(Image source: Sure.)
Sure, a Santa Monica, Calif.-based provider of SaaS infrastructure to distribute, service, and scale digital insurance, has announced a the launch of Retrace, which the vendor describes as a new technology that enables online merchants to offer customers embedded one-click insurance and protection. Retrace by Sure includes a suite of APIs so that online merchants can embed insurance and protection for a variety of use cases such as e-commerce returns, travel insurance, and product warranty protection at any point in the purchase flow, a Sure statement says.
Using Retrace, online merchants can expand their customer base through an enhanced customer experience that increases customer satisfaction and spurs brand evangelists, according to Sure. The vendor says that they can also diversify their revenue streams while growing top-line revenue.
Sure characterizes its launch of Retrace as introducing its first e-commerce solution, enabling online merchants to offer customers return shipping protection at the point of sale to cover the cost of returning goods. The embedded Retrace Return Shipping Protection is revolutionary new technology that reduces friction in the online shopping experience for both merchants and consumers.
“Retrace is the latest offering of Sure’s innovative technology to unlock the potential of digital insurance and protection through frictionless online customer experiences,” comments Wayne Slavin, co-founder and CEO, Sure. “Our technology reaches and engages customers wherever they are on their journey, and with Retrace, we are enabling online merchants to provide customers with embedded insurance and protection tools. We’re starting with the first-of-its-kind one-click return shipping protection but the sky’s the limit, and we have set our sights on a variety of other products spanning travel insurance to warranty protection and beyond.”
Retrace Return Shipping Protection
With Retrace’s return shipping protection, a merchant can enhance the shopping experience for customers while improving the costs of return shipping for their businesses, according to Sure. In doing so, online merchants can expand their customer base by meeting consumer preferences, as studies show a majority of shoppers say that a company’s return policy influences their first-time purchase decision. With customers knowing ahead of time they can return purchased items without the burden of costly returns, Sure says merchants are likely to see an increase in their average order value and a jump in customer satisfaction.
“Retrace’s return shipping protection is what we’ve been lacking as a business, and frankly should be must-have technology for any e-commerce business operating in 2023,” says Katerina Rothman, Founder of Beflax Linen and an early adopter of Retrace. “It has been a game changer and a huge peace of mind both for me as a business owner where I have full control of the costs of returns as well as for our customers who can now confidently make purchases knowing there are no hidden costs to return items. For me as a business owner, I’m able to protect my bottom line while creating an even better customer experience.”
Sure reports that additional Retrace solutions coming soon include travel insurance and warranty protection, both of which it says will unlock new revenue embedded insurance and protection opportunities for online merchants while giving customers peace of mind to confidently make purchases online.