Says “Renewed Vigor for eCommerce” Will Cause More Chargebacks
Chargebacks911® COO Monica Eaton, one of the world’s leading authorities on chargebacks and eCommerce fraud, was recently asked to offer her top 2021 retail prediction as part of a new feature for the IMRG blog.
IMRG is the UK’s leading online retail association. They offer resources for online retailers and help members to understand and improve their online retail performance through a program of performance benchmarking, data analysis, insight, best practice sharing, and events. IMRG’s membership community is comprised of businesses of all sizes, as well as a wide range of solution providers to the industry.
In the post, Monica notes that we saw a surge in eCommerce activity in 2020. However, a corresponding uptick in chargeback issuances threatens to turn that trend into a net-negative for retailers.
As Monica suggests, the fraud activity, combined with challenges resulting from COVID-19, created a perfect environment for chargebacks to spike. “[This scenario] meant that some industries have witnessed ten times the amount of chargebacks than were being experienced prior to the outbreak, and raised levels are likely to continue as we head into the new year,” she says.
Monica urges retailers to address internal threats like merchant error, and also take precautions to protect their businesses. Otherwise, this negative trend will continue in 2021 and beyond.
