The Retailer Autumn Edition 2021

AUTUMN 202 1

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The refund process influences how shop - pers feel about a brand more than many retailers may realise. It affects not only their initial decision to shop with that brand but also long-term loyalty.”

In a follow-up survey, more than a quarter of respondents (28%) said they had been directly impacted regarding their capacity to pay bills, rent and mortgage contributions as a result of having money tied up in online refunds. Almost half (45%) told us that slow refunds are hampering their ability to make financial plans, which means they are more likely to resort to taking out loans and paying interest on debts. Immediate gratification associated with ‘instant culture’ that sets expec - tations for all customer experiences regardless of industry, means customers are becoming less tolerant of delayed refunds and have no issues in chasing the refunds. Despite the opportunity to uplift customer acquisition, spend value and loyalty, most retailers do not yet offer same-day refunds because legacy payment systems don’t allow it and, until now, no better solution has been available. Automated, instant refunds like Trustly Online Banking Payments let customers choose a fast, convenient payment option as well as seam - less refunds. If convenience, speed and simplicity are cornerstones of customer experience, then Online Banking Payments can set the bar for both in-store and online purchases. By offering quicker, more con - venient and flexible refunds, online retailers can embrace this consumer dynamic and help gain more control over their spending. Yet, in order for this to happen, reliance on legacy systems and laborious internal processes must come to an end. Our data provides the business case for this transition. Of the more than 2,500 shoppers surveyed, 63% said that theywere more likely to spend money with the same e-commerce retailer if they received a refund quickly. Put simply, faster refund processes will ensure shoppers are back online sooner andwith greater frequency. By supporting consumers’ cash flow through efficient and fast refunds, online retailers can also boost their own bottom line and enhance brand loyalty. Realising the potential of instant refunds with Trustlymeans retailers can include automated refunds as a valuable step in the customer journey. Trustly’s vast bank coverage of more than 6,300 banks across the world means that refunds can easily be processed in a wide range of different currencies. Easy activation and multi-currency functionality gives retailers the power to expand their businesses across borders with access to ovr 525 million customers in Europe, the Americas and Australia.

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By supporting consum - ers’ cash flow through efficient and fast refunds, online retailers can also boost their own bottom line and enhance brand loyalty.”

William McMullan william.mcmullan@trustly.com