Rever, Designed for E-Commerce Returns, Receives Investment

Rever, which streamlines the returns process for online stores, recently closed a funding round led by GFC and Oscar Pierre, raising $9.29 million. It was a round of financing that the company plans to continue expanding, hiring, and ultimately expanding beyond product returns.

Rever's services market has grown significantly, with e-commerce penetration increasing up to 10 times in some European countries and return rates doubling. Also, during the economic downturn, solving returns has become a priority for e-commerce brands. This has led to increased interest in Rever's solutions worldwide, especially during peak seasons such as summer sales or Black Friday.

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Rever 

Màrius Montmany and Oriol Hernandez i Fajula, former employees of large logistics companies, were frustrated a few years ago by the problem of how to efficiently and cost-effectively receive product returns through the "reverse logistics" mail system. In 2022, dissatisfied with the existing solutions on the market, the duo founded Rever, now backed by Y Combinator. Rever now offers instant cashbacks through a buy-now-pay-later (BNPL) model (Rever funds transactions). It is also automating processes.

A recent study found that about 10 percent of purchases are returned, amounting to billions of dollars a year. And the problem is getting worse. In 2021, the value of products returned to retailers reached $761 billion, up nearly 78 percent from 2020. Montmany claims that Rever can minimize these costs thanks to its differentiated feature set. For example, the platform provides tools to streamline operations and automate various transportation logistics processes. For example, creating shipping labels and tracking shipped packages. And Rever's shopping recommendations aim to keep customers on the retailer's website, even those who return products.

Smart Returns Management Software for E-Commerce Aims to Modernize the Returns Process

Rever monitors the status of every return. It manages customer complaints. It also provides real-time data on return requests, refunds and exchanges. There is certainly a lot to be said for the impact of easy returns on brand perception. According to a 2022 Narvar survey, 96 percent of customers will buy again from a business that offers a "very easy" or "easy" return policy, and 77 percent say instant refunds are their favorite benefit.

Rever currently has about 25 employees. Rever claims to have more than 130 customers and "positive unit economics". While this is impressive momentum in just one year, the question is whether it can beat its rivals in an increasingly competitive industry! Rever sees Shopify and BNPL player Klarna as its main competitors, as well as return-focused startups Loop Returns, ReturnLogic and Sendcloud, some of which also offer instant cashback.