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nShift: Retailers convert 30% of returns to exchanges by going digital

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Businesses urged to defeat the “silent killer of profit” in online retail

LONDON, Aug. 1, 2023 /PRNewswire/ — Refunds run the risk of becoming the “silent killer of profits” in online retail, warns nShift, the global leader in delivery management software.  But running a digital returns process can help convert 30% of returns to exchanges.

Research reveals that returns can cost an ecommerce business some 66% of the original item’s price, even when it is sent back in good condition.[1]  However, when businesses operate an easy-to-use, digital returns process they can build trust with shoppers and grow revenue. 

nShift has released a list of four strategies that retailers can use to grow their business with returns:

  1. Converting returns to exchanges – a consumer-friendly returns interface makes it easier for the customer to exchange the item they are sending back for something else from the brand or retailer.  With the right returns software, ecom companies can automate the process of offering an exchange.  nShift Returns customers typically convert 30% of returns to exchanges, helping retailers retain revenue
  2. Gaining crucial returns data – manual returns processes make it difficult to gather information about items being sent back.  But when the process operates digitally, it creates a wealth of data for businesses to analyze.  This makes it easier to spot trends and patterns.  Teams can identify and rectify common problems that are causing items to be sent back.  This can reduce returns volumes over the long term
  3. Creating remarketing opportunities – emails about returns have significantly higher open rates than other retail communications.  By weaving marketing messages into these emails, ecom companies can create additional sales opportunities 
  4. Driving customers in-store – a digital returns process makes it easier to give customers the opportunity to take their items back into store.  Here they will speak with a member of staff who can encourage them to exchange the item.  The customer will also encounter additional products and marketing messages in-store

Philipp Goldberg, Returns Product Director at nShift said: “In today’s ecommerce environment, providing a clear returns policy is essential.  If they can’t see how they can      send back a product, many shoppers simply won’t complete the purchase.  But returns also serve as an opportunity to build the business.  When retailers get this right, they will convert more returns to exchanges, create new marketing opportunities and reduce returns volumes over the long term.

“To make the most of returns, online retailers and webshops should deploy a returns software solution that creates a cutting-edge consumer experience and captures useful data on sent-back items.”

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nShift has recently launched an Essential tier of its Returns solution.  It enables growing retailers to track each return centrally.  This helps ensure resalable items return to shelves without delay, while also helping to pinpoint root causes, such as incomplete product descriptions.  Meanwhile, customers benefit from a simple experience online and a choice of return shipping options – all offered within the retailer’s website or app.

The new solution provides a straightforward upgrade path for retailers looking to further enhance their returns experience.  The full nShift Returns solution offers a highly automated platform which enables easy exchanges at the point of return, and automatic refunds.  nShift Returns helps protect retailer revenues by converting up to 30% of returns into exchanges.

https://nshift.com/solutions/returns 

About nShift

nShift is the global leading provider of cloud delivery management solutions enabling frictionless shipment and return of almost one billion shipments across 190 countries annually. nShift’s software is used globally by e-commerce, retail, manufacturing and 3PL shippers. The company is headquartered in London and Oslo. It has over 500 employees across offices in Sweden, Finland, Norway, Denmark, United Kingdom, Poland, the Netherlands, Belgium, and Romania.

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[1] https://www.letsbloom.com/blog/true-cost-of-ecommerce-returns/#:~:text=Returns%20cost%20businesses%20about%2066,usually%20shoulders%20the%20return%20cost

Logo – https://mma.prnewswire.com/media/1782566/nShift_Logo.jpg

Cision View original content:https://www.prnewswire.co.uk/news-releases/nshift-retailers-convert-30-of-returns-to-exchanges-by-going-digital-301890249.html

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Blockchain Press Releases

HTX Appoints Singapore National Goalkeeper Hassan Sunny as Chief Safeguarding Officer

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SINGAPORE, June 15, 2024 /PRNewswire/ — HTX, a leading cryptocurrency exchange, proudly announces the appointment of Singapore national football team goalkeeper Hassan Sunny as Chief Safeguarding Officer.

“The partnership between HTX, the ‘People’s Exchange’, and Hassan Sunny, the ‘People’s Goalkeeper’, is a perfect match,” said Justin Sun, Member of the HTX Global Advisory Board. “Together, we will work to ensure the safety and security of user assets in the ever-evolving crypto world. Just as Sunny fearlessly protects his goal on the field, HTX is committed to protecting every user’s assets with the same determination and resolve, providing the safest and most reliable investment environment possible.”

Sunny also expressed his excitement about joining the HTX family, stating “I am excited to be part of HTX. I can’t wait to embark on this journey with the team.”

Sunny has been called a national hero in China for his outstanding performance in the final group match of the first round of the 2026 FIFA World Cup Asian Qualifiers against Thailand on June 11th. Despite facing relentless attacks, Sunny made an incredible 11 saves, including a crucial one in stoppage time. Singapore ultimately lost the match 1-3, but their result helped China qualify for the next round at the expense of Thailand.

About HTX:

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Founded in 2013, HTX has evolved from a crypto exchange into a comprehensive ecosystem of blockchain businesses that span digital asset trading, financial derivatives, wallets, research, investment, incubation and other areas. HTX serves millions of users worldwide, with a business presence covering over 160 countries and regions across five continents. Its three development strategies – “global development, technology drives development, and technology for good” underpin its commitment to providing comprehensive services and values to global cryptocurrency enthusiasts.

 

View original content:https://www.prnewswire.co.uk/news-releases/htx-appoints-singapore-national-goalkeeper-hassan-sunny-as-chief-safeguarding-officer-302173558.html

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New seed-stage VC fund from Finland secures €6 million in initial close for €30 million blockchain fund

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Helsinki-based Equilibrium Ventures (EQV), a new seed-stage venture capital fund focused on the crypto sector, has successfully closed the first round of its €30 million fund, raising €6 million from limited partners (LPs). This milestone highlights growing interest in blockchain startups and a promising future for the European crypto ecosystem.

The fund is led by an experienced team of partners: Mika Honkasalo, Henrik Sundvik (formerly of Bain & Company), and Christopher Ahn (ex-Molten Ventures investor). Equilibrium Ventures aims to attract and support founders with deep technical expertise in blockchain technologies, covering areas such as zero-knowledge proofs and smart contracts, essential for developing advanced blockchain solutions.

Equilibrium Ventures has attracted a diverse group of backers, including strategic investors, family offices, and notable LPs like Sebastien Borget, co-founder of the metaverse platform The Sandbox. This support underscores the fund’s credibility and signals growing confidence in crypto investments despite recent market challenges.

Dedicated to crypto infrastructure, Equilibrium Ventures emphasizes rigorous technical due diligence and value addition for pre-seed and seed engineering firms. With a network of about 70 blockchain engineers, mainly based in Europe, the fund is well-positioned to help startups develop robust blockchain technologies.

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The renewed interest in venture capital investment in blockchain, bolstered by evolving regulatory landscapes in the US and Europe, is expected to increase investor confidence in the crypto sector. Equilibrium Ventures, with its technical expertise and strategic support, is poised to become a significant player in Europe’s crypto venture scene.

Looking ahead, Equilibrium Ventures aims for a second close by the end of this summer, targeting 80% of the total fund. This progress indicates strong momentum and the potential for significant contributions to the European blockchain ecosystem.

Source: arcticstartup.com

The post New seed-stage VC fund from Finland secures €6 million in initial close for €30 million blockchain fund appeared first on HIPTHER Alerts.

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Riot Platforms Acquires 14% Stake in Bitfarms Ltd.

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Riot Platforms, Inc. has announced its acquisition of a 14% stake in Bitfarms Ltd., as detailed in a recent press release by Riot Platforms. This move aligns with Riot’s strategy to influence corporate governance within Bitfarms.

Acquisition Details

On June 13, 2024, Riot Platforms purchased 1,432,063 common shares of Bitfarms Ltd., representing about 0.35% of Bitfarms’ issued and outstanding common shares. The shares were bought on the Nasdaq Stock Market and other open markets at an average price of approximately $2.70 per share, totaling $3,870,293.46.

Before this acquisition, Riot held 56,194,973 common shares of Bitfarms, equating to 13.65% ownership. With the new shares, Riot now holds 57,627,036 common shares, resulting in a 14% stake in Bitfarms.

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Strategic Intentions

Riot Platforms intends to call a special meeting of Bitfarms’ shareholders to nominate several independent directors to the board, citing concerns over Bitfarms’ corporate governance. Riot seeks to influence Bitfarms’ strategic direction and enhance its governance standards.

Riot is continuously reviewing its investment in Bitfarms and may adjust its position based on factors such as market conditions and the company’s financial status. Potential actions include increasing or decreasing its stake, entering into hedging transactions, or proposing additional strategic measures.

Forward-Looking Statements

The press release includes forward-looking statements subject to risks and uncertainties, reflecting Riot’s current expectations and assumptions. Riot cautions investors to consider these risks before making investment decisions.

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Riot’s vision is to become the leading Bitcoin-driven infrastructure platform, focusing on a vertically integrated strategy with Bitcoin mining operations in Texas and electrical switchgear engineering in Colorado.

Source: blockchain.news

The post Riot Platforms Acquires 14% Stake in Bitfarms Ltd. appeared first on HIPTHER Alerts.

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