GoKwik, an eCommerce enabler has acquired Return Prime, a global returns management app in the Shopify ecosystem.
Founded in 2021, Bengaluru-based Return Prime by Sashwat Swaroop provides a customer return platform for managing returns and converting them into revenue opportunities. Brands use the platform for automating return logistics, refunds, replacements, and more.
The acquisition marks GoKwik’s entry into the international markets of UK, Europe and the US. As online shopping continues to grow, particularly in the wake of the COVID-19 pandemic, the ability to efficiently manage returns has become a key differentiator for merchants. With this acquisition, GoKwik is positioning itself at the forefront of this trend, offering a solution that not only improves the customer experience but also boosts the revenue of the merchants globally, while also helping them increase the customer lifetime value (CLTV).
“Our DNA is instilled with building in India for the world. With D2C booming, payments systems top-notch, digital infrastructure evolving, and more people shopping online than ever before, we’ve gained an incredible advantage. Operating in such a heterogeneous market where every day there’s a unique perspective on how shoppers function and what they want, the learning curve we’ve experienced has prepared us to not only help brands in India but also scale that knowledge for creating solutions globally,” said Chirag Taneja, co-founder and CEO, GoKwik.
With millions of merchants, Shopify is one of the largest eCommerce platforms in the world processing over $1 trillion lifetime GMV, with a strong presence in the US, UK, Australia and 170 countries. By acquiring Return Prime, GoKwik aims to add another layer of capability to its suite of solutions tailor-made for eCommerce brands.
Taneja added, “over the past three years, we have grown our product offerings to tackle challenges at their core, all with the goal of driving more GMV for our merchants. The acquisition of Return Prime is a big step in that direction, opening up the entire Shopify ecosystem to our solutions. We are excited about this new chapter and how we can now support eCommerce brands around the world, using everything we have learned along the way.”
Return Prime houses around 6000 Shopify brands across over 50 countries currently. With the acquisition, GoKwik aims to onboard 10,000 new merchants over the next 6 to 12 months, leveraging Return Prime’s technology and existing relationships to tap into new markets. This strategic push is expected to drive significant revenue growth, with GoKwik projecting a 3 times increase in its overall business by the end of this year, and a 10X increase over the span of the next three years.
“At Return Prime, we have enabled eCommerce brands in the Shopify ecosystem to turn returns into revenue by simplifying and optimizing the returns process. With GoKwik’s extensive capabilities, we see an exciting opportunity to evolve our solution, add deeper layers of innovation, and help brands further boost their revenue. With our shared passion for building solutions that address the full spectrum of eCommerce, we’re looking forward to creating new avenues for eCommerce brands across countries to thrive,” said Shashwat Swaroop, Co-Founder, Return Prime
GoKwik’s entry into international markets also comes at a time when the global eCommerce landscape is bustling with developments. Key Shopify players like Klaviyo in the US going public last year have proven that incredible businesses are being built globally for a secularly growing eCommerce. GoKwik uses best-in-class data, tech and AI/ ML capabilities to solve merchant problems by predicting customer intent. Combining these with Return Prime’s returns management competence, GoKwik is expanding its suite of solutions to meet the rapidly evolving needs of merchants.
Source: Economic Times