Last week we were at TechCrunch Disrupt in San Francisco. So many cools companies and founders. Focused on doing big things and making online shopping more seamless. But who was focused on making the customer experience better after purchase?
Think fast: words to describe “technology”. What came to mind? Easy, accessible, convenient? Well, in an ideal world, these are words we’d use to describe refunds, too. But that isn’t to say that technology hasn’t improved the process.
Let’s talk about the strong base that technology has provided for refunds and how we should add to it all.
1. Online Refund Requests: When was the last time you initiated a refund in person?? Presently, most customers initiate refund requests directly through the seller’s website or app. This makes returns easier and more convenient by eliminating the need for physical visits to brick-and-mortar stores or phone calls.
2. Digital Receipts and Records: Realistically, how frequently do you maintain and organize your paper receipts? If you’re good about that, then you have a one-up on me. Now, digital receipts are sent via email or accessible through online accounts, making it easy for customers to locate and provide proof of purchase when requesting refunds.
3. Electronic Fund Transfers: Refunds are now often transferred electronically directly into the customer’s bank account, reducing the need for physical checks or cash transactions. Note: just because they’re transferred directly into your bank account doesn’t mean that they’re transferred instantly. Or even fast. Or even quickly.
Think back on making a return before everything was digitized. You either had to go in-store and deal with CS reps (we appreciate you guys sometimes) or mail in one of those paper forms with your order. The latter felt like it took eternities. AND it was inconvenient.
So, those three tech features are all decent, right? Well, do you see anything on there about receiving your money fast? These advancements are good, but we need to see changes in speed. If you ask me, that’s the only component missing. You can make the return with a click of the button and some couriers will even pick up the return from your house. Convenient, easy… two words which we can’t presently use in reference to getting the actual refund.
We heard whispers there’s a big time founder who’s a payments expert working on this for real! Rumor has it they’re going to innovate in refunds and disrupt the space for the better. If this plays out, this is the solution we all need, and it seems like they’re on track to completely revolutionize the refunds world.
We’re waiting to meet the founder and see the solution. We’ve only heard rumors, but if you know who the mysterious founder is then let us know we want to meet them.
As soon as retailers start offering instant refunds, their reputation will be blown out of the park. Guess we’ll just have to wait and see who steps up to the plate!
Yours Truly,
The Instant Refund Expert™
The Refunds Blog 