New Platform, Reshop, Redefines the Returns Experience by Giving Customers Instant Refunds
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NEW YORK, July 18, 2024 ~ Reshop, a new platform aiming to revolutionize the refund process for both consumers and merchants, has officially launched with a strong lineup of partners. These include popular lifestyle brand Alo Yoga, iconic footwear brand Steve Madden, and Orveon's collective of premium cosmetic brands such as bareMinerals, Laura Mercier, and Buxom. Additionally, Reshop has partnered with leading post-purchase provider Narvar.

Traditionally, consumers have had to wait days or even weeks to receive their money back after making a return. However, Reshop is changing the game by eliminating this waiting period and allowing shoppers to immediately access their refund. Unlike store credit, Reshop frees up funds that would normally sit dormant, giving consumers the power to spend their refund wherever they choose.

Katie Pridham, Chief Commercial Officer at Reshop, explains the motivation behind this innovative platform: "We see an opportunity to disrupt a traditional process to deliver unique value to both merchants and consumers. With Reshop, customers can receive instant refunds—offering them greater flexibility, control, and confidence to shop again right away. For merchants, Reshop can help transform what has historically been a loss into an opportunity to recapture customers and drive additional revenue."

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Data shows that 90% of shoppers would be more likely to make repeat purchases from a merchant that offers instant refunds. Additionally, two-thirds of Americans consider returns to be the worst part of shopping. Reshop and its partners are on a mission to improve this experience by offering fast refunds as a way to minimize pain points for both consumers and merchants.

Josh Krepon, President of US DTC & Global Digital at Steven Madden expresses excitement about partnering with Reshop: "We're thrilled to partner with Reshop as we continually seek innovative ways to enhance our customers' shopping experience. Through this partnership, we will offer shoppers greater flexibility by receiving refunds immediately, ultimately improving the overall post-purchase experience for our customers."

Reshop's partnership with Narvar allows for seamless integration into existing platforms and return operations for both new and existing merchants. With over 1,400 renowned partners serving 90% of all U.S. adult consumers, Narvar is a valuable addition to Reshop's network.

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The Reshop platform is backed by founding shareholders Anthony Eisen and Nick Molnar, co-founders of Afterpay, as well as a list of powerful investors including Matrix Partners, Sound Ventures (co-founded by Ashton Kutcher and Guy Oseary), and Mantis VC (an early-stage venture fund in partnership with The Chainsmokers). In the coming months, Reshop plans to add more men's and women's fashion labels to its growing network of partner merchants, solidifying its popularity among key lifestyle brands.

Anthony Eisen, Chairman of the Board and Investor, shares his thoughts on the potential impact of Reshop: "In building Afterpay we quickly recognized that financial confidence is instilled when consumers have more control and flexibility over their funds. In a world where money moves instantaneously, there's an untapped opportunity that lies within the refund category. Reshop is going to bring innovation to an industry that is ripe for disruption, which will benefit both sides of the shopping ecosystem."
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