Loop launches app to help retailers optimize returns
Loop now offers an app that allows Shopify merchants to use data to optimize their returns processes.
The new Reference values from Loop automatically compares a merchant’s refund rate, top returned items, repeat purchase time and other return data against industry benchmarks, Loop said on Wednesday (March 8). Press release.
According to the announcement, the app combines this data into a single dashboard, defines each indicator, provides the retailer’s results and compares the results with those of similar brands.
“The faster retailers can find ways to optimize their returns processes, the better they will be,” said Loop, vice president of marketing Tasha Reasor says the announcement. “Benchmarks by Loop is the first of many new products we plan to release to help Shopify merchants succeed.”
As PYMNTS reported on Monday (March 6), returns are costly and can be a real logistical nightmare, increasing fraud and reducing profits. But at the same time it allows for smooth and free returns experience it can mean attracting new customers, increasing average order value (AOV), boosting sales and creating repeat customers.
According to PYMNTS research, consumers expect a frictionless experience from pre-purchase to post-purchase. For example, US shoppers who use easy returns are 52% more satisfied than those who don’t.2023 Global Digital Shopping Index”, a PYMNTS and Cyber resource cooperation.
Online sellers are fine when it comes to that returnto keep your customers satisfied and confident while keeping an eye on the margin, Drew CookCFO and COO of the sustainable clothing brand Conventionsaid Karen Webster of PYMNTS in an interview published on February 3.
“We start from where consumers have good intentions, and you handle the exceptions on top of that,” Cook said.
Benchmarks by Loop is available for free on the Shopify App Store.
It joins the company’s product line, which includes a returns management platform that allows Shopify merchants to “turn returns into exchanges” by offering instant exchanges, buy now, bonus credit and other services, according to the announcement.
In this way, merchants can improve their customer loyalty, revenue retention and reverse their logistics costs, the announcement states.
“Today’s growing retailers need to understand how their returns impact the bottom line to gain a competitive advantage,” Loop said in the release.
Sign up for the PYMNTS.com newsletter to receive top stories and viral hits.
PYMNTS Data: Why Are Consumers Trying Digital Wallets?
52% of U.S. consumers will have tried a new payment method in 2022, with many choosing to use digital wallets for the first time, according to the PYMNTS study, “New Payment Options: Why Consumers Are Trying Digital Wallets.”