This year’s holiday shopping is already one for the record books. In the US alone, Black Friday online sales beat all previous records, reaching $7.4B, up from $6.2B on Black Friday 2018. Cyber Monday this year outpaced Black Friday shopping, with sales totaling $9.2B, up 16.9% from $7.9B in 2018. With holiday traffic soaring across the world on some of the biggest shopping days of the season, were merchants poised to scale fraud prevention during these peak periods?
For enterprises partnered with Forter, it was just another day at the office.
#ForterFastFacts
For the entire holiday weekend (November 27th through December 4th) our customers achieved all time peaks in transactions and approval rates. Together we:
- Processed 14.9M transactions, worth $2.6B TPV
- Processed up to 158 transactions per second, and 3,167 transactions per minute
- Enabled 99% approval rates throughout the holiday weekend
- Enabled $70M TPV of previously untapped business
- Averaged a dollar amount per transaction of $196.78
- Saw a peak dollar amount in one minute of $1,498,920.87
Not only did Forter witness enormous upticks in consumer activity – one customer even saw its site traffic almost quadruple during Black Friday – but Forter likewise continued to provide increased revenue across the board.
For most retailers, the holiday season means battening down the hatches in an effort to prepare for notable increases in shopping activities. Merchants typically bring on seasonal hires when they rely on manual review teams or rules-based solutions. This approach leaves them vulnerable to scalability issues. Especially at peak volumes, manual review queues often are overloaded and delays in processing increases customer friction. The pressure to make quick decisions also impacts their ability to accurately make approve/decline decisions.
In a season where timing matters, anything that blocks legitimate customers trying to spread holiday cheer – fulfillment delays, friction, or false declines – is every brand’s worst enemy. Forter survey data shows that the average American annually backs out of 96 purchases halfway through due to frustrating friction during the checkout process – the equivalent of losing $2,500 a year per shopper. Businesses need a fraud prevention solution they can rely on, at any time of year.
Forter for All Seasons
With Forter’s fully integrated fraud prevention platform, you can rest easy, even during peak periods. Forter allows you to unlock the full promise of commerce based on trust, so you can focus on expanding your business while providing the best customer experience possible during the holiday season, and beyond.
To find out more about what Forter can do for your business, talk to one of our experts.
