ChicMe, a Geeko Tech fashion brand that sells women’s clothing is optimising customer experience with software-as-a-service (SaaS) company Forter to improve payment processing, reduce fraud and increase order fulfilment efficiency.
Established in 2008, ChicMe is based in Shanghai with branch offices in Guangzhou, Nanjing, Hong Kong, Hefei, Singapore, Europe and the US.
Geeko Tech’s chief technology officer Li Feng said the company has already increased its payment success rate by 5 percent, and payment refusals due to false fraud alerts dropped by more than 50 percent in just four months.
“We could significantly improve the manual review process for uncertain orders,” Feng said.
ChicMe was facing challenges with its payment and risk control processes in its emerging markets that directly impacted its profit margin and compromised its banking channels.
According to Forter’s research, denying legitimate transactions can cause up to 75x more lost revenue for merchants than actual fraud. Known as “false declines,” these occurrences are more likely to hit new customers, said the company statement.
New shoppers are 5-7x more likely to be declined by legacy fraud tools than returning customers. Forty percent of those shoppers who are falsely declined will then move on to purchase from a competitor instead.
ChicMe decided to leverage automated solutions to prevent fraud and improve the overall digital user experience. With Forter, the firm said it could now focus on providing hassle-free service and timely delivery.