iHerb, an Ecommerce Leader in Health and Wellness, Partners with Riskified to Protect Online Revenues Against Fraud and Chargeback Costs
12 Junho 2023 - 11:00AM
Business Wire
Riskified Ltd. (NYSE:RSKD) today announced its partnership with
iHerb, a global leader in ecommerce dedicated to health and
wellness. iHerb is leveraging Riskified’s ecommerce fraud and risk
intelligence platform to boost approval rates and revenues,
streamline its manual review processes, and minimize fraud
losses.
Founded in 1996, iHerb has scaled globally in recent years,
taking its business to over 180 countries worldwide with over 10
million customers who purchased from iHerb in the last year. This
rapid expansion has exposed the company to threats of fraud on a
global scale, resulting in internal teams having to manually review
nearly 10% of all orders.
Riskified’s machine learning platform now automates the review
of all iHerb transactions, improving the speed and accuracy of
fraud detection and decision-making. As a result of iHerb’s
partnership with Riskified, only 1.5% of transactions require
additional manual review, a reduction of over 90%. iHerb also
expects to benefit from the liability shift of Riskified’s
Chargeback Guarantee product, which absorbs any chargeback costs
while delivering a 99%+ approval rate. This means iHerb can
reliably predict its revenues while protecting profits. Riskified’s
platform and Chargeback Guarantee product are expected to continue
improving iHerb’s ability to predict its revenues, while limiting
the impact of fraudulent transactions on iHerb’s profits.
“Customer loyalty has always been important to us, but as our
business expanded, it felt like we might have to compromise. Losing
growth momentum and good orders to manual fraud review, along with
the threat false declines pose to the customer experience, were a
real concern,” commented Jordan Harris, Senior Director of Fraud
Prevention at iHerb. “With Riskified we don’t have to compromise,
thanks to a smart platform and an expert team behind it that makes
us so much more effective and efficient. It’s a testament to our
great partnership with Riskified that we’re exploring additional
innovative approaches to loss prevention.”
The industry-leading accuracy of the Riskified platform is
powered by extensive ecommerce, fraud and identity intelligence
derived from analyzing more than 2.5 billion transactions
worldwide. Riskified’s end-to-end risk intelligence platform also
helps merchants like iHerb detect and stop fraud beyond
card-not-present transactions, including forms of policy abuse like
return fraud that eat into margins. It does this using
identity-cluster technology that can help customer care teams
assess the intentions and behaviors of individuals behind a claim,
enabling a frictionless experience for good customers while
blocking bad actors.
“iHerb’s story is common among fast-growth ecommerce businesses.
The pace of expansion can make it extremely challenging to maintain
high approval rates while accurately detecting and preventing fraud
in real time, resulting in compromised revenue growth, customer
experience and profit margins,” said Ravi Kumaraswami, President of
Worldwide Field Operations, Riskified. “Together with the iHerb
team we’re able to get ahead of the problem and free-up the team to
continue focusing on growing the business.”
About iHerb Trusted by over 10 million customers annually
in over 180 countries, iHerb empowers people to enhance their
health, happiness and well-being. As a multi-billion dollar
ecommerce platform, we are on a mission to offer our customers
earth’s best selection of health and wellness products at the best
possible value, delivered with the most convenient experience. We
believe health and wellness should not be a privilege but a
universal right made possible through compassion and our collective
action – and everyone, no matter who they are or where they are,
should have easy access to products that will help them live their
healthiest, best life. https://www.iherb.com/
About Riskified Riskified (NYSE:RSKD) empowers
businesses to grow ecommerce revenues and profit by mitigating
risk. The world’s largest merchants and prestige brands partner
with Riskified for guaranteed protection against chargebacks, to
fight fraud and policy abuse at scale and to improve customer
retention. Supported by a deeply experienced team of ecommerce risk
analysts, data scientists and researchers, Riskified’s
award-winning machine learning platform analyzes the individual
behind each interaction to provide real-time decisions and robust
identity-based insights. Learn more at Riskified.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230612968100/en/
Aileen McNelis PR for Riskified amcnelis@nexttechcomms.com
Cristina Dinozo Sr. Director of Communications
press@riskified.com
Chett Mandel Head of Investor Relations ir@riskified.com
Nicole Rohrer iHerb Director, Brand and Content
nicole.rohrer@iherb.com
Riskified (NYSE:RSKD)
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