Refund Advantage™, a Revolutionary New Refund Tool to Bank On

News provided by

May 24, 2023, 08:46 ET

Leverages returns for an improved bottom line and a more rewarding customer return experience.

REDMOND, Wash., May 24, 2023 /PRNewswire/ -- Customer Loyalty Accelerator (the CLA App) announces the release of Refund Advantage™, a new feature of the CLA customer loyalty program that leverages customer returns into increased sales and customer loyalty. Simply put, the Refund Advantage™ tool converts traditional cash and credit card refunds into instantly redeemable store credits, then banks and manages those credits in the merchant's CLA loyalty account.

Technological Edge Sets the Stage.

Refund Advantage™, is a major advancement in the processing and management of store credit refunds and sets the retailer stage with a technological edge. It empowers merchants to not only capture refunds as instantly redeemable store credits, but also to bank and manage the store credits in the CLA customer loyalty app.

Convert. Bank. Manage.

To use the Refund Advantage™ tool, it's as simple as "convert, bank, manage" via the admin panel of the retailer's CLA Customer Loyalty account.

Convert the refund to store credits.
Bank the store credits in the merchant's customer loyalty account.
Manage the store credits via the loyalty app indefinitely.

Set Up Fast.

While store credit systems typically take some time to set up, the Refund Advantage™ set-up time is relatively fast. Merchants first sign up for a paid subscription to the CLA customer loyalty program, then enroll customers, one at a time, into the same program, for no extra cost. Each customer will be assigned their own account within the merchant's loyalty program where store credits will be banked and stored. The Refund Advantage™ tool is simple to install, easy to use.

Energize with Incentives.

Refund Advantage™ is the first tool of its kind, designed to incentivize customers to say "YES!" to store credits, and streamline and automate the process of issuing and managing store credits. Retailers can sweeten their Refund Advantage store credit refund packages by adding free return shipping, bonus loyalty rewards, or free merchandise, for example, to further incentivize customers to accept a store credit refund. As the retail industry strategizes ways to increase 2023 sales and reduce the 2022 reported average 16.5% return rate per National Retail Federation, retailers are looking for creative solutions to cut expenses. One solution is CLA's new Refund Advantage™ which gives merchants the technical capability to turn around losses by leveraging returns into store credits to reduce the return rate. Another option is to eliminate free return shipping; More than half of all retailers have already dropped free return shipping. Other retailers have tried to recoup lost revenues by reducing return windows from 45 days to 30 days, for example. These cost-cutting measures open the doors for savvy retailers who can now use these same incentives plus loyalty rewards to inspire return customers to accept or request Refund Advantage™ store credit refunds.

Press release continued, including subscription and download instructions, on the CLA website >

SOURCE Customer Loyalty Accelerator