Instant Vs Manual
Haven’t you heard? Integrated automation is king. Now, more than ever customers are demanding instant results, and companies are rushing to comply. Especially when it comes to people’s money. So how do we provide our customers with what they need? At Devengo, we want to highlight innovative companies within a wide range of industries to demonstrate how fundamental and valuable automation can be for the success of startups.
Today we want to celebrate Reveni: a Madrid based company that helps eCommerce merchants provide instant refunds and exchanges for their customers.
Who is Reveni?
Founded in 2021 by Fernando Pedraz, Reveni provides its services as a platform for businesses looking to generate a stronger customer relationship. They have essentially created a solution for eCommerce companies that often struggle with returns, refunds and customer satisfaction in one fell swoop.
Reveni gives the customer and the merchant control over the process like never before: instant refund? store credit? regular transfer? All possible with a click of a button. They have been impressed to see that between 65% and 70% of people prefer instant refunds, around 20% the traditional refund and 10% in-store credit.
This transforms a problem that normally affects both the customer and the company, into a loyalty tool to be used to generate revenue. Reveni has discovered that with this solution the customers buy more, with bigger purchases, and are more likely to return.
Committed to the customer experience
The value is within the customer experience. Reveni has discovered that the more accessible returns and refunds are, the more likely customers are to return and buy more. A study carried out by Klarna indicates that 81% of customers confirm easy returns are an essential factor in their purchasing decision.
Many companies think that the experience ends with the purchase, but Reveni understands that to generate more retention, the customers have to be considered well beyond “add to cart”.
“Our value proposition is to provide the best return, exchange and refund experience to eCommerce customers so they feel comfortable buying with our merchants.”
Because of this, the value of an instant response has become a priority for Reveni. “A key part of our product is what we call the instant refund. With an instant refund, a customer returning a product from an online purchase has their money back 6 seconds after requesting the return, instead of having to wait 15 days or more, covering the risk that the merchant would bear if they issued an instant refund themselves. In order to enable these instant refunds, instant payments are a mandatory service for us.”
Mutual values generate lasting solutions
When founder Fernando Pedraz discovered the disconnect between logistics and company policies he chose to work smarter. Rather than trying to manually change multiple systems in place with shipping and processing times, he wanted to change the perception the customer has with this process.
So what does that mean? Instead of the customer’s money following the length of time the package will take to arrive at warehouses, and get logged into systems with a confirmed “return”, the money follows the customers experience with the package: that means that the moment that the product is no longer wanted by the customer, the customer no longer has to be responsible for it’s journey– and Reveni assumes the risk.
The Future of Reveni
The next steps are to expand to being more international, and move beyond Spain. The UK is the obvious choice, says Fernando, but they wont stop there. With 3 million in seed funding, an impressive board of advisors, and a substantial list of partners including Shopify and 100+ courier services, the company has great potential and can only go up from here.
This is where Devengo comes in: In order to give customers their immediate refunds, Reveni needed an easy to integrate solution that could provide instant results. As an API for instant payments, the collaboration was obvious. “Customers receiving an instant refund are twice as likely to buy again from the brand offering the instant refund, for a higher average order value, and the time until their next purchase is reduced by 70-80%.” Now who doesn’t like the sound of those numbers?