Reshop, a platform that provides instant refunds (not store credit) to shoppers returning items from participating retailers, has debuted with retailer partners including Steve Madden and Alo Yoga. Reshop, which takes on the risk of fraud or non-return losses, is seeking to drastically shorten the days or even weeks usually required for consumers to get a refund. Additionally, Reshop has partnered with the Narvar post-purchase platform and can be integrated into existing return operations platforms of the 1,400 Narvar merchants.
“We see an opportunity to disrupt a traditional process to deliver unique value to both merchants and customers,” said Katie Pridham, Chief Commercial Officer at Reshop in a statement. “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.”
The Reshop platform is backed by founding shareholders Anthony Eisen and Nick Molnar, Co-founders of Afterpay, and investors including Matrix Partners, Sound Ventures (a VC firm co-founded by Ashton Kutcher and Guy Oseary) and Mantis VC. Reshop already has partnered with Orveon and its premium cosmetic brands BareMinerals, Laura Mercier and Buxom, and plans to recruit additional men’s and women’s fashion brands to its network in coming months.
Advertisement
