Riskified unveils product innovation to accelerate profitable growth for ecommerce merchants at annual fraud summit, Ascend 2024
Riskified (NYSE: RSKD) concluded its annual Ascend 2024 ecommerce summit in New York City, unveiling new AI-powered tools to combat fraud and drive growth for ecommerce merchants. This year's theme, 'Ecommerce Champions,' highlighted strategies to boost ecommerce growth amidst rising fraud and abuse. Key innovations include Policy Decisions, part of Riskified's Decision Studio, which allows merchants to manage customer-facing policies with greater precision and flexibility. The summit also celebrated the winners of the Titans of Ecommerce Awards, including leaders from BJ's and Gucci. Ascend 2024, held from June 25-27, gathered global merchants and industry leaders to discuss ecommerce trends and challenges.
- Riskified introduced Policy Decisions, enhancing merchants' ability to control refund, return, promo, and resale policies.
- Ascend 2024 highlighted new AI-powered tools aimed at driving revenue growth and long-term profitability for ecommerce merchants.
- The scale and sophistication of ecommerce fraud and abuse are increasing, posing significant challenges to merchants.
Insights
Riskified's new product, Policy Decisions, introduces a significant leap in how ecommerce businesses can manage customer-facing policies. The technology harnesses AI to offer a seamless blend of static data points with dynamic logic. This flexibility allows merchants to adjust policies in real-time, reacting quickly to evolving threats and behaviors. The product's ability to fine-tune policies such as refunds, returns, promotions and resale can help reduce losses from policy abuse, saving money in the long term.
For retail investors, it’s essential to understand the potential here. Riskified's AI-powered capabilities can provide a competitive edge by minimizing fraud and abuse, which are increasing concerns in ecommerce. This innovation suggests that Riskified is not only responding to current industry challenges but also positioning itself as a leader in fraud prevention technology, which could enhance its value proposition.
However, the adoption rate and the actual impact on merchant profitability will be key metrics to watch. If widely adopted and proven effective, this could result in increased customer retention and higher revenue for Riskified, positively impacting its stock performance.
Takeaway: This product could be transformative for ecommerce businesses dealing with fraud and policy abuse. Investors should monitor its real-world adoption and effectiveness over the next few quarters to gauge its impact on Riskified’s financial performance.
Riskified's unveiling of new AI-driven tools at Ascend 2024 highlights the growing reliance on artificial intelligence to tackle complex challenges in ecommerce fraud. The introduction of Policy Decisions is particularly relevant because it shifts from static rule-based systems to more dynamic, flexible solutions that can respond to changes in real-time. This is a significant development as it addresses a common pain point for many ecommerce merchants: policy abuse.
From a market perspective, the ability to refine and optimize customer-facing policies without extensive manual intervention represents a substantial cost-saving opportunity. It also enhances the customer experience by reducing negative interactions related to returns and refunds. The market's response to such innovations will likely hinge on tangible success stories and case studies demonstrating effectiveness.
Insight: Investors should keep an eye on the adoption rates of these new tools and any reported improvements in key metrics like fraud rates, customer satisfaction and overall revenue growth among Riskified's clients. These indicators will provide a clearer picture of the market impact and Riskified’s ability to maintain its competitive edge.
Winners of the 2nd annual Titans of Ecommerce Awards also announced, celebrating leaders from BJs and Gucci
As merchants focus on executing growth plans, the scale and sophistication of fraud and abusive behavior–aided by gen AI and forces on the Dark Web–can hamper their efforts. To help merchants confidently unlock revenue growth and long-term profitability in the face of risk, Riskified is proud to introduce a slate of new AI-powered capabilities and tools designed to empower merchants to win more customers, accept more orders, and retain more revenue.
Among the new innovations unveiled at Ascend 2024 is Policy Decisions. As part of Riskified's Decision Studio, a suite of tools that enables merchants to fine-tune their ecommerce performance, Policy Decisions extends powerful, self-service capabilities for the creation, simulation, and management of customer-facing policies. Many merchants seeing a rise in policy abuse currently rely on rules to rein in losses. Policy Decisions provides merchants with an innovative alternative to static rules that delivers unmatched flexibility and precision in formulating and setting these policies, through a seamless blend of standard data points with dynamic logic based on Riskified's identity and risk models. Policy Decisions gives merchants the power to exercise deep control over their refund, return, promo and resale policies.
“This year’s Ascend is as much an innovation event as it is a rallying cry for ecommerce leaders,” said Jeff Otto, Chief Marketing Officer at Riskified. “Fraud and abuse is a far bigger problem than any one merchant can experience, moving across companies, countries, and industries to compromise customers and businesses. A shared challenge can only be solved with a shared solution. Riskified is investing in the most advanced approaches to fight this challenge so that our ecommerce champions can drive profitable growth for their companies, no matter what threat may come their way.”
The Ascend stage served as a platform for many Riskified customers who are successful in improving business outcomes. Among them are the winners of Riskified’s Titans of Ecommerce Awards, now in its second year. Titans of Ecommerce (riskified.com/titans) is an awards program recognizing the most inspiring, innovative, and influential members of Riskified’s merchant community. Determined by a judging panel comprised of payments and cybersecurity leaders from Deloitte, Ethoca, Aurus, and Fabrick, this year’s winners include Eva Alvarez, Director of Fraud, Risk & Payments at Gucci, and Angela Rehal, PMP, CSM, Senior Digital Operations Manager at BJ’s Wholesale Club.
Ascend 2024 took place June 25-27 at 1 Hotel Brooklyn Bridge. It was sponsored by Riskified's ecosystem partners, including Deloitte and Mastercard, along with Aurus, Fabrick, Plaid, Nuvei, Cellpoint Digital, and Prime.
About Riskified
Riskified (NYSE:RSKD) empowers businesses to unleash ecommerce growth by outsmarting risk. Many of the world’s biggest brands and publicly traded companies selling online rely on Riskified for guaranteed protection against chargebacks, to fight fraud and policy abuse at scale, and to improve customer retention. Developed and managed by the largest team of ecommerce risk analysts, data scientists and researchers, Riskified’s AI-powered fraud and risk intelligence 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/20240627700748/en/
Cristina Dinozo
Sr. Director of Communications
press@riskified.com
Chett Mandel
Head of Investor Relations
ir@riskified.com
Source: Riskified
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