Post «Loop Returns picks up $10 million in Series A led by FirstMark Capital» in blog Прогноз погоды

People

John Smith

John Smith, 48

Joined: 28 January 2014

Interests: No data

Jonnathan Coleman

Jonnathan Coleman, 32

Joined: 18 June 2014

About myself: You may say I'm a dreamer

Interests: Snowboarding, Cycling, Beer

Andrey II

Andrey II, 41

Joined: 08 January 2014

Interests: No data

David

David

Joined: 05 August 2014

Interests: No data

David Markham

David Markham, 65

Joined: 13 November 2014

Interests: No data

Michelle Li

Michelle Li, 41

Joined: 13 August 2014

Interests: No data

Max Almenas

Max Almenas, 53

Joined: 10 August 2014

Interests: No data

29Jan

29Jan, 31

Joined: 29 January 2014

Interests: No data

s82 s82

s82 s82, 26

Joined: 16 April 2014

Interests: No data

Wicca

Wicca, 36

Joined: 18 June 2014

Interests: No data

Phebe Paul

Phebe Paul, 26

Joined: 08 September 2014

Interests: No data

Артем Ступаков

Артем Ступаков, 93

Joined: 29 January 2014

About myself: Радуюсь жизни!

Interests: No data

sergei jkovlev

sergei jkovlev, 59

Joined: 03 November 2019

Interests: музыка, кино, автомобили

Алексей Гено

Алексей Гено, 8

Joined: 25 June 2015

About myself: Хай

Interests: Интерес1daasdfasf, http://apple.com

technetonlines

technetonlines

Joined: 24 January 2019

Interests: No data



Loop Returns picks up $10 million in Series A led by FirstMark Capital

16:44 | 12 November expand

Loop Returns picks up $10 million in Series A led by FirstMark Capital

Loop Returns, the startup that helps brands handle returns from online purchases, has today announced the close of a $10 million Series A funding round led by FirstMark Capital.

Lerer Hippeau and Ridge Ventures also participated in the round.

Loop started when Jonathan Poma, a cofounder and COO and President, was working at an agency and consulting with a big Shopify brand on how to improve their system for returns and exchanges. After partnering with long-time friend Corbett Morgan Loop Returns was born.

Loop sits on top of Shopify to handle all of a brand’s returns. It first asks the customer if they’d like a different size in the item they bought, quickly managing an exchange. It then asks if the customer would prefer to exchange for a new item altogether, depositing the credit in that person’s account in real time so they can shop for something new immediately.

If an exchange isn’t in the cards, Loop will ask the customer if they’d prefer credit with this brand over a straight-up refund.

The goal, according to Poma and Morgan, is to turn the point of return into a moment where brands can create a life-loyal customer when handled quickly and properly.

The more we shop online, the more brands extend themselves financially, and returns are a big part of that. Returns account for 20 to 30 percent of ecommerce sales, which can become a terrible financial burden on a growing direct-to-consumer brand. And what’s more, the cost of acquiring those users in the first place also goes down the drain.

Loop Returns hopes to keep that customer in the fold by giving them post-purchase options that are more sticky and more lucrative for the brand than a refund.

The company thinks of it as Connection Infrastructure. Most brands already have a customer acquisition architecture, and Shopify and Amazon are ahead when it comes to the infrastructure around customer convenience. But the ties that bind customers to brands haven’t been optimized for the many D2C brands out there looking to make an impact.

“The big problem we’re trying to solve long term is connection infrastructure,” said Morgan. “Why does this brand matter? Why does it mean something to me? Why does the product matter? We want to enforce more mindfulness and meaning into buying.”

Of course, a more mindful shopper doesn’t yield as many returns. Poma and Morgan admit that the goal of their software is to minimize returns, the very reason for the software’s existence. After all, return volume is one of a handful of variables that help Loop Returns determine what it will charge its brand clients.

Loop Returns picks up $10 million in Series A led by FirstMark Capital

But the team is thinking about other layers of the connection infrastructure, with plans to launch a product in 2020 that also focuses on the connection point after purchase. Poma and Morgan believe, with an almost religious reverence, that the brands themselves will help lead shoppers and infrastructure providers to a better, more connected shopping experience.

“Brands are the torch bearers,” said Poma. “They will lead us to a more enlightened era of how we think about buying. Empowerment of the brand will lead us to a better consumerism.”

The cofounders stayed mum on any specific plans for the 2020 product, but did say they will use the funding to expand operations and further build out its current and future products.

Of course, Loop is playing in a crowded space. Not only are there other players thinking about post-purchase connection, but Shopify has itself built out tools to help with exchanges and returns, and even acquired Return Magic, a similar service, in the summer of 2018.

That said, Loop Returns believes that there is a long way to go as it builds the ‘connection infrastructure’ and that one clear path forward is actual personalization. With data from returns and exchanges, Loop Returns is relatively well positioned to take on personalization in a meaningful way.

For now, Loop Returns has more than 200 customers and has handled more than 2 million returns, working with brands like Brooklinen, AllBirds, PuraVida and more.

Loop Returns picks up $10 million in Series A led by FirstMark Capital Loop Returns picks up $10 million in Series A led by FirstMark Capital Loop Returns picks up $10 million in Series A led by FirstMark Capital Loop Returns picks up $10 million in Series A led by FirstMark Capital Loop Returns picks up $10 million in Series A led by FirstMark Capital Loop Returns picks up $10 million in Series A led by FirstMark Capital
Loop Returns picks up $10 million in Series A led by FirstMark Capital

 


Read more→

Posted on 12.11.2019 16:44

Comments

To show the previous comments (%s from %s)
Show new comments

Last comments

Walmart retreats from its UK Asda business to hone its focus on competing with Amazon
Peter Short
Good luck
Peter Short

Evolve Foundation launches a $100 million fund to find startups working to relieve human suffering
Peter Short
Money will give hope
Peter Short

Boeing will build DARPA’s XS-1 experimental spaceplane
Peter Short
Great
Peter Short

Is a “robot tax” really an “innovation penalty”?
Peter Short
It need to be taxed also any organic substance ie food than is used as a calorie transfer needs tax…
Peter Short

Twitter Is Testing A Dedicated GIF Button On Mobile
Peter Short
Sounds great Facebook got a button a few years ago
Then it disappeared Twitter needs a bottom maybe…
Peter Short

Apple’s Next iPhone Rumored To Debut On September 9th
Peter Short
Looks like a nice cycle of a round year;)
Peter Short

AncestryDNA And Google’s Calico Team Up To Study Genetic Longevity
Peter Short
I'm still fascinated by DNA though I favour pure chemistry what could be
Offered is for future gen…
Peter Short

U.K. Push For Better Broadband For Startups
Verg Matthews
There has to an email option icon to send to the clowns in MTNL ... the govt of India's service pro…
Verg Matthews

CrunchWeek: Apple Makes Music, Oculus Aims For Mainstream, Twitter CEO Shakeup
Peter Short
Noted Google maybe grooming Twitter as a partner in Social Media but with whistle blowing coming to…
Peter Short

CrunchWeek: Apple Makes Music, Oculus Aims For Mainstream, Twitter CEO Shakeup
Peter Short
Noted Google maybe grooming Twitter as a partner in Social Media but with whistle blowing coming to…
Peter Short


Site search