The news: Worldpay launched a service in the UK that provides shoppers near instant refunds, per a press release.
Why it matters: Returns have become all too commonplace. Next year, 20.2% of all US retail ecommerce sales will be returned, per our forecasts, a share that is likely similar in the UK.
But lengthy return processes can be a major pain point. About 40% of consumers expect a refund to hit their account within 24 hours when making a return, per Worldpay, but they often take multiple days.
Our take: Given how frequent ecommerce returns are, getting them right is crucial for retailers to maintain a good relationship with their customers. 84% of consumers are willing to ditch a retailer following a poor returns experience, per Narvar.
Worldpay's solution should therefore be popular among merchants, helping them protect their customer relationships and attract repeat shoppers.
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