What happened in retail this week
Some states are starting to reopen, and the world is watching anxiously to see how this impacts communities and businesses alike. In the retail world, we saw more retailers filing for bankruptcy and conversations shift toward what reopening will mean for retailers, both with and without stores. And with online sales reminiscent of that of a typical holiday season alongside store reopenings, conversations are starting to turn toward what this will all mean for returns, and the pressure they could put on customer experiences and supply chains.
Stories I’m Following:
- The inconvenient challenge of online returns – VOGUE Business
- COSTCO rejecting returns – Retail Dive
- Making E-Commerce returns work for retailers – Total Retail
Our Partnership With Returnly
With sales shifting more towards eCommerce which have a much higher return rate, delivering a hassle-free returns experience and processing returns efficiently is now more important than ever given the current COVID-19 crisis. For this reason, after spending many years honing our returns management and Recommerce capabilities, we recently announced a strategic partnership with Returnly, the leading platform in digital returns experiences.
We are humbled by Vogue Business’s assertion that: “This [partnership] is perhaps the most significant in a number of new offerings from tech companies fast-tracking returns-focused solutions in anticipation of a reverse logistics nightmare.”
Our New Complete Solution
As a result of this partnership, Optoro will integrate Returnly’s customer-facing ecommerce returns technology into our broader returns platform to offer the first end-to-end returns solution for retailers and brands, at a time where they need tools to boost revenue and cut costs.
Optoro now provides retailers with a complete returns solution for all aspects of the returns lifecycle, including:
- Returns Experience & Instant Credit – Personalized, self-serve online returns experience for consumers and Instant Credit solution that means customers can get the right item even before returning the wrong one.
- Returns Management – Streamlined returns processing, routing, and visibility, with the flexibility to deploy in-house or fully outsource through the Optoro returns network.
- Recommerce – Integrated direct-to-consumer and business-to-business resale channels to unlock maximum value on returned items and offer liquidity on returned and excess inventory.
Why Are We Excited About Returnly Partnership?
With Returnly’s consumer returns portal, retailers can ensure the entire ecommerce experience — including initiating returns online — is seamless for consumers. Online purchases often have triple the return rate of physical retail, and providing a good returns experience for ecommerce is crucial for customer loyalty: 89% of consumers are less likely to shop at a retailer following a bad returns experience.
Additionally, Returnly’s Instant Credit Feature is truly revolutionary in the market. This feature enables retailers to give customers an instant shopping credit at the point of return initiation, to save the sale and convert the return into an exchange. To do this, Returnly places orders made with credit on behalf of the shopper once the return is initiated and takes the product return risk off of the retailer.
By providing retailers access to these features, we hope to help them drive stronger customer loyalty and cut costs at a time when they most need it.
We believe that our decision to partner comes at a much-needed time, where retailers and brands are looking for technology partners to help them navigate these unforeseen challenges and come out stronger than before. To learn more about our partnership, watch the video below or to better understand what insights our partnership is uncovering, download our latest joint-data report.
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