U.S. based digital payments platform, PayPal, an online payment system entity has announced the purchase of Happy Returns- a returns solution firm that provides online buyers access to simplified ways to return unwanted merchandise to retailers; eliminating the need to box it and ship it themselves.

It is worth noting that currently, Happy Returns provides a network of over 2,600 drop-off returns across the U.S., including those in more than 1,200 metros and each U.S. state.

In addition to the above, the company has also built a strong relationship with several brands that use its returns software along with reverse logistics solutions. The firm is also likely to offer its returns experience to the online buyers and the retailers, as a part of PayPal.  

Incorporated in the year 2015, Happy Returns, a Santa Monica headquartered firm, aims to take some part of the overhead and cost out of the return procedures for online sellers.  

This is due to the fact that online retailers face a higher return rate since online buyers don’t inspect the items that they purchase directly. The returns solution company has witnessed that online products are three to four times more likely to be returned as compared to when purchased in-store.

Citing reports, the Happy Returns solution provides a mix of software, logistics, and services that permit retailers to monitor their returns through carriers, their retail shops, along with the “Return Bar” locations offered by Happy Returns which may be found in retail stores like Sur La Table, Cost Plus World, among others.

Notably, the services offered by the company have been adopted by many digitally native brands like Parachute Home, Everlane, Rothy’s, to name a few.

According to reliable sources, Happy Returns has been working closely with PayPal over the years. Moreover, in the year 2019, the online payment system giant invested in the company worth USD 11 million as a part of a financing round.

Source Credit: https://techcrunch.com/2021/05/13/paypal-acquires-returns-logistics-business-happy-returns/