New refund platform provides consumers with instant refunds of online purchases
A new refund platform has launched with initial retail partners including Steven Madden, Alo Yoga, bareMinerals, Laura Mercier and Buxom, as well as post-purchase provider Narvar.
The new Reshop platform is designed to remove the wait time for online shoppers to get their money back by providing them with instant refunds and allowing them to be in control of how to use their money when receiving a refund from the platform. It is not a store credit.
“We're thrilled to partner with Reshop as we continually seek innovative ways to enhance our customers' shopping experience,” said Josh Krepon, president of US DTC & 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.”
Shoppers can start a return with any of the platform's partner retailers and select to get their refund with Reshop. To receive their funds instantly, users submit their return and then create a Reshop account. They can choose to receive their money instantly on a virtual prepaid Reshop debit card or have it deposited into their bank account.
Once shoppers receive their refund from Reshop, they have a week to ship back their items. Reshop provides access to shipping details and sends reminders to help ensure a smooth return process for shoppers. Shoppers will receive tailored product and brand suggestions as well as exclusive offers to help them find something else through the app.
Data reveals that 90% of shoppers would make repeat purchases from a merchant that offers instant refunds and 2/3 of Americans believe returns are the absolute worst part of shopping, according to Reshop. In the coming months, Reshop said it plans to introduce additional men's and women's fashion labels to its network of partner merchants.
“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."
Reshop's partnership with Narvar integrates into existing platforms and the return operations of new and existing Narvar merchants, which has over 1,400 partners, including Sephora, Levi's, Sonos, Warby Parker, LVMH and L'Oréal.
The Reshop platform is backed by founding shareholders Anthony Eisen and Nick Molnar, co-founders of Afterpay, and investors that include Matrix Partners, Sound Ventures (venture-capital firm co-founded by Ashton Kutcher and Guy Oseary), Mantis VC (an early-stage venture fund in partnership with The Chainsmokers) and more.
