As a measure of the depth and breadth of the consumer shift to digital commerce, each of Signifyd’s top 500 customers more than doubled their ecommerce revenue in 2020. The combination of their own agility and Signifyd’s AI-driven innovation allowed them to power through pandemic disruptions and fulfill consumer orders at record-breaking volume and speed.
The top 500 represent the best in retail — enterprises that seized opportunity in the midst of disruption to offer curbside pickup, expand buy-online-pick-up-in-store, turn to virtual shopping sessions and launch direct-to-consumer initiatives. Their collective success speaks to the value of convenience — those customer experiences truly represent the path forward for retail in the 21st century.
“As consumers, we take seamless ecommerce experiences for granted. For the merchant, sustaining that quality through 100-percent-plus growth, massive supply chain disruptions and highly volatile consumer demand is just remarkable,” Signifyd CEO Raj Ramanand said. “We are inspired by our clients’ resilience and creativity, and glad that our platform scaled flawlessly alongside them.”
Like its customers, Signifyd scaled up amid a COVID-19 pandemic that changed the shape and future of shopping and commerce in an instant. Inspired by the bold thinking of those customers and the retail market, the company launched products, programs and an expanded global presence to better serve the new world of commerce.
2020 was a year that a whole new cohort of enterprises with fresh ideas and global ambitions joined the Signifyd network. Open and wide-ranging discussions followed, leading Signifyd to develop its Commerce Protection Platform, Decision Center, Authorization Rate Optimization solution and its Business Continuity Package aimed squarely at pandemic disruptions.
Signifyd’s customers’ success was reflected in record revenue for Signifyd. The company was able to invest in expanding its global workforce and opening its Latin American headquarters to better serve its growing base of customers, such as Walmart Mexico, in the region.
As ecommerce exploded in popularity due to pandemic lockdowns and a general unease with visiting physical stores, Signifyd’s customers rose to the challenge, turning to Signifyd’s advanced automated order flow to tackle massive online order surges.The platform also protected them from the dual threats of professional fraudsters and “friendly fraud” — committed by typical customers worn down by financial strain and months of sheltering at home.
Lynn Carbine, head of trading for CurrentBody, a direct-to-consumer electronic beauty device company, said Signifyd has been crucial to the brand’s ability to keep up during the pandemic.
“It simply would not have been possible for us to review incoming orders manually without Signifyd,” she said. Had CurrentBody not replaced its previous fraud protection provider with Signifyd in advance of the pandemic, Carbine added, “we would have had a significant challenge ahead of us.”
Of course, Signifyd is successful when its customers are successful and in 2020, Signifyd doubled its annual sales, a testament to the determination and alacrity of those clients.
As Signifyd’s customers experienced rapid growth they were faced with decisions about how to best future-proof their enterprises. Signifyd expanded its roster of partners with specific ecommerce expertise to ensure that the clients within its network were ready for whatever lies ahead.
In 2020, Signifyd added firms such as Born, CTI Digital and supercharged commerce to its list of partners. Signifyd also became a partner in the Shopify Plus Certified App program, expanding enterprise access to liability-shift fraud and consumer abuse protection by offering it on one of the world’s biggest e-commerce platforms.
The unparalleled growth in every aspect of the business puts Signifyd in a prime position to continue to work with the world’s most successful brands and retailers. Signifyd starts its second decade of existence with a bold new look and logo and a bold new vision.
The next chapter will feature bold new initiatives, too, including an ecommerce leader awards program that will introduce some of the commerce professionals who performed the heroic feats behind the incredible success stories of 2020. You’ll hear more about the program soon.