What is Instant Exchange by Loop?
Carly Greenberg
·August 10, 2022
Overview
Most customers prefer to receive their exchanges instantly, rather than waiting for an exchange to be approved – an oftentimes slow and frustrating process.
Customers want their new product fast, and the peace of mind that the product they’d like to exchange for is available by the time the return is processed and the new order gets created.
Avoiding out-of-stock scenarios also helps merchants ensure their customers can exchange for something they love, as opposed to opting for a refund which results in lost revenue and a disappointing customer experience.
That’s why we built Instant Exchanges, to enable merchants like you to send exchanges to customers before they’ve shipped their return item, risk-free.
Check out this video to see Instant Exchange in action:
Offer risk-free and easy exchanges by adding Instant Exchanges to your Loop stack.
Why Instant Exchange?
Offering Instant Exchanges is the perfect solution for optimizing your post-purchase experience.
Not only will you create a moment of surprise and delight for your customers, but you can also reduce out-of-stock scenarios and eliminate any risk when it comes to getting those returned items back.
In this guide, we’ll talk about how offering Instant Exchanges:
- Drives customer loyalty
- Reduces out-of-stock scenarios
- Eliminates risk to you
You’ll also get to see what the experience will be like for your customers and how easy it is to get started.
39% of customers choose Instant Exchange at checkout and received their exchange an average of 4.6 days faster.
Driving Customer Loyalty
With Instant Exchange, your customers will experience instant gratification by opting to get their new exchange order placed immediately, before sending back their return.
Imagine someone placed an order for an upcoming event only to realize the original item didn’t fit to their liking – by opting for an Instant Exchange, this could mean the difference between receiving the new item on time or being left empty-handed and disappointed.
Speed of exchange reduces stock-outs by up to 69% – meaning less revenue lost to refunds.
Reducing Out-Of-Stock Scenarios
Have you ever exchanged an item only to get a notification from the merchant that the new item you wanted is out-of-stock?
Instant Exchange helps reduce the headache of out-of-stock scenarios for both your support team and your customers. When a customer chooses Instant Exchange, the new order is placed immediately based on current inventory levels, ensuring your customer gets the item they wanted. Not only will this make your support team jump for joy, but it’s also a great way to create a lasting impression on your customers.
Eliminating Risk for You
Worried about sending a new item to the customer before you get the original back?
With Instant Exchange, the risk to your business is eliminated by collecting the customer’s credit card information and placing a temporary hold on their card (kind of like booking a hotel). This puts the onus on the customer to make sure they send the original product back to avoid being charged for both the original item and the exchange.
Summary
Here’s a recap of what we covered and the benefits of offering Instant Exchange to your customers.
- Instant Gratification: Your customers will love it because they can receive their exchange order before they’ve shipped their return.
- No Risk: You will love it because we built it with zero risk – customers are in control and can choose to opt-in by authorizing a hold on their credit card.
- Reduced Refunds: Your support team will love it because customers can claim the last unit of inventory, which also means less money lost to refunds due to out-of-stock scenarios.
Offering your customers Instant Exchange is quick and easy.
Already have Instant Exchange enabled on your account?
Head on over to our Instant Exchange help article to learn how to set it up.
If you have questions or need help, don’t hesitate to contact support@loopreturns.com
Want to start offering your customers Instant Exchange?
Reach out to our accounts team at accountmanagers@looperturns.com
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Retain more revenue with Loop today
With Loop, your brand can offer everything from refunds to direct exchanges to shopper incentives and more. Even better? These exchanges build your business.