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Signifyd is closing the books on 2021, a year that saw the company continue to reshape ecommerce payments technology, reach unicorn status and produce innovative new products that advanced its mission of providing transparent and customizable solutions for merchants who face rapidly changing market conditions.
It’s a Q1 ritual — wrapping up the past year, with one eye reflecting on what just happened and the other full-speed focused on the growth ahead. The view for Signifyd looks awfully good in both directions.
Our focus in 2021 on building solutions that provided even higher performance and faster time to value, spelled success for Signifyd and more importantly for our customers. Sales on Signifyd’s Global Commerce Network grew by 75% last year, with growth occurring in all regions globally.
Moreover, a just-completed analysis of Signifyd’s top 600 customers saw meaningful financial impact provided by Signifyd’s solutions. Those merchants were able to recapture revenue that their previous systems were losing to false declines and chargebacks before they integrated Signifyd’s solutions.
Approval and chargeback recovery rates were up, false declines were down in 2021
That top-600 analysis, 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 achieved those successes in a year during which our network grew more diverse. Merchants selling digital goods, including cryptocurrency, began adopting commerce protection products at a greater rate. And as online grocery sales boomed, an increasing number of those transactions took place on Signifyd’s Commerce Network.
In a time when customer acquisition costs are soaring and fulfillment costs are increasing due to labor shortages and pressure for faster delivery, Signifyd’s ability to recover revenue lost in the checkout and payments processes has become all the more important to retailers.
While many had hoped 2021 would provide an end to the coronavirus pandemic and a return to predictability in retail, it was not to be. Instead, the year made clear that the astronomical growth of ecommerce was not a passing fad and that the digital-first shift of consumers’ buying habits was accelerating.
Transparency and control are the keys to optimizing automation
Future-focused merchants facing the now-new-normal realized in 2021 that they needed to optimize their order and payment flow to fully access the richest source of revenue growth in the 2020s. Signifyd’s technology was right there with them, providing unique transparency into automated order-flow decisions and control over those decisions’ outcomes with its Insights Dashboard, Agent Console and Decision Center offerings.
Hot Topic and BoxLunch CEO Steve Vranes stressed the growing importance of technology that works and is fast in order to maximize revenue when he sat down recently for a recorded conversation with Signifyd. In fact, he said Signifyd’s solutions had resulted in a multi-million-dollar revenue increase annually.
Signifyd’s 30 Most Influential in Ecommerce builds strong bonds
Signifyd continued to establish tight bonds with all our customers by naming our second Customer Advisory Board with representatives from Samsung, Wish.com, Rent the Runway, Back Market, Hot Topic and BoxLunch, and Crown & Caliber. We also celebrated the 30 Most Influential in Ecommerce, honoring a group and building an instant network of high-powered ecommerce innovators.
And we continued to rank among industry’s leaders in customer satisfaction, being named by G2 as the top company in three categories: the fraud protection market leader, the best solution for useability and the momentum leader.
We were proud to be ranked by Digital Commerce 360 in November as the No. 1 Payment Security/Fraud Prevention Provider to the top 1,000 retailers. CB Insights listed Signifyd among its FinTech 250. And FStech named Signifyd the Merchant Anti-Fraud Solution of the Year.
We also continued to expand our global footprint and add expertise in 2021 to regions around the world. We expanded our team in Mexico and established our office in Brazil. We also added to our high-performing EMEA team, bringing in payments specialists Shagun Varshney and Okan Ozaltin to continue to support Strong Customer Authentication innovation — such as helping guide the development of Signifyd’s SCA Exemption Management product. And the company strengthened its ties and communication channels with customers globally by adding Amal Ahmed as head of marketing for EMEA.
Key hires mean Signifyd is built for growth
Signifyd increased its expertise in 2021 by adding more than 200 new employees, including some key hires that have positioned the company for growth and innovation in 2022 and beyond. Arjun Kakkar joined as vice president of strategic growth & chief of staff with an eye toward further expanding Signifyd’s global expansion into new markets. The company welcomed Nathan Ackerman, senior vice president of engineering, who brings with him experience driving key initiatives at Amazon, Microsoft and Owlcam. And Matt Collier joined us from Adobe. He brings deep customer success experience and a cross-functional mindset that has driven customers’ businesses forward with platforms including Marketo and Magento.
The company furthered its innovation in the world of work, piloting a four-day workweek, first on a limited basis during the summer and then companywide beginning in the fall. We have since announced a permanent shift to a shorter workweek.
Signifyd’s innovation continues in 2022 with work underway to optimize the control merchants have in managing risk throughout the entire payment process and to enhance the transparency into Signifyd’s automated decisions that merchants rely on today.
Our eyes now are focused on that innovation — and so much more.
Photo by Getty Images
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