Turn Seller Verification Into an Online Marketplace Strength

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 “Future of Marketplaces” report from Edge by Ascential.

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

But there are strategies for mitigating fraud. “Establishing Trust in Today’s Global Connected Seller Ecosystem,” 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 and how to combat it.

The session also explores ways to adapt to evolving regulations, how to build trust and safety, and strategies to provide governance around onboarding.

Seller Verification Is Critical for Marketplace Trust

When marketplaces know their sellers are legitimate, it helps build and maintain trust with consumers.

“If you have one single buyer on the platform who has a terrible experience,” Ayantoye said in the webinar, “you’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.”

An intelligent seller onboarding program 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.

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If you have one single buyer on the platform who has a terrible experience, you’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.

Wale Ayantoye, Etsy director of financial crime operations

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Intelligent Routing to Balance Security and Speed

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:

Adaptable systems that accelerate the creation of workflows that match each circumstance
Multiple data sources to build an accurate seller profile
Expertise to help optimize for local practices and regulations

The ability to onboard sellers – from individual entrepreneurs to large corporations – through one platform helps reduce bottlenecks and accelerate verification. That holistic approach can help different internal teams access the information they need.

Intelligent verification routing also assists in adapting to new regulations, fraud threats and market realities. With ongoing refinements based on analytical insights and workflow expertise, seller onboarding becomes smoother in markets around the world.

Accurately verifying sellers helps create trust in a marketplace. With the right approach and technology, seller verification can mitigate fraud, ensure compliance and foster a marketplace’s reputation as a place to do business.