'Fortune favors the prepared mind.' - Louis Pasteur
New York, NY (PRWEB) January 09, 2015
For the first time, online retailers have an answer to buyer fraud and return abuse: eBuyersReviewed.com. This new web service aggregates online reviews of buyers to identify potential problematic customers. According to The Retail Equation's Consumer Returns in the Retail Industry (2014), fraud and abusive returns in US and Canada were between $10.8 and $17.6 billion in 2014. For the online retailer, fraud and return abuse represented 4.2% of sales and have a particularly harmful impact on e-tailers working on tight margins.
Prior to eBuyersReviewed.com, the online merchant had only his or her own customer histories as a guide. Now, with eBuyersReviewed.com, the e-tailer can access the service’s database to retrieve information about new customers.
eBuyersReviewed.com reviews can confirm the integrity of a buyer, or identify potential problem areas, including:
- Fraud – Customers who present false information about a purchase to avoid paying
- Return Abuse / “Friendly” fraud – Customers who use merchandise then return it for a refund or replacement merchandise
- “Extortion” – Customers who threaten to leave negative feedback unless they receive a discount or free merchandise
- Problematic Behavior – Customers who display irresponsible behavior such as multiple cancelations, no-shows at delivery time, ordering multiple sizes of the same item with the intent to return merchandise
eBuyersReviewed.com is the brainchild of Bogdan Miltchev, who serves as president and CEO. Miltchev is a Harvard MBA and former partner at a New York private equity firm. Miltchev created eBuyersReviewed.com in response to his own experiences running a successful online retailer of motorcycle apparel – SpeedFireUSA, which is a top 25% performer among third-party-sellers on Amazon.
“Good buyers offer retailers opportunities for promotions and cross-selling,” said Miltchev, “Bad buyers, on the other hand, can unjustly harm and even destroy a small business.”
eBuyersReviewed.com empowers online merchants to make intelligent decisions when dealing with new buyers, Miltchev noted, and limits the online retailer’s exposure to risky or fraudulent buyers.
A major upside of eBuyersReviewed.com is a familiar one to the online retail community: ratings. eBuyersReviewed.com uses community ratings to pre-alert online retailers to buyers likely to present fraudulent claims or be problematic, giving them a much-improved position in dealing with such buyers.
eBuyersReviewed.com is a membership community. The site offers three membership levels: Basic – FREE, Premium and Corporate. As a peer community, it provides incentives such as a free screening point for every three reviews to its members to submit reviews on their customers to help grow the database. eBuyersReviewed.com checks the legitimacy of the submitted reviews using the delivery confirmation of reviewed orders, ensuring the accuracy of the database.
The eBuyersReviewed.com website aims to help sellers and includes articles from major media sources and dozens of tips for online retail best practices. According to Miltchev, “our goal is to create a symmetry of accountability between buyers and sellers and make the Internet a better place to transact.”
- Bogdan Miltchev, President and CEO, eBuyersReviewed.com
(646) 244-5777 | info(at)ebuyersreviewed(dot)com
- Steve Karrer, Account Director, (201) 579-3205 | stevek(at)ebuyersreviewed(dot)com