We cannot deny the significant impact the global pandemic has had on our lives. But for all the difficulties it posed for businesses, there has been one silver lining: the boom in eCommerce.
The lack of physical interactions we experienced during lockdown gave rise to a rapid uptake of online shopping across the board, in fact a 66% increase in eCommerce sales was seen in 202O.
With the above-mentioned boom in eCommerce, the importance of having an efficient, simple, and safe refund system is imperative to customer satisfaction.
It’s difficult for shoppers to get an understanding of the way something looks and feels through a screen, which is why at least 30% of all products ordered online are returned – an astonishing number when you think of the resulting effect on retailers.
Further to this, a study held to better understand shopper behaviour during the pandemic found that 84% of customers would lose all loyalty to a retailer if they had an unpleasant refunds experience. While another study found that 67% of shoppers read the refunds/returns policy of a brand before making a purchase.
And when online shoppers make a return, they want their money refunded promptly. How and when your business handles this strongly influences the shoppers’ feelings toward your brand. This doesn’t only affect the consumers’ initial engagement with your brand – their long-term loyalty is also at stake.
Outdated refund systems create delays and, as a result, a negative experience for your customers. Quick returns are paramount in refunds today – free returns are simply not enough. And when consumers receive their refund faster it gives them the opportunity to spend that money again on your site.
Ozow Refunds uses an automated system. This automation ensures refunds are processed quicker, easier, and at a lower cost than traditional refund methods. It also mitigates human error by allowing you to pay out the exact refund amount using the same payment platform, without the need to ask your customer for their bank account details.
Ozow’s Refunds product makes the process hassle-free, allowing you to make instant refunds with a few simple clicks on the Ozow dashboard or through the Refunds API. Ozow merchants also use a float account from which refunds are made, making the entire process faster and more convenient.
To find out more about how Ozow can help with your refunds, head over to our refunds page here where you can download our Payouts and Refunds white paper. To become a merchant, reach out to firstname.lastname@example.org.