{"id":37618,"date":"2023-09-06T23:03:40","date_gmt":"2023-09-06T23:03:40","guid":{"rendered":"https:\/\/www.trulioo.com\/blog\/"},"modified":"2023-09-20T16:08:53","modified_gmt":"2023-09-20T16:08:53","slug":"seller-verification","status":"publish","type":"post","link":"https:\/\/www.trulioo.com\/blog\/marketplaces\/seller-verification","title":{"rendered":"Turn Seller Verification Into an Online Marketplace Strength"},"content":{"rendered":"\n

By 2027, third-party sales through online marketplaces will be the largest and fastest-growing retail channel, accounting for 59% of global retail sales growth, according to the 2022 \u201cFuture of Marketplaces<\/a>\u201d report from Edge by Ascential. <\/p>\n\n\n\n

Online marketplaces are clearly a major draw for consumers and sellers. But they\u2019re also a significant attraction for fraudsters. Statista, for instance, forecasted $48 billion in worldwide ecommerce losses<\/a> to online payment fraud in 2023, up from $17.5 billion in 2020.  <\/p>\n\n\n\n

But there are strategies for mitigating fraud. \u201cEstablishing Trust in Today’s Global Connected Seller Ecosystem<\/a><\/strong>,\u201d a Trulioo on-demand webinar with Wale Ayantoye, Etsy director of financial crime operations, Dawn Crew, Trulioo chief marketing officer and Eric Morse, Trulioo chief revenue officer, covers the types of seller fraud<\/a> and how to combat it<\/a>.<\/p>\n\n\n\n

The session also explores ways to adapt to evolving regulations, how to build trust and safety, and strategies to provide governance around onboarding.<\/p>\n\n\n\n

Seller Verification Is Critical for Marketplace Trust<\/strong><\/h2>\n\n\n\n

When marketplaces know their sellers are legitimate, it helps build and maintain trust with consumers. <\/p>\n\n\n\n

\u201cIf you have one single buyer on the platform who has a terrible experience,\u201d Ayantoye said in the webinar, \u201cyou’re not just losing a single buyer, you’re losing families and friends because the truth is a negative experience spreads faster than a positive one.\u201d<\/p>\n\n\n\n

An intelligent seller onboarding program<\/a> can mitigate risk before it manifests, rooting out problematic accounts at the outset. When marketplaces combine that with robust customer onboarding, they gain clarity about both sides of every transaction.<\/p>\n\n\n\n

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If you have one single buyer on the platform who has a terrible experience, you\u2019re not just losing a single buyer, you\u2019re losing families and friends because the truth is a negative experience spreads faster than a positive one.<\/h4>\t\t\t\t
\n\t\t\t\t\tWale Ayantoye, Etsy director of financial crime operations\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\n\t\t\t\t<\/svg>\t\t\t\tInspire your followers and tweet this.<\/span>\n\t\t\t<\/a>\n\t\t\n\t<\/div>\n<\/div>\n\n\n

Intelligent Routing to Balance Security and Speed<\/strong><\/h2>\n\n\n\n

Each market, risk level and seller presents a different onboarding challenge. Dynamic, automated routing from one verification data point to another can help marketplaces react to those challenges and cost-effectively onboard sellers. The process provides:<\/p>\n\n\n\n