Returns = Opportunity
There is no greater opportunity for your brand than getting your customers a product they truly love. How? By making exchanges as frictionless and quick as possible.
Loop has always been focused on exchanges and creating the best customer experience possible. But, one area where we needed to improve was the speed at which the new exchanged product was sent to your customer.
With Instant Exchanges, their new item is on its way before they even send the old product back. Now, we know you are asking “doesn’t that open us up to risk?” Glad you asked because we have that figured out too, just keep reading.
The fastest exchange experience possible… instant
Speed and convenience are the pillars of a great return experience. Allowing a customer to exchange instantly creates an amazing experience and makes them more likely to select a revenue-retaining exchange, instead of refund.
It also creates yet another incentive to exchange, adding to a list of other Loop features that do the same:
When a customer opts to exchange they are more likely to purchase again, more likely to leave a review, more likely to tell their friends, and much more likely to have a positive experience with your brand.
But what about the drawbacks of processing an exchange instantly? What if the customer doesn't send me my item back or sends back damaged or incorrect products?
The old way (how it's been done in the past) was that you assumed the risk or paid someone to assume that risk for you (insurance coverage). We set out to change that.
Zero risk and zero fees
Customers have a responsibility to return items on time and in good condition, regardless of how you quickly you approve the exchange – this was true in the past and will never change.
Some return platforms have actually created risk by offering an "instant" experience with no responsibility shared with the customer. The risk is created by the returns platform and the insurance to cover that risk is paid for by you, usually as a fee matching a percentage of the item's value.
So – if you sell more expensive items, you pay more to insure the risk.
When building Instant Exchanges on Loop, we set out to create an experience that trustworthy customers would love, that bad actors would avoid, and that completely eliminated risk or expensive exchange fees for you.
Credit card authorization is responsibility, not risk
Instant Exchanges is similar to "try before you buy" programs in ecommerce: the customer authorizes the value of their return on their credit card, but they are never charged unless they choose to keep the original item.
Your trustworthy customers will love it and your “bad customers” will avoid it.
“All I have to do is ship back my product on time? I was going to do that anyway.”
The best part is that both you and your customers have options. Customers can opt-out of Instant Exchanges and submit an exchange just as they always have. The new product will be on its way as soon as it's approved by you.
Your customers will love it
We have all felt the vulnerability of having a product delivered that was the wrong size, color, or just didn't feel right. Turn that vulnerability into excitement by getting your customer a product they love as fast as possible.