Stuart O'Brien - eTailing Summit | Forum Events Ltd
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Stuart O'Brien

Frost & Sullivan names Forter ‘leader’ in e-commerce fraud prevention

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Forter was named the leader in e-commerce Fraud Prevention and rated the highest for Innovation in the 2020 Frost Radar in the U.S. e-commerce Fraud Prevention Market.

Compiled by analyst Frost & Sullivan, the report highlights Forter’s real-time fraud protection technology that protects merchants while delivering an optimal experience at all consumer touchpoints.

“As e-commerce fraud continues to grow, the traditional approaches to fraud prevention that focus on transactions are no longer effective in stopping today’s sophisticated fraudsters,” said Vikrant Gandhi, Industry Director, Information & Communications Technologies, Frost & Sullivan. “Forter stands out in the industry for its ability to deliver a broad array of fraud prevention solutions, including account protection, payment protection, and policy abuse, protecting the entire consumer journey with an enterprise-class platform.”

Global e-commerce sales are expected to surpass $4 trillion in 2020, with the online environment as the preferred channel for fraudulent activities.

In addition to credit card fraud, the Radar notes that data breaches increasingly expose sensitive, personal information of millions of consumers, which is being used for account take over (ATO) fraud.

According to the report, “protecting retailers from e-commerce fraud by identifying high-risk transactions and supporting and protecting newer service delivery experiences are the two key focus areas,” with a critical emphasis on “the right balance between fraud management, business revenue enhancement and customer experience.”

Forter says it has pioneered the industry’s only solution assessing trust at every point in the consumer journey. The Forter platform, which annually processes more than $150 Billion in e-commerce transactions, provides the most comprehensive view of both legitimate consumer and fraudulent behaviour across enterprises and industries worldwide.

“The future of commerce is transforming from transactions into relationships, every time, everywhere. By assessing trust at every point of the customer journey and leveraging our global merchant network, only Forter can provide retailers with the real time intelligence needed to stop fraudsters in real time and enable the best consumer experience,” said Michael Reitblat, co-founder and CEO, Forter. “Being named as the leader in the Frost Radar further validates our approach in delivering the industry’s only enterprise-class platform that helps retailers build deeper customer relationships, eliminate fraud and unlock the promise of commerce based on trust.”

EU cracks down on shady ecommerce practices with new rules

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The European Commission has introduced new rules for consumer protection, as part of its much-trumpeted New Deal for Consumers.

The rules aim to better enforce and modernise the current EU consumer protection rules, in line with digital developments and trends in eCommerce.

The Commission says this will ensure, among others, greater transparency of online marketplaces: it will become clearer whether products are sold by a trader or a private individual, and the submission of fake reviews or endorsements will be prohibited.

In addition, sellers will not be able to advertise fake price reductions, and price comparison sites will need to inform consumers about the ranking criteria.

The new rules will also enforce consumer rights: by ensuring compensation for victims of unfair commercial practices and imposing penalties in case of “mass harm situations” affecting consumers across the EU. Member States now have two years to transpose the Directive into their national legislation to ensure that EU consumers enjoy stronger protection measures.

Věra Jourová, Vice-President for Values and Transparency, said: “The new rules will increase protection for consumers in digital world, which they rightly deserve. The EU is also saying NO to products sold as identical in other Member States, when this is clearly not the case. But these new rules won’t protect consumers from rogue traders and online tricksters unless they are strictly implemented on the ground. I strongly encourage all Member States to ensure that the new rules are implemented without delay.”

Didier Reynders, Commissioner for Justice, added: “Today we are sending a strong warning to traders that they should play by the rules, not bend them. Breaking EU consumer rules on large scale may cost a company a big fine of at least 4% of annual turnover. This will be a sufficiently dissuasive and effective penalty to prevent dishonest traders from cheating. I welcome this new legislation, as it is setting truly European consumer protection standards.”

More information on the new consumer rules are available here.

Tribe Payments announces Telleroo as first Bankbox customer

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Tribe Payments has announced the first implementation of its Bankbox service, with Telleroo using it to streamline its bulk payment service for accountancy firms and bookkeepers.

Bankbox, part of Tribe’s modular ISAAC platform, says it gives businesses easy access to banking systems, payment rails, and other services that would normally only be available through a direct bank integration. By standardising access, cutting out complexity and removing middlemen, Bankbox helps businesses give their customers choice, expand their reach, and reduce operational costs.

Launched at FinTech Connect in December 2019, Bankbox has allowed Telleroo’s accountancy firm customers make payroll and supplier payments directly from the payment files generated by accounting and payroll software such as Xero or Paycircle.

Telleroo removes the need for manual processing of these payments runs and the rekeying of payment information which, it says, makes SME finance teams far more efficient and less prone to human error. Payments can be scheduled in advance-Telleroo users no longer need to set aside specific days and times for payment input-and access to Faster Payments means that there is no “cut off” to ensure a payment reaches its destination in time.

The integration means that Telleroo’s accountancy firm customers effectively have direct and standardised access to payment rails, without the need to navigate proprietary systems and alter existing workflows and processes. This is expected to boost the scale and velocity of Telleroo’s payment volumes.

“Gaining access to banking systems can be a nightmare in terms of technical integration and the reams of paperwork. We felt it shouldn’t be this hard to get access to the banking systems that can make a real difference to accountancy firms and the SMEs they serve,” said Michael Riedler, MD and Co-Founder, Telleroo. “Bankbox means we have direct access to these systems and can enable payroll and supplier payments simple for our accountancy customers-they will save hours previously wasted on manual input.”

“Telleroo is a fantastic example of an innovative company breaking away from legacy technology and systems to solve a big annoying problem for customers,” said Suresh Vaghjiani, CEO of Tribe Payments. “The focus we’ve seen in fintech on the consumer user experience needs to be universally applied, and the manual rekeying of payments is a perfect example of where technology can vastly improve efficiency.”

Image by Lucia Grzeskiewicz from Pixabay

Do you specialise in digital UX? We want to hear from you!

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Each month on eCommerce & Payments Briefing we’re shining the spotlight on a different part of the market – and in January we’ll be focussing on UX solutions.

It’s all part of our ‘Recommended’ editorial feature, designed to help eCommerce management buyers find the best products and services available today.

So, if you’re a supplier of UX solutions and would like to be included as part of this exciting new shop window, we’d love to hear from you – for more info, contact Craig Ross on 01992 666726 or email c.ross@forumevents.co.uk.

Jan – UX

Feb – Customer Engagement Solutions

Mar – Mobile Optimisation

Apr – Conversion Rate Optimisation

May – A/B Testing Platforms

Jun – Multi-Channel

Jul – Affiliate Marketing

Aug – Email Marketing

Sep – Google Shopping

For more information on any of the above, contact Craig Ross on 01992 666726 or email c.ross@forumevents.co.uk.

eTailing Summit – 3 complimentary guest passes left

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Don’t miss out! Register today for the eTailing Summit. It’s free for you to attend and could help you reduce your expenditure by matching you up with innovative suppliers who match your business requirements.

But we have just two complimentary guest places left, so register today to avoid disappointment. Here’s why you should attend:

• As one of our guests, you will be provided with a bespoke itinerary of face-to-face meetings with suppliers based on mutual agreement. No hard sell, and no time wasted.
• You’ll have the opportunity to attend insightful seminars and interactive workshops.
• Network with other senior ecommerce professionals who share your challenges.
• Enjoy complimentary lunch and refreshments.

Taking place on February 11th at the Hilton London Canary Wharf, the eTailing Summit provides a platform for new business connections.

But act swiftly! There are just three guest passes left – register today!

Smarter Payments Summit – Your key to commercial success

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The Smarter Payments Summit is a unique one-day event which allows senior retail and payment transaction professionals from the UK’s biggest brands to meet with innovative and competitive suppliers to the industry.

These meetings are pre-arranged and based on mutual interest, meaning there’s no time wasted – and there’s no hard sell.

It is free for payment transaction professionals to attend, and each guest pass also includes access to a series of seminar sessions hosted by industry thought-leaders.

Lunch and refreshments are complimentary, while there is plenty of opportunity for more informal networking.

And it all takes place on 8 September at the Hilton London Canary Wharf.

Simply register your place here.

Crowdfunding platform for sustainable businesses counts online marketplace among first projects

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A new equity crowdfunding platform that connects sustainable businesses is now live with four firms seeking finance including an end-to-end sustainable fashion brand, a recyclable sneaker brand and an online marketplace.

Koodoo says it was founded in response to growing cross-generational groups of ‘woke’ consumers who want to live responsibly and care about issues that affect the planet such as sustainability and climate change. These consumers are buying brands as well as investing in businesses that are changemakers and leaders and share their beliefs in a better world for future generations.

In Kantar research, three-quarters of respondents surveyed agreed that due to inaction from many of the world’s governments, consumers are looking towards brands to act as forces for positive change in society. Worryingly for many businesses, over three-quarters of consumers (77%) said that in the last 12 months, they had switched, avoided or boycotted buying certain products, or might consider doing so in the future, based on their view of a brand’s sustainability and environmental policies, such as their stand on harsh working conditions, environmental pollution and overuse of packaging.

In addition, more investors want to align their investments with their ethical and sustainable values.  As a result the sustainable investment market in Europe is worth more than $13 trillion, with the US investing $6 trillion in such assets.

Investors around the world can invest in any of the small businesses live on Koodoo that are committed to social or environmental change, from as little as £20.

a-y-t is a  sustainable fashion brand founded by Georgie Macintyre, the former Artistic Director at Matthew Williamson. It offers an entirely sustainable and welfare-conscious womenswear line, backed with a supply chain to match; one that is both considerate to the planet and a blueprint for the industry as a whole. Model, environmental activist and friend of founder Georgie, Arizona Muse will front the brand’s debut collection.

So Just Shop is an award-winning accessories, homeware and gifting marketplace that works directly with women-led artisans from some of the most vulnerable communities in the world. Founded in 2015, the company works directly with artisans on design and product development, supply chain transparency and mobile payments, ensuring all of the products are ethically, and where possible, sustainably made. The brand’s mission is to raise 250,000 women and their families out of poverty by developing design and technological solutions that help them to overcome barriers to international trade. 

Founder Jennifer Georgeson wants to raise £130,000 to open its first multipurpose space in London and aid the growth of the business, which already has 50 sellers across 20 countries and 3 continents and counts TATE, Bloomingdales and Anthropologie as retail partners.

Jennifer Georgeson, Founder and CEO of SO JUST SHOP, said: “We’ve had four fantastic years of organic growth, with little to no marketing budget. We’ve now reached a really positive stage of the business where we’re looking to harness our supporters – and reach out to new people – who share our ethos. We are offering a unique investment opportunity for the future of communities and craftsmanship. We are excited to be part of Koodoo and the benefits it will bring to ideas and individuals around the world.”

Michael Wilkinson, CEO of Koodoo, said:  “The rise in conscious consumerism is going to be a game changer in the world of investment.  Consumers, particularly younger generations, expect businesses to be driven in some other direction than simply making a profit. They increasingly back their beliefs with their shopping habits as well as investments. Yet investing in businesses that help the world does not mean you have to sacrifice returns. We will channel that investment, using the most progressive technology available, to those entrepreneurs and changemakers who have the talent and vision to change our world for the better.”

Image by 3D Animation Production Company from Pixabay

Business leaders should keep calm and carry on, says RADA

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UK business leaders are struggling to cope with the pressures of a rapidly changing world, with increased competition, political uncertainty and greater scrutiny all making it much tougher at the top.

That’s according to a study of 1,000 workplaces published in Thinking On Your Feet, a report by the commercial arm of the Royal Academy of Dramatic Art, RADA Business, which found that 81% of senior leaders said they were often placed in situations where they found it difficult to remain calm.

More than a third (37%) of senior managers, directors and C-Suite said that high-pressure scenarios made it harder to prepare and express their thoughts.

When asked what situations affected their ability to relax and act authentically, 31% of business leaders admitted that board meetings with very senior people was a leading factor. Video conference calls (30%) was found to be one of the second biggest causes of nervousness faced in the workplace, followed by training sessions (30%).

Small group meetings (27%) was also a big issue hindering leaders’ abilities to think clearly and act authentically, with telephone conference calls appearing next on the list (27%).

The study also reveals that leaders struggle to exhibit an air of calm when they feel under pressure, with not maintaining eye contact (30%) slouching (25%), and physically shaking (21%) being identified as the most common physical side effects.

As a result, many leaders seek extra training and guidance on how to successfully adapt to change and proactively alter their management style to respond to changing scenarios.

Rachel Griffiths, Client Director at RADA Business, said: “In any given moment, on any given stage, it is the role of a leader to create and sustain a genuine connection with their audience. It is this powerful leadership performance, rather than an outstanding PowerPoint presentation, that encourages people to follow you and make positive change.

“Maintaining leadership performance through times of uncertainty demands a greater need to remain present, to align your physical, emotional and intellectual state. This is particularly challenging in the moment when you find yourself needing to think on your feet.

“Under pressure, leaders tend to focus on the content of what they’re saying, losing their personal connection with others, as well as an awareness of how they’re coming across. In the eyes of their audience, they can lose credibility by speeding up their breathing and appearing tense, with no vocal presence – showing a lack of confidence.

“Actors practice improvisation to develop their ability to give their strongest performance in the moment. When leaders become proficient in the same practice, they become able to manage their state, remain connected and develop a deeper level of resilience and self-reliance in their leadership.’’

Your personalised schedule at the eTailing Summit

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The eTailing Summit is a highly-focused one-day event that will help underpin your strategy for 2020 and beyond.

It takes place on the 11th February at the Hilton London Canary Wharf and is entirely complimentary for you to attend. This will be your schedule:

8:00am: Registration
8:45am: Opening presentation
9:30am: Seminar sessions
10:30am: Pre-arranged 1-2-1 meetings with suppliers of your choice
1:00pm: Lunch & networking
2:00pm: Seminar session
2:35pm: Pre-arranged 1-2-1 meetings with suppliers of your choice
4:50pm: Event closes

You’ll be joining representatives from the likes of: Coca-Cola EP, Dyson, LEGO, Selfridges, The Post Office, Premier Foods, L’Oreal and more.

The eTailing Summit could be the best day you spend out of the office in 2020. Register your place here.

Ad spend on Instagram Stories soars nearly 70%

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Spend on Instagram Stories has grown by almost 70%, and now commands almost 10% of brands’ overall Facebook ad spend, while Facebook Stories only make up 0.3% of spend on the platform.

That’s according to a report on Instagram and Facebook Trends for Q3 2019 released by SocialBakers, which says the Ecommerce category continues to rise, ranking first on Facebook and second on Instagram in total interactions. Fashion rules on Instagram, increasing its engagement lead from 27.8% in Q2 to 31.9% in Q3 2019.

“The latest data shows that marketers continue to shift their resources to social media channels and formats that can better attract and engage users, but it’s a gradual evolution with a lot of moving parts,” said Socialbakers CEO, Yuval Ben-Itzhak. “The rise of social commerce, the changing roles of Instagram and Facebook, influencer marketing, and the exploding popularity of video are just a few of the developments that online marketers will need to analyse and incorporate into their strategies in the coming year.”

Key findings from the report:

  • Social commerce emerges as a major trend, as brands provide the ability to purchase products directly from social media platforms.
  • Sporting Goods, Beauty and Ecommerce brands have the lowest exit rates on Instagram Stories. Food, Beverage and Finance brands, however, are struggling to retain the attention of their audiences.
  • Use of the hashtag #ad by Instagram influencers grows by 60%. Walmart is the number one brand associated with Instagram influencers.
  • Video engagement has exploded across all platforms, spurred by new formats such as Facebook Live, IGTV and interactive add-ons for Instagram Stories.
  • Marketers must think ‘mobile first’ as paid ads are now seen on mobile devices 95.8% of the time compared to only 4.2% of the time on desktops.

Instagram’s superior engagement attracts ad spend

“Although brands still put the majority of their Facebook ad spend into Facebook feed (more than 60%), over the long term the data shows that the volume of ad spend on Facebook has been decreasing,” said Ben-Itzhak. “With a 10x jump in ad spend on Instagram Stories from January 2018 to the end of Q3 2019, it’s clear that marketing budgets are increasingly shifting their investments towards Instagram. The reason is obvious – Instagram has a much superior engagement rate compared to Facebook today.

“Looking at the world’s 50 biggest brand profiles on Instagram and Facebook, Instagram continues to have more interactions on profile posts than Facebook, which was also true in Q2 2019. Because Instagram now offers both large audience size and high engagement, it is pulling more ad spend to the platform. As Facebook ad spend declines, Instagram feed placement has been growing and has reached at least 20% of total ad spend since Q1 2019.”

Social Commerce takes off

“With its leading position for total interactions on both Facebook and Instagram, the Ecommerce category is hot,” said Ben-Itzhak. “And one of the biggest trends within Ecommerce is the expansion of social commerce. More and more, users are able to make purchases directly from social media platforms after they discover a product, instead of having to visit a shopping site’s app or an online store. There’s plenty of reason to believe that the growing social commerce trend will only continue.”

Influencer marketing is growing, not waning

“Influencer marketing proved in a big way that it’s still a popular marketing tool,” said Ben-Itzhak. “Reversing an overall downward trend, the use of #ad by influencers (to denote sponsorship) on Instagram really spiked at the end of Q3 2019, jumping up 60% by the end of the quarter. As these numbers demonstrate, consumers are increasingly seeking out reviews and trusted voices when making purchasing decisions. This will likely continue as holiday campaigns ramp up in Q4 2019 and the use of #ad is expected to soar over the previous high from December 2018.”

Video engagement is exploding

“Although images remain the leading post type on both Facebook and Instagram, the popularity of video and its ability to engage users is exploding,” said to Ben-Itzhak. “Facebook and Instagram have both added new formats for video content such as Facebook Live, IGTV, and interactive and moving add-ons for IG stories. Facebook Live is now the leading performer on that platform, with more than twice as many median post interactions as the second-closest post type.

“The latest data shows that different versions of video perform well and have grown. Facebook Live and regular video both had slight increases in interactions from Q2 to Q3, with regular video now ranking third in media post interactions. And on Instagram, video surged in Q3 2019 to nearly catch up with images in terms of media post interactions. For marketers, the popularity of video is a trend they should keep an eye on this holiday season and in the coming year.”

‘Mobile First’ is a must for social media marketers

“Looking at all brands ad accounts across Facebook and Instagram, the cost per click is nearly double for users engaging via desktop (0.25 USD) than via mobile (0.13 USD) ,” said Ben-Itzhak. “In addition, paid ads are seen on mobile devices 95.8% of the time compared to just 4.2% of the time on desktops. This is a slightly bigger disparity than we saw in Q2 2019 and reinforces the fact that ad spend plans need to always think of ‘mobile first.’”

“Of all the trends we uncovered this quarter, the rapid expansion of social commerce is one that we expect to have a tremendous impact in the year to come. Very soon it will be possible to run the entire marketing funnel from discovery to post-purchase customer care via social media,” Ben-Itzhak said. “We don’t need a crystal ball to predict that social commerce will eventually overtake Ecommerce as we know it today. Moving into 2020, we will see more and more Ecommerce features being added to the social media platforms.”

The complete Instagram and Facebook Q3 2019 Trends Report with supporting graphics is now available for free download.