ClearSale and Punchmarkto Provide Safest E-Commerce Experience for Jewelers
Retail Tech Insights | Saturday, April 04, 2020
Just in time for the holiday ecommerce rush, the market-leading jewelry website platform now includes innovative fraud protection.
FREMONT, CA: Due to advancements in computer speeds (high-performance analytics), machine learning, and other forms of artificial intelligence, fraud prevention technology has made great leaps (AI). Fraud affects every aspect of our lives; it increases the cost of goods and services, wastes tax dollars, diverts resources away from innovation, and even cost human lives. ClearSale and Punchmark, a premier industry-focused ecommerce platform, have teamed to help jewelry retailers increase sales and eradicate fraud in time for a banner holiday season online.
David Fletcher, ClearSale SVP, explains, “What jewelers must understand is that fraudulent charges are only part of the story. When a customer's purchase is declined when it shouldn't be, that creates a poor customer experience in the name of protecting the sale. But false declines can cost an online merchant almost 12 times as much as fraud. So, its crucial to use a solution that protects against both. With ClearSale integrated directly into Punchmarks platform, jewelers have that increased level of protection available to them.”
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Experts predict a strong year for online holiday shopping, with a recent Deloitte forecast estimating that e-commerce sales will increase 11-15 percent year over year. Similarly, Mastercard'sSpendingPulse survey indicates that jewelry sales are growing at 59 percent annually. While these figures appear to be encouraging on the surface, online sales are a relatively new channel for jewelry retailers. Online jewelry purchases accounted for just $41 billion of the $229 billion global sales in 2019. With consumers becoming more comfortable purchasing luxury items online, due to COVID-19, online jewelry sales are expected to surpass $58.9 billion by 2027.
Due to their inexperience in the online retail world, jewelers have placed themselves squarely in the sights of fraudsters. The combination of inexperience with online fraud and high-value sales leaves jewelry retailers with little room for error. However, through Punchmark's seamless integration with ClearSale, merchants gain access to unmatched fraud protection integrated into their online storefront solution.
ClearSales' combination of advanced statistical fraud analysis and the world's most experienced and largest team of analysts providesjewelers with the most comprehensive ecommerce fraud protection available. ClearSales' cutting-edge solution addresses all facets of potential fraud, from preventing it at the point of sale to recovering losses due to chargebacks and friendly fraud while minimizing reputation-damaging false declines.
“Thanks to ClearSale, our clients have peace of mind driving ecommerce transactions through their website with us,” states Bryan Cockerham, CTO of Punchmark. “Jewelers just starting their online retail journey aren’t always aware of the pains and dangers of ecommerce fraud in this industry. By partnering with ClearSale, were able to add value to our customers online stores with a solution that prevents costly issues with fraud. This partnership has been a game-changer.”
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