Holiday Sales Will Reach Their Highest Level This Year — Are You Ready?
Holiday sales are expected to reach a record high of up to $1.57 trillion in the period from November 2023 to January 2024! You can also expect more of these sales to be completed with the click of a button rather than the swipe of a card, as e-commerce sales are expected to increase by up to 12.8%.
Consumers are shopping smarter and longer, taking advantage of sales and stretching their gift-buying across a longer period. 58% of consumers don’t plan to finish their shopping until December. Sellers will have to remain flexible and vie for attention from competitors as consumers do their research and make their preparations.
And of course, the surge doesn’t stop after December. Consumers are back to stores both in-person and online looking to spend gift funds and make returns in the new year. Total retail returns in 2023 reached $743 billion just in merchandise costs. $101 billion of that was lost to fraudulent or abusive returns.
How can your organization make the most of this record-setting year? Keep your hard earned profits. Avoid customer confusion, chargebacks, fraud, and unnecessary costs. Learn how Verifi’s industry-leading post purchase solutions prevent chargebacks and fraud, and maximize your profits.
Holiday sales are expected to reach up to $1.56 trillion
Revenue lost to fraudulent and abusive returns will total $101 billion
PREVENT
Enhanced transaction data helps prevent disputes at customer inquiry. Prevent friendly fraud and validate legitimate sales.
RESOLVE
Resolve disputes in real time at the pre-dispute stage. Configure our auto-decision engine to refund disputes before a chargeback happens.
RECOVER
Recover revenue lost to chargebacks. Our experts handle dispute representment for you, maximizing chargeback wins and recovery.
INFORM
Receive fraud and dispute notifications from a single source to protect against known fraudsters and prevent future disputes.
Sources:
https://nrf.com/blog/2023-holiday-shopping-outlook
https://nrf.com/research/2023-consumer-returns-retail-industry
