How to Create a Competitive Advantage with Ecommerce Site Search
eCommerce website search is a search solution you can incorporate into your ecommerce store. It helps users find the exact products they’re looking for by matching keywords.
However, retailers should not think about search functionality as just another feature – it can offer some advanced features that can set you apart from your competitors. If planned and executed properly, your eCommerce site search can bring you more benefits than you think.
As per Baymard Institute, the data shows that 42% of ecommerce sites fail to fully support 8 key search query types performed by users such as:
“Exact” search queries (42% of sites reported issues)
“Product Type” search queries (71% of sites reported issues)
“Symptom” search queries (52%)
“Non-Product” search queries (39%)
“Feature” search queries (22%)
“Thematic” search queries (36%)
“Compatibility” search queries (30%)
“Slang, Abbreviation, and Symbol” search queries (49%)
Let’s dig deeper into eCommerce site search:
Site Search Solution Features
Faceted search allows users to narrow down and refine their search results. For example, if a customer searches for a term ‘chair’, your site can apply filters based on faceted categorization and specify results by company brand, color (e.g. blue chair etc.) and other filtering options.
Product ranking is another feature you may implement on your site search – it will enable you to rank certain products higher/better than the others and give you control to decide which products will appear in your search results.
Semantic search in retail divides the query in parts to identify differences between product categories and attributes. Some search solutions use NLP (natural language processing) as it helps search engines match keywords, structure and the intended meaning.
Search Query Types
We can find different types of search queries on how users ‘demonstrate’ the range of things to be searched.
Types can be:
Exact search – customer query matches a certain product name or a model
Product type search – customers search for a product type (e.g. ‘computer’ instead of typing in the specific brand name).
Problem-based search – customers search for a solution to a problem
Non-product search – when customers search for general information about your business like delivery options, return policy and similar.
Advanced site search solutions can help you establish the practices you need to improve for better relevance of results, yet you would need to do some manual work depending on your requirements.
Query qualifiers help us narrow down the results we get from one of those original four basic types of searches.
For example, some most common query qualifiers are:
Feature search – customers search for an attribute of a product (instead of ‘television’ they type in ‘smart television’ etc. )
Thematic search – similar to feature search but more general. Include things like promotions, usage locations, environmental conditions etc.
Compatibility search – customers search for items compatible with something they’d like to buy. Users usually do not know exactly what is compatible, this search is important for electronic equipment like computers, cameras or smartphones and more.
Relational search – customers search for products based on its affiliation with another item.
Subjective search – customers refine their own search with non-objective qualifiers like beautiful or high quality etc.
Structure of Search
Any query involves linguistic syntax in order to be interpreted.
Let’s look at three types of query structures:
Slang, abbreviation and symbol search – slang words to describe products (e.g. ‘loot’ instead of ‘money’ etc.) and abbreviations or symbols (‘$’ instead of ‘dollar’ etc.)
Implicit Search – failed to include relevant quantifiers to properly improve the query.
Natural Language Search – a full sentence search instead of a short keyword query. For example, users write: ‘what are the advantages of outdoor activities in winter’ vs. ‘advantages, outdoor, winter’ etc.)
Benefits of using Site Search in Your Online Store
Site search works in a similar way like when you go to the store and ask for help from a store associate. Such a feature enables your business to always direct a user to what they’re looking for.
Higher conversion rates
A recent Forrester study showed that 8 out of 10 users ABANDON the store if it does not provide a convenient website navigation or does not display relevant results.
Supply a simple and clear way to your products and make it as convenient as possible for them to enable a smooth purchase process.
Better Customer Experience
On-site search is an important factor in customers journeys no matter if they know what they need and came to look for that product or do not have a clear idea on what they want and will need some help narrowing it down.
Search experience for customers plays a major part of the entire shopping experience and can be a crucial element for your shoppers.
Analytics for Better Business Decisions
With analytics, you will get valuable insights into what your customers want, say, type etc. wehn searching for specific products and also which search returns irrelevant or no results!
In certain cases, it is not about changing business strategy but just tweaking your search solution. Once you compile data from your customers’ searches, you can validate if you may need to change search rules or add new ones to better serve your shoppers.
On-site search is a powerful tool – not only because it helps your shoppers to find their desired item faster – but because it also compiles important data on your customers’ preferences enabling you to personalize and optimize your offer just for them.
Do not forget to continually optimize your site search to provide the best user experience for your shoppers.
Go Global: Best Methods To Know When To Expand Your Company
The digital world has changed how we do business. Companies can operate from virtually anywhere in the world at any given time. With the rise of online shopping, niche retailers have sprouted up to serve an ever-expanding consumer base. But operating a company from different locations poses challenges as well. Whether you’re an entrepreneur, a small business owner, or a large corporation, you know the feeling of being unable to find the right time to expand your business.
There’s a common misconception that entering new overseas markets is an easy way to increase your company’s size and profits. But sometimes, you might be unable to build or purchase office space to accommodate your employees or vendors, and that’s okay! Instead of panicking, take a step back and ask yourself if it’s time for your company to expand. Here are some telltale signs you should look into getting your team together so you can go global right away.
1.You Need To Be Less Reactive And More Proactive
Proactivity is increasingly valued as a component of success in global markets. Organizations that proactively engage in international trade have a distinct advantage over those that take a more reactive approach.
If you wait to see what happens, you may need more time, money, resources, or people to accomplish things effectively. Expansion of sales is one of the most proactive reasons for going global, along with the pursuit of other strategic advantages.
If your business works on proactive strategies, it can maintain long-term competitive benefits in the international market.
2.You’re Fostering Intercultural Teamwork
Every nation has its own distinct characteristics as a result of variations in its economy, culture, system of government, and market conditions.
It is essential to develop a localized strategy and to promote intercultural teamwork that is both in line with the company’s growth strategy and goals and essential to local success. By demonstrating respect for cultural diversity at work, intercultural communication skills can be developed.
Showing that your business values diversity and inclusion is one way to stand out in the increasingly globalized business world.
3.There’s A Demand For Your Product Or Service
Before making a jump, it is crucial to understand how going global would affect your business. To determine whether your product can flourish in the global market, you must undertake a complete market segmentation analysis. You ought to be sure that there is a market for your goods or services and that customers will be willing to pay for them. When demand outstrips supply, it could be time to also extend your product line.
Understanding the demands of the market can help you easily identify which places need your product or service, therefore analyzing different countries and their markets can help you better understand where your services are mostly needed which in retrospect means more earning for your company. Other than understanding the demand for your product you should also heavily consider where you’re expanding your services as there are many things that play a role in the expanding part of your business. Different countries have different laws and regulations and fulfilling all of them sometimes can be considered a drag since it does require some proper knowledge of their functions and everything in between.
Having some professionals to assist you in that direction is a must since you want a safe and successful business expansion.
4.You’re Hiring And Growing Constantly
To manage growth, your team has to be prepared for more work, higher standards, and more challenging tasks. When expanding to a new location, adding a new product line, or signing a major new client, you’ll need personnel that can step up and take responsibility.
Having these employees on board increases your company’s potential for growth. As an alternative, you can form partnerships with PEOs in other countries to gain access to PEO services. Hiring employees in different countries is made more accessible by global PEOs. These types of companies make sure that they choose the right candidates for your vacant positions. You could help these companies by giving them a list of what you’re looking for in terms of professional help.
Knowing what your company needs is key to having a successful transition into the global market, make sure you know where you’re expanding your firm as it is essential to understand that country’s culture, people and overall how the country functions since it is key to a more successful expansion.
5.Your Customers Are Locating You Outside Of Your Homebase
Are your customers coming all the way from far distances to visit your store? How often do you send shipments to a particular country?
There may be an untapped market for your goods that you may now enter. The consistent clientele is a positive indicator of a business’s success. A loyal customer base is a sign that people appreciate and continue buying your goods and services. Creating a loyal customer base can really take some time as it requires for you to show success and reliability. Making sure that your customers’ needs are met and always in proportion with your business should be your main priority, taking time to understand their background and what they need is a good foundation for creating customer loyalty.
Having a variety of clientele not only enhances your earning potential but also helps you expand as a business if needed to do so. Having a good plan and essential excellent customer service nine times out of ten is a recipe for success.
The Bottom Line
The worldwide market offers more significant potential for expansion, but growing your firm abroad is complex. Companies can achieve excellent outcomes from the challenging “going global” task if careful planning and outsourcing administrative tasks are used.
Beginning with an eye on worldwide growth is possible with careful preparation, comprehensive analysis, and the assistance of personnel with relevant expertise. Any business owner who is struggling to decide whether to expand internationally might benefit from the information offered above.
We have all been through a rough patch while increasing search traffic to our website, improving our email subscribers list, and acquiring more clients, and it’s our bounce rate that has been affected. In simple words, website visitors who navigate to our homepage, bounce off before they explore more or even before we get a chance to convert them.
While you wish to increase other metrics measures, having a high bounce rate won’t do the trick.
But since we cannot control the bounce rates, have you considered what a good bounce rate is? A good bounce rate moves around 50% depending on the industry.
One way to boost your bounce rates can be having more landing pages. When you see your bounce rates skyrocketing on the landing pages, it’s a sign to improve your content strategy and needs a serious redesign. So what’s the problem with your pages? You must have seen the Time On Page metric on Google Analytics, and as the name suggests it’s the time a visitor spends on a particular web page.
Basically, the bounce rate is calculated after two major clicks, the link through which the visitor landed on the page, and an exit click. If there is no exit click and the visitor simply closes the tab (which happens most of the time), and even if the visitor is utterly satisfied with the page or blog, it will be considered as a bounce.
This is exactly what we will cover and find ways to reduce it.
11 Ways to Improve Bounce Rate
Below are some proven ways that can reduce your bounce rate and improve conversion rates.
Make your content easy to read
Avoid large portions of text on the website, as it can scare away the users. Ensure that your content is readable and legible. Your blogs might have great content but without proper formatting, users will exit faster. Use bullet points, headings, subheadings, etc.
Add social media feeds
Use social media aggregator tools like the Taggbox widget to aggregate and display social media feeds like embed instagram on websites without any coding expertise. You can customize, and analyze the widget on the website.
70% of users say that irrelevant pop-ups are annoying. Avoid using pop-ups as they disrupt the users’ reading experience. Some marketers use aggressive content in their pop-ups, which immediately departs users.
Add compelling CTA
Once you build interest in the visitors, you might lose them with a weak call-to-action button. Make sure that the CTA is compelling enough to urge visitors to click on them. Make them land on relevant pages. For SaaS platforms, having a plain CTA with a free trial option can come in quite handy to reduce bounce rates and even build a loyal customer base.
Improve storytelling to engage visitors
Storytelling captivates users’ minds if you use it properly. Users usually scan a page looking for something that is unique like a subheading, a word, an image, or a term. Storytelling connects with the audience. Be clear in your content, appeal to the user’s dynamic minds, and make your story memorable.
Keep updated blogs
Keeping your blogs up-to-date yields better ROI. There is a thin line between engaging and proper content. Engaging or powerful content evokes a wow reaction, whereas the proper content gives them actionable tips to implement.
Use keywords with high-value traffic
Keywords are the key that makes or breaks your content marketing efforts. 97% of Google’s revenue comes from advertising and bulk revenue is from targeting expensive keywords. Not all keywords are equal, some bring valuable traffic some don’t.
Attract the right audience
High bounce rates usually happen when you target the wrong audience. If your content is not yielding the right customers, it’s time to improve. Use A/B testing and upgrade the content. Understand which audience you wish to target, compose content accordingly, and reach out.
Use attractive meta descriptions
Improving your meta descriptions will greatly improve click-through rates. The meta description is displayed as a snippet of your web page in the search engine to help users determine if it’s relevant to them. Use keywords in your meta description and make it attractive.
Create multiple landing pages
The more landing pages you have, the better. This will offer a richer experience and increase search click throughs. Creating more landing pages that are based on high-value keywords will increase engagement, offer a positive experience, and of course, reduce bounce rates.
Improve the web page load-time
People are impatient and do not wait for more than 3 seconds for a web page to load. Make sure your web pages use less load time. A slow website can destroy the experience and come down to high bounce rates. Optimize your plugins, remove any query string from static pages, etc to improve the performance of your web pages.
We’ve elaborated on multiple ways to reduce your bounce rates and eventually improve conversions. However, without high-quality content, reducing bounce rates can be tricky. In order to avoid that, map out a content strategy that will gradually increase the time users spend on your page reading the content.
To interact and engage with your audience, adding social media feeds can be a good solution. Keep at it, be consistent, and keep your content fresh and updated. The more you engage your audience, the better changes you have to increase your search traffic.
Top CRM Software to Increase Profits and Business Visibility
Entrepreneurs consider various factors when starting a business, including business plans, products, funding, and accounting. Nevertheless, a CRM system is the furthest thing from their thoughts. How come? What is the objective of CRM software for businesses? What are the top CRM software options for small businesses?
In this CRM guide, we’ll address each of these points.
What Is Small Business Customer Relationship Management (CRM) Software?
Customer relationship management (CRM) is an abbreviation. CRM software consists of various features that assist entrepreneurs in managing customer communication and improving the customer experience.
What advantages come with using a CRM system?
We began the article by posing the question of why so many entrepreneurs overlook CRM software. It occurs due to a small business’s inability to manage a large amount of data. When you first begin, you will have a limited number of customers and contacts.
Thus, keeping track of clients’ names and preferences on a single computer or even notebook is as simple as using a single email address.
Is Customer Relationship Management Software Vulnerable?
The CRM system is no exception. CRM software is prohibitively expensive for small businesses. Also, if you find a cheap option, check for hidden fees. Hidden costs include maintenance, data backups, system administrators, and software developers.
CRM programs, like all programs, can fail. In this case, all records will be lost, negatively impacting your business. Small business CRM software should also be easy to use. Otherwise, you’ll have to spend a lot of time training employees.
Functionality of CRM
CRM software integrates various functions that simplify small business operations. The following is a list of critical tasks that a small business’s best CRM should perform:
● Build communication. Email is sent and received via CRM. Email and social media bots are available. The more options for communication, the more loyal and satisfied clients are. Consider a customer who prefers WhatsApp to Gmail. Enabling WhatsApp instead of Gmail can earn them loyalty.
● Organize contact information consistently. It is vital to keep all customer data in one place. A client contacting you should not repeat basic information such as name, phone number, or email address. Deuxièmement, CRM software keeps track of previous conversations and who spoke with a customer. In the event of a problem, this saved data helps resolve it. This feature is handy for sales-based businesses. The stored data unifies the team, improving sales efficiency.
● Prioritize. Itis vital for any business, but especially for freelancers. CRM software allows you to assign tasks to employees and track their progress. It is easier to work when your employees are located worldwide. This feature can also help generate sales reports. There’s also a deal-tracking feature.
● Internal communication should be coordinated. CRM software makes monitoring how your teams communicate with one another much easier. Additionally, you can send emails within CRM to consolidate customer and employee conversations.
● Organize employee reports. A customer relationship management (CRM) platform enables you to manage employee tasks and generate financial reports. Because you are using the same system, you can see how many studies your employee has, their success rate, and their earnings.
● Segment your customer base. Although it isn’t essential, it can be helpful. You can segment your contacts based on various criteria that will benefit your small business.
● Send email templates. CRM software should enable the creation of templates and the sending of scheduled emails. Additionally, you can receive notifications when an email is delivered and read.
● Evaluate customer strategies. CRM software stores all of the customer data necessary to define customer behavior. You can monitor a customer’s activity and feedback via CRM. This information will enable you to develop strategies for your business’s growth. Additionally, sales forecasting is possible.
● Increase the profitability of the business. Naturally, CRM cannot increase your company’s profitability on its own. However, each of the functions listed above contributes to your small business’s effectiveness. This CRM enables you to create financial reports and track your revenue.
What Factors Influence the Selection of the Best CRM for Small Businesses?
We’ve defined the functions that a good CRM software should have. Consider additional criteria that define a good CRM system capable of bringing disparate departments together to provide superior customer service. Here are the factors for choosing the best CRM for small business:
● The interface is simple to use. It is not your system if a CRM system is overly complex and requires extensive employee training. CRM software can use daily; therefore, it should be simple.
● A system that is hosted in the cloud. In the world of freelance, data should be accessible from any location. That’s why the best CRM is cloud-based, allowing employees to access real-time data from any device, anywhere.
● Implementation is rapid. If you spend hours manually entering customer information into a database, that CRM isn’t for you. Adding data from email or import lists should be possible with a single click.
● Updates are performed automatically. When your business is small, you likely have a limited number of clients and partners; you can manually update their information. However, what if your enterprise is large? Will you be updating the personal information of thousands of people?
● Management of funnels. It’s ideal if you can track your customer’s every move.
● Price. You’d think we’d say good CRM software is expensive, but we won’t. To begin, if a free trial version is available, you should download it. A demo version lets you test the CRM’s functionality. Also, the functions of CRM systems vary significantly in price. Choose the best one for you and only buy it if it helps your business grow.
Choosing a Customer Relationship Management System
We’ve compiled a list of critical points to consider when selecting the right CRM system for your business.
1. Budget. Before purchasing CRM software, you should determine your budget. As mentioned previously, there are free CRM versions available. Nonetheless, some of them cost upwards of $200. If you know the price range you’re willing to pay, you can narrow down the vast array of CRM options.
2. Expected Features. Before selecting a CRM system, it is critical to understand what you expect from it. Create a list of the CRM features, and choosing the right option will become much more manageable. When creating a list, consider your requirements and solicit feedback from the employees who will use the CRM, as they may add or remove features that you considered.
3. Consult with other businesses. It’s worthwhile to solicit referrals from firms in the same industry, as they are familiar with the business’s requirements.
4. Keep a record of helpful information. One recommendation is to track down the features of the CRM software you are contemplating; this prevents the loss of critical information and simplifies the comparison process.
5. Examine the available options. The market is ever-changing. Because new technologies help develop CRM systems, it’s worth researching before buying CRM software. Examine reviews on unrelated websites. Otherwise, you risk reading an excellent study that misses the mark.
6. Utilize a free trial period. Most CRMs provide a free trial. Select several options that best fit your business based on their descriptions and determine whether the CRM meets all of your requirements.
The Best Customer Relationship Management Systems for Small Businesses
It is impossible to compile a comprehensive list of CRM platforms. But these are the best CRM systems for small businesses. Compare the features of each option to decide which is best for you.
It is a simple CRM for busy business owners. If you’ve used another CRM, Keap can import your data. The Keap plan includes coaching and educational materials to help you quickly set up the system.
Keap has a range of plans with varying levels of features. Basic CRM tools for small businesses include lead generation, client billing, and contact management. You can customize Keap CRM to meet your specific needs. You can schedule emails to clients, customize dashboards, and report on team performance. Keap lacks a free plan to evaluate its capabilities.
2. Zoho CRM.
This CRM software is ideal for small businesses with remote workers. You can use the CRM on your phone without sacrificing any features. Real-time data keeps users informed. The app can also edit data without internet access. Set reminders, send emails, add new clients, attach audio files and comments, make calls, and update deal status.
Zoho CRM is not only affordable, but it also includes all the features a startup needs to provide quality services. The free plan, however, does not allow users to test all CRM features. Top-tier plans allow prediction and AI tool use.
3. HubSpot CRM.
This CRM solution handles sales, marketing, and content. One of the most significant benefits is the unlimited free plan. It is vital to avoid the CRM solution stifling the company’s growth. The free plan includes CRM, sales, email marketing, and customer service tools. Despite its many advantages, CRM has flaws, such as a lack of support for lower-tier plans.
This CRM system is built for marketing and sales teams. The number of groups is limitless, and document storage is central. The free plan limits users to 12 and storage to 5 GB. While it is adequate for small businesses, you should consider upgrading or switching CRM software as your company grows. Choosing the right CRM plan can be difficult. No matter how many people you have, this plan can accommodate them.
A complete sales, marketing, and customer service solution automates business processes and manages client communications. There is customer service and a user community for small businesses. Unlike other CRM systems, this one requires ten people. The CRM may appear complex at first and mastering it will take time.
The CRM has several plans, each with a free trial to check if the platform is for you.
Pipedrive is a great CRM platform for small businesses. Multi-pipeline management with customizable product and service parameters. Customizing data fields is also possible. The software generates reminders and notifications to help you declutter your mind. The platform is easy to use. So integrating it into your business processes is quick.
It generally migrates from one CRM to another as your business grows because upgrading most small business CRMs is prohibitively expensive. Buying a new system for a larger company is more cost-effective.
CRM software is vital to every business’s success. The platform should aid team members in resolving internal workplace conflicts and establishing productive client communication. Since CRMs vary in features, problems they solve, and pricing, it is critical to define the CRM expectations for your startup.
Once you’ve established your platform’s objectives, you’ll be able to identify the best platform for you.
CRM is not the only platform to consider when starting a new business. Additionally, automating the accounting process is beneficial.
CRM allows businesses to align their strategy with the needs of their customers, ensuring that all those demands are fulfilled to the best of their ability and process customer loyalty.
Jennysis Lajom is an IT graduate, a chemist, an eCommerce business owner, and a Korean drama fan. Her passion for digital marketing led her to a career in graphic design, editing, and social media marketing. She is also one of the resident SEO writers in the Softvire US and Softvire Australia.
4 Reasons Why You Need to Manage Risks for Your Shopify Business
Shopify is an incredibly popular eCommerce platform that currently powers 3,924,979 live websites. And it’s no wonder why – Shopify is easy to use, has plenty of features and integrations, and is relatively inexpensive.
However, as with any popular platform, Shopify is not without its faults.One of the biggest problems facing Shopify merchants is fraud, and this poses a risk that one cannot overlook.
In this article, we talk about 4 reasons why you need to manage risks for your Shopify business.
But before let’s understand the types of fraud and a sure-shot method to manage them.
Problem — Shopify merchants face frauds
While there is no lack of frauds faced by merchants today, some popular ones are:
Fake orders: A fake order is when a fraudster places an order on your Shopify store using a stolen or fake credit card. The fraudster will usually choose high-priced items and have them shipped to an address that’s different from the billing address. This type of fraud is also known as “card-not-present” fraud.
Chargebacks: A chargeback is when a customer disputes a charge on their credit card statement. This can happen for a number of reasons, but it’s often because the customer never received the product they ordered, the product was not as described, or the customer was the victim of fraud. Chargebacks are costly and time-consuming to deal with, so it’s important to do everything you can to prevent them.
Counterfeit products: Counterfeit products are fake products that are made to look like the real thing. These products are often of poor quality and can damage your brand reputation.
The List goes on!
Solution — invest in reliable apps
Today, there is software or an application for almost every need. Be it creatives for social media or a payment merchant to streamline the payments.
But coming to fraud, you need to be meticulous when it comes to finding apps to prevent shopify fraud that actually use the latest technology to detect fraud before it puts a business in danger. Fraud is a crime that can have serious consequences for both the victim and the perpetrator. Preventing fraud helps to protect people and businesses from losses due to fraudulent activity.
Good fraud detection apps today use machine learning and advanced data analytics to identify patterns in fraudulent behavior. Machine learning can identify fraudsters even when they are using new methods or data, so you can stay one step ahead of the fraudsters.
Some qualities of a good fraud detection app for ecommerce may include the ability to monitor customer behavior, set thresholds for suspicious activity, and flag or block suspicious transactions. Another example is the ability to track customer behavior and activity, including IP addresses, device IDs, geolocation, and other data points.
Other features may include robust customer support, regular updates, as well as training and educational material to help merchants understand fraud in the eCommerce space better.
4 reasons to manage risks for your Shopify Business
As an Ecommerce merchant, you are aware of potential risks to the business. But there is still a lack of information regarding how these frauds play out in the real world.
In this section we take a deep-dive into some of the risks that a Shopify business is exposed to, and how it can derail business operations if proper fraud-prevention measures are not deployed on time.
Prevent Account Takeover Fraud
In general, account takeover fraud occurs when a criminal uses personal information to gain access to and assume control of another person’s online account.
This can happen when a criminal obtains login credentials through phishing or other means, or when they use stolen identity information to open a new account in someone else’s name.
Once the criminal has taken over the account, they can use it to commit a variety of fraudulent activities. For example, making unauthorized purchases, transferring money to their own account, or even using the account to commit identity theft against the account holder.
As per SEON’s guide on the statistics of account takeover fraud, “Account takeover attacks are on the rise, with an estimated 22% of adults in the US falling victim to this type of fraud, and average losses of around $12,000 per case. It is essential now more than ever not just for private individuals but also businesses to put in place defenses against online fraud.”
Identify eCommerce Money Laundering
Ecommerce merchants need to be aware of the potential for money laundering and take steps to prevent it. One way to do this is to monitor transactions for suspicious activity.
This can include looking for patterns of behavior that may indicate money laundering, such as repeated transactions of small amounts of money, or transactions that are not related to the business.
Ecommerce merchants should also be aware of the signs of money laundering, such as customer complaints of being asked to purchase goods or services for someone else, or requests for refunds for products that were never received.
Additionally, there are a few types of eCommerce frauds that could lead to identity theft, such as account takeover (as discussed above) and carding. In both cases, criminals gain access to victims’ personal information and use it to make unauthorized purchases or withdraw money from their accounts.
Transaction monitoring can help prevent identity theft by flagging unusual activity, such as large purchases made with stolen credit card numbers. Using a fraud prevention app created for Shopify can help identify this on time so that you can manage any potential risk at the earliest.
Locate Return Fraud
Return fraud is a type of eCommerce fraud in which criminals return stolen or counterfeit merchandise to a store or eCommerce site in order to receive a refund. This type of fraud can be difficult to detect, as it often takes place after the transaction has already been completed. Common examples of refund fraud are:
Receipt fraud is a type of eCommerce fraud in which criminals create fake receipts in order to return merchandise for a refund. This type of fraud can be difficult to detect, as the criminals often use real receipt paper and real store logos.
Price arbitrage is the practice of buying a product from one online retailer and selling it to another online retailer for a higher price. This type of arbitrage is possible because prices for identical products can vary widely between different online retailers.
Switch fraud is a type of eCommerce fraud in which criminals use stolen credit card information to make purchases, and then return the merchandise to the store or eCommerce site using a different credit card. This type of fraud can be difficult to detect, as it often takes place after the transaction has already been completed.
Wardrobing is a type of ecommerce fraud in which criminals purchase high-priced items with stolen credit cards, and then return the items for a refund before the card issuer realizes the purchase was fraudulent. This type of fraud can be difficult to detect, as it often uses legitimate credit card numbers and billing addresses.
Triangulation fraud is a type of e-commerce fraud in which a fraudster uses a third party to help commit the fraud. The fraudster will set up two fake accounts, one with a merchant and one with a payment processor. They will then use the payment processor account to pay for goods or services from the merchant account. This type of fraud is especially difficult to detect and prevent because it uses legitimate accounts and businesses to commit the fraud.
Signs that direct toward this type of fraud are: new accounts buying the same items on a regular basis, invalid contact details, sudden increase in transactions, a large number of transactions going to the same payment processor, discrepancies between Shipping and Billing Addresses
It’s never too late to protect your eCommerce Business from fraud
There are many reasons to protect your eCommerce business from fraud. One reason is to protect your business reputation. If your business is known for being easy to defraud, you may have difficulty retaining customers and attracting new ones. Additionally, fraud can lead to financial losses for your business. By taking steps to protect your business from fraud, you can help reduce these losses.
Your objective is to make others understand your data. You can communicate to your audience the reasons behind particular logical reasoning.
Summarize large data sets
When you present your extensive data in the graphical form it makes it easy to summarize essential insights.
Visualizing data can help decision-makers make conclusions from big data sets.
Allows you to find solutions
One of the advantages of data visualization is that it helps you seek solutions. You can investigate information to find existing outliers and relationships in your data.
Let us examine one of the programming languages in our computers we can use for data visualization.
What is Python?
Python is one of the programming languages – you can use it to create websites and perform data visualization and analysis.
When you use Python, you will learn that you can use it for general purposes. You cannot use the programming language for any particular commands.
Why Use Python in Data Visualization?
When you use Python in visualizing your data, it will offer you numerous graphing libraries.
If you are interested in creating high-quality plots, Python will support you with customizations. You can make many types of charts with Python.
Python is one of those programming languages with many in-built modules. A large community also supports the program.
Visualizations in Python can seem complicated, but they are easy. It does not matter if you are a beginner, you can easily create visualizations in Python even if you are not a computer guru.
The question is, how do we create data visualization in Python?
As we have briefly explained, Python has numerous visualization tools. You can make impressive charts with Python using its libraries. Each python library has its unique visualization styles depending on the visualization form.
Data Visualization Tools in Python
Let us start with the most popular:
Matplotlib is among the first data visualization tools in Python.
This data visualization tool in Python is used widely by most people. If you are lucky to be a data scientist, you may have used it once in your visualizations.
The remarkable aspect of Matplotlib is that you can use it with other libraries. Such libraries include Pandas and NumPy.
Matplotlib allows you to design charts in Python that are dynamic and interactive. When you use it to create charts in Python, you will realize that it is a flexible tool.
If you have used MATLAB before, it has similar features to Matplotlib.
The advantage of using Matplotlib is that the library has many aspects of color and size. This aspect helps you make remarkable charts with Python.
Let us see how we can create a Bar Chart with Python’s Matplotlib.
Creating a Bar Chart with Python
In this section, let us use a practical example of how we can create a chart in Python using Matplotlib.
A bar chart represents values in vertical or horizontal bars. When you use Matplotlib in making bar charts in Python, it becomes easy and efficient.
Source: Python Spot
This type of python data visualization library is also popular among many users. You can use it to make appealing visualizations in Python for studying data.
With Seaborn, you can make chart visualization in Python a crucial component of your data analysis.
Seaborn library contains visual diagrams such as scatter plots and histograms. You can use these charts for the visualization of data.
Seaborn also has its internal procedures for statistical analysis. This feature can aid you in making the charts of your choice.
One significant advantage of using Seaborn is that it allows straightforward data representation on plots.
Making a Scatter Plot Using Seaborn
You can use a scatter plot chart to plot points on a horizontal or vertical axis. It shows the relationship between two variables.