A new startup is making waves in the shipping industry. According to Fortune, Loop Commerce, allows gift buyers to ask receivers important questions relating to the gift including size, color preference and final shipping address.
Loop Commerce allows gift receivers to have the final say in last-minute details about the item which can help avoid headaches in the future.
The start-up has raised $16 million in new funding toward the initiative. The company has raised about $30 million to date.
Data from The Washington Post indicates that between 10 and 15 percent of online purchases are returned. Retailers are often the ones forced to foot the bill, however if customers use companies such as Loop to order items for friends, there will often be less of a chance that the present will be returned.
This can save shipping costs, and warehouse space for storage, and decrease the amount of items that are damaged during the shipping process or during the time spent with dissatisfied customers. Fewer returns can also help prevent some of the $9 billion lost in fraudulent returns every year. All information and control of returns and exchanges can be tracked online to prevent monetary losses.
Loop currently has over six large, enterprise customers including Urban Decay and Macy's.
As of now, Loop has processed an increasing number of hard-to-buy gifts such as make-up and shoes. New customers visit the site daily, with a large percentage being men.
Loop Commerce could change the retail industry as it is known today.
If you already have your gift size correct, the color picked out and it's ready to go, let Reliable Runners take it to its final destination. Or if your company is growing and needs a larger shipping fleet, we can handle that too.
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