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The ecommerce sector has come a long way from its early days, with consumers reaping the benefits of improved services.
For one, it wasn’t too long ago that returning faulty or broken items was such a hassle. I remember hearing a story of someone in Vietnam who ordered a GoPro online but a box of sand was delivered to her instead. If memory serves, she went through so many hoops and waited for a long time to get her money back.
Returns nowadays are generally simple and easy, and this is what consumers have come to expect. However, sending back items across borders can be an expensive and complex proposition for retailers.
Startups like Return Helper aim to make that process smoother by using AI solutions. The Hong Kong-based firm’s business plan was promising enough that it recently raised US$1.8 million in new capital, as today’s featured story explores.
Today we look at:
- How AI can slash return costs for retailers
- Indian edtech major Eruditus eyes US$150 million raise
- Other newsy highlights such as the arrest of Telegram’s founder and CEO in France and why Chinese AI firms are seeking out overseas markets.
Premium summary
Point of AI returns
Image credit: Timmy Loen
Hong Kong-based Return Helper offers cross-border return services for online retailers, which can no doubt be an expensive process for ecommerce brands.
Thanks to a fresh capital injection, the startup is planning to make that process more efficient by integrating AI into its solutions. .
- By the numbers: Return Helper has bagged US$1.8 million, bringing its total pre-series A funding to US$3.3 million. The latest round was led by Hirac Fund, a seed fund operated by Japan-based Money Forward Venture Partners.
- Nuts and bolts: The startup helps streamline the return process and cut costs for cross-border ecommerce firms. It does this by consolidating returned items for shipping back or working with partners to resell or recycle returned items.
- AI’s role: The funds will be used to pilot an AI-powered feature that will give retailers insights into the most cost-effective way to handle return requests.
Read more: HK startup taps AI to cut return costs for online retailers
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