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San Francisco based Affirm announced that it has struck a deal to acquire Returnly, which deals with online returns and post-purchase payments. The deal comes as consumers have turned to eCommerce as never before, spurred on by the pandemic. Along with the boom, the number of eCommerce returns has skyrocketed, challenging both vendors and customers.
“Returns continue to be a source of increased costs and complexities for merchants. U.S. consumers returned an estimated $428 billion in merchandise to retailers in 2020. Online returns, which often occur at triple the rate of brick and mortar retail, more than doubled in 2020 from 2019.” “We started Returnly to fix the broken returns model that offered consumers and merchants nothing but downside and frustration,” said Eduardo Vilar, CEO and founder of Returnly. “We look forward to continuing to serve our customers and help more businesses offer” the company’s returns program.
