Raising the Bar
As the popularity of online shopping grows, so do the standards for delivery and returns — the former is expected to be lightning fast, and the latter simple as can be.
However, the sheer volume of shipments makes doing so tricky. In 2023, customers returned more than $700 billion worth of goods. While major retailers like Amazon (AMZN) have adapted their services to meet this demand, not all companies have been able to. Now a startup wants to help change that.
Startup Sways Investors
Sway, formerly known as Returnmates, secured $19.5 million in Series A funding, bringing its total raised to $25.6 million. The LA-based startup plans to use the funds to make the delivery and return process more convenient, affordable, and environmentally friendly.
Sway enables companies to make next-day and two-day deliveries and consumers to make returns from their doorstep. Its model uses a two-way communication platform and network of drivers to reduce retailer costs and simplify the customer experience. This allows shoppers a 30-minute window to make multiple returns, sans labels, repackaging, or post office lines.
Looking for more stories like this? Check out On the Money — SoFi’s one-stop-shop for news, trends, and tips!
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.