FinTech News
Refund Tracking Tool Refundly Officially Launches
As the holiday shopping season approaches, a new tool that helps consumers track their refunds and returns has debuted.
About Refundly:
This week, Refundly announced its official launch. With this new app, shoppers can track e-commerce returns and be informed of when they can expect their refund to arrive.
To do this, Refundly says it utilizes proprietary AI to scan users’ email inboxes in order to find receipts and returns. From there, the app provides updates to customers so they can see what step in the process they’re on. According to the company, this functionality not only helps customers keep on top of their refunds but also helps reduce inquiries to retailers (and potentially improve satisfaction).
Looking ahead, the app intends to bring more features to market. Specifically, the app intends to roll out retailer engagement tools, such as allowing them to offer personalized promotions in a bid to regain customers who were just issued refunds.
The launch of Refundly comes as a 2025 Capital One report found that online shoppers return merchandise representing $362 billion of the $1.3 trillion spent online. That figure marked a 40% increase from the year prior. Similarly, National Retail Federation estimates suggest that 19.3% of online sales will be returned this year. During their stealth period, Refundly also found that 4% of refunds from the 120 retailers they analyzed were not completed, representing $14 billion in consumer funds.
What They’re Saying:
Announcing the idea behind Refundly, the company’s co-founder and CEO Lindsay Goffman stated, “Each year, consumers return hundreds of billions in merchandise, but a portion of that money never makes it back to them. The system was built to send purchases from retailers to shoppers – not the other way around. Refundly puts the power back in the hands of consumers, while helping retailers strengthen relationships with their customers.”
Meanwhile, commenting on the concept, Baker Retailing Center at the University of Pennsylvania Managing Director Mina Fader noted, “Refundly is a win-win. Consumers get the refunds they deserve, and retailers turn one-time buyers into repeat customers. With reports showing that consumers are more likely to spend again once a refund is confirmed, Refundly is a bridge to a very important gap.”
My Thoughts:
On the one hand, I can see how a tool that helps consumers obtain and track their retail refunds could be a useful tool. Yet, personally, I can’t imagine having so many simultaneous pending refunds as to necessitate such a platform. I’m guessing there is a market, though, as some very smart people are investing in this concept.
Ultimately, if you’re one to regularly return items and want to ensure you get the refunds you’re entitled to, it may be worth giving Refundly a try.
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