Reshop, a new refund technology platform, launches with a strong round of its initial retail partners. Alo Yoga, Steve Madden, Orevon’s cosmetic brands of BareMinerals, Laura Mercier and Buxom alongside post-purchase provider Narvar are partnering with the company for its first phase.
The company is transforming the refund process by providing consumers with instant refunds for online purchases and allowing them to be in control of how to use their money when receiving a refund from the platform.
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The norm of consumers waiting days or even weeks is often a pain point for merchants — two out of three Americans said making returns is the “worst part of shopping.” And 90 percent of shoppers reported that they would make repeat purchases for retailers who offer instant refunds.
“We see an opportunity to disrupt a traditional process to deliver unique value to both merchants and consumers,” said Katie Pridham, chief commercial officer at Reshop. “With Reshop, customers can receive instant refunds — offering them greater flexibility, control and confidence to shop again right away. For merchants, Reshop can help transform what has historically been a loss into an opportunity to recapture customers and drive additional revenue.”
So how does it work? Once a customer initiates a return through its refund platform, they choose the “get my refund fast with Reshop” option for e-commerce purchases. The platform gives a refund to the consumers either on a Reshop Card, a virtual Visa debit card available in the Reshop app and available for usage instantaneously, or the money can be deposited into the customers’ bank account within one business day. Consumers are also required to return their items within seven days.
The platform seamlessly integrates into retail partners’ e-commerce platforms and works alongside the return systems and tech stacks already in place. Reshop works individually with each merchant to develop a solution that fits their needs through the assessment of their tech designs.
“We’re thrilled to partner with Reshop as we continually seek innovative ways to enhance our customers’ shopping experience,” said Josh Krepon, president of U.S. direct-to-consumer and global digital at Steven Madden. “Through this partnership, we will offer shoppers greater flexibility by receiving refunds immediately, ultimately improving the overall post-purchase experience for our customers.”
The platform’s partnership with Narvar provides native integration to allow retailers to offer Reshop with a minimal amount of tech and operational lift through existing platforms and return operations of new and existing Narvar merchants — who have more than 1,400 partners.
“We’re seeing a cultural shift where consumers want more control and instant access to their money,” Pridham told WWD. “Eighty-six percent of consumers feel it’s ‘unacceptable’ for a refund to take more than a week. With Reshop, we’re meeting the demands of today’s shoppers who expect their refunds to move as instantly as they do. This in turn drives confidence, loyalty and repeat purchases.”
The refund platform additionally has a proprietary risk platform that allows the company to build up a trusted consumer base by identifying and excluding fraudulent consumers while rewarding successful usage of its Reshop services. It does so through its advanced data analytics and machine-learning algorithms to find and prevent fraudulent accounts and transactions.
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The platform will unveil more men’s and women’s fashion labels to its growing list of partner merchants over the upcoming months. While the company is currently working with DTC brands, the company’s goal is to expedite and simplify the refund process across the entire retail vertical; the company is focusing on partnering with innovative merchants to enhance the customer experience.
“In today’s competitive landscape, providing an excellent customer experience is crucial,” Pridham said. “How merchants handle returns and refunds is a key component to success. Giving customers the option to get an instant refund — beyond store credit — is a win-win strategy for customers and merchants.”
Reshop is backed by founding shareholders Anthony Eisen and Nick Molnar, cofounders of Afterpay and a strong roster of investment funding including Matrix Partners, Ashton Kutcher and Guy Oseary’s Sound Ventures and Mantis VC, an early-stage venture fund in partnership with The Chainsmokers.
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