Discover Myrqvist
MYRQVIST, a brand committed to crafting timeless and high-quality footwear, was founded in 2016 with the goal of providing premium, long-lasting, and affordable products. While becoming Sweden's fastest-growing footwear brand in 2020 and expanding globally, handling returns started to pose significant challenges. A manual returns process limited Myrqvist's ability to offer process refunds fast enough, to offer a good exchange process. It resulted in delays, customer dissatisfaction, and retention difficulties.
Challenges retaining revenue and customers
In footwear, finding the perfect size can be a real puzzle. As Myrqvist expanded its reach globally, this sizing challenge led to a noticeable increase in returns.
However, handling these returns became a complex task for Myrqvist. The manual process they used for returns limited their ability to provide a variety of solutions to their customers post-purchase.
Customers who genuinely needed exchanges found themselves in a bind as they were compelled to accept refunds and then place new orders, a far-from-ideal situation. This limitation in handling returns not only affected the overall customer experience but also started to chip away at customer retention, especially among those making their first purchase. Additionally, Myrqvist found it challenging to preserve post-transaction revenue, primarily because they couldn't offer exchanges or store credit.
We couldn’t offer our customers any other solutions outside refunds. If someone wanted to exchange an item, they had to get a refund and then buy it again. This caused us to lose money, especially with new customers who might have become loyal. It was frustrating for us.
The challenges didn't stop there. Myrqvist also struggled with the time it took to process refunds. The manual nature of their returns process led to delays, leaving customers waiting longer than they should for their refunds to be processed. These delays only amplified customer dissatisfaction and intensified the need for a solution to streamline their returns process and enhance the overall customer experience.
Processing international returns took extra time because of customs procedures. When customers send items back from another country, these items could get held up in the customs process. This meant it took longer for us to receive the returned item and process the refund.
Cutting customer refund inquiries by half and retaining 30% of revenue
When Myrqvist teamed up with yayloh, their primary focus was on streamlining their return process while increasing customer retention. With yayloh, Myrqvist now automates its returns process, significantly reducing processing hours and allowing for better post-purchase services to its customers.
This transformation had a twofold effect: it not only cut down the time it took for customers to receive their refunds, enhancing their overall experience, but also substantially reduced the number of customer inquiries regarding the status of their claims.
With yayloh, we have dramatically cut our time-to-refund building on a very important trust relationship with our customers.
What's even more crucial is that thanks to yayloh's comprehensive features, including options for exchanges and store credit, Myrqvist has significantly improved revenue retention. The brand now converts 30% of its refund requests into exchanges, which has made a big difference in its success.
The revenue retention has been fantastic to witness. We now convert a sizable chunk of would be refunds into exchanges and keep this revenue in-house!
With yayloh, Myrqvist witnessed:
- A 30% conversion of refund requests into exchanges
- Above average customer satisfaction rating with their return process - 4.6 out of 5
- 6% of total turnover is powered by yayloh exchange and store credit features
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