Riskified , a leader in ecommerce fraud and risk intelligence, has extended its partnership with global fashion brand, Forever New, to protect 100% of its online transactions from fraud while ensuring a great experience for its growing customer base. With Riskified, Forever New maintains consistently high approval rates while minimizing chargeback costs, creating revenue certainty and bottom-line predictability in a volatile economic environment.
Forever New was established in Melbourne, Australia in 2006 and its fashion collections can be found in 400 stores worldwide. Beloved by its customers, Forever New makes it a priority to provide a superior experience both online and off. By partnering with Riskified, Forever New is able to ascertain the legitimacy of transactions to boost approvals of legitimate purchases and remove friction at the point of checkout.
Historically, Forever New’s transaction review process included several manual touch points across different functions spanning from customer service to the warehouse management team. Using Riskified’s machine-learning platform, regularly optimized by expert analysts and data science teams, the Forever New team has been able to fully automate the review process and transfer their efforts to other business-critical initiatives. Riskified’s Chargeback Guarantee offering helped Forever New reduce chargebacks by more than 84%, improving the fashion retailer’s profit margins.
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Ged Steele, COO at Forever New, commented: “Riskified gives us confidence and protection – securing us from online fraud attacks whilst still allowing our genuine and loyal customers to shop seamlessly. Forever New and Riskified have enjoyed a successful partnership, reducing chargebacks by over 84% without impacting approval rates, ensuring an optimal shopping experience for legitimate customers, and allowing our internal teams to focus on other valuable work.”
Nicholas Kirtley, ANZ Country Manager at Riskified, commented: “In the fashion world, competing online is increasingly won and lost on the quality of the customer experience. If the payment process is too slow or if orders are falsely declined, shoppers quickly lose trust and goodwill, which are difficult for brands to recoup. Customer-centricity is core to Forever New’s business, and we’re excited to continue helping them deliver experiences that build loyalty and help grow their business.”
Forever New joins a wave of other retail fashion brands that have partnered with Riskified including ALDO, Prada, and Gymshark, as demand for sophisticated risk management solutions continue to rise alongside the popularity of digital shopping channels.
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