ReturnGO, an Israeli startup that has developed a machine-learning-based platform that enables efficient management of returns and exchanges for products purchased online, completed a $6.5 million seed round of funding led by the TPY Capital fund, along with other funds including Cresson, Good Company, SeedIL and Aristagroa.
It’s a big problem for retailers – especially those online – the world over: how do you handle returns. Returns can be a logistical nightmare. First you have to verify that the item was indeed returned in the same condition it was purchased in and that if there is anything not working, was it broken by the customer or is it covered under a warranty, etc. Other than that, there are all of the problems and expenses of getting the item returned, sending it back to the manufacturer and shipping out a replacement.
This is where ReturGO’s platform comes into good use.
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ReturnGO was founded in July 2020 by Aviad Raz (CEO), Assi Abramovich (CTO), and Eyal Rosenthal (CRO) and currently employs 20 people at the R&D center in Ramat Gan.
ReturnGO has developed a machine-learning-based platform that enables efficient management of returns and exchanges for products purchased on e-commerce sites.
Over 1500 Shopify stores have already adopted its data-driven platform for automating returns and exchanges, and we’re looking forward to continuing to help eCommerce stores streamline returns management. ReturnGO currently manages about 100,000 returns per month.
Aviad Raz, co-founder and CEO of ReturnGO said, “We have been able to turn returns from a painful financial problem into a lever of revenue and improve the relationship with customers. Most customers who return products and receive a full refund suffer from a slow and cumbersome process, and will probably not buy again on this site- so the damage is greater than just the canceling of a specific transaction.”
“Following the fundraising, we will continue to develop the system and work to deploy it among thousands of other online stores and leading brands, directly and through other platforms,” he added. “The very positive feedback we receive from Shopify stores and their customers is an excellent basis for our expected growth.”