This startup raised $19 million to tackle online returns:
Returnly is helping thousands of retailers turn returns back into sales by offering shoppers instant store credit for unwanted items. Founder and CEO Eduardo Vilar with chief technology officer Marcos Sainz and chief revenue officer Greg Lazarus. Photo credit: Courtesy of Returnly
A San Francisco-based startup called Returnly is seeking to solve at least a portion of the headache—namely, the payment delay—by issuing instant store credit when you decide you don’t want an item. The company says that by assessing a shopper’s risk, it can offer store credit to 85% of customers on the spot, without first requiring that the item has been received or even put in the mail.
The company, which works with thousands of retailers like Rothy’s, Untuckit and Fanatics, was launched in 2016. The first return it processed came from a customer who spent $75 on foundation, sight unseen, and wound up with the wrong shade for her skin tone. She was issued instant store credit, which she then used to buy the foundation in a different shade, in addition to throwing in a lipstick.
“When we do credits, because it’s a better shopping experience, consumers end up buying more from participating stores,” says Returnly’s founder and CEO Eduardo Vilar. Adds Jeff Fluhr, a partner at Craft Ventures and the founder of StubHub: “The retailer gets a revenue-generating opportunity while the consumer gets instant gratification.”
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