The Origin of Loop
With the explosion of ecommerce, it became evident that the traditional returns process was anything but efficient. That’s where the idea of Loop was born, with a singular vision: to transform returns from a challenge into an opportunity.
Our Humble Beginnings
Back in 2017, during a consultation with Chubbies, I was exposed to the cumbersome world of manual returns. The process was draining their resources, and the inefficiencies were all too glaring. It was clear that merchants, especially giants like Chubbies, needed a smarter solution.
That same year, Allbirds showed us they were ahead of the curve. They partnered with Loop, becoming one of our pioneer merchants. Their faith was unwavering: that Loop had the potential to change the face of returns.
Taking this insight, along with the enthusiastic feedback from the Chubbies team—especially from Kyle Hency, their then-CEO—Loop took its first steps towards reality.
Our Evolutionary Journey
Fast forward to 2020, a year of contradictions. The world might have paused, but ecommerce was in overdrive. As returns became even more central to online businesses, Loop rose to the occasion, catering to an ever-increasing merchant base.
By 2021, we elevated our offering. We introduced Workflows: a tool allowing merchants to further customize returns, aligning them with unique business needs and ensuring an unparalleled shopper experience at every turn.
Loop’s Impactful Footprint Today
Now, let’s talk numbers, and not just any numbers, but the kind that make a difference:
- We’re in collaboration with over 2,500 merchants, boasting a cumulative $50 Billion in annual sales.
- Brace yourselves: we’re prepped to process a staggering 2.5 Million Returns (equivalent to $1B) this festive season.
- Our tech and processes are ensuring a handsome $10 Million in Logistics cost savings for our partners.
- Fraudulent returns? We’re on it, safeguarding our partners to the tune of $100M against Returns Fraud and Abuse.
- But here’s what makes me truly proud: we’re successfully redirecting $200 Million from potential refunds to exchanges, straight-up amplifying our merchants’ bottom lines.
From our humble 2017 roots to now, Loop’s dedication to reshaping the returns narrative remains unshaken. As the landscape of ecommerce continues its rapid evolution, you can trust Loop to stay ahead of the curve, ensuring your challenges transform into success stories.
Cheers to a future where returns become a rewarding experience, both for merchants and shoppers!