Chatbots could drive $112 billion in retail sales by 2023

… and AI, chatbots will take away revenue from other marketing channels, a recent study examining retail brands by Juniper Networks claims. In fact …

As technology improves with natural language processing and AI, chatbots will take away revenue from other marketing channels, a recent study examining retail brands by Juniper Networks claims. In fact, retail sales from chatbots will nearly double annually, reaching $112 billion by 2023, the study says. And retailers will see an increase in savings, thanks to the automation of customer sales and support processes.

“Retailers can expect to cut costs by $439 billion a year in 2023, up from $7 billion this year, as AI-powered chatbots get more sophisticated at responding to customers,” Juniper said.

The study also suggests that as retail brands shift to chatbot technology, more consumers will feel comfortable interacting with chatbots to resolve customer service issues and make direct purchases. A consumer-facing survey by marketing firm Uberall indicates that 20% of consumers surveyed are “very interested” in chatbot experiences from brands. 80% indicated that they have had “generally positive” interactions with chatbots.

Why we should care

As martech advances, consumers will also adapt their online behaviors and their expectations for digital interactions will change. According to the report, chatbots are positioned for rapid growth in the retail industry; we need to better understand how that will impact our digital marketing efforts and attribution methodologies going forward.

For digital marketers who haven’t yet experimented with chatbots, it is time to consider the best solution for your brand. Digital marketing is experience-driven; creating positive interactions with your customers with chatbots will be crucial to customer retention and driving sales.


About The Author

Jennifer Videtta serves as Third Door Media’s Senior Editor, covering topics from email marketing and analytics to CRM and project management. With over a decade of organizational digital marketing experience, she has overseen digital marketing operations for NHL franchises and held roles at tech companies including Salesforce, advising enterprise marketers on maximizing their martech capabilities. Jennifer formerly organized the Inbound Marketing Summit and holds a certificate in Digital Marketing Analytics from MIT Sloan School of Management.

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Enterprise security solution Shape Security expands to smaller businesses

With our increasingly online world, scams have gone from fake money and physical theft to online fraud and bot traffic to hurt an online business.

The service can help with fraud, bot traffic, and even improve your website’s performance

With our increasingly online world, scams have gone from fake money and physical theft to online fraud and bot traffic to hurt an online business.

Enterprise companies, with their nearly unlimited bank accounts and huge teams of specialist, obviously deal with these issues, but typically are better equipped to manage any wrongdoings that may be going on.

Smaller companies and businesses, however, are also targets but may have a harder time preventing attacks or catching fraudulent activity. Now, a company that started in the enterprise realm is expanding its services into the small and medium business market.

Shape Security, who works with companies like JetBlue and uShip is rolling out a new service, Connect, aimed at these smaller businesses that could use the types of protection it offers.

These protections include things like large-scale fraud, huge increases in bot traffic, and DDoS attacks. One of the company’s main areas of focus is that credential stuffing. This is when an organized attack is attempted on a website through the use of many computers and IP addresses. With credential stuffing, the goal of the attackers is to basically brute force their way into your system by throwing countless names and passwords at the login system.

According to Shuman Ghosemajumder, Shape Security CTO, “We’re an enterprise-focused company that protects the majority of large U.S. banks, the majority of the largest airlines, similar kinds of profiles with major retailers, hotel chains, government agencies and so on. We specifically protect them against automated fraud and abuse on their consumer-facing applications — their websites and their mobile apps.”

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On The Launch of Shape Connect

Shape Security can, and we’re practically giving the service away. Why? Too many reasons to go into here, but check with us after therapy and we …

Shape spent the last eight years building a machine-learning engine that has a single focus: to distinguish humans from robots on the Internet. The engine is constantly learning as it processes over a billion transactions every day from 25 percent of the consumer brands in the Fortune 500. It’s actually a billion-and-a-half on payday and National Donut Day (June 7, thank you, Dunkin’ Donuts).

We’ve made this incredible engine available to everyone and we call it Shape Connect. Connect is self-serve, takes minutes to set up, and is free for two fortnights (yes, GenZ, that’s the correct spelling).

Why is Connect so revolutionary? Distinguishing automation (bots) from humans is the most difficult, and most pressing, challenge on the Internet. Stopping fake traffic should be job #1 for any website that has value—yet, Facebook, Twitter, and Google all struggle with fake traffic. Shape Security can, and we’re practically giving the service away. Why? Too many reasons to go into here, but check with us after therapy and we might talk.

Solving Modern Problems

Okay, okay, so we built a computer that can identify other computers. How does this help you? Many businesses are being defrauded by bots and don’t even know it. They might know they have a problem of some kind but not understand that automation is the real threat vector.

Credential Stuffing Causes HUGE Business Losses

Credential Stuffing: Shape didn’t invent it, but we DID name it. It’s where malicious actors acquire login credentials belonging to blithely unaware Internet users, employ bots to pour billions of username/password combinations into millions of websites, then drain users’ accounts of money, credit-card numbers, email addresses, and other valuable stuff.

Website breaches resulting in gargantuan credential spills are common occurrences these days despite mighty efforts to boost privacy and security measures. A sophisticated criminal industry has sprung up that uses automation to access online accounts across the board, including social media, retail, banking, travel, and healthcare.

What credential stuffing looks like before Shape Connect stops it

Believe it or not, credential stuffing-related activity can make up more than half of a website’s traffic. It’s estimated that this kind of nefarious pursuit results in business losses of over $5 billion annually in North America alone.

Gift Card Cracking

Another super-annoying problem is the cracking of online gift-card programs. Most gift-card programs allow recipients to check the card balance online. Attackers create bot armies to check the balance of every possible gift-card number! When they find a gift-card number that has a positive balance, they use it to purchase re-sellable goods before the recipient can use the card. Isn’t that horrible? It costs retailers millions of dollars per year.

Business Logic Mischief

But it gets worse. Almost any site that has significant intellectual property in its business logic is either being attacked or is at risk. Consider the stalwart health-insurance company. Insurance websites allow you to get premium estimates based on your profile. Their rates are based on diligent research and proprietary actuarial tables accumulated over decades of experience. One of our customers found that a competitor was creating millions of fake profiles, each with a slight tweak to its age, income, and pre-existing condition to map out the insurer’s quote-rate tables. What took decades to create was being stolen by a competitor using bots. That’s not fair, is it?

Are You Dating a Robot?

One of the curious facts that emerged from the aftermath of the Ashley Madison breach in 2015 was that a significant number of the female profiles on the affair dating site were fake. They’d been created by bots to yield vehicles by which swindlers around the world could establish online relationships with men whom they would then defraud through a money transfer. While Ashley Madison is no longer with us, there are other, less controversial dating sites that still have the same problem. Shape helped one of them deal with fake-account creation, leading to a much lower probability of robot dating. (Sorry, robots, true love is for humans.)

Hotels and Airlines: Point Theft

Hotels and airlines have their own currencies in the form of loyalty program “points” or “miles.” These have long been a target for fraudsters who can take over thousands of accounts, merge all their points, and convert them into re-sellable goods. In many cases, attackers prefer going after points. Your average consumer will notice immediately if their bank account is drained, but may not quickly (or ever) notice that their points are gone. They might just assume the points had expired. Room rates and flight fares are another form of intellectual property, and aggregators scrape the sites constantly, pulling rate information for competitors, leading to overly low “look-to-book” rates.

Fight The War Against Fake

Those are just a few examples of automation as a threat vector for business. We could tell you about a million cases of sophisticated bots threatening every different type of business, but we hope you get the picture already.

So let’s get back to Shape Connect, what it is, and how it works.

How Shape Connect Works

Our fully cloud-based service stands staunchly between your site and the Internet, deflecting bots and protecting you credential stuffing, DDoS, account takeovers, gift card cracking, and all other malicious activity done at scale.

We’ve put together a couple of videos showing how Shape Connect works to protect your site. For those of you blessed with short attention spans, we have a 90-second, visually stimulating cartoony video (above).

If that piques your interest and you want the whole story, here’s a six-minute video that goes deeper into the workings of Shape Connect.

And if you’re a reader, we’ll break it down for you right here.

Without Shape Connect, there’s nothing between your website and the user’s browser. But what if it’s not a browser or a real user? Both real users and bots follow the same steps to get to your site.

  1. The client (user or bot) queries DNS.
  2. DNS returns the IP address of your website (or load balancer or cluster, or whatever).
  3. The browser or bot sends a request directly to your website.
  4. Your website returns the response.

With Shape Connect, there’s a layer of protection between your site and the user or bot.

  1. DNS returns a dedicated Shape Connect IP to the user or bot.
  2. All client requests are routed through Shape’s Secure CDN for fastest response.
  3. Shape Connect absorbs any DDoS attacks that the client might have sent.
  4. Shape Connect’s artificial intelligence determines if the request came from a real human using a real browser or from an automated bot. It passes only human requests through to your website.
  5. Your website responds only to legitimate requests, sending the data back through Shape Connect and to the human at the other side.

Of course, if you have “trusted bots” that you want to allow, you can manage your own whitelists.

With the Shape Connect Dashboard, you can see all the requests that have come through, and marvel at all the automated malicious requests that Shape blocked!

Your Honor, I Object!

The rest of the industry is catching on to the bot problem, and some are pushing approaches that differ from Shape Connect.

What about WAF?

One of those alternative solutions is so-called “bot management” integrated into a Web Application Firewall (WAF). We’re seeing many WAF vendors trying this, but failing. Here’s a long treatise that explains why we think WAF is a suboptimal approach.

What about PCI?

With Shape Connect, you can drive away all unwanted automation and still be PCI compliant. We’ve got more details for you in this informative and colorful brochure.

Connect with Shape Connect

To celebrate the official launch of Shape Connect, we were going to throw ourselves a gigantic poolside party, with mumble rappers from LA and rivers of Henny. But we decided, instead, that it would be more fun to watch all the new customers come in and bask in the delight they experience as they get connected.

Shape Connect is live right now, and if you’re comfortable and confident, you can sign up for a free trial. But we’re also here if you want to chat first about how Shape Connect can secure your business, reduce your latency, keep your servers afloat, and improve your customer experience journey. Talk with you soon!

*** This is a Security Bloggers Network syndicated blog from Shape Security Blog authored by David Holmes. Read the original post at: https://blog.shapesecurity.com/2019/05/07/on-the-launch-of-shape-connect/

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New Solution From Shape Security Brings Enterprise-Grade Online Fraud Protection To The Mid …

MOUNTAIN VIEW, Calif., May 7, 2019 /PRNewswire/ — Shape Security today announced a new solution, Shape Connect, that brings the company’s …

Shape Connect™ Provides Industry’s Highest Level of Defense for Mid-market Organizations at Unrivaled Value to Defeat Fake Traffic Online

MOUNTAIN VIEW, Calif., May 7, 2019 /PRNewswire/ — Shape Security today announced a new solution, Shape Connect, that brings the company’s industry-leading anti-bot and fraud protection technology to the mid-market at an affordable price. With Shape Connect, organizations without security and IT teams can protect their online businesses against sophisticated bots, credential stuffing and other attacks that lead to fraud.

Shape Security InfographicShape Security Infographic

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Shape Security Infographic

Shape Connect:

  • Can be deployed in 30 minutes or less for most web properties, and immediately protects an entire website against bot-driven fake traffic
  • Is completely seamless and transparent to genuine human users
  • Features an easy-to-use admin interface that illuminates a site’s traffic and how it is being protected
  • Can be deployed and administered without security expertise
  • Offers a completely cloud-based solution: no hardware, nothing to install and always up to date
  • Is priced to scale with the size of an online business

Shape Connect protects mid-market organizations against the rising tide of fake internet traffic, which is largely fueled by the explosion in misappropriated credentials. In 2018, more than three billion credentials were reported stolen or leaked. Some of the largest breaches included 340M records from Exactis, 150M records from MyFitnessPal, and 87M records from Cambridge Analytica. In fact, criminals stole and exploited more than 10M credentials per day throughout 2018.

Although the breaches make headlines, few appreciate what really happens when these records fall into the hands of cybercriminals. An entire criminal ecosystem exists to exploit these credentials at scale through sophisticated automation – including intelligent online robots (or “bots”). Cybercriminals use bots and other automation to fraudulently access not only the sites from which the credentials were stolen, but literally every other online property, from social media to retail to travel and hospitality to healthcare. For many online businesses, this fake traffic – criminals attempting to log in or create fake accounts billions of times per day – can represent 90% or more of a website’s traffic.1 This fraudulent activity costs North American businesses over $5 billion annually in credit card chargeback fees and other fraud-related expenses.

Shape already defends 1.7 billion user accounts and 150 million legitimate daily logins from account takeover through its enterprise-grade offering, Shape Enterprise Defense™. This highly configurable and tailored solution leverages advanced machine learning, bot mitigation and other advanced, patented technologies to protect eight of the top 12 US banks, five of the top ten global airlines, two of the top five global hotels, and two of the largest US government agencies.

Today, Shape is advancing its mission to eradicate fake and fraudulent Internet interactions everywhere with the introduction of Shape Connect. Shape Connect eliminates credit card chargebacks, gift card fraud, account take-overs and other business consequences of fake, bot-driven Internet traffic. Shape Connect ensures only genuine humans are using protected websites, leveraging the power of Shape Enterprise Defense, but in a simple-to-deploy, cloud-based solution with packaging and economics suitable for commercial and mid-market organizations.

Eliminating the risks of fake traffic not only improves customer experience, but also provides consumers with a safer online experience. Reflecting on these bottom-line benefits, JetBlue’s Chief Digital and Technology Officer Eash Sundaram noted, “The safety and security of our customers, in all aspects, is JetBlue’s top priority. Shape has proven to be a very impactful partner for us as we protect our customers online.”

“Fake traffic that simulates real users is the fastest-growing problem in security. It affects any web or mobile app meant to serve real users. Helping organizations protect themselves and their users is vital to restoring trust online,” remarked Sumit Agarwal, co-founder and COO. “We’ve perfected our technology with more than 25% of all consumer brands in the Fortune 500, and now with Shape Connect, we’re ready to bring that level of defense to the broader market. Starting now, every company, regardless of size, can be protected from the pain and loss of fake traffic.”

Shape Connect is available immediately. Qualified businesses can get a free 30-day trial to experience first-hand the protection against fake traffic and fraud that Shape Connect delivers for their own business.

About Shape Security

Shape Security is defining a new future in which state-of-the-art not only stops attackers, but also welcomes good users. Shape disrupts the economics of cybercrime, making it too expensive for attackers to commit online fraud, while enabling enterprises to more easily identify and transact with genuine customers on their websites and mobile apps. The world’s leading organizations rely on Shape as their primary line of defense against attacks on their web and mobile applications, including three of the top five US banks, five of the top ten global airlines, two of the top five global hotels and two of the top five US government agencies. The Shape platform, covered by 55 patents, was designed to stop the most dangerous application attacks enabled by cybercriminal fraud tools, including credential stuffing (account takeover), fake account creation, and unauthorized aggregation. The company is headquartered in Mountain View, California and is backed by the leading security venture capitalists in Silicon Valley.

Additional Resources

1https://info.shapesecurity.com/rs/935-ZAM-778/images/Shape_Credential_Spill_Report_2018.pdf

Shape Security LogoShape Security Logo

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Shape Security Logo
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Chatbot For Banking Market 2019 Precise Outlook – LivePerson, Amazon Lex, Apple, IBM Watson …

Top Companies in the Global Chatbot For Banking Market: LivePerson, Amazon Lex, Apple, IBM Watson, Google, PayPal, LiveChat, Kasisto, WeChat, …

Chatbot For Banking Market is a valuable source of insightful data for business strategists. It provides the industry overview with growth analysis and historical & futuristic cost, revenue, demand and supply data (as applicable). The research analysts provide an elaborate description of the value chain and its distributor analysis. This Market study provides comprehensive data which enhances the understanding, scope and application of this report.

The report presents the market competitive landscape and a corresponding detailed analysis of the major vendor/Chatbot For Banking players in the market. Top Companies in the Global Chatbot For Banking Market: LivePerson, Amazon Lex, Apple, IBM Watson, Google, PayPal, LiveChat, Kasisto, WeChat, Alipay.and Others.

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This study mainly helps understand which Chatbot For Banking market segments or Region or Country they should focus in coming years to channelize their efforts and investments to maximize Growth and profitability. The report presents the market competitive landscape and a consistent in depth analysis of the major vendor/Chatbot For Banking players in the market.

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In the end, the Chatbot For Banking Market report makes some important proposals for a new project of Chatbot For Banking Industry before evaluating its feasibility. Overall, the report provides an in-depth insight of market covering all important parameters. Table, figure, charts, TOCs, chapters etc provided by industry. Crystal clear data to the client giving a brief detail on market and its trends.

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MarketInsightsReports provides syndicated market research on industry verticals including Healthcare, Information and Communication Technology (ICT), Technology and Media, Chemicals, Materials, Energy, Heavy Industry, etc. MarketInsightsReports provides global and regional market intelligence coverage, a 360-degree market view which includes statistical forecasts, competitive landscape, detailed segmentation, Chatbot For Banking trends, and strategic recommendations.

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