefully my message.”

It certainly has a nice ring to it. And no doubt it is a message that was resonating throughout the keynotes, sessions and hallway conversations that are the essence of FLOW Summit 2023.

Photo by Mike Cassidy

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The strategic partnership also marks a resounding reminder that the future of retail is digital and that the key to the future success of digital retail is providing the highest quality experiences — from discovery though payments and beyond. 

“We have long admired Adobe Commerce’s commitment to providing exceptional customer experience in the online world,” Signifyd Chief Business Officer Indy Guha said in the company’s formal announcement of its new Adobe Technology Partner Platinum status. “As an Adobe Platinum Partner providing commerce protection, Signifyd can now amplify those customer experience efforts by providing unparalleled fraud and abuse protection along with proven conversion uplift.” 

Digital transformation has another chapter to go

It will come as a shock to no one that merchants are feverishly working to build better and more innovative experiences for the customers they have and hope to attract. Digital transformation and seamless customer experience have been rallying cries for ecommerce merchants for years — maybe since the dawn of ecommerce. 

But post-pandemic retail is entering a new era. Think of it as Digital Transformation 2.0, a muscular move to aggressively apply technology in general and AI in particular to all aspects of the buying journey, from discovery, to site experience, to checkout, to fulfillment, to post-purchase customer support. 

Adobe is the world leader in digital experience

And there is no reason Adobe and Signifyd wouldn’t be at the center of that transformation. Adobe has long been acknowledged as the world’s leader in digital experience and virtually invented the digital experience platform. While such claims are always open to debate, there is no doubt that Adobe was a digital experience pioneer when it launched its Experience Cloud more than a decade ago.

At about the same time, Signifyd was pioneering the concept of guaranteed fraud protection — a new form of fraud prevention that opened up seamless checkout by eliminating the fear of fraud among merchants and giving them the confidence to approve more orders more quickly.

It would be unfair to say that up until now “digital transformation” has been more talk than action. But up until now a preponderance of what was being transformed focused on marketing and merchandising, fulfillment and inventory management — all operational aspects worthy of transformation.

Forward-focused C-suites understand the payment layer is a crucial extension of customer experience

But now that some of those flashier elements have been transformed and primarily require periodic updating rather than overhaul, it’s time for brands to dig into core aspects of the customer journey that they might have neglected as the prominence of online commerce raced ahead. 

The elevation of Signifyd to an Adobe Platinum Partner is clear evidence that the C-suite understands and is focused on the payment layer as a crucial juncture in the buyer journey and one that translates into revenue, customer loyalty and lifetime value.
Successful retail leaders understand that payments is the point at which all the investment in digital experience needs to be converted into revenue and customer loyalty.

They know they can’t afford to turn away good orders, which results in turning away good customers — perhaps for life. They know that orders often need to be delivered in two days or same-day or within hours. That doesn’t happen without machine learning models instantly sorting fraudulent from legitimate orders and further order automation.

Successful merchants build excellent customer experience from start to finish

For instance, Sue Beckett, senior vice president of digital marketing and ecommerce at Lovesac, emphasized the importance of building an excellent customer experience from start to finish when it comes to building loyalty and customer lifetime value. 

“We set out to build an online experience that matched the innovative heritage and premium feel of our versatile product lines while putting consumers’ needs at the center of it all,” said Beckett, Lovesac senior vice president of digital marketing and ecommerce. “Adobe Commerce provides the powerful platform and partnership ecosystem to do that. Add to that Signifyd’s precision commerce protection — which speeds up fulfillment and ensures that good orders are not turned away — and we are able to provide Lovesac customers with the experience they deserve and one that will keep them coming back.”

The Signifyd/Adobe strategic partnership is indicative of the kind of forward-focused commerce strategy increasingly being embraced by online merchants. Brands rely on robust ecommerce platforms that offer a stable of partners comprising the category leaders in specific retail functions. Together the platform and those partners allow merchants to build a flawless experience through the entire course of the buying journey

The Adobe-Signifyd combination is a win for merchants and consumers

“Adobe is dedicated to assembling a partner ecosystem that is second to none,” Justin Merickle, Adobe Experience Cloud vice president of business development, said in today’s announcement. “Signifyd offers our customers the leading commerce protection platform and its laser focus on providing peerless customer experience while maximizing brands’ revenue.” 

Together Adobe, which is a recognized leader in providing digital experiences, and Signifyd, the leading commerce protection provider and one of Fast Company’s Most Innovative Companies in the artificial intelligence space, provide brands with the solutions they need to delight customers.

The two companies have for years been innovating and iterating on artificial intelligence models designed to make online and omnichannel shopping experiences more enjoyable and efficient for consumers — and more profitable for merchants. 

Looking to provide a flawless customer experience? We can help.

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Fast Company, a leading chronicler of technology and the future, produces the much-anticipated list annually in order to highlight “businesses at the forefront of their respective industries.” As Fast Company describes it: “These companies are setting the standard with some of the greatest accomplishments of the modern world.” 

Signifyd shares the spotlight with companies and organizations such as OpenAI, NASA, Disney, McDonald’s, Tiffany & Co. and others.

“Our customers have always been at the heart of what we do,” Signifyd CEO Raj Ramanand said of the Fast Company award. “They drive our innovation through their suggestions and the business challenges they talk to us about. We have consistently added features and new solutions that solve their problems. In many ways, we share this honor with our customers.” 

In crafting the list, Fast Company creates categories to highlight the top 10 companies in various areas of innovation. Signifyd, the leading commerce protection provider, is a top 10 company in the AI field — recognition of the key role AI plays in its Commerce Protection Platform.

Signifyd is a top artificial intelligence company

The honor comes on the heels of venerable industry publication Digital Commerce 360 naming Signifyd the leading payment security and fraud prevention vendor for the second consecutive year and not long after research and advisory firm Frost & Sullivan declared Signifyd the industry leader in ecommerce and fraud protection. 

The Fast Company panel sought out innovative companies worldwide and considered nominations detailing innovative initiatives from all business sectors. It recognized Signifyd’s contribution to helping online brands through three-plus years of constant disruption — from COVID, to supply chain breakdowns, to labor shortages to inflation to consumers’ pullback on spending. 

Signifyd innovates in commerce protection and workplace culture

It was a nod to Signifyd’s innovative culture, which goes beyond its products and solutions. Yes, the company is an acknowledged pioneer in the field of AI-based fraud and abuse protection. And yes, it has continually stretched into the future with additional solutions launched to solve merchant’s business challenges. 

But Signfiyd is also an innovator in workplace culture — being among the earliest to implement a four-day workweek while supporting fully remote work for those who chose to work remotely. The measure of success in such initiatives is evident in Signifyd’s results for its customers.

Signifyd’s Commerce Protection Platform increases order approval rates — and therefore conversions — by understanding the identity and intent behind each order and all but eliminating false declines. Its Decision Center uncovers reseller abuse and promotion abuse by customers — and it assesses the risk behind each refund and return request. Once refund risk is quantified, the solution automatically responds based on the transaction’s risk and according to instructions previously given to it by the merchant. 

The Commerce Protection Platform boosts approvals by 5% to 9%

Given the ongoing challenges, ecommerce enterprises cannot afford to pass up opportunities to capture revenue they’ve been inadvertently turning away with clunky checkout and by rejecting good orders for fear of fraud. 

Overall, sales for merchants covered by chargeback guarantees on Signifyd’s Commerce Network increased by 67% in 2022. A Signifyd analysis found that individual retailers were seeing the number of approved orders increase by an average of 5% to 9% after deploying Signifyd. 

Fast Company’s judges recognized the way Signifyd benefits merchants and contributes to their financial success. Rarely has optimizing revenue that merchants might otherwise have left behind more important than it has been in the past few years. 

It’s not an exaggeration to note that recent challenges have left some merchants facing an existential crisis. After running hard during the pandemic years to cobble together new sales channels — such as buy online, pick up in store and curbside pickup — retailers found themselves on the other side dealing with product shortages and inventory imbalance, just as their costs were skyrocketing.

Fast Company recognized innovation with multimillion-dollar potential

Signifyd helped those retailers find an untapped pool of revenue: The $16 billion that analysts at 451 Research determined retailers were turning away by declining legitimate orders for fear of fraud. Add to that missed opportunity, the losses they suffered once those unfairly turned away customers decided to stay away for good. 

Retail leaders like Steve Vranes, CEO of Hot Topic and BoxLunch, said Signifyd provided a “multimillion-dollar uplift in revenue annually,” for his enterprise.

Given the challenges of the pandemic and post-pandemic eras, that sort of uplift could for some merchants make the difference between extinction and survival. And for those who were on firmer footing throughout the upheaval of recent years, that sort of uplift is the key to the future. 

These are times when investment is becoming harder to come by. Costs for retailers are rising — think of customer acquisition and fulfillment. Where is the money to fuel growth?

For some online retailers, it could be right in front of them in the form of recapturing legitimate orders that had been turned away, leading to lost sales and lost customers. And that is the value of Signifyd’s innovation — something that Fast Company’s panel of experts recognized today. 

Photo by Getty Images

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The partnership advances Signifyd’s ability to serve the needs of the world’s largest ecommerce companies by providing enterprise brands with increased flexibility, more efficiency and greater availability when it comes to a key piece of their ecommerce operations.

“With Google Cloud Platform we’re bringing impressive scalability and an additional range of tools to serve Signifyd customers and the market,” Signifyd Senior Vice President of Engineering Nathan Ackerman said. “It’s exciting to be taking our next step in Signifyd’s ongoing work to maximize the value we bring to brands.”

Signifyd’s commerce protection provides instant decisions at scale

Signifyd’s software-as-a-service model relies on cloud services — Amazon Web Services (AWS) and Google Cloud Platform — to provide its commerce protection solutions. Its Commerce Protection Platform uses transaction and behavioral intelligence generated by its Commerce Network of thousands of merchants worldwide and machine learning models to understand the identity and intent behind every transaction.

Being cloud-based means Signifyd can deliver instant decisions and scale up rapidly and infinitely. Those characteristics apply to Signifyd’s full suite of solutions, including Fraud Protection, Abuse Prevention, Account Protection and Payment Optimization. 

The powerful pairing of Signifyd and Google Cloud opens a new era for Signifyd customers and for the market the company serves. As cloud computing matures and becomes the vital link between enterprises and the digital technology they use to operate their businesses, enterprise brands are becoming increasingly selective about the cloud technology they depend on. 

Leveraging the best-of-breed capabilities is a key to ecommerce success

Working in a world of accelerating change and technical advancement, ecommerce technology providers are looking to optimize the value of their resources by leveraging the best-of-breed capabilities in the market.

Analysts have noted that enterprises are increasingly turning to Google Cloud Platform for its superior ability to support advanced applications and data management as well as the easy API integration it provides with other cloud-based solutions.

Signifyd sees the wisdom in that sort of thinking and today it begins making sure that flexibility and those benefits are available to its customers and future customers.

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FIS selected Signifyd to power its new Guaranteed Payments solution for its more than 20,000 customers worldwide. Signifyd’s technology has helped thousands of merchants to prevent chargebacks, dramatically reduce false declines and eliminate manual review, while increasing the number of their approved orders by an average of 5% to 9%.

“FIS’s selection of Guaranteed Payments powered by Signifyd as a fraud solution for its customers is another demonstration of the market’s confidence in Signifyd’s commerce protection technology and expertise,” Signifyd CEO and co-founder Raj Ramanand said. “This partnership means that thousands of additional merchants will be able to immediately unlock revenue that they’ve been leaving behind with outdated payment fraud protection solutions.”

Guaranteed Payments powered by Signifyd combines powerful transaction intelligence

The powerful partnership is tackling one of ecommerce’s most nettlesome balancing acts — providing seamless buying journeys while protecting the enterprise from fraud. While fraud accounts for about 1% of online transactions, merchants routinely reject more than 10% of orders in an attempt to avoid fraud. 

“Guaranteed Payments brings together two powerful sources of transaction intelligence – the Worldpay data stream produced from processing 40 billion orders annually and the Signifyd Commerce Network of thousands of merchants worldwide,” Vicky Bindra, chief product officer at FIS, said in an FIS news release announcing the strategic partnership. “Together, we have a powerful solution currently found nowhere else in the market that has the unique ability to combine fraud protection with increased approvals to enhance payment optimization and the overall user experience.”

The powerful paring comes at a time when payments and the technology to power them are undergoing a transformation. With the cost of customer acquisition and fulfillment skyrocketing, forward-thinking merchants are seizing on increasing revenue through more intelligent and customer-friendly payment processes.

FIS Senior Vice President of Growth Solution Product Nicole Jass laid out the combined power of Signifyd and FIS in an earlier conversation.

A first-in-the-industry solution to increase and guarantee approvals

“We talk to customers and the top two pain points are one, higher approval rates. And two, ‘I don’t have capital or authorization to build or integrate anything,’” Jass said. “With Guaranteed Payments, it will be integrated into our payments stack. We’re literally talking to our customers about turning on higher approvals and guaranteed approvals, which I believe is the first in the industry.”

Jass expounded on the benefits to brands and merchants in the video interview below.

The problem the Signifyd and Worldpay from FIS partnership solves is one that has tormented brands and retailers since the dawn of ecommerce.

The fear of fraud sets off a downward spiral. Poor transaction decisions that allow fraudulent orders through lead to chargebacks (the rightful credit-card holder requesting their money back through their credit card issuer) that directly cost merchants $40 billion a year. Add to that the money spent to acquire customers and the processing fees that go along with the fraudulent orders and the true cost of fraud is nearly twice the direct cost. 

Worse yet, the threat of fraud and its consequences prompts merchants to decline good orders to avoid chargebacks and to keep their fraud rates low. False declines cost merchants $443 billion a year, plus additional future revenue lost to declined customers abandoning merchants that refused their orders.

Machine learning and transaction data drive Guaranteed Payments powered by Signifyd

Finally, to avoid fraud, merchants layer manual reviews onto their systems. Such reviews slow orders’ progress and inject human error into the review equation. 

Guaranteed Payments powered by Signifyd avoids those detrimental legacy payment practices by relying on machine learning and a vast amount of transaction intelligence to understand the identity and intent behind each order. Guaranteed Payments relies on transaction intelligence from Signifyd’s Commerce Network, a network of thousands of merchants worldwide. 

That intelligence, coupled with dynamic machine learning models, means that Signifyd can sort legitimate from fraudulent orders instantly. Guaranteed Payments powered by Signifyd provides merchants with the confidence to automate their order flow because it backs its decisions with a financial guarantee on approved orders. 

Guaranteed Payments is fully integrated into the Worldpay from FIS platform. Once deployed the solution begins to provide protection and revenue optimization immediately. The solution is available today. 

Feature photo by Getty Images. 

Are you looking to increase conversion and eliminate fraud liability by transforming your payments stack? Let’s talk.

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The Business Intelligence Group honored Signifyd in the Organization of the Year category, calling out the broad team effort Signifyd employs to ensure that its customers benefit not only from Signifyd’s superior machine-learning technology but also from its deep expertise in the fields of fraud, abuse, risk and ecommerce.

“Customer service professionals and suppliers have had to make significant changes to adopt to our evolving world,” said Maria Jimenez, chief nominations officer of the Business Intelligence Group. “It is our honor to recognize Signifyd as they are leading by example and making real progress on improving the daily lives of so many.”

The customer service award is the latest honor for Signifyd

The Excellence in Customer Service Award is the latest in a series of recent honors for Signifyd that celebrate the company’s belief that dealing compassionately with customers is the key to success — for those customers and by extension for Signifyd. 

Matthew Collier, Signifyd’s senior vice president of customer success, said Signifyd’s team is focused on providing merchants with an edge in a very competitive field that includes retail superpower Amazon.

“Our team is motivated by helping customers solve problems related to fraud and payments challenges, while building incredible customer experiences,” Collier said. “We surround our customers with data science, risk intelligence and customer success to support their initiatives and advise on strategy. We can innovate as they innovate. We can also scale with them as they grow and expand internationally.”

Customers consider Signifyd easy to use and a category and momentum leader

That comprehensive coverage has paid off for Signifyd’s customers. In recent months, customers praised the company’s efforts in three different categories on the G2 platform. Based on customer reviews the company won honors for providing the best useability, being a category leader and being a momentum leader.

Signifyd was also found in a Digital Commerce 360 survey to be  the leading vendor  for 2022 among the top 1000 retailers. And  Frost & Sullivan recognized Signifyd as the growth leader in the fraud protection space. All this after being named in Q4 2020 the  market leader in guaranteed chargeback protection by technology research and advisory firm Aite Group, based partly on its superior management services for chargebacks and its vast network of clients. 

“What really stood out was their knowledge of our industry and our customers,” Ty Collins, co-founder & CEO of Rad Power Bikes, said of Signifyd when asked in a case study about the company’s customer success support. “They’re not just experts in ecommerce fraud, they actually know our business – so we’re comfortable trusting them with our fraud management practice.”

Signifyd’s customer relationships pay off in increased conversions and revenue

Of course, delivering on the promise of increasing revenue is one key metric by which customers measure their technology partners. On that count, an analysis of Signifyd’s top 600 customers along with findings from Signifyd’s issuing bank partners, found that in 2021, customers saw:

• Typical approval rate uplift of 5% to 9%.
• Typical revenue recovery from chargeback representment of 1% to 2%.
•  A 70% reduction in false positives at the authorization stage. 

Signifyd also turns to innovative programs to deepen its relationships with customers and others in the industry. For instance, last week the company hosted the FLOW Summit 2022, which brought together its customers and other ecommerce leaders for educational and professional enrichment led by leading retail visionaries.

It is all part of an approach that understands that helping customers succeed requires a holistic approach to problem-solving that looks beyond the short-term and solves today’s challenges today while constantly assembling the keys to tomorrow’s successes. 

Photo by Getty Images

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Signifyd has been recommended for ISO 27001 certification

ISO 27001 is an internationally recognized information security standard which takes a risk-based approach to the security of data. Successfully completing the ISO 27001 audit means Signifyd meets the international standard’s stringent requirements for establishing, implementing and maintaining an Information Security Management System (ISMS). The purpose of an ISMS is to consistently maintain and continually improve confidentiality, integrity and availability of information assets, such as customer data, human resource data, intellectual property and financial data.

Additionally, Signifyd has demonstrated that it has put in place effectively designed operating controls for each of the 14 control sets in the standard, including:

• Information Security Policies
• Organization of Information Security
• Human Resource Security
• Asset Management
• Access Control
• Cryptography
• Physical and Environmental Security
• Operations Security
• Communications Security
• System Acquisition, Development and Maintenance
• Supplier Relationships
• Information Security Incident Management
• Information Security Aspects of Continuity Management
• Compliance

The recommendation for ISO 27001 certification adds to Signifyd’s already significant industry standard compliance achievements, including SOC 2 Type II, PCI DSS and PCI 3DS2. Those achievements, combined with Signifyd’s conformance with multiple data privacy regulations — including the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) — mean Signifyd’s customers can rely upon our dedication to safeguarding a global data footprint.  For more information regarding Signfyd’s Security & Compliance Programs, including audit report requests, please visit Signifyd’s Security & Compliance webpage.  

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The war has also disrupted ecommerce in both countries with online sales falling precipitously in the face of the collapse of the Russian ruble, Ukrainian citizens fighting for their lives and ongoing Russian disruptions of Ukraine’s digital infrastructure.

Online sales destined for consumers in Russia ended February down 53% compared to the first of the month, according to Signifyd’s data. Ecommerce began to tumble as the invasion began. On Feb. 24, the day Putin announced the assault, ecommerce sales in Russia were up 7% compared to Feb.1. The next day, they dropped to 43% below the first of the month — and then continued their descent.

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