Increasing approval rates and eliminating chargebacks critical to managing e-Commerce demand
NEW YORK--(BUSINESS WIRE)--Lifestyle retailer SNIPES announced that it has joined Forter’s network of enterprise retailers to combat fraud. By using Forter’s real-time, automated fraud prevention platform, SNIPES has been able to meet customers’ online demand, which has spiked 400% since March 2020. As a relatively new entrant to the US market, SNIPES has used fraud prevention as part of its strategy to enhance the customer experience and retain new buyers. This approach has helped to cement its reputation as a trusted retailer for popular streetwear brands and its global customer base.
Working with brands like Nike, Jordan, Adidas, and Puma, SNIPES relies on delivering the latest footwear styles to customers during a specific release window. Any delay undermines relationships with its suppliers and frustrates customers who will often track availability well in advance of expected delivery in the stores or online. Being able to fulfill orders at scale is key to SNIPES receiving favorable allocations for future product releases.
“The streetwear industry in particular is rampant with fraud as people are willing to pay high prices for a limited supply of shoes,” said Jenna Flateman Posner, VP of Digital of SNIPES. “Over the last few months, we were faced with closing all of our stores and finding new ways to compete, attract and retain customers. In addition to delivering a premium online service, this meant offering promotions and favorable return policies without opening up the business to potential fraudsters looking to take advantage of the situation.”
SNIPES previously used a manual review process to detect fraud, which could take several days during peak periods and delivered inconsistent results. By providing a fully automated fraud prevention platform powered by a global network of merchants, Forter is able to accurately identify legitimate transactions from fraudulent ones in real time, approving more transactions and reducing fraud. This ensures SNIPES can process orders efficiently (even with increased volumes) while providing legitimate customers with the confidence that their highly-prized products will be shipped no matter where they shop.
"The biggest value we've seen since implementing Forter has been removing the manual review process. By automating the process, our approval rates have jumped to more than 97% while chargebacks are almost zero. Our customer service reps now spend more time helping customers successfully place orders rather than dispute charges or query declined transactions,” said Flateman Posner. “We're also seeing fraudsters leave our site as they realize they can't play the game anymore because there is no game.”
“Consumer expectations of their favorite brands are on the rise. Companies like SNIPES that embrace automated, real-time fraud prevention as part of their digital transformation strategy are able to scale their business and deliver a great experience, no matter how or where customers engage,” said Michael Reitblat, co-founder and CEO for Forter. “With access to our large network of consumer data, advanced e-commerce technology and expert insight, our customers are able to spend less time battling fraud and more time focused on activities that truly grow their business.”
SNIPES specializes in offering the latest styles of sneakers and streetwear for women and men of all ages. Available in children, juniors and adult collections, Snipes carries internationally-known name brands, such as Nike, Jordan, Adidas, Vans, North Face, Karl Kani, PUMA, and more. SNIPES has continuously expanded since 1998 with a presence in more than 250 stores in Europe and almost 100 stores in the US. Visit online at snipesusa.com.
Forter is the leader in e-commerce fraud prevention, processing over $200 billion in online commerce transactions and protecting over 750 million consumers globally from credit card fraud, account takeover, identity theft, and more. The company’s identity-based fraud prevention solution detects fraudulent activity in real-time, throughout all online consumer experiences.
Forter’s integrated fraud prevention platform is powered by its rapidly growing Global Merchant Network, underpinned by predictive fraud research and modeling, and the ability for customers to tailor the platform for their specific needs. As a result, Forter is trusted by Fortune 500 companies to deliver exceptional accuracy, a smoother user experience, and elevated sales at a much lower cost. Forter was recently named the Leader in e-Commerce Fraud Prevention by Frost & Sullivan.
Forter is backed by $100M of capital from top-tier VCs including Sequoia, NEA, and Salesforce.
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