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Signifyd was named today as one of the 10 most innovative AI companies globally, by Fast Company, which announced its list of the World’s Most Innovative Companies for 2023.
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.
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