We have huge news not only for The Refunds Blog but also for the refunds industry as a whole!
We, alongside TodayPay, have commissioned the most comprehensive refunds study of all time. We titled it based on the question that defines the problem: “Where Is My Refund? Understanding When, Where & How Consumers Want Their Money Back.”
The overall finding: consumers want refund choice.
This project has been in the works for some time now; if you remember, we hinted at this over the summer. After months of work, we’re excited to share this white paper with the public.
We surveyed roughly 800 U.S. consumers who have made an e-commerce purchase and subsequent refund afterward.
As you know, we’re passionate about refunds, as are you if you’ve been following along! But the refunds scope goes far beyond us.
The U.S. Census Bureau reported that nearly one-fifth of all purchases made in the United States are returned, and the rate is nearly double for online purchases.
Key Data Points:
- 78% received an e-commerce refund in the last 90 days
- 93% want a choice in terms of how they get their refund
- 92% would complete checkout if guaranteed a refund
- 79% would increase the order value if offered refund certainty
- 90% would make repeat purchases from a merchant if offered instant refunds
- 83% would leave a positive review for merchants who offer instant refunds
- 56% have heard of instant refunds
So, where does TodayPay come in? They decouple or separate the return from the refund. That means the refund payment is handled independently from the return logistics. That means the refund no longer needs to be as time consuming as the return process. Their value proposition grants consumers their refund as soon as the package is scanned by the shipping company.
The Refunds Blog and TodayPay have been busy lately, sharing our mission at events like the National Retail Federation (NRF) and CES 2024.
If we can promise you one thing, it’s that refunds won’t be the same after TodayPay takes over the industry!
Thank you to TodayPay for their collaboration and knowledge. TRB followers, you never know when we’ll collab in the future!
RESOURCES
We made this website especially for the study: https://refunds.expert/
Check out the press release!: https://www.prnewswire.com/news-releases/todaypay-refund-study-shows-nearly-all-consumers-want-choice-302035251.html
Finally, show some love for TodayPay’s blog post: https://todaypay.me/todaypay-unveils-landmark-refund-study/
Let us know what you think!
Yours Truly,
The Instant Refund Expert™
The Refunds Blog 