Retrace includes a suite of APIs to enable merchants to embed insurance and protection for various use cases of the likes of ecommerce returns, travel insurance, and product warrant protection at any point within the purchase flow. Online merchants leveraging Retrace are believed to have the chance to expand their customer base through an improved customer experience that helps increase customer satisfaction and ‘spurs brand evangelists’.
Sure and its ecommerce insurance solution
The launch of Retrace marks the first ecommerce solution introduced by Sure and has the aim of assisting online merchants with providing their customers return shipping protection at the point of sale to cover the cost of returning goods. Based on the information detailed in the announcement, the embedded Retrace Return Shipping Protection technology is believed to help reduce friction within the online shopping experience for merchants and consumers alike.
Commenting on the launch, Wayne Slavin, co-founder and CEO of Sure stated that Retrace is the company’s latest technology offering that aims to unlock the potential of digital insurance and protection through means of ‘frictionless’ online customer experiences. In its initial stage, the solution provides one-click return shipping protection, and a variety of products ranging from travel insurance to warranty protection is set to be introduced in the time to come.
Retrace’s return shipping protection
Based on the information detailed in the press release, Retrace’s return shipping protection enables a merchant to improve the customers’ shopping experience while concomitantly bettering the costs of return shipping for their businesses. By doing so, merchants have the possibility of expanding their customer base by addressing consumer preferences, as the announcement advises that studies show most shoppers have their first-time purchase decision influenced by a company’s return policy.
When customers have the knowledge ahead of time that they can return purchased items without having to support the burden of costly returns, merchants have a high probability of seeing an increase in their average order value, as well as in customer satisfaction.Katerina Rothman, Founder of Beflax Linen and an early adopter of Retrace stated that the return shipping protection enables the business to have full control over the costs of returns and helps customers make purchases confidently as they have the knowledge that there are no hidden costs applied to return items.
Sure offering and mission
Being a global insurance technology provider, Sure aims to unlock the potential of digital insurance. The company’s SaaS infrastructure is leveraged by brands and insurance carriers to build and launch embedded insurance products to distribute, service, and scale digital insurance. Its insurance expertise together with its technology is looking to help increase revenue streams and accelerate market growth, while simultaneously improving the customer experience.
Source: The Paypers