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Grocery merchants, what are your top challenges? Find out how wider factors like the online sales boom, reduced footfall and order fulfillment strains impact your fraud risks...
Globally, online grocery buying has increased 30% since the start of the pandemic, and will account for almost a quarter of all sales by 2025. But as your customers move online, your business becomes more vulnerable to fraud.
More online grocery accounts exist now than ever, so there are more for fraudsters to target. And hackers have been busy. Grocery merchants faced more account takeover attacks than any other industry in 2020.
Covid-19 caused a wave of unexpected challenges for your industry. Let’s take a closer look at how fraudsters are using these circumstances to their advantage…
Covid-19 sparked high-demand for online groceries as customers were told to stay at home. In the US, online sales jumped a whopping 300% at the start of the pandemic. The unexpected increase caused stock shortages like the Great Toilet Paper Shortage of 2020.
In 2022, fulfillment is still a top challenge for your industry. Over half of customers have experienced recent food delivery delays, and stock shortages are causing stress for 65% of merchants and 75% of shoppers.
Customers have adapted to ordering groceries from home, as 90% of current UK online grocery shoppers will continue to buy online post-pandemic. This means many aren't setting foot in stores.
Reduced footfall requires merchants to adapt marketing tactics, boost sales lost from in-person impulse buys, and develop online operations. Digital platforms like apps are becoming more popular - leading US brands saw downloads rise up to 200% last year.
Covid-19 made grocery accounts more valuable than ever. Hackers can target the new (likely less tech-savvy) customers forced online, and hide in increased transaction volumes. Plus, there’s a growing appetite for discounted groceries, and fraudsters are cashing in with schemes like viral ‘pizza plugs.’
Read on for the latest statistics on how these top challenges and fraud risks are impacting your industry…
If you'd like to hear more about how Ravelin can help your business, click below for details.
Grace Proctor Content Writer
2 min read
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