How to Grow Your Share in a Competitive Market
Signifyd is always striving to improve our tools to help our ecommerce customers optimize their revenue through fraud prevention. The latest advancement in our anti-fraud services is the beta release of the Insights dashboard.
The new dashboard provides enhanced data views for better reporting and custom intelligence to help merchants find and use the right data to solve their most important business issues.
Signifyd product manager Zaid Kaleem explains what customers can expect with the new Insights dashboard, why customer ROI was at the heart of building the reporting enhancements and how customers can join the dashboard limited beta release.
Enhanced data visibility provides better reporting for merchants
The new Insights dashboard offers an improved data experience for Signifyd users. Customers can view their sales trends over time with the Insights dashboard — an upgrade over the previous dashboard that included basic reporting features like viewing total orders a business had sent to Signifyd for fraud review, pending orders and claims in aggregate numbers.
The new dashboard provides analysis of sales traffic, at-a-glance trends and performance drill-down capabilities for sales and fraud trends — all key features of the new Insights dashboard. Now Signifyd merchants can view global heatmaps and can see the top countries and markets where their orders come from. Besides offering valuable business analytics, these insights are also helpful when it comes to fraud decisions.
Here are a few sample use cases for the new Insights dashboard:
- Merchants can view how their businesses have been performing year over year.
- Customers can compare their metrics against the average for their product category.
These insights can help merchants make optimize and make improvements on their end with things like order processing or fraud decisioning. They could start using data in new ways, like sending more information to Signifyd or collecting more information from their users to improve order performance.
Fighting fraud with smarter tools
Several real-world retail fraud problems helped define the requirements for the Insights dashboard, like when merchants get hit by a high number of chargebacks without the ability to pinpoint the fraudulent users. Without a dedicated fraud solution, fraud-plagued merchants have to go line by line and look at all the attributes for each fraudulent transaction, like email addresses on the order, shipping addresses, products purchased, order size and purchase amount. They need to find patterns of abuse to stop the problem. This manual process of pattern matching eats up time and resources.
The new Insights dashboard separates the key attributes in one, easy-to-find view for Signifyd users. For example, merchants no longer have to do manual pattern matching on the geo code, or comb through their order data to identify abusive users. Merchants can set up rules within the Signifyd platform to do all the work. We make it easy for merchants to view the data any way they want.
Increased revenue optimization means higher return on investment
Signifyd’s value proposition is to take on all fraud detection in ecommerce for merchants. Detecting fraud and understanding fraud are two different things. The new dashboard features will help merchants minimize fraud. The dashboard shows merchants our detection results and all the chargebacks from their orders. Customers can also see the chargeback reimbursements that Signifyd paid out to them. Thanks to our Fraud Protection, we pay merchants back for all approved orders that result in fraudulent transactions.
The new dashboard’s value goes beyond information. Having easier access to more data might change a merchant’s business practices to minimize loss. With improved data, a merchant has more visibility into possible revenue leakage points like selling in a high-risk region, selling specific items at a loss or using a shipping method that is prone to fraud. This information can help merchants take action to minimize fraud.
The previous dashboard version made it difficult for a merchant to quickly see the return on its investment in Signifyd. The Insights Dashboard is another way in which Signifyd is providing transparency and demonstrating how our business and our merchants’ businesses are aligned.
Merchants no longer have to jump through hoops to figure out how their business is performing against fraud benchmarks, and they can now get the information they need immediately, without having to contact Signifyd’s support team. (Though we’re always happy to hear from you.)
A dashboard built for customers
We wanted to give our customers an out-of-the-box solution to allow them to do their own analysis. We built the new Insights dashboard with two big ideas in mind: creating an easy way for our customers to track and present top-level KPIs and providing a better set of analysis solutions for our data-savvy customers.
We wanted to answer our customers’ most frequently asked questions, like:
- Who are the bad actors on my orders?
- What are the IP addresses of abusive users who place frequent transactions on my site?
- Which email addresses are connected to fraudulent transactions?
- What are my top-performing products and regions?
- What are my incident rates with all the card brands I work with?
We’ve had two specific customer segments in mind since we started developing the new Insights dashboard: ecommerce finance teams and customer service teams.
Ecommerce finance teams likely want to analyze chargebacks, claims and the data they need for reporting on their financials. The performance data helps finance teams work faster with the data all in one place. Ecommerce customer service teams see fraud trends and patterns, and can use this data for their own reporting needs.
Current Signifyd users on our Mid-Market and Enterprise plans can opt-in for the beta release by contacting their client services manager. For more information about the Insights dashboard, please consult the product manual.
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