15 August 2023
3 min read
The new method to speed up eCommerce returns
“The New Method to Speed up eCommerce Returns”. Emprendedores. 15 August 2023. Archived from the original on 17 November. Retrieved 17 November 2023. The startup REVER aims to revolutionise online commerce by improving the automation of returns and making them faster, more sustainable and less cumbersome for both shops and customers.
“Returns are a huge headache for ecommerce. According to data from Deloitte, purchases made in online shops are returned three times more often than those made in physical points of sale.
Moreover, the cost of returns is high. It is estimated to be between 2% and 4% of the total turnover of a digital retailer.
This has led several large retail companies to start charging for returns or to consider doing so.
But where some may see drawbacks, there are always others who see opportunities. We have already talked about how good returns management can help you build customer loyalty.
This is the case of REVER, a young Spanish startup born with a single goal: to revolutionise e-commerce and ecommerce can offer a user experience “superior” and “differential” to improve conversion rates and increase customer loyalty, as reported by Europa Press.
The agency echoes the round of financing that the company has recently closed, in which it has managed to raise 7.5 million euros. Although REVER is barely a year old, it is already the second round it has successfully closed, backed by prominent investors such as Y Combinator, Mundi Ventures, Barlon Capital and Sequoia’s Scouting Fund, along with Wayra, Telefónica’s innovation hub.
“This capital injection allows us to get closer to our mission: to transform ecommerce by making returns more sustainable and eliminating friction for everyone, anytime, anywhere,” said Oriol Hernández i Fajula, one of the company’s creators, in statements reported by the agency.
“Our goal is to revolutionise the way the world shops online. We’ve started with returns, but it’s only the first step towards a more personalised shopping experience. We are leading the change towards this next phase of ecommerce and this round of funding brings us closer and closer to our mission”, adds Màrius Montmany, another of its co-founders, quoted in Puertos&Mas.
But what does this startup do? REVER has designed an intelligent returns management software for e-commerce that optimises returns operations, reduces costs and maximises revenue.
According to its website, its solutions allow 99% of returns to be handled in less than six hours. In fact, one of the outstanding features of its platform is the possibility of instant refunds, eliminating waiting times, which often exceed 10 days. Users can receive their money instantly, which significantly improves the refund experience.
In addition, REVER is committed to automating processes, including product changes, logistical order and label creation, customs management, data analysis, user behaviour, purchasing trends, logistical price negotiation and refunds.
As a result, the startup claims a 75% reduction in customer support tickets related to returns or exchanges, a 47% reduction in returns offset by exchanges or in-store credits – it offers different methods of compensation, such as vouchers to buy more than the instant refund – and a 40% reduction in carbon footprint due to more efficient returns and exchanges. And all this results in a 30% reduction in costs, a 20% increase in customer loyalty and a 90% increase in after-sales satisfaction.
After its first year of operations, REVER has established partnerships with more than 120 brands and has expanded its operations to more than 40 countries in Europe, the United States and Latin America. Looking to the future, the company plans to increase its workforce and continue its international expansion, with a particular focus on leading the sector in Europe.”
For additional information, please contact:
REVER is a startup born to revolutionise eCommerce, making the online returns process easier, faster and more sustainable. Born in 2022, the startup was co-founded by Oriol Hernàndez i Fajula and Màrius Montmany. To meet its ambitious expansion plans, the company has brought in internationally renowned investors such as Silicon Valley fund YCombinator, Sequoia’s scouting fund and Mundi Ventures, who join GFC and Óscar Pierre (CEO and co-founder of Glovo). REVER currently has a team of 25 people and a portfolio of more than 100 customers including brands in the Fashion, Shoes, Sports and Electronics sectors. Through a frictionless returns process, the startup enables e-commerce companies to improve internal efficiency and customer experience.
Revista Emprendedores España focuses on entrepreneurship, business, and startups in the Spanish context. Covering key topics such as business strategies, financing, marketing, technology, and innovation, the magazine provides practical information, tips, and interviews with successful entrepreneurs. Its goal is to assist entrepreneurs in developing and growing their businesses. The magazine also offers trend analyses in the business sector and reports on events and updates within the entrepreneurial ecosystem in Spain.