Riskified has recently launched Adaptive Checkout, a cutting-edge solution aimed at increasing conversion rates for ecommerce merchants by accurately identifying good orders and preventing fraud. This innovative product is an enhancement of Riskified’s Chargeback Guarantee, incorporating a sophisticated conversion optimization engine that adapts the checkout process to the risk level of each transaction.
Unlike traditional fraud prevention systems that rely on rigid approve/decline rules, Adaptive Checkout utilizes AI to customize the checkout flow for each transaction based on its unique risk profile. By analyzing the order’s risk factors, shopping history, and data from Riskified’s global network, this solution dynamically adjusts security measures to approve legitimate orders while blocking fraudulent ones.
Eido Gal, CEO of Riskified, highlighted the importance of balancing fraud prevention with approving genuine transactions to maximize revenue. With fraudsters becoming increasingly sophisticated, ecommerce merchants face the challenge of avoiding false declines, which can have a direct impact on their bottom line. Adaptive Checkout addresses this issue by intelligently adapting the checkout experience in real-time to ensure a seamless shopping process for legitimate customers.
One of the key features of Adaptive Checkout is the ability to route orders through specific flows based on their risk profile, applying additional identity verification only when necessary. This targeted approach minimizes disruptions for good customers while effectively filtering out fraudulent transactions before they reach the issuer’s authorization checks. By enriching order data and collaborating with partnering issuers, Riskified empowers merchants to identify and approve legitimate transactions more efficiently.
TickPick, a renowned online marketplace for live event tickets, partnered with Riskified to enhance their customer experience and combat fraud effectively. By implementing strategic analytical touchpoints in their checkout flow, TickPick was able to approve an additional $3 million in revenue that would have otherwise been declined due to fraud risk. Jack Slingland, SVP of Operations at TickPick, expressed excitement about the partnership with Riskified and the innovative solutions that have improved their fraud prevention measures and overall customer experience.
Adaptive Checkout not only helps merchants approve more good orders and reduce false declines but also improves authorization rates and enhances customer retention. This advanced solution empowers fraud and payments teams to have a tangible impact on the company’s revenue growth, ultimately leading to increased profitability and long-term success in the ecommerce industry.