With Return Prime acquisition, GoKwik aims to onboard 10,000+ new merchants internationally in the next 6 to 12 months.
New Delhi, September 13, 2024: GoKwik, a leading eCommerce enabler has announced its acquisition of Return Prime, a global returns management app in the Shopify ecosystem.
Founded in 2021, Bengaluru-based Return Prime by Shashwat 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 besides cementing GoKwik’s position as the leading eCommerce enabler globally. It also opens new horizons for brands globally to use GoKwik’s set of solutions for furthering their growth.
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.
He further 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.”
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, which is trusted by thousands of merchants globally, GoKwik aims to add another layer of capability to its suite of solutions tailor-made for eCommerce brands. This acquisition will not only enhance GoKwik’s product offerings but also signal its intent to become a global player with a deep solution stack for eCommerce brands across the world.
Return Prime houses around 6000+ Shopify brands across 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 3X 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’ve 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,” added 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.
With this acquisition, GoKwik now caters to over 10,000+ eCommerce brands. Notable brands in the GoKwik ecosystem include Mamaearth, Mosaic Wellness, Foxtale, Shoppers Stop, Libas, AdilQadri, Noise, Fireboltt, and more.
About GoKwik
Founded in 2020, GoKwik is an eCommerce enablement company focusing predominantly on unlocking growth for eCommerce brands by solving crucial challenges across the eCommerce funnel, helping eCommerce brands provide a seamless shopping experience to their customers, expanding COD penetration across cities and towns while reducing the return to origin (RTO) for their partners, and ensuring overall growth through conversational commerce across the funnel using multiple communication channels. GoKwik has the deepest network data of 100 Million shoppers through which it has helped 10,000+ brands increase conversions, reduce RTO, and boost GMV and prepaid success rates thereby increasing the overall growth potential for these brands.
The brand had previously acquired the WhatsApp Commerce Management platform Tellephant rebranding the new product to KwikEngage. Within 1 year of acquisition, KwikEngage contributes to 30% of GoKwik’s overall revenue and 20X growth in merchant base.
It is helmed by Chirag Taneja (Co-Founder and Chief Executive Officer), Vivek Bajpai (Co-Founder and Chief Technology Officer), and Ankush Talwar (Co-Founder and Chief Data Scientist). GoKwik’s team has deep knowledge in the space of eCommerce with people having previous experience in Flipkart, Razorpay, PayU, Swiggy, Myntra, Nykaa, and more.
Link – https://www.gokwik.co/
