Global fashion brand, Forever New has strengthened its partnership with ecommerce fraud and risk intelligence leader, Riskified to protect its online transactions from fraud while ensuring an enhanced customer experience.
With Riskified, Forever New maintains consistently high approval rates while minimising chargeback costs, creating revenue certainty and bottom-line predictability. Forever New is also able to ascertain the legitimacy of transactions to boost approvals and remove friction at checkout.
Historically, Forever New’s transaction review process included several manual touchpoints across different functions spanning from customer service to the warehouse management team. Using Riskified’s machine-learning platform, the Forever New team has been able to fully automate the review process. Riskified’s Chargeback Guarantee offering helped Forever New reduce chargebacks by more than 84% improving the fashion retailer’s profit margins.
Forever New chief operating officer, Ged Steele said, “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 more valuable work.”
Riskified Australia and New Zealand country manager, Nicholas Kirtley added, “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.”