At the recent Marketplace Risk Management Conference in San Francisco, Erin Brusseau, formerly Director of Content Moderation at Wish, joined EverC’s CEO, Ariel Tiger, to share Wish's journey in combating counterfeit issues and rebuilding trust. The event provided a perfect platform for discussing Wish’s transformation, from struggling with counterfeit goods to achieving sustained success.
Tiger began by outlining the current state of e-commerce and the increasing risks marketplaces face. “We’ve seen unprecedented levels of illicit activity all over the Internet. Counterfeits pose a serious threat, not only to the global economy but also to health and safety in many cases,” he explained.
Brusseau highlighted the specific challenges Wish faced. The company’s growing counterfeit problem had reached a point where it was affecting business growth: “We didn’t have customer confidence, and we didn’t have regulator confidence either,” she said. “We were so engaged with different regulators trying to resolve these issues that it started to inhibit our ability to grow and retain customers.”
A clear, quantifiable improvement in reputation and customer experience
To address these issues, Wish implemented MarketView, an AI-powered solution from EverC, as part of a comprehensive plan to fight counterfeits. The results have been remarkable, significantly improving customer satisfaction and impacting Wish's reputation and revenue:
36% decrease in refund requests in Q4 2022
58% decrease in customer order cancellation rates year-over-year
18% increase in buyer conversion (based on Q1 2023 NPS)
10% increase in customer retention (based on Q1 2023 NPS)
MarketView scanned more than 78 million listings with over 95% precision, preventing over 242,000 problematic listings from appearing on the Wish platform.
Enhancing relations with brands and regulators
In addition to improving customer retention, Wish strengthened relationships with merchants, particularly luxury brands concerned about the impact of counterfeits on their revenues. “Good merchants don’t want to sell on a platform with bad merchants,” Brusseau noted. As a result of these efforts, Wish regained access to France, one of Europe’s most lucrative markets.
A technology-driven solution for scalable risk management
Tiger emphasized the critical role of technology in fighting counterfeits and other online fraud: “The core of what we do is based on technology. You’ve got to lean into the future to fight today’s sophisticated fraudsters.” Leveraging AI and LLM technology allows platforms to make more informed and efficient decisions about risk.
“As an operations professional, the ability to implement a no-code solution makes me incredibly happy because it enables us to manage our resources more efficiently,” Brusseau added. With EverC’s solutions, Wish was able to reduce its manual costs for fraud prevention by 50%, initially scaling its operations without increasing overhead.
Collaboration and robust data – keys to success
Making e-commerce safer requires global collaboration, Tiger emphasized. “Fraudsters shift between platforms and regions, so uniting efforts is crucial to fighting fraud more effectively.” Brusseau agreed, stating, “If we’re going to fight fraud, we can’t work in isolation. We need systems that learn from each other.”
The extensive data EverC monitors has enabled platforms like Wish to stay ahead of emerging fraud trends. “We benefit from the knowledge EverC gathers from their work with other clients, giving us a broader view of the landscape and trends we may not have seen on our platform,” Brusseau explained.
As more clients join the EverC platform, the value of its solutions continues to grow, Tiger concluded: “With every new client, we become better, providing more information and insights to all our partners.”
EverC’s AI-driven solutions are helping platforms build a safer e-commerce ecosystem, benefiting both businesses and consumers worldwide.
Join EverC and Marketplace Risk for Safer Ecommerce Day
EverC is proud to welcome Erin back as a guest speaker at the upcoming Safer Ecommerce Day on November 1, 2024. She will join Jeremy Gottschalk, founder and CEO of Marketplace Risk, to discuss what’s next in risks for online commerce. This FREE online event features key thought leaders in the industry to discuss the challenges facing our ecosystem.
You can view the speaker slate and register today for the full agenda at Safer Ecommerce Day.
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