Businesses Get Leg Up on Buying Trends During Pandemic

Digital fraud prevention provider Kount is tapping into its technology and resources to help companies track consumer trends during the Coronavirus (COVID-19) pandemic.

Screenshot 1

Kount, the leader in digital fraud prevention and account protection, today announced a new weekly tracker for up-to-date eCommerce purchase trends emerging in the current global pandemic. In light of the impacts of the coronavirus, Kount is helping businesses to monitor trends including changes in online transactions by industry, shifts in eCommerce models including expedited shipping requests, and fraud threats related to each of these findings.

Kount built the tracker to help digital businesses navigate these times and adjust their approach to better address current customer needs. The data comes from the Identity Trust Global Network, which is comprised of 32 billion interactions annually across 6,500 customers worldwide.

Findings show industries including home office supplies, electronics, crafts, and gaming have seen increases in digital transaction volumes as consumers are challenged with the tasks of working, taking care of their children, and recreation, all from the confines of their homes. The data also shows a change in how eCommerce is delivered, as consumers have a sense of urgency in receiving items. Kount observed a 183% growth in mid-March for expedited shipping requests. At the same time, transaction data shows there is also an increase in Buy Online, Pick Up in Store (BOPIS) requests, as well as ship-from-store orders.

Kount data shows:

  • Retail eCommerce
    • Sales for home office furniture and electronics increased 54% week to week in mid-March as many Americans prepared for the new reality of remote work for the first time.
    • Wellness and vitamins sales increased 43% during the same period with the heightened focus on public health.
    • While there’s been a run on hand sanitizers and toilet paper, Kount’s data shows in early March, they rocketed up 1244% and 145% respectively.
  • At-Home Entertainment
    • Gaming and wireless streaming sales are up 61in Marchhowever that’s eclipsed by the 113% increase in online sales of crafts and wine delivery.
  • Quick Service Restaurants
    • Digital ordering has become more popular at quick service restaurants, with many more orders this year than last. Recently, food service transactions showed a slight dip while stay-at-home orders were issued but have since picked back up for some restaurants.

“With this eCommerce Data Tracker, we want to help businesses navigate the current state of e-commerce,” said Brad Wiskirchen, CEO, Kount. “With the number of external factors businesses face today, understanding patterns and vulnerabilities in eCommerce is key to adjusting operations and commerce models. This in turn allows businesses to address their customers’ critical needs in a timely manner.”

The weekly data tracker also includes emerging fraud trends to monitor such as account takeover, retail arbitrage, and friendly fraud. Kount protects against fraud and chargebacks for more than 6,500 online businesses across every industry and geography, helping them to accelerate eCommerce through AI-driven fraud prevention. Kount’s solution adapts in real-time to accurately recognize good customers, enabling businesses to deliver personalized customer experiences and make real-time fraud prevention decisions with low false positives and minimal manual reviews.