Global ecommerce fraud protection leader, ClearSale, is partnering with strategic product and brand protection technology company LAB ID to bring luxury brand retailers insights and protective solutions they need to succeed. The free webinar, Luxury Brand Ecommerce Solutions: Protecting your product from fraud and building a transparent circular lifecycle, will help retailers prevent fraud and losses, improve the customer experience, and protect brands down to the item-level in the evolving luxury market.
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“Luxury retail presents a multi-faceted problem when it comes to fraud and brand protection”
Global ecommerce losses due to fraud reached $20 billion in 2021, while the fashion industry lost more than $50 billion in 2020 due to fake products. Importantly, as ClearSale uncovered in their report, State of Consumer Attitudes on Fraud and Customer Experience for 2021, consumers who spent the most online were also the most unforgiving, with 89% saying they would not return to a business that allowed fraud with their card.
“Luxury retail presents a multi-faceted problem when it comes to fraud and brand protection,” said David Fletcher, SVP at ClearSale. “But it isn’t just about locking down sales. While a business loses over $3 for every $1 of fraud, it loses more than $13 for every $1 in false declines. When it comes to high ticket items, there must be a balance between shutting down fraudsters and creating a seamless customer experience that approves every legitimate transaction.”
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The webinar is intended to help retailers:
– Avoid fraud from card-not-present, returns, wardrobing, account takeover, and buy online pick-up in-store (BOPIS) scams.
– Understand how to prevent false declines with a buyer population that raises flags with less sophisticated fraud tools.
– Identify the retailer’s luxury goods to prevent friendly fraud and counterfeits.
– Track shipments at the item-level across the entire supply chain.
“Fraud is, of course, a problem in the luxury marketplace,” said Maurizio Turri, Business Development Manager at LAB ID. “In addition to purchase fraud, we also see counterfeits, return fraud, and other issues. As the circular economy grows, retailers need to be empowered with the technologies that protect sales, purchases, and the items themselves. Fraud prevention and brand protection are complex, but we want to help businesses understand these are solvable problems.”
This webinar is coming on the heels of ClearSale’s IPO last summer and recent acquisition of ChargebackOps that will expand its end-to-end CNP fraud protection services. LAB ID recently celebrated its merger with Beontag which reinforces its internationalization strategy and specialization in technology and innovation related to RFID.