The eCommerce industry is growing rapidly year by year. According to eMarketer, in 2020 alone, the year that Covid-19 came into our lives, retail eCommerce sales reached $4.28B. As an industry expanding so fast, it has many challenges, such as high customer expectations, new payment and shipping flows, including omnichannel sales, and more. As with any highly profitable industry, it also attracts many fraudsters, making fraud and payment declines one of the significant causes for lost potential eCommerce revenue.
In this session, we'll discuss those challenges and share how data science, by implementing various supervised and unsupervised models and sophisticated feature engineering based on deep domain expertise, helps us prevent fraud and get the right consumers safely and successfully to the checkout.
eCommerce is driving a retail boom and customers expect an amazing experience
There are a plethora of data science use cases across the eCommerce value chain
Data science plays a key role in enabling eCommerce to combat fraud and prevent loss of revenue for merchants