One of the most arduous problems ecommerce retailers face is the returns process, but ReturnLogic is making the process easy with its streamlined returns solution. The solution doesn’t only deal with basic returns. It gets retailers more exchanges, customizes returns, and improves customer loyalty in the process. With the new round of funding, ReturnLogic looks to grow its platform and move beyond Shopify brands.
ReturnLogic, a leader in returns management software (SaaS) solutions for e-commerce brands and retailers, announced today the completion of its $8.5 million Series A funding from an investor group led by Mercury with participation from Revolution’s Rise of the Rest Fund, White Rose Ventures and Ben Franklin Technology Partners. The new capital will be used to double ReturnLogic’s workforce, accelerate product development, and expand Application Programming Interface (API) capabilities with new e-commerce platforms and ecosystems for ReturnLogic’s Software-as-a-Service (SaaS) returns operations platform.
Online sales in the U.S. last year reached $1.05 trillion, and approximately $218 billion of that was returned, according to the National Retail Federation. Returns create a massive expense line for retailers; however, the underlying problem is the mishandling of returns due to operational deficiencies.
ReturnLogic’s unique SaaS platform powers return workflows and operations, unifying reverse logistics technology solutions like CRM, 3PL, IMS, and shipping services into a single, integrated platform. Retailers are then equipped with data to make product, process, manufacturing, and procurement changes to enhance customer experiences and improve the bottom line. The ReturnLogic API plugs into any e-commerce platform with returns operations, allowing for low friction adoption and a holistic, automated system for the entire returns process.
“Despite the explosive growth of the e-commerce sector, retailers and brands have continued to struggle with the substantial financial impacts of returns,” stated Peter Sobotta, Founder and CEO of ReturnLogic. “Our vision is to be the operating system for returns. Our comprehensive platform provides detailed data and a rigid focus on helping retailers navigate the complexities and inefficiencies of their returns tech stack, including reverse logistics workflows. We are eager to build and advance our product roadmap and partner integrations to move beyond Shopify and into other growing and global e-commerce ecosystems.”
“While retailers have largely mastered forward logistics to get products into customer’s hands, the returns process remains an under-addressed, resource-draining problem that eats away at brands’ profits,” said Blair Garrou, Managing Director of Mercury. “ReturnLogic is something entirely new to this market and uniquely built on Peter Sobotta’s deep operational experience in reverse logistics and supply chain management. While serving in the U.S. Navy, Peter specialized in reverse logistics and gained extensive expertise in ecommerce operations. With Peter at the helm, ReturnLogic’s innovative API-first returns solution is well-positioned to tackle the ever-growing operational returns problem facing retailers. We are excited to partner with Peter and his team as they continue to solve this massive problem for online retailers.”
ReturnLogic serves a growing number of large and small e-commerce brands and handles third-party warranty returns for large retailers including Amazon, Walmart, and Best Buy. To learn more about ReturnLogic and to schedule a demo, visit https://www.returnlogic.com.
ReturnLogic is shaping the future of returns management solutions, helping high-growth e-commerce brands automate, gain visibility, and optimize product returns and operations in order to scale their stores and reach their full potential. Brands use ReturnLogic’s technology to customize their returns portals, free up their customer support team, automatically process warehouse team returns, and accept warranty requests on purchases made inside or outside their e-commerce sites. ReturnLogic proudly serves hundreds of online brands and retailers, processes thousands of RMAs, and is trusted by brands such as GrooveLife, EchelonFit, Oofos, Decathalon, Dossier, and The Sak. To learn more visit www.returnlogic.com.
About Mercury Fund
Mercury is an early-stage venture capital firm partnering with entrepreneurs to drive innovation across Middle America. Mercury’s investment themes target B2B and B2B2C SaaS and iPaaS platforms enabling the digital transformation of markets, industries, and customer relationships. To date, Mercury has created over $10 billion of value with an operationally focused investment strategy helping startups achieve rapid, sustainable growth. Mercury is headquartered in Houston with offices in Austin, Texas and Ann Arbor, Michigan. To learn more visit www.mercuryfund.com.
The original press release can be found on ReturnLogic’s website.
Spencer Hulse is a news desk editor at Grit Daily News. He covers startups, affiliate, viral, and marketing news.