Return Prime to expand global operations, aims to treble revenues
Return Prime aims to achieve a $3 million ARR and triple its revenue in the next 12 months by expanding its market share in the United States, Europe, and India.
Over the next year, the company aims to help merchants generate more than $100 million in additional revenue.
“We believe that our advanced return management solutions can address the pressing challenges faced by ecommerce merchants worldwide. Our goal is to help merchants not only manage returns efficiently but also turn them into opportunities for revenue generation,” said Shashwat Swaroop, co-founder of Return Prime.
The global ecommerce landscape continues to expand at a rapid pace, with the industry projected to exceed $7 trillion in sales by 2025. In key markets such as the United States, Europe, and the United Kingdom, ecommerce has seen remarkable growth. In the US alone, ecommerce sales reached $1.06 trillion in 2022, a 7.7% increase from the previous year. Europe witnessed similar trends, with online sales in the UK surpassing £130 billion in 2022.
“We are confident that our focus on key markets in the US, Europe, and India will drive significant growth and innovation in the return management space,” added Swaroop.
The company’s suite of tools is designed not only to manage returns but to convert them into revenue, providing a substantial boost to the ecommerce ecosystem.
Globally, return rates for online purchases range from 15% to 30%, with fashion items experiencing the highest return rates. In the US, the average return rate now stands
